CIT Bank Savings Builder review December 2018 |

CIT Bank Savings Builder High Yield Savings Account review December 2018

We value our editorial independence, basing our comparison results, content and reviews on objective analysis without bias. But we may receive compensation when you click links on our site. Learn more about how we make money from our partners.

CIT Bank Savings Builder High Yield Savings Account
  • Interest compounded daily
  • 24/7 online account access
  • FDIC insured
Find out more Go to site

Commit to saving $100 a month and watch your savings stack up at 2.25% APY.

To speed up your savings, look for an account with low to no fees and a high interest rate. CIT Bank’s Savings Builder account checks those boxes.

It’s built on a tiered system. To earn the higher interest rate of 2.25% APY, you need to save $100 a month or maintain a $25,000 balance. Otherwise, you’ll earn the lower APY of 1.14%.

While the bank shines for its savings programs, there are no brick-and-mortar locations, so it’s not ideal for those who prefer to do their banking in person.

APY2.25% on balances of $25,000+ or set up a direct deposit of $100+ each month
1.14% on balances of $0 to $24,999
Minimum deposit to open$100
Intro or bonus offer$100 monthly savings, 100 meals
For every opening of a Savings Builder account this Giving Tuesday (Nov. 27, 2018) through Dec. 20, 2018, CIT Bank will donate 100 meals to people in need through their partner Feeding America.
Minimum balance to earn interest$25,000
or set up a direct deposit of $100+ each month
Interest compoundingDaily
Monthly transaction limit6

What are the benefits of a savings account with CIT Bank?

The Savings Builder account stands out for its minimal requirements and for having one of the highest rates of interest in the country. And in addition to the following benefits, you can sign up in under 10 minutes online.

  • Fee-free. The bank doesn’t charge opening, monthly, maintenance, online transfer fees or incoming wire fees — though you’ll pay $10 for each outgoing wire.
  • Low requirements to high APY. Get the highest APY by maintaining a $25,000 account balance or depositing at least $100 in your account each month. As a bonus, new customers automatically earn the 2.25% APY for the first month.
  • Multiple linked accounts. Link your Savings Builder account to up to 10 external bank accounts.
  • Range of deposit methods. Transfer or wire money to your account, mail in checks or upload checks through the CIT Bank app.

What should I look out for?

Like all savings accounts, this one has its potential drawbacks that include:

  • No physical branches. CIT Bank is a fully digital bank, which may be a major factor for those who prefer to bank in person.
  • Limited support. Customer service is open from 8 a.m. to 9 p.m. ET on weekdays and shorter hours on weekends. Outside of those hours, you’re limited to email, mail or the automated phone service.
  • No live chat. The bank offers real-time help over the phone only.
  • Long deposit holds. For your initial deposit, the bank holds electronic transfers for five days and checks for 10 days.

Compare with other savings accounts

Name Product Fee Minimum deposit to open Minimum balance to earn interest APY
Enjoy no monthly fees and a competitive APY with this online-only savings account.
or set up a direct deposit of $100+ each month
A super-high interest rate if you're in the habit of saving at least $100 per month or have $25K in the bank. From Nov. 27, 2018 through Dec. 20, 2018, CIT Bank will donate 100 meals to people in need.
Earn one of the highest interest rates without the fees.
The most common services and transactions are free with Ally Bank.
$15 per month
(can be waived)
Earn one of the highest interest rates if you have at least $10,000 in savings, and access your money by ATM, check or bill pay.
With no maintenance fees, it's easy to grow your savings. Put your money to work with an online account from CIBC Bank USA.

Compare up to 4 providers

How do I open an account?

Opening an account is as simple as filling out an online form:

  1. Head to the CIT Bank website and click Open an account at top right.
  2. In the pop-up, confirm whether you’re a new or existing customer. To create an account, click I am a new customer.
  3. Select your account type and Savings Builder from the drop-down boxes. Choose from an Individual or Joint account.
  4. Type in your personal information, date of birth, citizenship status, Social Security number and mother’s maiden name.
  5. Continue following the prompts to fund your deposit.


To apply for a Savings Builder account, you must be:

  • A US citizen or resident alien with a physical address, a Social Security number and a driver’s license or state-issued ID.
  • At least 18 years old.

Required information

You’ll need the following information for your application:

  • Your address, phone number and email.
  • Your Social Security number.
  • A valid driver’s license or state ID.
  • Details for the bank account you’re using to fund your initial deposit.

How do I deposit and withdraw money?

You can access your money in five ways:

  1. Direct deposit. Contact CIT Bank to set up direct deposit with your employer or other banks.
  2. Electronic transfers. Transfer money to and from up to 10 bank accounts for free.
  3. Wires. Send and receive domestic and international wires. Incoming wires are free, but there’s a $10 fee per outgoing wire for accounts with balances under $25,000.
  4. App. Deposit funds into your account through CIT Bank’s mobile app.
  5. Checks. Mail a check to:
    Attn: Deposit Services
    CIT Bank, N. A.
    PO Box 7056
    Pasadena, CA 91109

How can I get in touch with customer service?

There are a handful of ways to contact customer service:

  • Phone. Call 855-462-2652 weekdays from 8 a.m. to 9 p.m. ET, Saturdays from 9 a.m. to 5 p.m. and Sundays from 11 a.m. to 4 p.m. ET.
    • Overseas? Call 626-535-8964.
  • Fax. Forward queries to 866-914-1578.
  • Email. Complete the form on the Contact page or email
  • Mail. Address mail to:
    CIT Bank, N. A.
    PO Box 7056
    Pasadena, CA 91109

Bottom line

The all-digital Savings Builder account beats out other banks for its 2.25% APY and no fees. Requirements are simple: If you don’t have $25,000 squirrelled away, deposit at least $100 a month into your account for the high APY. Otherwise, you’ll earn a lower 1.14% APY — which is less competitive, but still better than the national average.

If you’d rather stash away your savings elsewhere, compare your options with our guide to savings accounts.

Frequently asked questions

Katia Iervasi

Katia is a freelance writer from sunny Sydney, Australia. Her writing — and curiosity — has taken her around the world, and she now calls chaotic, creative New York home. She navigates insurance and finance for Finder, so you can splash your cash smartly (and be a pro when the subject pops up at dinner parties).

Was this content helpful to you? No  Yes

Ask an Expert

You are about to post a question on

  • Do not enter personal information (eg. surname, phone number, bank details) as your question will be made public
  • is a financial comparison and information service, not a bank or product provider
  • We cannot provide you with personal advice or recommendations
  • Your answer might already be waiting – check previous questions below to see if yours has already been asked provides guides and information on a range of products and services. Because our content is not financial advice, we suggest talking with a professional before you make any decision.

By submitting your comment or question, you agree to our Privacy and Cookies Policy and Terms of Use.

Questions and responses on are not provided, paid for or otherwise endorsed by any bank or brand. These banks and brands are not responsible for ensuring that comments are answered or accurate.
Go to site