CIT Bank Savings Builder Account Review [2024]: Reach Your Savings Goal Faster

Save more for a rainy day with the Savings Builder account.
Updated May 3, 2024
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A high-yield savings account can help you sock away a little extra cash for an emergency fund, a down payment on a house, or another important financial goal. If you’re looking for a savings account that earns higher-than-average interest and doesn’t come with expensive monthly fees, the CIT Bank Savings Builder account might be a good option for you.

Let's explore the CIT Savings Builder account, its main features, how it compares to traditional savings accounts, and whether it’s the right choice for your needs.

Quick Summary

Grow your savings with this high-yield savings account.

  • No monthly maintenance fees
  • $100 minimum deposit to open
  • APY of up to 1.00% (as of Aug. 29, 2023)1

In this CIT Savings Builder review

Key takeaways

  • The CIT Bank Savings Builder account is a high-yield savings account that offers higher-than-average interest rates and minimal fees.
  • The account offers an annual percentage yield (APY) of up to 1.00% (as of Aug. 29, 2023), which is higher than the national average for traditional savings accounts.
  • There are no account opening fees or monthly maintenance fees associated with the CIT Savings Builder account.
  • The minimum opening deposit is $100, making it accessible for individuals with varying savings goals.

CIT Savings Builder account overview

Pros Cons
  • Higher-than-average APY
  • No monthly maintenance fees
  • Low minimum deposit
  • FDIC insured
  • No ATM access
  • APY rate lags behind some other CIT and competitor products 
  • Limited customer service options

The CIT Savings Builder account is a high-yield savings account that offers an APY of up to 1.00% (as of Aug. 29, 2023). To receive this APY rate, you need to have a balance of $25,000 or more or receive monthly deposits of $100 or more.

If you don’t meet one of these higher APY requirements, the CIT Savings Builder offers an APY 0.40% (as of Aug. 29, 2023).

The CIT Savings Builder account is offered by CIT Bank, an online-only bank. CIT Bank is insured by the Federal Deposit Insurance Corporation (FDIC), which means your deposits are protected up to $250,000 per person per account type in case the bank fails.

CIT Bank also offers other products such as checking accounts, money market accounts, CDs, and home loans.

The CIT Savings Builder account has no monthly maintenance or service fees and requires only $100 to open. You can access your account online or in the CIT Bank mobile app, where you can view your balance, transfer funds, and deposit checks. The app is available for Apple devices via the App Store and Android devices via Google Play.

Keep in mind that the CIT Savings Builder account doesn’t offer an ATM card or access to an ATM network. You can withdraw money from your account by transferring it to another bank account or requesting a check from CIT Bank.

CIT Savings Builder: the basics

APY 1.00% (as of Aug. 29, 2023) with a balance of more than $25,000 or by receiving $100 or more in monthly direct deposits
0.40% (as of Aug. 29, 2023) on balances less than $25,000
Minimum opening deposit $100
Monthly maintenance fees None
ATM access Not available
Transactions per month Up to 6 transfers and withdrawals per month
FDIC insured Yes, up to $250,000

What we like about the CIT Savings Builder account

  • Minimal fees: Unlike many traditional savings accounts, the CIT Savings Builder charges minimal fees. There are no account opening fees or monthly maintenance fees, and the only fee you might encounter is a $10 fee for outgoing wire transfers. Incoming wire transfers are free.
  • Higher-than-average APY: The national average APY (annual percentage yield) for a savings account is just 0.45% (as of May 20, 2024). The CIT Savings Builder account offers an APY of up to 1.00% (as of Aug. 29, 2023). Interest is also compounded daily with this account, making it a good option if you want to make your money work for you.
  • Low minimum deposit: To open a CIT Savings Builder account, you’ll only need to deposit $100.
  • FDIC insurance: CIT Savings Builder accountholders receive up to $250,000 in FDIC insurance.

