Ad Disclaimer

SmartyPig VS CIT Bank

Which bank is better for you?

  • Financial Rates: 5.0 Star Icon
  • Customer Service: 3.0 Star Icon
  • Website Experience: 5.0 Star Icon
  • Bank Fees: 5.0 Star Icon
No Rate Information
Star Icon Star Icon Star Icon Star Icon Star Icon

Pros:

  • Free savings account
  • Tiered Interest Rates
  • Set up multiple goals
  • Direct withdrawals

Cons:

  • Only offer one type of account
  • Six withdrawals allowed per month
  • Maximum account balance
  • One external funding source allowed
  • Financial Rates: 5.0 Star Icon
  • Customer Service: 3.5 Star Icon
  • Website Experience: 5.0 Star Icon
  • Bank Fees: 5.0 Star Icon
0.90%APY
Savings/MMA
Star Icon Star Icon Star Icon Star Icon Star Icon

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
SmartyPig Review

SmartyPig accounts do not have monthly maintenance fees. There is not a required amount to keep in the account. The first initial deposit to open the account is $25.

This savings account offers tiered interest rates. This means the more money you have in the account, the more interest you will earn. The interest rates do not vary much between tiers. The difference from a low amount to the higher amount is around 0.05%.

With this SmartyPig account, you can set up different savings goals. The savings accounts can be long-term, like saving for a college education. They can also be short term, like saving for a mountain bike or birthday party. You can transfer money from your SmartyPig primary account to different savings goals.

The best way to save money is to set up direct withdrawals. You set up when you want the money to come out of your account and how much to withdraw. Then, SmartyPig does the rest. Once the money is deposited into your account, you can transfer it into different savings goal. The withdrawals can be set up to occur monthly or biweekly.

SmartyPig has only one account offered: a high yield savings account. They do not offer checking accounts, CDs, money market accounts, or business accounts. The interest rate on this savings account is considerably higher than other banks savings accounts.

The website says you can withdraw money anytime, but federal regulation only allows six withdrawals per billing cycle. This includes transfers between your SmartyPig primary account and your different savings goals. The transfer or withdrawal will not take place if you have made more than six in a billing cycle. If you repeatedly try to make more than six, your account will be closed. Once you reach your goal, you cannot withdraw part of your money back to your external funding source. You must withdraw it all, or transfer the money between other savings goals.

This account is not meant for high account balances. There is a maximum account balance of $250,000. If your account has $250,000, you will earn interest on the money in the account, but you cannot add to the account.

Each SmartyPig account is only allowed to have one external funding source set up for it. That means you can only have one bank account connected to each SmartyPig account. You can change your external funding source if you want, but never have more than one.

Read the full SmartyPig review.

CIT Bank Review

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.

Sponsored Offers

Bask Bank
Savings (Rate as of 05/21/2022)
APY 1.25%
Rate 1.25%
For APY $0
Monthly Fee $0.00
Checkbook No
Member FDIC 0 Min Balance. 0 Monthly Acct Fees. No Balance Cap to Earn APY.
Next >
My Banking Direct, a service of NY Community Bank
Savings (Rate as of 05/21/2022)
APY 1.00%
Rate 1.00%
For APY $1
Monthly Fee $0.00
Checkbook No
Member FDIC Only $500.00 to open. No monthly or maintenance fees.
Next >
CIT Bank
Savings (Rate as of 05/21/2022)
APY 0.90%
Rate 0.90%
For APY $0
Monthly Fee $0.00
Checkbook No
Member FDIC Earn 15x the National Average with Easy Access to Your Funds.
Next >
LendingClub
Savings (Rate as of 05/21/2022)
APY 0.85%
Rate 0.85%
For APY $0
Monthly Fee $0.00
Checkbook No
Member FDIC Plus, no monthly fees and unlimited free external transfers
Next >
UFB Direct
MMA (Rate as of 05/21/2022)
APY 0.81%
Rate 0.81%
For APY $0
Monthly Fee $10.00
To Avoid Fee $5,000
Checkbook Yes
Member FDIC Maximize your savings potential. Earn up to 0.81% APY*!
Next >
UFB Direct
Savings (Rate as of 05/21/2022)
APY 0.81%
Rate 0.81%
For APY $0
Monthly Fee $0.00
Checkbook No
Member FDIC Earn up to 0.81% APY* with no maintenance fees or service fees.
Next >
Vio Bank
Savings (Rate as of 05/21/2022)
APY 0.80%
Rate 0.80%
For APY $100
Monthly Fee $0.00
Checkbook No
Member FDIC Save Smart. Earn More. FDIC Insured.
Next >
Sallie Mae
MMA (Rate as of 05/21/2022)
APY 0.75%
Rate 0.75%
For APY $0
Monthly Fee $0.00
Checkbook Yes
Member FDIC No minimum balance and no monthly maintenance fees
Next >
Barclays
Savings (Rate as of 05/21/2022)
APY 0.70%
Rate 0.70%
For APY $0
Monthly Fee $0.00
Checkbook No
Member FDIC Savings accounts at 0.70% APY. A rate greater than 5x the national average.
Next >
Capital One
Savings (Rate as of 05/21/2022)
APY 0.60%
Rate 0.60%
For APY $0
Monthly Fee $0.00
Checkbook No
Member FDIC It only takes about 5 minutes to open a fee-free account.
Next >
American Express National Bank
Savings (Rate as of 05/21/2022)
APY 0.60%
Rate 0.60%
For APY $1
Monthly Fee $0.00
Checkbook No
Member FDIC No monthly fee. Competitive APY. 24/7 account access. Min to Earn APY = $1
Next >