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4/1/2018

Your Savings Partner Checklist

Find the bank that's right for your needs.

In today's financial marketplace, the variety of options available can feel overwhelming as you're looking for a new savings partner. Choosing to work with the right bank from among the thousands of options available is challenging without the proper preparation.

Start by listing out your priorities in a savings partner. Without knowing what you want, you can't know if the banks you're considering are right for you. Perhaps you're looking to take advantage of the highest interest rate possible, or you're worried about convenience and access to your money. Are you seeking a savings-only bank or one that you could work with for checking, mortgages, and car loans?

Qualities Every Bank Should Have

No matter your specific priorities and preferences, there are a few key attributes that every bank should have before you give them your business.

  • Flexible options- To achieve your goals, you'll need a bank that offers products that work with your cash flow and overall goals in mind. Think about opening an account at an online-only bank that offers savings accounts and CD rates often much higher than at your everyday bank. Look for accounts that have a low minimum deposit, or choose CDs with varying term lengths of months or years.
  • Access anytime, anywhere- In the digital age, standard bank hours of operation don't mean what they used to. You need a bank that is available whenever and wherever you are. Look for a savings partner that offers 24/7 access to your accounts via the internet so you can check your finances from your smartphone, tablet, or computer at any time. Check if the banks you're considering have mobile banking technology that will enable you to access account balance and transaction information at your convenience.
  • FDIC insurance- If your bank fails, you want a guarantee that your funds are insured up to the legal limit. The Federal Deposit Insurance Corporation (FDIC) is an agency of the U.S. government that protects your money should that happen. Practically every major savings bank in the U.S. carries FDIC insurance, including CIT Bank. The FDIC insures depository accounts by up to $250,000 per depositor per account ownership category per bank. Ensure you'll be covered by verifying the status of potential banks on the FDIC website.
  • Attractive interest rates- Increasing your savings through steady incremental growth requires a savings account with a competitive interest rate. The best interest rates are often available from online banks, which typically have lower operating costs and can pay more as a result. These investments offer dependable growth without risk or loss of liquidity. High yield savings or money market accounts, like those available from CIT Bank, can be an appealing option, offering a higher-than-average rate while requiring a higher initial deposit. CDs with longer terms also frequently have a higher interest rate and can be a smart choice for a risk-free investment.
  • Security- Your assets and personal information are some of the most sensitive materials you can entrust to someone else, so the level of safety and security your bank provides is critical. In today's digital banking environment, it's even more important to check that your bank utilizes advanced encryption, firewalls, and other fraud prevention methods to make sure that only you're able to access your account information. Learn how CIT Bank can keep you safe.
  • Seamless customer service- The right bank for you will provide a smooth customer experience for every transaction, question or concern. Whether the bank you choose has physical branches or is online-only, you should be able to contact a knowledgeable customer service representative quickly and easily. A bank that prioritizes your customer experience and is available when you need them is a bank that you will feel comfortable trusting with your investments.

Choosing a bank is a process that is very personal, so while these attributes are a great starting place for your search, be sure to consider other qualities specific to your banking needs. No one bank is the right fit for everyone, so take your time in determining which institution will help you achieve your financial goals.

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