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.

To open Mutual of Omaha Bank accounts requires low amounts. The online checking account only requires $100 to open. The other checking accounts require from $100 to $1,000 depending on the account. The savings and money market accounts require $100 or $1,000. The online money market requires $1,000 to open.

Mutual of Omaha Bank offers a variety of personal deposit and business accounts. They offer six personal checking accounts. A basic savings account and two money market accounts are offered. CD terms vary from 1-month to 60-months; fixed rates and standard rate CDs offered.

Mutual of Omaha Bank offers an online checking and money market account. The online checking account only requires $100 to open. There is not a monthly fee if your balance is above $100. Balances over $1,500 earn interest. The money market account requires $1,000 to open, waive the fee, and earn interest. These accounts are available in all states.

To earn the most competitive rates for the online accounts does not require a large sum. The online money market account only requires $1,000 to earn the best rate. The online checking requires $1,500. Amounts over $250,000 earn much lower rates.

Mutual of Omaha Bank checking and savings accounts have monthly fees. Those fees range from $3 to $15 depending on the account. Waive the fees by keeping a set balance in the account. Those balances range from $100 to $10,000 depending on the account.

Not all accounts are available in all states. Mutual of Omaha limits the accounts to specific states. The online money market and checking account are available in all states. Most accounts must be opened at a branch location.

Not all Mutual of Omaha Bank accounts offer competitive rates. The online accounts offer rates competitive with other online accounts. The CDs and other accounts offered through branch locations are not as competitive. The rates may change based on the state you open the account in.

To earn the most competitive interest rates requires a large sum. The Mutual of Omaha Bank money market account requires $250,000 to earn the highest rate. The investment checking requires $50,000.

Read the full Mutual of Omaha review.