*not sponsored* CIT Bank High Yield Savings Account Review: Pros & Cons After 8 Months
Vložit
- čas přidán 26. 03. 2024
- Check out CIT Bank's High Yield Savings Account options:
Platinum Savings: www.kqzyfj.com/click-10055259...
Savings Connect: www.dpbolvw.net/click-1005525...
Today I'm giving my review of using CIT Bank's high yield savings account. I've been using their Platinum Savings account for the last 8 months and it's been a great place to keep our emergency fund and other savings to easily earn some extra money in interest! But as much as I love their high rates, there are some cons that you need to be aware of as well to determine if it's right for you.
Platinum Savings: www.kqzyfj.com/click-10055259...
Savings Connect: www.dpbolvw.net/click-1005525...
Disclaimer: Links contain affiliate links. - Zábava
Thank you for this video review. In a new online world full of AI Bots , A real human speaking to the camera is the most refreshing thing to see recommending. Take care!
No fee on a wire transfer is amazing. You don’t see that often. This was so helpful. Thanks for the review.
I get 5% interest no minimums with Wealthfront!
Thanks for the video, Marissa!
Thank you so much, very informative!
But you can use the cit echecking, they still pay you 0.25 just to keep the money there. The good thing is that you can use the echecking to pay your bills
Thank you!
Had a CIT Bank account with funds on deposit for over a year. Then I tried to wire 30% of the balance to escrow to close on a real estate purchase. Wire denied because I changed phone carriers two weeks ago... same number, just a different service. Rep told me this was policy and wires would be blocked for SIX MONTHS. They agreed they had confirmed my identity, but claimed it as policy. I was able to transferred funds out via ACH and get a bank check in the mail which will both have to clear from my local bank. Fortunately I have time on this purchase, but I am closing the CIT account.
That just sounds like good security reasons, I’m pretty sure there’s scams like that where people get the same phone number just different carrier to get access to your banks and for example high yields savings
Great video! Do you and your husband have joint access to your CIT HYSA? I’m looking to open a joint savings so I wanted to make sure! I was doing research and found that Wealthfront doesn’t have it.
That's been my issue too
Hello! So, say I open my account with $10,000. Then say I put in $5000 more in the middle of the year. Would that $5000 additionally be counted for interest in the next year? Or start when I deposit it?
Interest is compounded daily, pays out monthly.
Can you share your budget spreadsheet format?
I had UFB direct I am okay with that no issue
I'm assuming it is still a good trade off even though there are tax implications for the interest that you earn?
For sure! You'll get a statement at the end of the year to use to file at tax time. So you will pay taxes on the interest at income. But still netting out earning more money!
Advice needed* I have a friend who has about $550 to invest. It was a deceased relative who wanted this to happen and she’s trying to choose where to invest it so it will grow. Any ideas?
I had a question regarding the platinum savings account, lets say hypoteticaly I were to open a account and I was under the 5k limit on it with the %0.25 rate, once I slowly got to the 5k limit in the account would it change to %5.0 Rate or will it still be at the %0.25 rate from when I open it?
once you have $5k+ in the account, it will chance to the 5%
everytime i try to sign up it will let me put info in then go back to same page and retype everytrhing again wont let me open !
So weird! Can you try a different browser? Maybe just having a site issue right now.
I want an account that I can also use to pay my bills (basically use it like a checking account). Is there such an account?
Yes
I am curious how much money do you need to put in the CIT Bank to get almost $900 in interest. I just opened with CIT 1 month ago the platinum but can only put in $5000.
Do the math. $900 x 20 (for the 5%), and multiply that by 12 to account for that total being 1 month of 12 for the year.
It’s about $216,000. Although she showed that it was actually in the high 800s that she was getting per month. So around 210K.
I get around the same as her from cit it's definitely around 220k
Can I open the high yield
savings account for my toddler and get the 5%?
What did with my capital one account was that I putted the account under my name and I add my girls under if just in case something happens to me like we never know right?…so I’m guessing that’s I good idea too
@@elizabethperez1586 CIT has an option for toddlers.
Awww i thought it was 5.05% every month man i got my hopes up
Is the affiliate link still available?
Hi! Yes! Here’s my affiliate link. 😊 www.kqzyfj.com/click-100552590-15491010
Do they have Zelle?
Yes
THANK YOU THAT WAS INFORMATIVE
VIRGIN ISLANDS PEACE 🙏🏽
Do you know how long it takes to do wire transfers with CIT?
It depends on your bank , I think it took me less than a week
Mine took around two weeks to become available funds
Buy money market mutual funds with a broker. They pay the highest interest.
Why you didn’t mention about paying taxes? Like the most of ppl who does these type of videos recommending high yield savings accounts never mention bout “you gotta pay taxes” how come? I don’t get why not mentioning it’s very important
I was not intentionally trying not to include it… just forgot to mention because it shouldn’t be a factor in deciding whether or not to open a HYSA. Yes; you get a statement at the end of the year and pay taxes on your earnings. But it seems like a no-brainer to make more money. You’re still coming out ahead.
That’s a given. Always have to pay taxes on income.
You buy and sell a home - you pay taxes. You win at the casino - you pay taxes.
@@ottom.3094 bout house yes bout casino I have no idea cause I don’t play same with savings accounts I had no idea until I opened one cause the videos I watched no one mentioned, I DO NOT KNOW EVERYTHING