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CIT Bank Savings Builder
3.3
★★★★★
Finder score
On CIT Bank's secure site
APY
Up to 1.00%
Fee
$0
Minimum deposit to open
$100

Our verdict

An online savings account with a high balance or deposit requirement to earn its highest 1% APY.

The online CIT Bank Savings Builder account has no monthly fees and earns up to 1% APY — above the national average but significantly lower than other top savings accounts. You'll also need to deposit $100 when you open the account. Alongside the mediocre rate, you're required to maintain a high $25,000 balance or monthly deposits of at least $100 to earn the 1% APY. If you don't meet those requirements, you earn a measly 0.4%. With requirements like that, you'd expect a more competitive APY. These strict requirements and low APY make it difficult to recommend the account, especially when the bank itself has other savings accounts with much more attractive APYs.

Best for: CIT Bank customers looking for a low-fee savings account.

Pros

  • $0 monthly fee
  • Link up to 10 bank accounts

Cons

  • Mediocre 0.4% to 1% APY with requirements
  • No physical branches
  • Limited customer support
  • $100 opening deposit

In this guide

  • Our verdict
  • Your reviews
  • Ask an expert

What we like about CIT Savings Builder

One of the only perks with the Savings Builder account is its minimal fees. You won’t find an opening deposit requirement, a monthly fee, online transfer fees or incoming wire fees on this account. CIT makes this easy by allowing a full range of deposit methods along with the ability to link up to 10 external bank accounts for your transferring needs.

Another positive that’s worth noting is you can do mobile check deposits and transfers within the CIT Bank mobile app.

Where it falls short

While the APY on this account is higher than the national average of 0.47%(1) for savings accounts, it’s still significantly lower than the best high-yield savings accounts in the current market. And to even earn that rate, you’ll need to either keep a high balance to earn it or deposit $100 each month.

The two account tiers with Savings Builder are:

TierRateRequirements
Base Tier0.4% APYBalance under $25,000
Upper Tier1% APYEither:

  • Maintain balance of more than $25,000
  • Deposit at least $100 per month

If you’re considering CIT Bank or are a current customer, its CIT Bank Savings Connect offers a much higher 4.65% APY. There are also no monthly fees, and it has the same $100 opening deposit requirement as the Savings Builder account.

Poor rate for an online bank

CIT Bank is an online bank, and for a bank with fewer overhead costs than a traditional institution, this rate isn’t really worth fighting for. It’s overshadowed by other fintechs and online banking options, which frequently offer APYs in the 4% to 5% range — without making their customers jump through hoops to earn the rate.

Limited customer support

Like most online banks, CIT Bank doesn’t have physical branches, so you’d have no opportunity for in-person customer care.

There is also no 24/7 chat feature, which is commonly offered by online banks. Phone hours are more limited compared to other online banks as well. The phone line is open 24/7, but after hours, it’s automated. The direct customer service offers hours on weekdays from 9 a.m. to 9 p.m. ET and Saturdays from 10 a.m. to 6 p.m. ET.

  • Phone support: 855-462-2652
  • Secure message through your CIT Bank account

Compare CIT Bank Savings Builder to other savings accounts

Narrow down top savings accounts by opening deposits, APYs and monthly fees. For a closer comparison, tick the Compare box to view multiple accounts side by side.

Name Product Account type Annual Percentage Yield (APY) FDIC or NCUA insured amount Minimum balance to earn interest Minimum deposit to open Offer Estimated total balance
BrioDirect High-Yield Savings
Finder Rating: 4.4 / 5: ★★★★★
BrioDirect High-Yield Savings
Traditional savings

5.35%

Up to $250,000
$25
$5,000
$0
Customers Bank High Yield Savings through Raisin
Finder Rating: 4.6 / 5: ★★★★★
Customers Bank High Yield Savings through Raisin
Traditional savings

5.32%

Up to $250,000
$0
$1
$0
Cash App Savings
Finder Rating: 4.4 / 5: ★★★★★
Cash App Savings
Savings app

4.50%

1.50%

Up to $250,000
$0
$1
$0
UFB Secure Savings
Finder Rating: 4.7 / 5: ★★★★★
UFB Secure Savings
Traditional savings,Custodial account

5.25%

Up to $250,000
$0
$0
$0
Wealthfront Cash Account
Finder Rating: 4.6 / 5: ★★★★★
Wealthfront Cash Account
Cash management account

5.00%

Up to $8M FDIC insurance
$1
$1
$0
American Express® High Yield Savings Account
Finder Rating: 4.9 / 5: ★★★★★
American Express® High Yield Savings Account
Traditional savings

4.35%

Up to $250,000
$1
$0
$0
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Customer experience

CIT Bank has a decent rating with the Better Business Bureau (BBB) of A-, which is awarded based on how well and often a business responds and handles customer complaints. And for an online bank, CIT Bank only has a few dozen complaints in the last few years, whereas most other online banks have thousands.

Most of the grievances with CIT Bank revolve around poor customer service, long deposit times, locked funds and disappointment from being denied accounts. CIT Bank responds to complaints, likely the reason for the great BBB rating. But overall, these few complaints are pretty typical and not alarming.

CIT Bank has verified its Trustpilot profile, holding a somewhat poor 2.2-star rating out of a few hundred reviews. But most reviews are positive, and customers are generally pleased with the bank’s customer support, praising professional and speedy representatives. Others call out high rates on CDs, cite a simple loan process and many others mention any issues they’ve had with the bank were quickly resolved.

Savings account ratings

★★★★★ — Excellent

★★★★★ — Good

★★★★★ — Average

★★★★★ — Subpar

★★★★★ — Poor

We analyze top savings accounts and rate them one to five stars based on factors that are most important to you. These factors include: interest rates, monthly fees, minimum deposits, customer service and account features.

Read the full methodology of how we rate savings accounts.

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Bethany Finder

Writer, Banking and Loans

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