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A CIT Bank Savings Builder High Yield Savings Account can motivate you to save more each month as you can earn this product’s highest rate with as little as $100 in recurring monthly deposits. But is CIT a reputable bank you can trust? Can Savings Builder help you earn more interest? Read more to find out!
How Does CIT Bank Savings Builder Work?
The CIT Bank Savings Builder High Yield Savings Account is a dynamic online-only banking account that lets you earn twice the national interest rate.
This account offers tiered interest rates. You will earn the most by maintaining an average balance of $25,000 or more OR by making at least one monthly deposit of $100 or more.
Further, there are no service fees, qualifies for up to $250,000 in FDIC Insurance, and only requires a $100 minimum opening deposit.
There are no ongoing balance requirements to keep the account open although qualifying deposits are necessary to earn a better tiered interest rate.
CIT Bank Interest Rate
Accountholders will either earn the base tier or upper tier, depending on which monthly activities they complete. Here are the current interest rates:
- Upper Tier: 1.00% APY
- Base Tier: 0.40% APY
To earn the upper-tier rate, you must make at least one deposit of $100 or more during the month or a minimum end-of-day balance of $25,000 on the Evaluation Day. Either of these requirements must be achieved each month to earn the higher rate.
The upper rate and base rate are higher than a brick-and-mortar savings account but are still lower than several of CIT Bank’s other products, such as the Savings Connect, Money Market Account, and even the CIT Bank No Penalty 11-Month CD.
A CIT Bank Savings Builder High Yield Savings Account doesn’t have any account opening fees or monthly service fees. The only upfront cost is a reasonable $100 minimum initial deposit.
Unlike most high-yield savings accounts, you will need to continue making qualifying minimum deposits or maintain a high account balance to qualify for the higher interest rate tier.
CIT Bank Savings Builder vs. CIT Savings Connect
The information for the CIT Bank Savings Connect has been collected independently by Johnny Jet. The card details on this page have not been reviewed or provided by the card issuer.
The CIT Bank Savings Connect is a competitive high-yield savings account. Honestly, it’s the better option at the moment as your entire balance earns 4.65% APY and there are no ongoing balance or deposit requirements.
The minimum initial deposit is $100, and there are no monthly service fees.
CIT Bank Savings Builder vs. Platinum Savings
The Savings Builder account is better than a CIT Bank Platinum Savings Account when your account balance is less than $5,000. You can earn a higher rate by making at least one $100+ deposit each month.
However, CIT Bank Platinum Savings is better when you can maintain a minimum ongoing balance of $5,000 or more as your balance earns 5.05% interest instead of the 0.25% base rate (when your balance dips below $5k). The minimum opening deposit is $100.
Further Information: Earn More Interest with a CIT Bank Platinum Savings Account
CIT Bank Savings Builder vs. Money Market Account
The CIT Bank Money Market Account currently earns 1.55% APY on all deposits without any ongoing deposit or balance requirements, like the CIT Savings Builder. Its interest rate is variable, but it’s a better place to park your cash when the yield is higher, and your balance is FDIC-insured just like the other CIT Bank products.
The minimum opening deposit is $100. You can also request a debit card for making up to six monthly purchases or ATM withdrawals.
Summary of CIT High Yield Savings Account
The CIT Bank Savings Builder High Yield Savings Account can encourage you to get into a monthly savings routine as monthly deposits help you qualify for a higher yield. No account fees and a minimum $100 opening deposit are also helpful. However, some of the bank’s other savings accounts can earn more interest and can be a better option depending on your monthly banking activity.