CIT Savings Builder Account

The CIT Bank Savings Builder gives a good APY (average percentage yield) when account holders make either a qualifying monthly deposit of at least $100 or maintain a $25,000 minimum balance. Your savings will currently earn 1.00% APY from CIT Bank.


  • No ongoing charges
  • compound interest every day
  • Access to the mobile banking app from CIT Bank


  • The top APY is not very competitive
  • Additional requirements to get the highest APY
  • Required opening balance minimum

securely on the bank's website

The high interest offered by the CIT Savings Builder account is eight times higher than the national average. Therefore, the Savings Builder can be a great method to get more value out of your savings balance. Especially if you're searching for somewhere to deposit your emergency fund, down payment fund, or other short-term savings.

If you need a checking account as well, the bank's eChecking account provides a competitive interest rate, reimbursement for ATM fees, and more. To find the best fit, do your homework and examine a variety of options before applying for CIT Bank, especially for online banks, which include CIT Bank's Money Market account.

Checking account details

Checking account fees

  • Monthly Fee
  • APY
    1.00% APY
  • Minimum Deposit to Open
  • Out-of-Network ATM Transaction Fee
  • Out-of-Network ATM Withdrawal Fee
  • Overdraft Fee
  • Non-Sufficient Funds Fee
  • Foreign Transaction Fee

CIT Savings Builder Account FAQ

1. How Do I Put Money in or Take It Out?

You can transfer funds in and out of your CIT Savings Connect account using a variety of CIT methods. The routing number for CIT Bank is 124084834.

2. Can I Make Deposits?

You can deposit almost any kind of transfer or mobile deposit into your account, but cash cannot be deposited. Paper checks can be deposited using the mobile app from CIT Bank.

3. Can I Make a Wire Transfer?

Wiring money into your CIT Bank account is free of charge. The mobile app from CIT Bank supports incoming transfers made using the Zelle payment network.

4. How Safe is CIT Bank?

All of its financial solutions come with fraud and security safeguards, such as strong encryption, activity tracking, and firewalls to block unauthorized people or networks. Your deposits with CIT Bank are likewise covered by the FDIC up to a maximum of $250,000 per account type.

5. Is Interest Compounded Every Day by CIT Bank?

In a CIT Savings Builder account, your interest is compounded daily.

6. Does It Offer Joint Accounts?

CIT Bank does indeed provide joint accounts. You can specify whether you're applying for a single account or a joint account as you go through the account application procedure.

7. Does CIT Bank Charge a Maintenance Fee Each Month?

For its Savings Builder accounts, CIT Bank levies no monthly maintenance costs.

8. Which Account Kinds Does CIT Bank Provide?

CIT Bank provides several different financial products in addition to its high-interest Savings account. You can open a checking account, a money market account, and several CD accounts (certificates of deposit). Term CDs, jumbo CDs, and CDs with no early withdrawal penalties are all available through CIT Bank.

9. What is a Savings Builder Account?

The Savings Builder is an interest-bearing account that offers tiers of interest rates by the requirements.

10. How Much Money Must You Deposit to Start a Savings Builder Account?

The account must be opened for at least $100.

11. If My Amount Is Less Than $25,000, How Can I Become Eligible for the Higher APY Tier?

Make a single $100 or greater monthly deposit.

12. Does the Initial $100 Minimum Deposit Contribute to Obtaining the Higher APY Tier?

No. The lower APY tier cannot be earned with a minimum initial balance. Your account will be eligible for the higher tier for the Evaluation Period that follows the promotional offer. Especially if you make a further deposit of $100 or more during the first Evaluation Period. Additionally, you will be eligible to continue earning the greater APY for any subsequent monthly contributions of at least $100.

13. What Factors Decide My APY Tier?

You will have your account checked to see if you have $25,000 in it or have made any deposits totaling $100 or more throughout the evaluation period on each evaluation day.

You will receive the highest APY tier in the subsequent evaluation period if you had satisfied either of these conditions as of the evaluation day. Every month, this procedure will take place.

14. Is the $25,000 Average Monthly Balance Enough to Qualify for the Higher APY Tier?

No, the account must have a balance of $25,000 after the evaluation day, commonly known as the day the account is reviewed.

15. How Can I Add a $100 Recurring Deposit to My Account?

You can send us a check by mail, inbound wire (no fee), mobile deposit through our mobile app, or money transfer (ACH). The number of deposits can happen at any frequency. 

16. What Do an Evaluation Period and an Evaluation Day Mean?

The evaluation period is from the day following an evaluation day to 4:00 p.m. PT on the evaluation day of the following month.

The third business day before the end of the month of account opening is when the First Evaluation Period will start. The interest rate following the Introductory Period will be determined by adding any additional deposits of $100 or more made between the account starting date and the beginning of the first Evaluation Period, but only if they result in an account balance of $25,000 or more.

Evaluation Day: The account is reviewed to determine your APY tier.

Evaluation Period: Four business days (at 4:00 p.m. PT) before the end of the month.


Check Out Other Products From CIT Bank
Bank Monthly Service Charge Minimum Deposit to Open APY
CIT Savings Builder Account 0 $100 1.00% APY
CIT Bank CDs 0 $1000 4.90% APY
CIT Bank eChecking Account $0 $100 0.10% - 0.25% APY
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