-
Financial Rates:
5.0
-
Customer Service:
3.5
-
Website Experience:
5.0
-
Bank Fees:
5.0
Pros:
- Custodial accounts available
- Competitive interest rates on accounts
- Wide range of CDs offered
- No monthly fees
Cons:
- High opening required amounts
- Long transaction periods
- Hard to access custodial account money
- High early withdrawal fees for CDs
-
Financial Rates:
3.5
-
Customer Service:
4.0
-
Website Experience:
5.0
-
Bank Fees:
5.0
Pros:
- High interest rates
- No monthly fees or required amount
- PurePoint Best Rate Commitment
- Financial centers available
Cons:
- High opening deposits
- CD deposit requires single transaction
- Only savings account and CDs offered
- Online transfers require linked account
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.
PurePoint offers competitive interest rates. The rates for their savings account and CDs are high. Earn more money off your money with these accounts.
PurePoint savings account does not have monthly fees. There is no required amount to keep in the account. If you do not keep the $10,000 in the account, you will earn lower interest rates, but there is not a fee. The PurePoint savings account is free.
PurePoint CDs offer the Best Rate Commitment. This helps to ensure you earn the best interest rates for your CD. After the application is complete, you watch the interest rates for ten days. The best rate from that 10-day period is the rate you will receive for the term of the CD.
PurePoint is an online bank. There are no monthly fees. The interest rates are competitive with other online accounts. However, PurePoint offers the low fees and high rates and has some financial centers. PurePoint has over 20 financial centers in Florida, Illinois, New York, and Texas.
PurePoint requires a large amount to open the account. The savings account and CDs requires $10,000 as the minimum deposit. If you do not have $10,000 in the savings account, you will not earn the high-interest rates offered. You will still earn interest on amounts under $10,000, but it will be a much lower rate.
The CDs and savings accounts require a large opening deposit. That deposit for CDs must be in a single transaction. Ten thousand dollars must be in the account to earn the competitive interest rates.
PurePoint only offers a savings account and CDs. The CDs offered vary in terms from six-months to five-years. They offer nine CD terms. PurePoint does not offer a checking account or a money market account. No business accounts are available.
You must link your PurePoint savings account to an external bank account. Since PurePoint does not offer a checking account, an external bank account is necessary. This allows you to transfer funds online into and out of your PurePoint savings account. You can also transfer money into the account by sending a check in the mail, a wire transfer, or a mobile deposit.
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From Our Partners
| Savings (Rate as of 12/21/2024) | |
| APY | 3.80% |
|---|---|
| Rate | 3.73% |
| Min to Open | $0 |
| Min to Earn APY | $0 |
| Monthly Fee | $0.00 |
| Min to Avoid Fee | $0 |
| Checkbook | No |
| Member FDIC. | |
| Savings (Rate as of 12/21/2024) | |
| APY | 4.75% |
|---|---|
| Rate | 4.65% |
| Min to Open | $500 |
| Min to Earn APY | $500 |
| Monthly Fee | $0.00 |
| Min to Avoid Fee | $0 |
| Checkbook | No |
| Member FDIC. | |
| Savings (Rate as of 12/21/2024) | |
| APY | 3.80% |
|---|---|
| Rate | 3.80% |
| Min to Open | $0 |
| Min to Earn APY | $0 |
| Monthly Fee | $0.00 |
| Min to Avoid Fee | $0 |
| Checkbook | No |
| Member FDIC. Promoted offer: It only takes about 5 minutes to open a fee-free account. |
|
| Savings (Rate as of 12/21/2024) | |
| APY | 4.40% |
|---|---|
| Rate | 4.30% |
| Min to Open | $0 |
| Min to Earn APY | $0 |
| Monthly Fee | $0.00 |
