The CIT Bank Savings Builder is a popular savings account that allows you to earn an exceptional APY if you can meet one of their two requirements:
- maintain a high balance of $25,000 or more, or
- deposit at least $100 per month into the savings account
If you can do one of the above you will be awarded with an APY (annual percentage yield) of 0.50% on your balance.
If you haven’t heard of CIT Bank before it might be because they’ve gone through several re-brands, mergers and acquisitions over their century-plus history (founded in 1908), but as they stand today they hold over $50 billion in assets and regularly offer some of the most respectable deposit accounts on the market.
To see if the CIT Bank Savings Builder account meets your needs and requirements, continue reading our full review below.
CIT Bank Savings Builder APY + Account Details
CIT Bank is member FDIC and all funds held in the CIT Bank Savings Builder account are federally insured up to the applicable limits.
|$100 – $25,000||0.30%|
|$100 + $100/mo deposit||0.50%|
To put these APYs in perspective, the current national average on a savings account sits at just 0.06%.
Note that if you have a balance of less than $25,000 AND you do not deposit or transfer $100 each month into the account you will earn just 0.30% on your balance. So if you wish to open the account but are under the $25,000 limit, you may want to hold some funds back or be sure you can commit to maintaining a $100 deposit each month to earn the higher APY.
You should also note that all new accounts will get an introductory APY of 0.50% during what CIT Bank refers to as the “Introductory Period.” When this period ends, all accounts will be evaluated on “Evaluation Day” to determine the APY paid for the next period.
The introductory period begins the day you open the account and ends on Evaluation Day. The Evaluation Day is the fourth business day prior to the end of the month. If you aren’t maintaining a monthly balance of $25,000 or more, you’ll want to make a deposit of at least $100 during this period if you want to keep the higher APY.
Regardless of your balance, interest is compounded daily and credited monthly to the account.
Fees Associated with the Account
Like many hassle-free online savings accounts this one has no monthly maintenance fees or ongoing fees of any kind. The only fee you might want to look out for is a $10 wire fee for moving funds about; however CIT Bank will waive this fee as well if you maintain an average monthly balance of at least $25,000 in the account.
Opening the Account and Accessing Funds
To fund your CIT Savings Builder account, you’ll have four options. These are:
- Mail a check
- Send a wire (no fee for this)
- ACH funds transfer, or
- Mobile check deposit via their mobile app (download for IOS or Android)
If you plan on funding the account via an electronic funds transfer, please allow up to two business days for the money to appear in your account. Mailed checks will likely take a little bit longer depending on your location and time spent in transit.
Once you’ve opened the account, you may withdraw money in one of three ways. These are:
- ACH Electronic funds transfer
- Request a mailed check by CIT Bank
- Outgoing Wire transfer
You’ll want to note the potential $10 wire fee we mentioned previously if you aren’t maintaining a balance of $25,000 or more.
ATM or Branch Access?
Like many online savings accounts the CIT Bank Savings Builder account comes with no ATM or debit card of any kind. You will not have access to cash via this method or access to any physical branch locations. If you need access to cash, you will have to transfer the money to a bank or credit union with a branch near you or request a check from CIT Bank.
Other CIT Bank Deposit Accounts
Outside of the CIT Bank Savings Builder account, CIT Bank also offers the following deposit accounts with interest payments:
- Eight standard term CDs
- 11 month No-Penalty CD
- Jumbo CDs (four terms available)
- money market account
- eChecking account
We covered CIT Bank’s CD accounts earlier this month and they still feature competitive APYs. For fixed rate deposits with CIT Bank you will earn the same interest whether the account is a standard deposit or “Jumbo.” In normal interest rate environments jumbo accounts tends to pay more than standard ones.
CIT Bank’s money market account also features a highly competitive APY of 0.55%. This is a variable rate subject to change at anytime and without notice.
Finally the eChecking accounts offer basic checking but with interest. Between 0.10% and 0.25% APY is applied depending on your balance amount. Accounts with $25,000 or more currently earn 0.25% while accounts with less than $25,000 earn 0.10% APY.
If you’re in the market for a variable-rate, online savings account with a solid yield and FDIC insurance then the CIT Bank Savings Builder is a good option.
That said if you cannot meet the $25,000 minimum balance requirement or the $100/mo deposit requirement for the higher tiered APY, then you may want to consider other online savings accounts. Many still pay at or above this APY with less stringent requirements.