CIT Bank is offering ANOTHER new savings account with 1.30%.
As a CIT customer for ~2 years, I'm writing this to give caution to potential new customers so they don't fall for the same bs that I did.
Unlike other notable online banks like Ally, Goldman Sachs, Synchrony, Barclays, Capital One, etc. etc., CIT is NOT consistent with their rates.
In the 2 years since I opened my account with them, they have changed their rates more than 5 times. The above banks have only changed their rates once (when they raised them recently). After opening my original account with them with 1.05%, I was soon getting 0.95%, for example.
For their last 2 rate changes, instead of simply raising their rates and maybe offering bonuses for people who throw in more outside funds, they created new accounts entirely.
I originally had a "High Yield Savings Account." However, ~1.5 months ago, they introduced a new savings account called a "Spring Savings" account. THERE IS ABSOLUTELY NOTHING DIFFERENT ABOUT THESE ACCOUNTS EXCEPT FOR THEIR RATES.
So in other words, if you want the higher rate, you need to open a new account with them.
Ok, whatever, no big deal. Except, now they introduced ANOTHER new savings account "Premier High Yield Savings." What's different about this one? Well, this one offers a 1.30%. instead of the Spring Savings which offers 1.15%, and the grandfathered "High Yield Savings" still only pays 1.05%.
CIT appears to have taken a page from the Wells Fargo playbook. They are trying to artificially raise their number of accounts by forcing current customers to open new, identical, accounts to get higher advertised rates.
While I can't predict the future, based off historical behavior, the new rate will likely not last. All that will happen is that you may get stuck with a new account paying sub-satisfactory interest.
If you do go ahead and open a new account with this bank, be sure to read the fine print (such as restriction on closing your account). Again, much like they have with their rates, do not expect to be notified if they change their policies.
Unlike other banks, that disclosure you see saying that policies may change without notice, but they never actually do - CIT does.
Submitted July 13, 2017 at 04:10PM by thealpha100 http://ift.tt/2uoa25P
