CIT Savings Builder Account

How to Sign Up for CIT Savings Account

It is easy and takes just five minutes to open a CIT Savings account. To get started, go to the CIT website and choose "Get Started," then "Open Account Now." Afterward, you can decide whether you want to open a personal account or a custodial account, as well as a money market or savings builder account.

CIT will ask you for some personal information after you've made your choices, including your home address, email address, Social Security number, and birthdate. You only need to fill out the sign-up form and submit it to get an email confirming the creation of your account.

Then, there are several ways you can add money to your account, including:

• From another active bank account, send money using ACH. You should be aware that ACH transfers may take up to two business days.
• Using the CIT Bank mobile app, which is compatible with Apple and Android smartphones, you may deposit checks on the go.
• The best option for depositing a sizable sum of money from another account is an incoming wire transfer.
• Sending CIT Bank a postal check.

Types of Savings Builder Accounts

The Savings Builder accounts from CIT Bank offer variable interest rates on interest-bearing savings accounts. Every day, interest is compounded and credited to your account once a month. The following two Savings Builder account types from CIT Bank are eligible for the current 1.00% APY:

• Account for High-Balance Savers: must keep a balance of at least $25,000.
• Monthly Savers Account: $100 minimum opening deposit; $100 monthly deposits after that

That beats certain CD rates, if not match them. You will only receive an APY of 0.40% if you don't fulfill one of those conditions.

Tiered Interest and APY

A 1.00% APY may not seem like much of an income. However, that rate significantly outperforms the national savings rate.

For balances under $25,000, interest is paid at a rate of 0.40%. When you make a $100 additional monthly deposit, the APY jumps to 1.00%. Similarly to that, accounts with balances of $25,000 or more can receive 1.00% APY without depositing $100 or more each month.

Therefore, a Savings Builder account is a fantastic option for earning high interest on a portion of your money without having to bother about monthly payments.

Additionally, regardless of whether you are eligible for that rate based on your balance or monthly deposits, the account theoretically offers you a 1.00% APY from the day you open your account until your first "Evaluation Day"

The first "Evaluation Period," which starts on the third business day before the end of the month following the month of account opening and ends at 4:00 pm PT on the evaluation day of the following month, finishes on the evaluation date. (The fourth business day before the end of the month). You will then receive either the upper tier rate of 1.00% APY or the base tier rate of 0.40% APY.

Fees and Minimums for CIT Bank’s Savings Builders Account

The CIT Bank Savings Builder does not impose an account opening or monthly maintenance fee, unlike the majority of high-yield savings accounts offered by online banks. However, the bank does impose various fees, such as:

• Unless you have a balance of $25,000 or more (in which case it's free), outbound wires cost $10.
• For items from a returned deposit, $10.
• Additionally, a $100 minimum deposit is required while opening the account. There is also a six-withdrawal cap every statement period, just like with any other savings account. Despite this, it doesn't seem like the bank assesses a fee for excessive withdrawals.

How to Access Your Savings at CIT Bank

The following methods are available at CIT Bank for account holders to access their money:

• Free ACH transfers between your Savings Builder account and another bank account
• Wire transfers ($10 fee for accounts with less than $25,000 in balance)

The website of CIT Bank states that there is a "limit of six pre-authorized or automatic transfers or withdrawals, electronic banking transfers to other accounts or similar per statement cycle" for its Savings Builder accounts. The money will not count toward the limit if you request a withdrawal or transfer over the phone or in writing and then have a check sent to you.

What You Can Do With Your CIT Savings Builder Account

For the majority of short-term savings objectives, high-yield savings accounts like the Savings Builder from CIT Bank are ideal. Because a savings account is secure (there is no investment risk, unlike with a brokerage account), it is particularly a smart choice for an emergency fund.

The CIT Savings Builder account can be used to save money for a variety of purposes, including a home down payment, family vacations, specific holiday savings, and more. You should consider other options that can provide you with a better return over the long term if you have longer-term goals, such as investing in your child's college education.

Additionally, since the APY is higher than CD rates and withdrawals are not subject to fees, you won't have to worry about not having access when you need it.

Bottom Line

CIT Bank doesn't provide the highest APY available, but it's crucial to remember that deposit rates are always fluctuating. Therefore, even if you might find a higher rate elsewhere, a bank or credit union may not necessarily offer the greatest deal.

As a result, before making a choice, it's crucial to take into account all of an account's features as well as additional goods and services it provides.

It can be worthwhile to open an account if you are convinced that you can meet the deposit requirements to access the CIT Savings Builder's highest rate. CIT is among the finest banks for people who want to earn a respectable interest rate on their money over the long term because of the daily compounding interest and respectable APY.

Contact Notebanks if you have any more questions.