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Earn more for moments worth saving.

Savings
Builder

Earn
up to
-
%
APY 1
See how easy it is to earn higher interest rates!

Two ways to accelerate your savings

Earn up to -% APY with a savings plan that fits your lifestyle.

High Balance Savers

$25K Balance
Maintain a balance of $25k or more to earn our highest interest rate.

OR

Monthly Savers

$100 Minimum
$100 minimum to open an account plus, $100 minimum single deposit per month to earn our highest interest rate.

Your hard-earned money deserves a hard-working bank2

Top 10 Best Online Banks of 2018
 
Bankrate’s Safe & Sound® Five Star Rating Q2 2017

Why choose CIT Bank?

As a top-10 online bank built on the heritage of over a century of experience from our parent, CIT, we are committed to grow and preserve your savings safely and securely—we’re FDIC insured.

Choose CIT Bank to help you reach your savings goals.

Your money is safe and sound

CIT Bank, N.A. is a member of the Federal Deposit Insurance Corporation (FDIC), which means your deposit accounts are insured up to $250,000 per depositor, for each account ownership category.

Member FDIC

Savings Builder Account FAQs

How can you offer such high rates?

As an online-only bank we don't have the expensive overhead that traditional brick and mortar banks have, so we are able to pass along those savings to our customers in the form of higher interest rates for our savings and CD products.

We also don't charge account opening or closing fees or monthly service fees to receive our stated APY (annual percentage yields).

What is a Savings Builder account?

The Savings Builder is an interest-bearing account that pays a tiered rate based on the stated qualifications.

What is the minimum to open the Savings Builder account?

The minimum to open the account is $100.

Does the Savings Builder have an opening fee or maintenance fee?

There are no opening, monthly servicing, online transfer or incoming wire fees.

How do I earn the higher interest rate?

The higher interest rate can be earned by completing one of following requirements:

  1. Monthly Savers:
    • Make at least one single deposit of $100 or more during the First Evaluation Period, and every Evaluation Period thereafter. The First Evaluation Period begins on the third business day prior to the end of the month after the month the account was opened and ends at 4 p.m. Pacific Time on the fourth business day prior to the end of the following month. Thereafter, each Evaluation Period begins on the day after an Evaluation Day and ends at 4 p.m. on the next Evaluation Day.
    • Note: additional deposits made between the account opening date and the beginning of the first Evaluation Period will not qualify.
  2. High Balance Savers:
    • Have an account balance of $25,000 or more on each Evaluation Day. The Evaluation day is the fourth business day prior to the end of the month.

Does the initial minimum deposit of $100 count towards earning the higher APY tier?

No. The minimum opening balance does not qualify to earn the higher APY tier. Make an additional deposit of $100 or more during the first Evaluation Period and your account will qualify for the higher tier for the Evaluation Period following the introductory offer. And, all subsequent monthly deposits of at least $100 will qualify you to continue earning the higher APY. 

How is my APY tier determined?

Each Evaluation Day the account will be reviewed to verify if you have $25,000 in the account or made a single deposit of $100 or more during the Evaluation Period. If you have met either one of these requirements as of the Evaluation Day, you will earn the higher APY tier in the following Evaluation Period. This process will occur every month.

How is interest calculated on my Savings Builder account?

Interest is compounded daily and credited to the account monthly.

How do I access my funds?

You can easily access the funds in your account with:

  • free electronic banking transfers (ACH) between your Savings Builder account and an account at another bank;
  • outgoing wire transfers (there is a $10 fee for accounts with balances under $25,000); and
  • by calling us to mail you a check for free.

The Savings Builder account has a limit of six (6) pre-authorized or automatic transfers or withdrawals, electronic banking transfers to other accounts or similar per statement cycle. However, withdrawal and transfer requests submitted by mail do not count toward the limit, nor do withdrawals requested by telephone if the funds are mailed to you in the form of a check.

Open a Savings Builder Account

1. Enter your info

You’ll need to provide your address, phone, email and social security number (or other taxpayer ID).

2. Fund your account

Minimum of $100 to open your account. You can transfer funds with electronic transfer, mail in check, or wire.

3. You’re done

You will receive an email confirmation and you’re ready to go!

Ready to Open a CIT Bank Savings Builder account?

1 APY — Annual Percentage Yield is accurate as of November 1, 2019. Interest Rates for the Savings Builder Account are variable and may change at any time without prior notice.

Savings Builder Disclosure

Savings Builder is a tiered interest rate account. Tier levels are subject to change without notice. Interest rates and Annual Percentage Yields (APYs) are variable and may change without notice. Minimum to open account is $100. Fees could reduce earnings on the account.

Interest Tiers

Tier Balance Requirement APY Interest Rate
Base < $25,000 -%* 0.995%**
Upper < $25,000, but with monthly deposit of $100 or more -%*** 1.833%
Upper ≥ $25,000 -% 1.833%

*APY assumes the account is opened on the 15th day of the month and no qualifying deposits of $100 are made following account opening. Actual APY may be greater or less depending on the date the account is opened.

**Interest Rate is 1.833% during the Introductory Period and 0.995% thereafter.

***APY assumes additional qualifying deposits are made each Evaluation Period.

Important Definitions

  • "Introductory Period" - Begins the day of account opening and continues through the first Evaluation Day.
  • "First Evaluation Day" - Will occur at the end of the First Evaluation Period after account opening.
  • "First Evaluation Period" - Begins on the third business day prior to the end of the month after the month of account opening and ends at 4:00 pm PT on the next month’s Evaluation Day.

Following the Introductory Period, the following definitions apply:

  • "Evaluation Period" - Begins the day after an Evaluation Day and ends at 4:00 pm PT on the next month's Evaluation Day.
  • "Evaluation Day" - The fourth business day prior to the end of a month.

Introductory Interest Rate
During the Introductory Period, all new Savings Builder accounts will be paid the Upper Tier interest rate. After the Introductory Period ends, accounts will be evaluated on the first Evaluation Day to determine the interest rate to be paid for the next Evaluation Period.

Monthly Determination of Interest Rate
On each Evaluation Day the interest rate applicable for the next Evaluation Period will be determined. Accounts with an end-of-day balance of at least $25,000 on the Evaluation Day or with at least one deposit of $100 or more that posts to the account during the Evaluation Period will earn the Upper Tier interest rate during the next Evaluation Period. Accounts with an end-of-day balance less than $25,000 on an Evaluation Day without a deposit of $100 or more that posts to the account during the Evaluation Period will earn the Base Tier interest rate for the next Evaluation Period. This process will occur every month.

Example: A Savings Builder account opened on November 15, 2019, and funded with an initial deposit of $5,000 would earn the Upper Tier interest rate during the Introductory Period, which begins on the account opening date and ends on the First Evaluation Day, January 28, 2020.

The First Evaluation Period for this account begins on December 27, 2019 and ends on the First Evaluation Day, January 28, 2020. With a balance less than $25,000, in order to continue earning the Upper Tier interest rate during the next Evaluation Period, the customer must make at least one deposit of $100 or more during the First Evaluation Period, December 27, 2019 through January 28, 2020.