Sponsored – this review is sponsored by CIT Bank. All opinions below are my own.
INTRODUCTION
Looking for a “fun” account for vacation savings? I checked out CIT Bank’s Savings Builder Account and their helpful financial tools. I come from a personal finance background, but it was still fun to learn more about their offerings and advice
Savings Builder
CIT Bank’s Savings Builder Account pays up to 2.30% APY with pretty easy qualifications – either $25K min balance or $100 monthly deposit. While it’s not the highest paying bank out there, it still beats many B&M banks by a long shot. Additionally, their ability to accept remote deposits is a big plus for me – this was something lacking with my current online bank.
Use this account to save for college, a house, future large purchase, vacation, basically anything! As someone who jumps from bank to bank for bonuses and high interest rates, CIT ranks right up there.
Savings Builder
Tools & News
CIT also publishers various articles, such as this one talking about how to save money for travel. It’s pretty basic information, setting a savings goal, saving automatically, and sticking to your goals, but reinforcement of good financial discipline is always appreciated.
I also find their calculators quite interesting. For example, this savings one is really useful for those targeting a certain dollar amount to save. Of course, it’s nothing more than a time value of money / future annuity calculator, but the graph of savings over the time period is also quite cool.
Savings Calc
There are some weird images on the Mortgage calculator, but the graph they have showing how additional principal payments accelerates the payoff period is interesting. I tested an example of paying an additional $1K monthly on my mortgage to see how much sooner I’d pay it off. Tinker away!
Mortgage Calculator
Mortgage Over Time
CONCLUSION
CIT Bank offers a competitive rate for a savings product with easy to achieve requirements and convenience in the form of mobile deposit. I have too many bank accounts as is, but I definitely would be interested in opening up their Savings Builder product otherwise!
Sponsored – this review is sponsored by CIT Bank. All opinions are my own.
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