CIT Bank has one of the best high-yield savings accounts available, and you only need $100 a month to make it worth your while

• A high-yield savings account is the best place to save for short-term goals, like an emergency fund or upcoming travel.
• CIT Bank’s Savings Builder account rewards accountholders who set up an auto-deposit of at least $100 a month — or maintain a balance of $25,000 or more — with its top APY of 1.80%.
• The account also has no monthly maintenance fees and allows mobile check deposit via its app.
• If you’re serious about saving for any type of goal, CIT Bank’s high-yield savings account is a great way to create momentum.
• See Business Insider’s picks for the best high-yield savings accounts »

A high-yield savings account is the best way to grow your money without risking a dime. But you need savings to earn interest, and for many of us, consistently putting away money is the tough part.

Business Insider has named the best high-yield savings accounts, and one of our winners, CIT Bank, has a solution. The online bank’s Savings Builder account currently offers an annual percentage yield (APY) of up to 1.80%, one of the highest rates we saw among national and online banks. But in order to earn that APY, you either have to save automatically or maintain a high balance.

Here’s how it works: You need at least $100 to open a Savings Builder account. Every new accountholder earns an interest rate of 1.78% for an introductory period of a few weeks. If you set up an auto-deposit of at least $100 a month or keep your daily balance above $25,000, you’ll earn the top APY of 1.80%. If you fail to do either, your APY will drop to 1.16%.

If you’re serious about saving — whether for an emergency fund, next year’s summer vacation, a down payment on a home, or your wedding fund — the Savings Builder account is a great tool to create momentum.

On top of rewarding you for consistent savings, the account doesn’t impose any maintenance fees and allows mobile check deposit via its app. The account does limit transfers and withdrawals to six per statement cycle, but that’s a federally mandated rule you’ll find on nearly all savings products.

Now is a good time to open a high-yield savings account

It’s important to remember that interest rates on high-yield savings accounts are variable. You don’t lock in a fixed interest rate on this account, or any other savings account, like you would on a certificate of deposit (CD). When the Federal Reserve cut interest rates multiple times since its first cut last summer, earning potential on savings accounts fell dramatically. But that doesn’t mean it’s a bad time to save money.

In fact, there are a few good reasons to open a high-yield savings account while interest rates are down, including that you’re still earning 20 times more than a traditional savings account. Plus, if you start the habit of automatically saving now, you’ll be ready to earn even more on your savings when rates inevitably go back up. 

If you’ve already built up a cash reserve elsewhere, you may be able to earn even more rewards with the Savings Builder account. January 16 through April 16, CIT Bank is offering a bonus: If you open an account and deposit $25,000 to $49,999 from an external bank within 15 days, and keep that balance for 90 days, you get a bonus of $100. If you deposit more than $50,000 during the funding period, the bonus increases to $200.

Learn more about the CIT Savings Builder account »

• More savings and retirement coverage
• How to retire early
• How to save more money
• When to save money in a CD
• When to save money in high-yield savings