CIT Bank Savings Builder Product Review: Save More, Earn More

Learn about the CIT Savings Builder account's high rates.

CIT Bank is a nationwide digital bank focused on a host of savings account and CD offerings at competitive rates, along with home mortgages. The bank also offers 24/7 online, mobile and automated telephone banking. For checking, credit card and auto loan needs, however, customers will have to look elsewhere.

Read this CIT Savings Builder review to learn about the various features and benefits of the CIT Savings Builder account, and discover why GOBankingRates named this bank one of the Best Online Banks of 2019.

CIT Bank Savings Builder Account at a Glance
Annual Percentage Yield (APY)Up to 2.45%
Minimum Deposit$100
Savings Builder Account Highlights
  • Two ways to earn 2.45% APY: Maintain a balance of $25,000 or make at least one monthly deposit of $100 or more
  • No account opening or maintenance fees
  • High interest rate
  • Daily compounding interest credited monthly
  • 24/7 mobile and online banking
Information accurate as of Feb. 13, 2019.

What Is a Savings Builder Account?

A Savings Builder account from CIT Bank is an online, high-interest savings account, which affords customers digital access 24/7. The Savings Builder account helps a broad range of customers meet their savings goals. Account holders will qualify for the higher rate by either maintaining a minimum balance of $25,000 or by making at least one monthly deposit of $100 or more.

CIT Bank boasts interest rates that are more than 25 times the national average to help you grow your savings faster. For example, the bank’s Savings Builder account’s top rate of 2.45% APY is much higher — by over 27 times — than the nationwide average for savings accounts, which stands at just 0.09% APY as of Feb. 11, 2019, according to the Federal Deposit Insurance Corporation.

Here are the other main benefits of the CIT Savings Builder account:

  • Daily compounding interest
  • No account opening or monthly maintenance fees
  • Free mobile and online banking
  • Ability to make transfers and remote check deposits with the mobile banking app
  • FDIC insurance

Best for: People who are interested in earning a high interest rate on their savings account and don’t mind banking elsewhere for their checking, credit card and auto loan needs.

What Else You Need to Know About the CIT Savings Builder Account

Although you can earn up to 2.45% APY on the CIT Bank Savings Builder account, you’ll have to meet requirements to keep it because this account has tiered interest rates. There are two ways to earn the top APY tier: Make at least one monthly deposit of $100 or more maintain a balance of $25,000.

CIT Savings Builder Account Interest Tiers
TierRequired BalanceAPYInterest Rate
BaseLess than $25,0001.17%*0.995%**
UpperLess than $25,000, but with a monthly deposit of $100 or more2.45%***2.421%
UpperGreater than or equal to $25,0002.45%2.421%

Information accurate as of Feb. 13, 2019.

  • *APY assumes the account is opened on the 15th day of the month and no qualifying deposits of $100 are made following account opening. Actual APY may be greater or less depending on the date the account is opened.
  • **Interest Rate is 2.241% during the Introductory Period and 0.995% thereafter.
  • ***APY assumes additional qualifying deposits are made each Evaluation Period.

To start, the account pays 2.45% APY until the first Evaluation Day. Evaluation days occur on the fourth business day prior to the end of a month.

For example, A Savings Builder account opened on February 12, 2019 and funded with an initial deposit of $5,000 would earn the Upper Tier interest rate during the Introductory Period, which begins on the account opening date and ends on the First Evaluation Day, April 25, 2019.  The First Evaluation Period for this account begins on March 27, 2019 and ends on the First Evaluation Day, April 25, 2019. With a balance less than $25,000, in order to continue earning the Upper Tier interest rate during the next Evaluation Period, the customer must make at least one deposit of $100 or more during the First Evaluation Period, March 27- April 25, 2019. Important: Deposits made prior to March 27, 2019 will not count for purposes of determining the interest rate for the next Evaluation Period unless they result in an account balance of $25,000 or more on April 25, 2019.

On the Evaluation Day — and all subsequent months thereafter — your account will be reviewed to see if you’ve either maintained the $25,000 balance requirement or made at least one $100 deposit. Note that the initial $100 minimum deposit to open the account does not count toward deposit requirements.

If neither of those conditions applies, you will not be able to earn the top interest rate offered, which is currently 2.241% (2.45% APY). Instead, you’ll earn the base interest rate of 0.995%, which is still significantly higher than rates at many traditional brick-and-mortar banks.  However, if you make a deposit of at least $100 during that month, you’ll qualify for the higher APY tier the following month. Consider setting up an automated deposit to always earn the top APY tier.

How Can CIT Bank Offer Such High Rates?

Because the bank is online-only, it doesn’t incur the typical overhead costs that brick-and-mortar banks do. CIT Bank passes along those savings to its customers in the form of higher savings account and CD rates, as well as no closing, opening or monthly account fees.

How to Open and Fund a CIT Bank Savings Builder Account

CIT Bank makes it easy to open an account online as long as you are a U.S. citizen or permanent resident who is at least 18 years of age.  Before you begin, gather these items to expedite the process:

  • Social Security number
  • Driver’s license information
  • Routing and account numbers from another bank account you’ll use to fund your account
  • Social Security number and valid ID for any joint account holders or beneficiaries

Navigate to the bank’s account application page and select “I am a new customer” to get started. Then, follow the prompts to complete the application.

New accounts can also be funded by choosing electronic funds transfer (ACH), mailing in a check or initiating a wire transfer.

Accessing the Funds in Your CIT Savings Builder Account

Although you are limited to only six transactions per statement cycle — including automatic transfers or withdrawals or electronic banking transfers to other accounts — withdrawal and transfer requests you submit by mail don’t count toward your monthly limit. In addition, withdrawals that you request by phone and receive in a check by mail are not counted either.

Electronic banking transfers between your Savings Builder account and an account at another bank are free, and requesting a check in the mail is also free. For outgoing wire transfers, there is a $10 fee if your account balance is less than $25,000.

CIT Bank Review: Access a Variety Savings Accounts, CDs and Home Loans

Where Is CIT Bank Located?

Although CIT Bank is headquartered in Pasadena, Calif., it doesn’t have any physical locations for customers to visit because it’s an online-only bank. Instead, customers can easily take care of their banking needs online using a computer or mobile device. Customer service representatives are also available by phone and secure email.

How to Contact CIT Bank’s Customer Service

CIT Bank’s customer service offers extended weekday hours, as well as hours on Saturdays for questions about accounts. Here are CIT Bank’s customer service hours:

  • Monday through Friday: 8 a.m. to 9 p.m. ET
  • Saturday: 9 a.m. to 5 p.m. ET
  • Sunday: Closed

Here are the customer service numbers for new or existing CIT Bank account questions:

  • United States: 855-462-2652
  • Outside of the United States: 626-535-8964
  • Fax: 866-914-1578

You can also contact CIT Bank about home loans at 800-217-6629 during weekdays only:

  • Monday through Friday: 9 a.m. to 8 p.m. ET

If you’re looking to grow your savings account and are already happy with your existing checking account, the CIT Bank Savings Builder account just might be the right fit for you.

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