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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 0.55% APY.’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 0.55% APY, you need to save $100 a month or maintain a $25,000 balance. Otherwise, you’ll earn the lower APY of 0.31%.

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.

Up to 0.55%





Minimum deposit to open


APY0.55% on balances of $25,000+ or set up a direct deposit of $100+ each month
0.31% on balances of $0 to $24,999
Minimum deposit to open$100
Minimum balance to earn interest$0
Interest compoundingDaily
Monthly transaction limit6
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Expert review

Katia Iervasi

Review by

Katia Iervasi is a staff writer who hails from Australia and now calls New York home. Her writing and analysis has been featured on sites like Forbes, Best Company and Financial Advisor around the world. Armed with a BA in Communication and a journalistic eye for detail, she navigates insurance and finance topics 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 0.55% 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 0.31% APY — which is less competitive, but still better than the national average.

How do I open a CIT Bank Savings Builder High Yield Savings Account?

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

  1. Click Apply now.
  2. Click Open an account at top right.
  3. In the pop-up, confirm whether you’re a new or existing customer. To create an account, click I am a new customer.
  4. Select your account type and Savings Builder from the drop-down boxes. Choose from an Individual or Joint account.
  5. Type in your personal information, date of birth, citizenship status, Social Security number and mother’s maiden name.
  6. 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.

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 0.55% 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 rates (APY) Fee Minimum deposit to open Interest earned
American Express® High Yield Savings
Enjoy no monthly fees and a competitive APY with this online-only savings account. Accounts offered by American Express National Bank, Member FDIC.
Axos Bank High Yield Savings
No monthly maintenance fees. No minimum balance requirements. Interest compounded daily.
Aspiration Spend & Save Account

1.00% on $0 to $10,000 but you’ll need to be enrolled in Aspiration Plus and make at least $1,000 in debit card purchases a month
$0 per month or $7 per month for Aspiration Plus ($5.75 per month if you pay annually)
Deposits are fossil fuel-free and insured by the FDIC. Enjoy a spend and save combo account with unlimited cash back rewards and a $100 bonus when you spend $1,000 in your first 60 days.
CIT Bank Money Market
A savings account with a higher-than-average rate and minimal fees.
SoFi Money
SoFi Money® is a cash management account that charges no account fees to save, spend, and earn cash back rewards when you spend on brands you love.
Chase Savings
$5 per month
(can be waived)
A simple savings account with low, waivable monthly fees and a $150 signup bonus when you meet deposit and balance requirements.

Compare up to 4 providers

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

Frequently asked questions

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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