CIT Bank Savings Builder Review: Unimpressive APY, but Few Fees

Once upon a time, the CIT Bank Savings Builder account offered one of the most competitive annual percentage yields (APYs) on the market. But with APYs on other savings products reaching new highs, you can find better places to park your cash, like CIT's higher-yielding CIT Savings Connect. If you're still curious what the CIT Bank Savings Builder has to offer, read on to learn about its perks.

In these days of much higher APYs, CIT Bank falls short. The top tier offering is well below that of many of our other favorite savings accounts (still above average, though). And you'll need $100 to open the account and an ongoing monthly deposit amount of $100 or a balance of at least $25,000 to get it.

Top perks

No monthly fees: CIT Bank doesn't charge its CIT Bank Savings Builder customers any monthly maintenance fees.

Easily transfer funds: CIT Bank's mobile app lets you to view your balance, quickly transfer funds between linked accounts, and remotely deposit checks. This can make the transition to an online bank easier for those who are used to making fast deposits and transfers at a brick-and-mortar bank.

FDIC insured: CIT Bank is backed by the Federal Deposit Insurance Corporation (FDIC). In the unlikely event the bank goes under, the FDIC will pay you up to $250,000 per person per account type.

What could be improved

Low APY: With its current APY of up to 1.00%, the CIT Bank Savings Builder sits low on our list of the best savings accounts.

ATM access: CIT Bank doesn't issue ATM cards. This is not unusual for an online bank. But it can make it a little more challenging to access your savings immediately, as you won't be able to withdraw money from your CIT Bank Savings Builder account at your neighborhood ATM.

Minimum balance requirements: You need $100 to open a CIT Bank Savings Builder account, but once it's open, you don't have to maintain a minimum balance. However, if your account balance drops below $25,000 and you're not depositing at least $100 per month, your APY will drop until you meet one of these requirements again.

CIT Bank Savings Builder offers an array of funding and withdrawal options you'd expect in an online savings account.

Deposit options

You can fund your CIT Bank Savings Builder account with a:

• Mailed check
• Wire transfer
• Electronic funds transfer
• Mobile deposit

CIT Bank doesn't charge fees for any of these deposit options. That said, if you perform a wire transfer, you may be charged a fee by the bank you're transferring the money from.

It can take up to two business days for funds deposited via electronic funds transfer to appear in your account, and mailed checks may take a little longer, depending on how much time they spend in transit to CIT Bank. Plan for this accordingly when funding your account.

Withdrawal options

You can withdraw money from your CIT Bank Savings Builder account via:

• Electronic funds transfer
• Requesting a mailed check
• Wire transfer

If you do a wire transfer, you'll pay a $10 fee if your account's average daily balance is under $25,000. Nearly all banks charge outgoing wire transfer fees, and $10 is pretty low in comparison. But if you prefer to avoid this fee, stick to one of the other withdrawal options.

The CIT Bank Savings Builder account makes sense if you plan to save regularly and want to earn a decent APY on those savings. The low fees also make it ideal for those who don't want to get dinged if they don't maintain a certain minimum balance or make a certain number of monthly transactions.

However, as mentioned above, the APY on the CIT Bank Savings Builder is low in comparison to other savings accounts and might not be the best place to grow your money right now. If you'd like a higher interest rate with no monthly fees, consider the CIT Savings Connect.

Keep reading about CIT Bank

• CIT Bank Savings Connect Review
• CIT Platinum Savings Review
• CIT Bank Money Market Account Review
• CIT Bank CD Rates

Our savings account methodology

At The Ascent, a Motley Fool Service, we rate savings accounts on a five-star scale (1 = poor, 5 = best). Our criteria? We dive deep into factors like APY, account minimums and fees, along with features that really make a difference -- think ATM access, linked checking accounts, or even branch access. We blend this with an evaluation of brand reputation and customer satisfaction to ensure you're getting the best. Our aim is to maintain a balanced best-of list featuring top-scoring products from reputable brands offering competitive APYs and standout features.