CIT Bank Savings Builder Account Review [2021]: Reach Your Savings Goal Faster

Save more for a rainy day with the Savings Builder account.
Last updated Nov 23, 2021 | By FinanceBuzz Editors
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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 may be an option worth considering.

If you’re interested in learning more about the CIT Savings Builder account, read on to learn about some of this online savings account's features, how it compares to traditional savings accounts, and whether it’s the right choice for your needs.

CIT Bank Savings Builder Account Benefits

  • Rates as high as 0.40% APY
  • No fees
  • $100 minimum deposit to open

In this CIT Savings Builder review:

CIT Savings Builder: the basics

APY (as of Nov. 23, 2021) 0.40% on balances more than $25,000
0.40% on balances less than $25,000, but with a $100+ monthly deposit
0.28% on balances less than $25,000
Minimum opening deposit $100
Monthly maintenance fees None
ATM access N/A
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 account, 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: As of Nov. 23, 2021, the national average APY (annual percentage yield) for a savings account is just 0.06%. The CIT Savings Builder account offers a top-tier APY of 0.40%. 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.

How the CIT Savings Builder could improve

  • 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 minimum balance can be a negative for some, though others will appreciate the flexibility of maintaining the higher APY 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. There are no email or online chat options available.

CIT Savings Builder account vs. traditional savings account

The CIT Savings Builder account offers an APY of 0.40% (as of Nov. 23, 2021), which is a significantly higher interest rate than the current average APY of 0.06% 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 CIT Savings Builder account compared to a traditional savings account.

Traditional Savings Account 

0.06% APY (as of Nov. 23, 2021) 

CIT Savings Builder

0.40% APY (as of Nov. 23, 2021)

Starting balance $5,000.00 $5,000.00
After one year $5,003 $5,020.32
After three years $5,009.01 $5,061.20
After 10 years $5,030.09 $5,206.94

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.

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, and there’s no online chat or email contact on their 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.

Common questions about the CIT Savings Builder account

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 fee 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.

Final thoughts

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 high APY 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 access the take advantage of the top rate for the CIT Savings Builder, it may be worth it to sign up for an account. The daily compounding interest and decent APY make CIT one of the best banks for those who are looking to earn a decent interest rate on their money over the long term.

Disclaimer: All rates and fees are accurate as of Nov. 23, 2021.

CIT Bank Savings Builder Account Benefits

  • Rates as high as 0.40% APY
  • No fees
  • $100 minimum deposit to open

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FinanceBuzz Editors The editors at FinanceBuzz are a team of personal finance professionals dedicated to providing readers with accurate, helpful advice.