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

Review Updated
Kailey Hagen
Steven Porrello
By: Kailey Hagen and Steven Porrello

Our Banking Experts

Nathan Alderman
Check IconFact Checked Nathan Alderman
Many or all of the products here are from our partners that compensate us. It’s how we make money. But our editorial integrity ensures our experts’ opinions aren’t influenced by compensation. Terms may apply to offers listed on this page. APY = Annual Percentage Yield

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.

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Ratings Methodology
Rates as of Apr 23, 2024

CIT Bank Savings Builder

Member FDIC.
Rating image, 2.50 out of 5 stars.
2.50/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair
= Poor
Rating image, 2.50 out of 5 stars.
2.50/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair
= Poor
APY
up to 1.00%
Min. To Earn APY
$25k or $100 monthly deposit for highest tier
  • No monthly maintenance fee
  • No ongoing balance requirements
  • Low APY
  • No ATM card provided

High-yield savings account comparison

We recommend comparing high-yield savings account options to ensure the account you're selecting is the best fit for you. To make your search easier, here's a short list of standout accounts.

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Account APY Promotion Next Steps
up to 4.60%
Rate info Circle with letter I in it. You can earn the maximum APY by having Direct Deposit (no minimum amount required) or by making $5,000 or more in Qualifying Deposits every 30 days. See SoFi Checking and Savings rate sheet at: https://www.sofi.com/legal/banking-rate-sheet.
Min. to earn: $0
New customers can earn up to a $300 bonus with qualifying direct deposits!
5.05% APY for balances of $5,000 or more
Rate info Circle with letter I in it. 5.05% APY for balances of $5,000 or more; otherwise, 0.25% APY
Min. to earn: $100 to open account, $5,000 for max APY
N/A
4.35%
Min. to earn: $0
New customers can earn a $200 bonus with a minimum $25,000 qualifying deposit. Terms apply.

CIT Bank Savings Builder interest rate

Account APY Minimum Deposit
CIT Bank Savings Builder up to 1.00% $25,000, or $100 monthly deposit
Data source: CIT Bank.

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.

Full CIT Bank Savings Builder review

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.

How to access your money

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 is right for you if:

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

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.

FAQs

  • At one time, the interest rate offered by CIT Bank Savings Builder accounts was competitive. But in the current high interest rate environment, there are many other savings products available with much higher interest rates, including other accounts at CIT Bank.

  • The CIT Bank Savings Builder account is a bit complex compared to other savings accounts. It has a tiered system with different APYs that corresponds to how much money you have deposited. Here's how those tiers work:

    • Base tier: Your savings are less than $25,000 and you're not depositing $100 monthly.
    • Upper tier "Monthly Savers": Your savings are less than $25,000, but you're depositing $100 monthly.
    • Upper tier "High Balance Savers": Your savings are $25,000 or more.

    You don't have to pay monthly maintenance fees regardless of your tier, but only High Balance Savers (those with balances above $25,000) can waive the $10 fee for outgoing wire transfers.

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