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The online financial institution CIT Bank is characterized by offering savings products for individuals with the security of being covered by the Federal Deposit Insurance Corporation (FDIC) and with a profitability well above the market average.
With this bank you can get, in addition to fixed-term certificates of deposit, very interesting savings and money market accounts, with no fees and no minimum balances.
Currently, it offers one of the best savings accounts, the Savings Connect, which offers a profitability above most accounts in the United States.
These accounts are designed for you to deposit money that you will not need in the short term, to earn interest on it and thus help you fight inflation. The money you have deposited in them can be withdrawn whenever you wish, without any penalty on the interest, which is calculated on a daily basis depending on the balance you have at any given time.
Thus, you can make up to 6 balance withdrawals each month, by transfer to another bank account or using a check. In the case of monetary accounts, you can make more than 6 withdrawals per month, but after the sixth one you will have to pay a commission.
Signing up for CIT Bank's savings and money market accounts is very simple, you just have to access their website or smartphone app and apply for registration by following the steps and filling in the corresponding fields on the registration form.
Then you will have to make the initial deposit of at least $100 dollars, by wire transfer or by sending a check by mail.
When the entity verifies all the data (you will need a Social Security number or an identification that serves you to declare taxes, like the ITIN), it will confirm you by email that your account is activated and you will be able to operate with it by Internet.
Currently, with CIT Bank online bank you can also sign up for a checking account, the eChecking, which offers you a debit card and also remunerates your balance.
Other online accounts that may interest you are those offered by Axos Bank, without commissions and with interesting returns.
Español: Cuentas de cheques y de ahorro de CIT Bank