CIT Bank offers custodial accounts. You open the account in your child's name, but you control the account until the child is eighteen years old. There are no limits on how much you deposit into the account. There are tax benefits to having a custodial account.

The interest rates for CIT Bank accounts are very competitive. The high yield savings account rates are much higher than your typical bank. CIT Bank rates are even higher than other online-only accounts. CD rates are also competitive.

CIT Bank offers a variety of CDs including regular term CDs, no-penalty CD, jumbo CDs, and Ramp Up CDs. The no-penalty CD is an eleven-month CD. You earn interest on a CD with the options to withdraw the money at any time after the first seven days. The Ramp-Up CDs allow you to get a better rate once during the term of the CD. With the Ramp-Up Plus CD, you can get a better rate and make a deposit once during the term of the CD.

CIT Bank does not have a fee to open any of their banking accounts. There are no monthly maintenance fees for any of their banking accounts either.

The required amount to open a CD with CIT Bank is high. The minimum deposit for CDs is $1,000, including custodial accounts. Jumbo CDs require $100,000 to open. Other CDs require either an opening balance of $25,000 or $50,000. The minimum deposit to open a savings account is $100.

Transferred funds are not available until five to ten business days after the deposit is made. Deposits transferred from an external account are available after five days. Deposits mailed take ten days after the deposit is received.

Any money deposited into a custodial account is an irrevocable gift. You cannot withdraw or transfer the money from the account. It cannot be used for any purpose that doesn't directly affect the child listed on the account. Once the child reaches eighteen years of age, the money can be accessed.

CIT Banks fees for early CD withdrawals are higher than other banks. The fee for withdrawing money early from a CD with a term of more than three years is twelve months of interest. The fee for terms from one to three years is six months interest. Fees for CD terms up to one year are three months interest.

Read the full CIT Bank review.

American Eagle CDs can earn higher interest rates if you earn the relationship bonus. To receive this bonus, you must have $5,000 in a qualifying checking, savings, or money market account. With this bonus, you earn around 0.15% more interest on the money in your CD.

American Eagle offers a Golden Eagle checking account for senior citizens. To qualify for the senior account, you must be over 55 years of age. This account offers unlimited check writing, no monthly fees, and a higher interest rate than their other checking accounts.

The Eagle Saver Kids Klub only requires $1 to open. Kids must be under 17 and have a parent or guardian co-signer. For every deposit made, kids earn ‘Wooden Nickels.’ Kids use those nickels to get prizes.

The American Eagle Platinum NOW checking account is for government and nonprofits. It only requires $100 to open. There is no monthly fee with at least $500 in the account. This account offers unlimited check writing, an ATM or debit card with no fees, and earns interest.

In the name of security, the American Eagle debit card may not work in all areas. Those areas include New York, New Jersey, Washington D.C., Delaware, Florida, Georgia, Maryland, Ohio, North Carolina, Pennsylvania, South Carolina, Virginia, or Canada. If you travel to these areas, you must call the bank in advance to make sure your debit card will work.

CDs require $1,000 to open and earn interest. The CD terms vary in length from six to sixty months. Special add-on CDs let you make unlimited deposits of at least $1 or more.

The business checking account limits transactions each month. You must not exceed 500 debit and credit transactions per month. There is a fee if you do.

Not all American Eagle accounts are available to everyone. You cannot apply online for an account. You must call a local branch to get information and apply for an account. Some products are only available to current customers and those living in certain areas.

Read the full American Eagle Bank review.