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CIT Bank Savings Builder Review: Competitive APY With Few Fees

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This savings account is a great fit for diligent savers who are comfortable managing their money online. Those who have a balance of $25,000 or more or can put at least $100 per month toward savings will get the most out of the CIT Bank Savings Builder, but people of all balance sizes will appreciate the account’s lack of fees. Read our CIT Bank Savings Builder account review to learn how its tiered APY system works and what it can offer you.

CIT Bank Savings Builder
Open Account

Member, FDIC

Rates as of May 18, 2022

Full CIT Bank Savings Builder review

If you're considering opening a CIT Bank Savings Builder account, keep reading to get the details on its perks and drawbacks:

Top perks

High APY: The CIT Bank Savings Builder account's APY varies by account balance, as outlined below. Rates are determined every month, so if you qualify for the higher rate in January, you'll receive that rate in February.

Interest tier Balance requirement APY
Base Less than $25,000 Up to 0.55%
Upper Less than $25,000 with monthly deposits of at least $100 Up to 0.55%
Upper More than $25,000 Up to 0.55%

No monthly fees: CIT Bank doesn't charge its Savings Builder customers any monthly fees. It does charge a $10 outgoing wire transfer fee if your balance is below $25,000, and an overdraft fee of $30. CIT Bank can afford to keep costs low because it operates online only. Its overhead costs are lower because it has no physical locations.

No ongoing 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.

Easily transfer funds: CIT Bank's mobile app for Android and Apple devices allows 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

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 -- you won't be able to withdraw money from your Savings Builder account at your neighborhood ATM. You'll have to plan a few days in advance and transfer the money to a bank with a branch near you. Or you could request a check from CIT Bank.

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.

Online savings account comparison

While the CIT Bank Savings Builder account has many appealing features, that doesn't mean it's the best choice for everyone. If you don't think it's a good fit for you, compare it with a couple of our other top picks.

Rates as of May 18, 2022
APY Up to 0.55% 0.60% 0.60%
Min. to earn APY $25k or $100 monthly deposit for highest tier $0 $1
Next Steps

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 high 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.

It's not the best choice if you value being able to interact with real people and access your funds instantly. It might also be a poor fit for those who don't plan to deposit at least $100 per month. The CIT Bank Savings Builder's base APY is not low by any means, but there are other high-yield savings accounts with comparable or better APYs without monthly deposit or minimum balance requirements.

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