Earn up to $200 cash bonus
Earn a $200 cash bonus with a $50,000 deposit or a $100 cash bonus with a $25,000 deposit. Open to both current and new customers. Conditions apply.
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 1.8% APY, you need to save $100 a month or maintain a $25,000 balance. Otherwise, you’ll earn the lower APY of 1.16%.
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.
Minimum deposit to open
|APY||1.80% on balances of $25,000+ or set up a direct deposit of $100+ each month |
1.16% on balances of $0 to $24,999
|Minimum deposit to open||$100|
|Intro or bonus offer||Earn a $200 cash bonus with a $50,000 deposit or a $100 cash bonus with a $25,000 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|
|Monthly transaction limit||6|
|Go to site|
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).
CIT Bank’s Savings Builder account is best for those looking for a high-yield savings account. It offers a competitive 1.8% 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 1.16% APY — which is less competitive, but still better than the national average.
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.
Like all savings accounts, this one has its potential drawbacks that include:
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.
Opening an account is as simple as filling out an online form:
To apply for a Savings Builder account, you must be:
You’ll need the following information for your application:
You can access your money in five ways:
There are a handful of ways to contact customer service:
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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.
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