Best Online Savings Accounts (2024)

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In today’s fast-paced digital era, where financial management is increasingly shifting to virtual platforms, online savings accounts have emerged as indispensable tools for individuals seeking to grow their wealth while maximizing convenience. These digital repositories of savings offer a gateway to competitive interest rates, flexible deposit options, and streamlined account management, all accessible from the comfort of one’s home or mobile device. With features ranging from automated savings plans to round-up tools that effortlessly funnel spare change into savings, online savings accounts cater to the diverse needs and preferences of modern savers.

Amidst this digital revolution, two formidable contenders excel: CIT Bank and Raisin. In this article, we will explore the features, benefits, and nuances of CIT Bank and Raisin.

CIT Bank

Established in 1908, CIT Bank, a division of First Citizens Bank, has solidified its position as a prominent financial institution in the United States. With a focus on providing innovative banking solutions and superior customer service, it has become synonymous with stability, reliability, and growth.

CIT Bank prioritizes maximizing savings potential through a range of savings accounts tailored to individual financial needs, offering three savings accounts and one money market account. Whether seeking long-term growth or convenient access to funds, its savings products offer diverse features and rates to suit various financial goals.

The Platinum Savings account rewards diligent savers with higher annual percentage yields (APY) of 5.05% for minimum balances of $5,000 or more and 0.25% for balances less than $5,000. The Savings Connect account, on the other hand, provides competitive rates of 4.65% APY and a minimum opening balance of $100.

Alternatively, for those aiming to establish consistent saving habits, the Savings Builder account tracks savings and offers higher interest rates as saving routines develop. It is a tiered-rate savings account that pays up to 1.00% APY, depending on an account’s minimum balances and monthly deposits.

CIT’s high-yield Money Market account, meanwhile, ensures efficient progress toward savings goals with up to 1.55% APY and no monthly service fees. CIT Money Market accounts only require a $100 minimum opening deposit.


Raisin is a financial technology platform that connects customers with a wide range of partner banks, providing access to various savings and investment products. Through its online marketplace, it allows customers to easily compare and select deposit accounts, term deposits, and investment products from different partner banks. Raisin is also Federal Deposit Insurance Corporation (FDIC) or National Credit Union Administration (NCUA) insured.

Raisin offers a range of savings accounts, including high-yield savings and money market deposit accounts from banks and credit unions. For example, Raisin pays 5.28% APY for Western Alliance Bank savings accounts opened through its platform. In addition, it also offers 5.26% APY for money market deposit accounts from OptimumBank and UNCLE Credit Union. Other Raisin partner banks also include Ponce Bank, CloudBank 247, Hanover Bank, and more.

Are online savings accounts legit?

Online savings accounts are legitimate financial products offered by reputable banks and financial institutions. They operate similarly to traditional savings accounts but with the added convenience of online access, allowing customers to manage their savings digitally from anywhere with internet connectivity. Online savings accounts are typically backed by the same regulations and protections as traditional bank accounts, including deposit insurance provided by the FDIC or the NCUA for credit unions. These protections ensure that customers’ funds are safeguarded up to certain limits in the event of a bank failure.

Which bank is best for opening savings account online?

The best bank for opening a savings account online depends on individual preferences and financial goals. CIT Bank and Raisin both offer compelling features and benefits, making them worthy contenders for individuals seeking a secure and rewarding online banking experience.
With a range of savings accounts including the Platinum Savings, Savings Connect, Savings Builder, and Money Market accounts, CIT Bank offers competitive interest rates, low fees, and flexible deposit options. Its user-friendly online platform and commitment to customer service make it an attractive choice for individuals seeking a trusted online banking experience.

On the other hand, Raisin distinguishes itself by offering access to a wide network of partner banks, providing customers with the opportunity to explore a diverse array of savings and investment products. While not a bank itself, Raisin serves as a financial technology platform that connects customers with reputable banking institutions, offering competitive interest rates and a seamless online experience.


In conclusion, the rise of online savings accounts marks a pivotal shift in the way individuals manage their finances in today’s digital era. These platforms offer unparalleled convenience, competitive interest rates, and flexible deposit options, empowering savers to grow their wealth with ease. CIT Bank and Raisin exemplify this evolution, each offering unique features and benefits tailored to the diverse needs of modern consumers.

CIT Bank, with its long-standing reputation for stability and innovation, provides a range of savings accounts designed to maximize savings potential, while Raisin’s platform connects customers with a wide network of partner banks, offering access to a variety of savings and investment products. As individuals navigate the digital currents of financial management, the availability of these online savings solutions presents an exciting opportunity to achieve financial prosperity with confidence and efficiency.