CIT Bank - Savings Builder Account Benefits

  • No fees
  • $100 minimum deposit to open

How the CIT Savings Builder could improve

  • Lower APY than some other banking products: The CIT Savings Builder account offers up to 1.00% (as of Aug. 29, 2023) APY. However, the CIT Platinum Savings offers 5.00% APY for balances of $5k and above.2 This means that the CIT Platinum Savings account can earn a lot more interest than the CIT Savings Builder account for the same balance.
  • No ATM access: CIT Bank does not offer dedicated ATM access with its Savings Builder account, which can be a hassle if you need cash quickly. You can withdraw money from your Savings Builder account via ACH transfer, wire transfer, or a paper check request.
  • Tiered APY: To take advantage of the highest interest rate with a Savings Builder account, you’ll need a minimum balance of $25,000, or you’ll need to commit to depositing at least $100 each month. The high balance requirement can be a negative for some, though others can benefit from maintaining the higher APY by making regular monthly deposits.
  • Customer service: CIT’s customer service options could be better. Customers can reach out to customer service with questions via phone, and you can send a secure email through your account. But there are no online chat options available.

CIT Savings Builder account vs. traditional savings account

The CIT Savings Builder account offers an APY of up to 1.00% (as of Aug. 29, 2023), which is a significantly higher interest rate than the current average APY of 0.45% (as of May 20, 2024) for a traditional savings account. This makes it an excellent option for diligent savers.

While it might not seem like that much of a difference in terms of APY, opening a high-yield savings account can result in significant earnings over time. The table below illustrates how much you can earn in interest on a $5,000 deposit with a hypothetical high-yield savings account compared to a traditional savings account.

Traditional savings account with 0.47% APY Example savings account with 3.00% APY
Initial balance $5,000 $5,000
After 1 year $5,023.50 $5,150
After 3 years $5,070.83 $5,463.64
After 10 years $5,240.03 $6,719.58

Who is the CIT Savings Builder account best for?

The CIT Savings Builder account can fit a variety of people. You may benefit from this account if you:

  • Want to earn interest on your savings without paying a monthly maintenance fee.
  • Have a regular income and can commit to a direct deposit of at least $100 per month to qualify for the higher APY rate.
  • Are saving for a specific goal, such as an emergency fund, a vacation, or a down payment, and want to see your money grow faster.
  • Prefer to manage your savings online or through a mobile app, and don’t need ATM access or branch services.

How to open a CIT Savings Builder account

Opening a CIT Savings Builder account is simple, and the process takes about five minutes. Click “Get Started” on the CIT website to begin, and then “Open Account Now.” You’ll then have the option to choose whether you’d like to open a custodial account or a personal account and whether you want to open a Money Market or a Savings Builder account.

After you’ve made your selections, CIT will request some personal information from you, including your home address, email address, Social Security number, and birthdate. Simply enter your information, go through the sign-up process, and you’ll receive an email confirming that your account has been opened.

You can then transfer funds to your account in a few different ways, including:

  • Transfer money via ACH transfer from another existing bank account. Note that ACH transfers can take up to two business days.
  • Mobile check deposit via the CIT Bank mobile app, which is available for Apple and Android devices.
  • Incoming wire transfer, which is ideal if you are depositing a large sum of money from another account.
  • Sending a check via mail to CIT Bank.

CIT Bank - Savings Builder Account Benefits

  • No fees
  • $100 minimum deposit to open

How to withdraw money from a CIT Savings Builder account

While CIT doesn’t offer ATM access as a perk with its Savings Builder account, if you want to withdraw money from your account, you have a few options for doing so, including:

  • An electronic transfer (ACH)
  • Outgoing wire transfer. One thing to keep in mind is that there’s a $10 for each outgoing wire transfer if your account balance is less than $25,000.
  • Paper check by mail

CIT Savings Builder customer service

CIT Bank provides customer service via phone and its automated telephone system. If you have an existing account, you can access your account info via the automated system 24 hours a day.

