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CIT Bank Savings Builder High Yield Savings Account review

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Commit to saving $100 a month and watch your savings stack up at 1.85% APY.

finder.com’s rating: 4.3 / 5.0

★★★★★

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 1.85% APY, you need to save $100 a month or maintain a $25,000 balance. Otherwise, you’ll earn the lower APY of 1.17%.

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.

1.85%

APY

$0

Fee

$100

Minimum deposit to open

Details

APY1.85% on balances of $25,000+ or set up a direct deposit of $100+ each month
1.17% on balances of $0 to $24,999
Fee$0
Minimum deposit to open$100
Intro or bonus offerEarn up to $300 Cash Bonus with a $50K deposit. Open to both current and new customers. Conditions apply
Minimum balance to earn interest$25,000 or set up a direct deposit of $100+ each month
Interest compoundingDaily
Monthly transaction limit6
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More Info

Expert review

Katia Iervasi

Review by


Katia Iervasi is a writer from Sydney, Australia. Her writing — and curiosity — has taken her around the world, and she now calls New York home. With a journalistic eye for detail, 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).

Expert review

CIT Bank’s Savings Builder account is best for those looking for a high-yield savings account. It offers a competitive 1.85% APY and minimal 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 1.17% APY — which is less competitive, but still better than the national average.

CIT Bank, N.A. CIT Bank, N.A.

Earn up to $300 Cash Bonus

Earn a $300 Cash Bonus with a $50K deposit or a $150 Cash Bonus with a $25K deposit. Open to both current and new customers. Conditions apply.

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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 1.85% 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.

If you prefer a high-interest account with a lower balance requirement, you’ll want to keep looking. As always, compare your options when choosing a savings account.

Compare with other savings accounts

Name Product Interest rate (APY) Fee Minimum deposit to open
1.80%
$0
$0
Earn 20x the national savings account average with no fees or minimums.
1.75%
$0
$0
Enjoy no monthly fees and a competitive APY with this online-only savings account.
1.50%
$15 per month
(can be waived)
$25
Earn one of the highest annual percentage yields (APYs) if you live in one of 42 eligible states, and access your money by ATM, check or bill pay.
1.85%
$0
$100
A super-high interest rate if you're in the habit of saving at least $100 per month or have $25K in the bank. Earn up to $300 Cash Bonus with a $50K deposit. Open to both current and new customers. Conditions apply
Betterment Everyday Savings
Betterment Everyday Savings
1.85%
$0
$10
This savings account has no account and overdraft fees, plus it requires no minimum balance.
0.01%
$5 per month
(can be waived)
$0
Get a $150 bonus when you open a new Chase Savings account, deposit a total of $10,000 or more in new money within 10 business days and maintain a $10,000 balance for 90 days. Or get $350 when you open both a Chase Savings and Chase Total Checking account.

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.

Eligibility

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 bankingforms@cit.com.
  • Mail. Address mail to:
    CIT Bank, N. A.
    PO Box 7056
    Pasadena, CA 91109

Frequently asked questions

Savings account ratings

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★★★★★ — 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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