Advertising Disclosure
  1. Home
  2. Community
  3. Ask
  4. CIT Bank I Want To Get A Higher Interest Rate

CIT Bank I Want To Get A Higher Interest Rate

HaroldPine
  |     |   3 posts since 2018

How do I go about converting my CIT money market account to a higher yielding CIT savings account?

  Post an answer
3


Answers
Sensible
  |     |   34 posts since 2023
Simple. Log in to your account, select "Open New Account." Open the savings account of choice, and when it asks for funding, select your money market account and any amount up to it's current balance.  I'd leave the MM open ($0.01 is enough) at least until interest posts, and longer if you use Bill Pay.
Reply
2
GH1
  |     |   1,053 posts since 2017
Every single time you need a new account. Thats just bad customer service policies
Reply
2
happyharold4
  |     |   388 posts since 2022
?????????????????
Reply
2
anonlol
  |     |   178 posts since 2016
right absurb hiding current rates
Reply
2
GreenDream
  |     |   358 posts since 2019
Maybe so, but a lot of banks play that game, not just CIT. Basically it screws over the loyal long time customer who isn't paying attention.
Reply
3
happyharold4
  |     |   388 posts since 2022
I guess we who patronize DA should consider ourselves fortunate to have found the site and be grateful for the efforts of Ken and team as well as the many others who post up and keep us in the know. It is amazing though the staggering number of folks who keep huge sums in the larger brick and mortar at near zero interest with little or no concept of the online banking rates for years now.
Reply
8
txFish1
  |     |   476 posts since 2023
@happyharold4 I have a co-worker who has a large sum of money at a big brick and mortar bank right next to our office that is not even paying 1%!!!. Do not understand it and never will. He says he is not comfortable with online banks which I think is a common issue with some savers. I have not been a DA member long but I do appreciate all of the good info that is on this site.
Reply
2
Ally6770
  |     |   4,292 posts since 2010
When someone tells you about earning 1% or a situation comes up about inflation, interest rates, how much something costs etc., bring deposit accounts into the conversation. I tell everyone about my favorite sites and deposit accounts.com is always #1.
Even a person that worked at another credit union when I had to go to his office when I wanted to close the account for better rates. He actually brought the site up and emailed his girl friend about it. I always tell people when I give them my sites if they like it to share it with friends, co-workers and relatives. We all need to help one another. The kids at the grocery store are from the local university and tell me their mother love me and they thanks me for the help that they and their friends use the site also. Even the man at the appliance store. They were saving for a down payment for a house. Again Ken and this site helps so many people and could do more if we shared the information. I do it even at Costco, my grocery store, the hardware store clothing stores etc whenever a conversion moves to an opening. Seems like since the war and gas prices started people talking more about the price of things. Try to tell them it always happens after a few years after a large tax cut. Prepare and this is one way how to do it. Debt makes you a slave to the bond holder. Pay cash. Your first car and first house is the only thing you should ever go in debt for.
Reply
4
txFish1
  |     |   476 posts since 2023
@Ally6770 I have been trying for the last 4-5 years to show him examples of Credit Unions and online banks that pay 3-5x what he is earning but he will not listen. I have only been a member of DA for a few months and I have actually logged on to the DA website with him and showed him all of the good info and more importantly the rates that are on the website and still to no avail. He seems to be frozen by insecurity when it comes to sending large amounts of money electronically. I firmly think in his mind if he can not walk into a Wells Fargo or a Bank of America branch and deposit his money it is not safe. I will keep trying!
Reply
1
Ally6770
  |     |   4,292 posts since 2010
My husband used to say you take a horse to water but you can't make them drink it.
I have had people come around later. They have to use their own time span. Maybe if you show him a local credit union in town where he can do better. It  would be a first step. Use Ken's site for local only and see what you come up with.
Reply
1
txFish1
  |     |   476 posts since 2023
@ Ally6770 He actually has a platinum savings acct at Wells Fargo that is just under the FDIC insurance limit paying 1.02%. I showed him multiple options locally such as First Foundation, PNC and even a local CU that he can walk right in and get 4-5% but so far no go. We shall see.
Reply
1
happyharold4
  |     |   388 posts since 2022
I live in a some what rural area and I keep accounts at a local Brick and Mortar. Went in recently and the manager called me aside and asked why I didn't take advantage of their cd offers, She knows me and sees how much $ flows in and out of my accounts to other FI's. I explained to her the rates the others were offering, and to my amazement, she had no idea. Asked me to tutor her on best FI's and rates online for her own $. What a shocker that was.
Reply
1
Ally6770
  |     |   4,292 posts since 2010
Tell her about this site and as I tell everyone if you like the sites I have given you, share them with your relatives, co-workers and friends. We all need to help one another. Always ask your local bank and or credit to match a rate when you go in also. Most times they will not now but at least they make a call. Sometime it may surprise you. One credit union that I have to split an account has even purchased and extra 100,000 insurance for IRA's so I many not split it. Depends what their rate it when it matures. I will find out more about it in a couple of weeks.
Reply
1
GH1
  |     |   1,053 posts since 2017
Wow your so right
Reply
2
happyharold4
  |     |   388 posts since 2022
Make sure you chose the Platinum account for best rate. I think it went up today to 4.90 APY
Reply
2


The financial institution, product, and APY (Annual Percentage Yield) data displayed on this website is gathered from various sources and may not reflect all of the offers available in your region. Although we strive to provide the most accurate data possible, we cannot guarantee its accuracy. The content displayed is for general information purposes only; always verify account details and availability with the financial institution before opening an account. Contact [email protected] to report inaccurate info or to request offers be included in this website. We are not affiliated with the financial institutions included in this website.