| Min to Avoid Fee | $0 |
| Checkbook | No |
| Member FDIC. Promoted offer: No monthly maintenance fee, $0 to open, easily grow your money |
|
| Savings (Rate as of 12/21/2024) | |
| APY | 4.46% |
|---|---|
| Rate | 4.46% |
| Min to Open | $500 |
| Min to Earn APY | $0 |
| Monthly Fee | $0.00 |
| Min to Avoid Fee | $0 |
| Checkbook | No |
| Member FDIC. | |
| Savings (Rate as of 12/21/2024) | |
| APY | 4.35% |
|---|---|
| Rate | 4.35% |
| Min to Open | $0 |
| Min to Earn APY | $0 |
| Monthly Fee | $0.00 |
| Min to Avoid Fee | $0 |
| Checkbook | No |
| Member FDIC. Promoted offer: $200 Bonus w/ Tiered Savings Account and Qualifying Activities |
|
| Savings (Rate as of 12/21/2024) | |
| APY | 4.35% |
|---|---|
| Rate | 4.35% |
| Min to Open | $100 |
| Min to Earn APY | $5,000 |
| Monthly Fee | $0.00 |
| Min to Avoid Fee | $0 |
| Checkbook | No |
| Member FDIC. Promoted offer: CIT Bank, a division of First Citizens, 125+ years of experience. |
|
| Savings (Rate as of 12/21/2024) | |
| APY | 4.30% |
|---|---|
| Rate | 4.21% |
| Min to Open | $0 |
| Min to Earn APY | $0 |
| Monthly Fee | $0.00 |
| Min to Avoid Fee | $0 |
| Checkbook | No |
| Member FDIC. | |
| MMA (Rate as of 12/21/2024) | |
| APY | 4.10% |
|---|---|
| Rate | 4.02% |
| Min to Open | $0 |
| Min to Earn APY | $0 |
| Monthly Fee | $0.00 |
| Min to Avoid Fee | $0 |
| Checkbook | Yes |
| Member FDIC. | |
| Savings (Rate as of 12/21/2024) | |
| APY | 4.10% |
|---|---|
| Rate | 4.10% |
| Min to Open | $0 |
| Min to Earn APY | $0 |
| Monthly Fee | $0.00 |
| Min to Avoid Fee | $0 |
| Checkbook | No |
| Member FDIC. | |
| Savings (Rate as of 12/21/2024) | |
| APY | 4.75% |
|---|---|
| Rate | 4.64% |
| Min to Open | $1,000 |
| Min to Earn APY | $1,000 |
| Monthly Fee | $5.00 |
| Min to Avoid Fee | $0 |
| Checkbook | No |
| Member FDIC. | |
| Savings (Rate as of 12/21/2024) | |
| APY | 4.75% |
|---|---|
| Rate | 4.75% |
| Min to Open | $10 |
| Min to Earn APY | $0 |
| Monthly Fee | $0.00 |
| Min to Avoid Fee | $0 |
| Checkbook | No |
| FDIC insured at program banks†. Promoted offer: var. APY a/o 11/8/24. New customers only. Betterment LLC, not a bank |
|
| Savings (Rate as of 12/21/2024) | |
| APY | 4.10% |
|---|---|
| Rate | 4.02% |
| Min to Open | $0 |
| Min to Earn APY | $0 |
| Monthly Fee | $0.00 |
| Min to Avoid Fee | $0 |
| Checkbook | No |
| Member FDIC. | |
The rate information is obtained by Bankrate from the listed institutions. Bankrate cannot guarantee the accuracy or availability of any rates shown. Institutions may have different rates on their own websites than those posted on Bankrate.com. The listings that appear on this page are from companies from which this website receives compensation, which may impact how, where, and in what order products appear. This table does not include all companies or all available products.
All rates are subject to change without notice and may vary depending on location. These quotes are from banks, thrifts, and credit unions, some of whom have paid for a link to their own website where you can find additional information. Those with a paid link are our Advertisers. Those without a paid link are listings we obtain to improve the consumer shopping experience and are not Advertisers. To receive the Bankrate.com rate from an Advertiser, please identify yourself as a Bankrate customer. Bank and thrift deposits are insured by the Federal Deposit Insurance Corp. Credit union deposits are insured by the National Credit Union Administration.
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1 APY stands for Annual Percent Yield. It's different from Rate because it takes into account compounding interest for the year.
2 MMA stands for Money Market Account. It's a savings and checking hybrid, allowing you to earn interest and use checks 6 times a month.