The CIT Bank Savings Builder account is a great choice for anyone looking for a high interest savings account to grow their money. It offers one of the highest rates out there, helping your money work harder for you. Also, unlike some of the more traditional banks, there are no account opening or monthly maintenance fees, so you can save even more.
Before signing up, learn about some of the account's features, how it compares to traditional savings accounts, and whether it’s the right choice for your needs.
Features of the CIT Bank Savings Builder account
The Savings Builder is a tiered-rate account that rewards you for saving. The more money you save, the more you earn. You don’t need to have an extremely high minimum balance amount either.
Here are some of the best features of this account:
- High APY: Earn up to 1.3% APY (as of May 14, 2020) on your entire deposit
- Low minimum opening deposit: All it takes is $100 to get started
- More than one way to maintain high APY: Once the introductory period is over, you can maintain the high APY by either maintaining $25,000 in your savings account or making a $100 deposit each month
- Fewer fees: You don’t need to pay an opening or monthly maintenance fee
Boost savings even more with the Savings Builder account
In order to qualify for the highest APY offered with the CIT Savings Builder account after the introductory period, you’ll need to either maintain a $25,000 account balance or make a $100 deposit each month. The review period resets every month so even if you fall to the base rate, you can move back up to the higher tier the next month. An easy way to ensure you stay in the higher tier is to set up a recurring $100 monthly deposit.
Either way, you’ll be in a good position to earn more than with a traditional account.
Let’s say you open your account with $100 and then decide to keep contributing $100 each month to the account. In one year, you will have saved $1,317.26 — and that’s just the bare minimum.
Here’s another scenario: Contributing an extra $25 per month (so, $125 total each month) will nab you $1,620.95. This shows that if you want to boost your savings rate, even adding a small amount can help.
In the same vein, if you were to contribute $25,000 to the account and left it alone, you’d be able to see $25,620.04 in your bank account after a full year. Not too shabby, right?
CIT Savings Builder account vs. traditional savings account
|APY||1.3% (as of May 14, 2020)||0.10% APY (as of Apr. 15, 2019)|
|Min. Balance||$25,000 or a $100 deposit each month||$2,500|
|Monthly Fees||None||Most major banks charge a minimum of $5|
|Options for funding the account||Electronic transfer, mail a check, or wire transfer||Electronic transfer, check (in person or by mail), wire transfer, money order, or debit card|
|Options for withdrawing from the account||Electronic transfer, wire transfer (there’s a fee) or ask CIT to mail you a check||Electronic transfer, ATM (if available), in person (if available), wire transfer|
|Withdrawal fees||$10 per withdrawal over the six-per-month limit||Starts at $10 per excessive withdrawal|
|Mobile app available?||Yes||Sometimes|
As you can see, CIT Bank’s savings account offers a rate that’s more than 23 times the national average. So, if you want to make your money work harder for you, it’s probably a good idea to find an account that offers a competitive APY like this one.
In addition, most traditional banks have a fairly substantial minimum opening deposit to be able to access their best rates. With CIT Bank, you only need $100 to start. Also, most major banks charge a monthly maintenance fee. While it doesn’t seem like a lot, it can really add up, even negating the interest you’ve earned.
As far as accessibility to your money goes, you may have more options to withdraw cash at a bigger brick and mortar bank. However, if you don’t use cash often — or are stashing away cash for a rainy day — then it’s likely not a big concern.
Is CIT Bank safe?
If you’re wondering if CIT Bank is FDIC insured, the answer is yes. The FDIC insures your deposits up to $250,000 per type of account, so rest assured your money is safe and secure.
CIT Bank also has fraud and security features much like other reputable banks. It offers features such as secure encryption so your browser connection is secure, activity monitoring, and firewalls to block unauthorized individuals or networks.
Alongside their security measures, you’ve got real-time access to your account online or via their mobile app. It will take precautions to ensure your private information is secure. As long as you protect yourself, such as not logging in over an open WiFi connection or giving others your password, CIT is a safe and reputable bank you can trust.
Ready to open account? Click here to learn more and get started.