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What is CIT Bank’s Savings Builder account? Does CIT Bank have monthly fees? Should you open a CIT Bank account? Here’s what you need to know about this savings. 

COVID-19 has taught us a lot of things. Those who didn’t know before now know the proper way to wash their hands. And for a lot of people, the virus drove home the importance of having an emergency fund.

Talk to anyone—especially now—and they’ll actually scream the importance of a rainy day fund. But while many people understand the value, saving a large sum of money is easier said than done. 

All the same, saving money isn’t optional—it’s a priority. And if you’re looking for a savings account with enough earning potential to build a 3 to 6-month emergency fund, the Savings Builder account from CIT Bank can get you where you need to be.

Pros:

• Earn an interest rate up to 0.40%
• No monthly maintenance fees
• Interest compounds daily

Cons

• Minimum opening deposit requirement
• No physical branches
• Must maintain a minimum balance to earn the highest rate

CIT Bank Savings Builder Review [2023]

A CIT Savings Builder account is an online-only savings where you can earn a higher rate and hit your savings goals a lot sooner.

Low Accessibility

So many people rely on a regular savings account with their local bank. This is convenient, and when you need funds, the bank is only a short drive from your house. 

The problem, though, with having a savings account so accessible is that it becomes harder to grow your balance. Withdrawing $20 here and there might seem minor, but withdrawals add up over time and slow your progress.

If you’re making frequent trips to withdraw cash from your savings account, an online-only savings with CIT Bank might be the missing piece of the puzzle. 

You can STILL get cash from this savings account. But you’ll need to transfer the money to an off-line account first, which could take 1 to 3 days. Not having immediate access to your money can curtail frivolous spending, in which case, you’re able to keep more cash in the bank.

Higher Interest Rate

Whether you’re saving an emergency fund, a down payment for a house, or a college fund, the more interest you earn the easier it is to grow your balance.

CIT’s Savings Builder is great because you’ll earn 8X the national average. Brick and mortar savings accounts typically earn 0.01% APY which translates into pennies each month.

Open a CIT Bank Savings Builder account and you’ll earn a base rate of 0.40% APY (as of 1/5/22). But this isn’t the best you can do. 

If you maintain a balance of at least $25,000 or more, or make at least one monthly deposit of $100 or more into your account, you can earn an interest rate up to 1.00% APY (as of 12/5/22).

As a bonus, interest compounds daily to maximize your earnings.

Putting money into the account has also never been easier. Download the CIT Bank mobile app and then deposit checks directly into your Savings Builder account. Or schedule a one-time or recurrent transfer.

Low Opening Deposit Requirement

The only downside is that there’s a minimum opening deposit requirements of $100—although affordable for most people.

Final Word: Is a CIT Bank Savings Builder Account Right for You?

If you’re comfortable managing your money with an online-only savings account, and you’re looking to earn a higher yield, CIT’s Savings Builder is an excellent choice. More so if you commit to a monthly deposit of at least $100.

Ready to take your savings account to the next level? Open an account in as little as 10 minutes. 

Visit CIT Bank’s website, provide your personal information, fund your account, and you’re all set.

Saving for a short-term or long-term goal? Is CIT’s Savings Builder account a good match for you?