The lockdown almost drove me crazy. I broke up with my ex, lost my job, couldn’t afford my rent so I moved back with my family. I was staying at home all day and doing nothing.
I knew I have to change. I tried to calm down and look back on my life. So I spent a few days to check all my credit cards statements and guess what I found? Literally 2/3 of my income was spent on clothes and makeups!!! Totally shocked!
Anyway, I’ve spent too much on things that do NOT help when emergency happens. I was like, money in credit cards is just a number, sometimes I didn’t even feel like I was shopping.
That’s when I realized I have to make plans, and most importantly, to save money.
Luckily I’ve earned hundreds of dollars by writing on Fiverr (BTW, Fiverr is a great platform if you want to make extra money). OK, that’s a good start for money management!
It’s really not easy to find a proper investment for my “wealth”. Some friends advised me to buy stocks or funds, but I thought that is too risky. What if I lost all my money in one day? I can’t bear the risk.
So, after a lot of research I’ve done, I decided to open a money market account. Money market account is quite similar with a savings account, but of a higher interest rate.
OK, the next question is which one to choose?
I know clearly that an online bank would be my best choice. One reason is due to the lockdown, I want everything to be done online. Most importantly, online banks tend to offer a more competitive yield since they don’t operate physical branches. They have to offer better plans to attract people.
I did a lot of research and finally found out the perfect match, CIT Bank money market account.
First of all, the APY is really competitive: 0.75%, which is among the highest APY I can find.
That is a flat rate, which means I can earn 0.75% APY no matter how much money I have. This is important because some other banks often require $2,500 or more to earn higher rates. I start with hundreds dollars and I want to earn more, this is the most important part for me. I’m quite satisfied with this APY.
Here’s a chart for comparison, supposing you fund $5,000 for 12 months:
|Name||APY||Fee||Minimum Deposit to open||interest earned|
|CIT Bank Money Market||0.75%||$0||$100||$40.16 with 0.75% APY|
|Discover Money Market||0.70% on $100,000+|
0.65% on $1 to $99,999
|$0||$2,500||$35.12 with 0.7% APY|
|UFB Direct Premium Money Market Account||0.40% on $25,000+|
0.10% on $0 to $24,999.99
|$10 per month|
(can be waived)
|$5,000||$20.04 with 0.4% APY|
|BBVA Money Market||0.31% on $1,000,000+ for 3 months ;|
0.24% on $100,000 to $999,999.99 for 3 months;
0.20% on $10,000 to $49,999 for 3 months
|$15 per month|
(can be waived)
|$25||$15.52 with 0.31% APY|
You may think earning $40 a year is not worth it, but for me, it’s a brand new start! When you’re trying to save money, every penny counts!
Second, no monthly fees and no minimum balance.
Love it!!! And it only requires $100 as a minimum deposit to open the account. I can earn as much as I can. Other banks, for example, TIAA requires $500 minimum deposit; BMO Harris, though of a higher rate, requires $5,000 minimum deposit for APY.
Third, the application is quick and easy.
I’m tired of doing paperwork but it only takes me 5 minutes to complete the CIT Bank online form. Love it! Modern banking! CIT Bank also has mobile app, which makes things easier if I want to withdraw, deposit or transfer funds.
Of course, nothing is perfect. This money market account has some drawbacks. However, I believe that advantages outweigh disadvantages. Some drawbacks are actually what I need. For example, it has no free ATM networks. Well, I kind of like it. I’m trying to reduce my spending, so it’s better for me if I don’t have cash.
Also, the transactions are limited to 6 transfers or withdrawals for each statement period. If over the limit, there will be a $10 charge for each overdraft. Also, no debit cards or check-writing privileges are available. There is a $25 overdraft fee and $30 to stop payment.
Well, I’m good with these conditions. All I want is somewhere to put my money and after one year or so, I can earn more than a savings account. CIT Bank provides exactly what I need.
High APY, NO monthly fee, $100 minimum deposit. Are there any better choices for me? NO! CIT Bank is the best!
Open a CIT Bank Money Market account and get a .75% APY. Click for full terms and conditions on this offer.
If it is the same case with you — desiring to take the first step to manage money, I strongly recommend CIT Bank. The earlier you get started, the more you can earn. APY may change from time to time. If you are interested, open an account now!