Available nationwide, CIT Bank is offering up to 1.00% APY rate when you open a Savings Builder Account.
About CIT Bank
As a well established online financial institution, CIT Bank has been serving countless consumers since 2008. Being an industry leader in middle market lending as well as providing a vast array of financial solutions, you are able to get the most out of your money.
In addition, CIT Bank is a great choice for those looking to earn a premium rate while having 24/7 access to your account. Interest is compounded daily, and your eligible balance is FDIC insured.
I’ll review CIT Bank Savings Builder below.
CIT Bank Savings Builder
Open a Savings Builder account with a minimum of $100.
Fund your account within 15 calendar days of the open date to meet one of the following balance requirements.
- Account Type: Savings Builders Account
- Availability: Nationwide
- Credit Inquiry: Soft Pull
- Opening Deposit: $100
- Monthly Fee: None
- Early Termination Fee: None
- Insured: FDIC insurance up to $250K per account
(Visit CIT Bank to learn more)
- Visit CIT Bank Savings Builder page to submit an application.
- Input your info – Provide your name, address, phone, email and social security number or Tax ID.
- Fund the account – Transfer funds electronically from an internal account here or an external account at another bank.
- Earn the competitive APY rate for meeting the balance requirement.
The higher interest rate is available by meeting either of the following requirements:
- Monthly Savers –
- $100 minimum single deposit or more during the first evaluation period.
- The Evaluation Period begins on the third business day prior to the end of the month the account was opened.
- Additional deposits between the account opening date and the beginning of the first Evaluation Period will not qualify.
- $100 minimum single deposit or more during the first evaluation period.
- High Balance Savers –
- Maintain a balance of $25k or more to earn our highest interest rate on each Evaluation Day.
- The Evaluation Day is the fourth business day from the end of each month.
- Maintain a balance of $25k or more to earn our highest interest rate on each Evaluation Day.
| Tier | Monthly $ Limit | APY Rate |
| Base | $0 – $25,000 | 0.40% |
| Upper | $0 – $25,000 with monthly deposit of $100 or more | 1.00% |
| Upper | $25,000+ | 1.00% |
*APY assumes the account is opened on the 15th day of the month and no qualifying deposits of $100 are made following account opening. Actual APY may be greater or less depending on the date the account is opened.
**APY assumes additional qualifying deposits are made each Evaluation Period.
ACH Capabilities & Limits
| ACH Type | Speed | Daily $ Limit | Monthly $ Limit | Notes |
| Push | 1-2 days | $2,000,000 | $12,000,000 | 10 linked accounts |
| Pull | 1-2 days | $2,000,000 | $12,000,000 |
- The number of ACH withdrawals are limited to six per statement cycle
- CIT Bank offers free outgoing wire transfers for accounts with balances of at least $25k.
- There is a $10 fee per outgoing wire transfer fee for accounts with balances under $25k.
- Incoming wire transfers are fee free.
Why You Should Sign Up For This Account
- Extremely Easy to Open an Account: To open an account you must be a U.S. citizen or resident alien that is 18 years or older, you must have a U.S. address, a Social Security number, and a driver’s license or state-issued ID, and you must have a check or bank account number to electronically transfer money into your new CIT Bank account.
- Low Minimum Deposit: As long as you open your CD with at least $1,000, you will earn interest at the highest rate in the country.
- Competitive Rate: CIT Bank’s CD account earns more than the national average. Interest is also compounded daily and credited monthly.
- FDIC Insured: You can feel confident knowing that your funds are insured up to the maximum amount of $250,000.
CIT Bank Savings Builder Benefits
Reasons to Save and How Savings Builder Can Help
- Make the most of your money. Online savings banks offer much higher rates than everyday banks. Open an account with $25,000 or more and earn a top tier, competitive APY on your money—one of the top savings rates in the nation.
- Build a habit of savings. If you don’t have $25,000 in your account, you can still earn the higher APY Tier by making a monthly $100 or more deposit. Pay yourself first. Start with $100 per month and build your habit of savings-—all while getting a top rate.
- Emergencies and unexpected events. Whether it’s for a job loss, pet expense, car or home repair, or medical issue, it’s most often the #1 reason people save.
- New or next home. Grow your savings faster than at your everyday bank for your first—or next dream home.
Why Choose CIT Bank?
From keeping your funds safe to receiving industry accolades, learn more about why CIT Bank is the right choice for helping you reach your savings goals.
As a top-10 online bank built on the heritage of CIT Group’s financial services experience, they are committed to grow and preserve your savings safely and securely—they’re FDIC insured.
Your money is safe and sound. CIT Bank, N.A. is a member of the Federal Deposit Insurance Corporation (FDIC), which means your deposit accounts are insured up to $250,000 per depositor, for each account ownership category.
Bottom Line
Definitely take a look at the current CIT Bank Savings Builder account to earn the current APY.
The fact that is this an industry leading rate while providing you with tiered balance option makes this savings account all worthwhile. Let us know about your experience with this bank and comment below.
Interested in Bank Bonuses? See our favorite banks including HSBC Bank, Chase Bank, Huntington Bank, Discover Bank, TD Bank, or CIT Bank.
For more bank offers, see the complete list of Best Bank Rates! Check back often to see the latest info on CIT Bank Savings Builder.
For other options, I recommend checking out the Discover Online Savings Account or the American Express Personal Savings Account.
