UPDATE: For more bonus use code "BONUS17" - more details here.
Most financial experts recommend saving at least 6 months of your income as an emergency fund. That's a lot of money sitting idle but I can't disagree with them. We definitely don't like our funds sitting idle. What is the best place to park these reserves in cash? As a matter of fact where would you park all your additional money or "idle cash"? The least we could do is hold them in a savings account earning some interest without losing the flexibility of withdrawing at our will.
Most financial experts recommend saving at least 6 months of your income as an emergency fund. That's a lot of money sitting idle but I can't disagree with them. We definitely don't like our funds sitting idle. What is the best place to park these reserves in cash? As a matter of fact where would you park all your additional money or "idle cash"? The least we could do is hold them in a savings account earning some interest without losing the flexibility of withdrawing at our will.
CIT Bank is offering
Spring Savings account with a minimum opening balance of $100, no monthly fees,
free online transfers, no withdrawal penalty, and currently pays 1.15% APY (as
of June 2017). Best of all it is FDIC insured, which means your deposit accounts
are insured up to $250,000 should your bank go under. Unlike traditional banks,
CIT bank is an online only bank with no physical branches, tellers etc.
This typically means they have less operating expenses when compared to
traditional banks. This is one of the main reason why they've been offering
high interest rates to their customers. I have been using their savings account
from past couple of years and it's the best savings account I have. My CIT Bank
savings account sometimes have high balance and sometimes only the minimum
balance. I use this account to generate a standard 1.15% APY on my idle cash
until I find a better investment.
CIT Bank is offering
cash bonus of up to $400 if the Spring Savings account is opened before June
30, 2017. Funds used to open the account should be new funds coming from your
other accounts. For more details click here. If you are more flexible with your money and
are willing to lock up for a year, I encourage you to look at their 1year CD
which offer high interest rate (1.32% APY) when compared to national averages.
Disclosure: I do not
receive any commission when you open an account with CIT Bank. My sole
objective is to share my banking experience with them.
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