If you need to speak to a customer service representative, you can call 855-462-2652. Representatives are available Monday through Friday from 9 AM - 9:00 PM (ET), and Saturday from 10 AM - 6 PM (ET).

CIT Bank is exclusively an online bank, so it doesn’t have any physical branches. You can sign into your account to send a secure email, but there’s no online chat on its site. While you can access your account info at any time through their automated system, your options for talking with a representative are relatively limited.

Alternatives to CIT Savings Builder

The CIT Savings Builder account may not be the right fit for everyone. However, CIT Bank offers another savings product that may appeal to you. Other banks, such as Western Alliance Bank, may also have a savings account that matches what you want.

The CIT Platinum Savings is another online savings account from CIT Bank that offers a high APY of 5.00% for balances of $5,000 or more. This account charges no monthly maintenance fee, and it only requires $100 to open. The account is FDIC-insured and uses the same mobile app as CIT Savings Builder.

Visit CIT Platinum Savings.

The Western Alliance High Yield Savings Account is another product that offers a competitive APY of 5.25% with no minimum balance requirement or monthly fee. This account is also FDIC-insured. The account is powered by the SaveBetter platform, which manages all aspects of the account and provides customer service.

Visit Western Alliance High Yield Savings.

Featured High Yield Savings Accounts

CloudBank 24/7 Savings - 5.24% APY3

High-yield savings account. $1 minimum deposit. FDIC insured. Limited Time Bonus: Earn up to $2,000 when you refer friends and family to Raisin. Visit site to learn more.

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SoFi Checking & Savings - Earn Up to $300 When You Set Up Direct Deposit

Earn 4.60% APY4 and collect up to a $300 cash bonus with direct deposit or $5,000 or more in qualifying deposits.5 FDIC Insured.

Open Account
Barclays Online Savings - 4.35% APY6

High-yield savings account. No minimum balance.

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CIT Savings Builder account FAQ

Is CIT Bank safe?

CIT Bank is a well-established financial institution that has been in business for over a hundred years. It offers fraud and security features with all its financial products, including secure encryption, activity monitoring, and firewalls to block unauthorized individuals or networks. The FDIC also insures your deposits up to $250,000 per account type with CIT Bank.

Does CIT Bank compound interest daily?

Yes, the interest you earn with a CIT Savings Builder account is compounded daily.

Does CIT Bank offer joint accounts?

Yes, CIT Bank does offer joint accounts. As you go through the account application process, you can designate whether you’re applying for an individual account or a joint account.

Does CIT Bank charge monthly maintenance fees?

CIT Bank does not charge monthly maintenance fees for its Savings Builder accounts. There are also no account opening fees and no ACH transfer fees to worry about.

What types of accounts does CIT Bank offer?

In addition to its high-interest Savings Builder product, CIT Bank also offers several other financial products. You can open a money market account, a checking account, and various types of CD accounts (certificates of deposit). CIT Bank CDs include term CDs, jumbo CDs, and no-penalty CDs that offer the flexibility of no early withdrawal penalties.

CIT Savings Builder account: bottom line

CIT Bank’s Savings Builder product offers a decent savings rate, and interest is compounded daily. If you’re interested in making your money work harder for you than it would in a traditional savings account, the CIT Savings Builder could be one of the best savings accounts for you.

While many find the APY rate and frequently compounding interest appealing, the Savings Builder also has minimum balance requirements and deposit requirements that are important to consider before you sign up. To access the highest tier APY with this account, you need to maintain a minimum balance of $25,000 or commit to making at least $100 deposits each month.

If you’re confident you can meet the deposit requirements to take advantage of the higher rate for the CIT Savings Builder, it may be worth it to sign up for an account. The daily compounding interest and the APY rate make CIT one of the best banks for those who are looking to earn interest on their money over the long term.

CIT Bank - Savings Builder Account Benefits

  • No fees
  • $100 minimum deposit to open

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