CIT Bank Savings Account Calculator
Try our savings account calculator Scroll to disclosure: 1
High-yield savings account rates can help you grow your savings at a higher rate than traditional savings accounts.
Consistently saving over a number of years can be an effective strategy to build wealth. Putting your money in a high-yield savings account and adding to it can really make it grow faster – even small additions to your savings add up over time. This calculator demonstrates how to put this savings strategy to work for you.
CIT Bank compounds interest daily. Your savings could be worth $34,000.00 after 10 years of $200.00 monthly deposits to a savings account returning 0.00% APY† compounded daily.
Savings projection in 10 years
Definitions
Initial Deposit Amount The starting balance or current amount you have deposited.
Over a Period of Years The total number years you are planning to save.
Interest Rate/Annual Percentage Yield Interest is money CIT Bank pays into your account over time based on the balance of your account and the interest rate they offer on the account.
†Annual Percentage Yield (or APY) is a percentage expression of the amount of compound interest an account earns in a year. The calculation is based on the account’s interest rate and the frequency with which that interest is compounded (e.g., daily or monthly). A savings account with the highest APY grows faster than an account with a lower yield.
Interest rates and APYs on savings and eChecking accounts are variable and may change without notice. Fees on certain accounts could reduce earnings on the account.
Interest compounding Compound interest is the interest that accrues on both the principal you have deposited and the accumulated interest from previous periods. Interest on CIT Bank accounts is compounded daily and credited monthly.
Additional contributions The amount that you plan on adding to your account each period.
Frequency of contributions This is how often you make contributions to your account. The options include weekly, bi-weekly, monthly, quarterly and per year. This calculator assumes that you make your contributions at the beginning of each period. The more frequently this occurs, the sooner your accumulated earnings will generate additional earnings.