Hey Reader, I sent an email about this about a year ago and I cannot believe this is still happening.

Simply put, if you have a savings account at 3 of the largest banks in America (BOA, Chase, or Wells Fargo), they are ripping you off.

In case you aren’t aware, this is what you are earning in your savings account…

Wells Fargo:

0.25% for balances less than $100,000.

Bank of America:

An even more insulting 0.01%.

Chase:

Same as BOA…

What’s going on with banking right now is just crazy.

Because these are the 3 biggest banks, and even though interest rates have been up for well over a year, big banks like these are still ripping us off by NOT passing those interest rates along to their customers.

On the other hand…

there are banks like CIT Bank who are literally doing the opposite.

And are pushing their savings rates UP as far as they possibly can.

Which is why you see them literally paying its customers more than 400x more than BOA & Chase (with fewer fees, I should add)…

I ditched the big banks and opened an account at CIT

Anyway, last year I opened an acct with CIT and am just really impressed with them and they have the highest savings rates (for any size balances) that I have found by a pretty wide margin.

So how does CIT do this?

It’s simple. They don’t have physical branches like BOA, Chase, and Wells Fargo.

So, for me personally, I have an account at a local bank for those rare instances when I do need to go into a branch.

But for everything else, I just transfer money from my other banks into CIT or deposit checks using their app.

The truth is that most people don’t need a bank with physical branches.

Are they a fly-by-night bank that’ll be gone tomorrow?

It turns out CIT is actually over 100 years old and is a division of First Citizens Bank - which is one of the biggest banks in America.

So, I don’t have any more concern with them than I do any other bank.

They are just different in that they are betting big on taking care of their customers rather than ripping them off LOL.

Anyway, this is just your PSA to go find a bank that is actually rewarding you for keeping your money with them, rather than one that hopes you never notice they are ripping you off.

I thought that I might not be the only one excited about a savings rate 400x better than Chase and Wells, so I thought I would share with you, Reader.

If you are considering opening an account with CIT, I will add that it took me less than 5 mins to create, so it doesn’t have to take much time.

(Note: CIT has 4 different savings accounts - to get the highest rates, open their Platinum Savings or their Savings Connect account.)

That’s all for today!

Your friend and coach,

Bob Lotich
​SeedTime​