CIT Bank Savings Builder Review

What comes to your mind when you think of good banking? Security, Convenience, Savings, Interests, and Ease of monetary transactions most likely make a list.

Through the years, so many financial institutions have sprung up with promises to deliver the highest quality of ban services to customers. Some have failed and still fail to reward the loyalty and trust of their customers.

However, you must know that one bank that has stood the test of time in fulfilling its promises is the CIT Bank.

See also: Best Credit Cards

About CIT Bank

The Commercial Investment Bank (CIT Bank) is an arm of the CIT Bank, NA, which is a banking subsidiary of the CIT Group. With assets of over $40 billion in assets and $30billion in deposits, this bank forms one of the largest banks in the United States.

The CIT Group has been known for over ten decades as a financial and bank holding institution that provides financial, banking, advisory, and leasing services to individuals, companies, and industries. Ranking among the United States list of top 50 banks and with headquarters in Pasadena, it has over 60 retail branches across South California through its acquired arm; the OneWest Bank.

It is vital to note the CIT Bank is a member of the Federal Deposit Insurance Corporation (FDIC). This is an independent agency that insures bank and thrift deposits in the case of bank failures. This means that every deposit account is protected up to the sum of $250 000, for every category of account a depositor may own.

The CIT Bank is its internet banking platform of the CIT Group. This bank operates online and currently offers bank products with one of the best annual percentage yields (APY). I will be giving reasons why this can be established as a fact. First and foremost, let’s make a total consideration of the most appealing of all its currently offered bank products, which are the Savings Builder account.

Go to: CIT Bank’s website

CIT Savings Builder Account

The Savings Builder account is one of the two savings account provided by CIT Bank.

From its inception in October 2018, this particular savings account has I offered one of the most effective options in terms of fees, interest rates, and annual percentage yield.

Features and Benefits

For starters, all that is needed is the sum of $100 to kick start this financially rewarding journey. Once the deposit of $100 has been made, you get an upper-interest rate of 2.45%; 25 times the national average and a 20 basis points (bps) increase made from the original interest of 2.25%. Worthy of note is the fact that this interest rate is higher than the present inflation rate in the nation. What a fantastic way to begin!

Other benefits of using this Savings Builder account is that no minimum deposit is required while using this account. Neither are monthly fees charged. Interest is compounded daily, and no charge is given for inactivity.

The only requirement to ensure the consistency of interest rates on this account is to provide a monthly deposit of $100, or you maintain a steady balance of no less than $25, 000. Now, this is a great way to ensure the account is used for its original purpose; Savings. When you are expectant of this interest rate, you would be willing to make the monthly deposit.

CIT Bank sets aside the fourth business day before the end of the month known as ‘Evaluation Day,’ to evaluate the progress of these accounts. On these days, accounts are assessed to determine their interest rates for the coming month based on if they have met the requirement of a monthly deposit of $100 or have either reached or maintained a steady balance of $25, 000.

You might ask, what happens when one without a balance of $25, 000 defaults in making the monthly deposit? Well, you do not lose completely. The base interest rate of 1.17% will still be given. That way, your account keeps yielding interests, and you keep earning.

However, I strongly suggest that you strive to keep the monthly deposits going into account the Evaluation Period. The Evaluation period begins a day after the Evaluation day and ends on the next Evaluation day. Remember, interests are calculated daily, and everyone wants a much higher yield eventually.

You can even decide to make it an automatic deposit, so there is a monthly transfer $100 from any of your other check accounts into your Savings Builder account.

There is no extra cost incurred from this as incoming transfers are fee-free for both accounts with a balance of $25 000 and below.

You can also make payments by depositing a mobile check through the app, mailing the check, or wire transfers. Either way, your savings builder account would definitely get credited.

While using this account on this bank, you can make six (6) monthly withdrawals without charge. This limitation is not peculiar to this bank as it is imposed by Federal Authorities. Hence, all banks are obliged to adhere to.

Besides, for online transfers as ATM cards are neither issued nor used, this account can be linked to six (6) other different financial institutions.

Go to: CIT Bank’s website

Opening an Account

The method of opening a Savings Builder Account with CIT Bank is also very uncomplicated and almost effortless. As long as you are a US citizen or a permanent resident and you are 18 years or above, all you need do is get to the CIT Bank website online and indicate your interest in opening a Savings Builder Account. An application page will be opened to you, which you are required to fill with the following information: Your Social Security Number, Your Driver’s license or any valid state ID, Primary home address, Valid e-mail address, Valid phone number and the funding source for the account.

Once this is completed, you make the initial deposit of $100. Bear in mind that you would also need to make another deposit of $100 to cover the deposit of that same month, except, of course, you intend making a total deposit of $25, 000 before the end of that same month.

Customers who already have other existing accounts can also indicate that, log in with their password and then create a Savings Builder account.

Go to: CIT Bank’s website

Customer Service

The Customer service provided by the CIT Bank is created to give resourceful, prompt, friendly, and quick assistance while attending to issues.

Rather than being responded to by just an automated voice, you would have a trained, human, customer care operator on the other end of the line who would attend to your inquiry or complaints or direct them to the appropriate personnel to do likewise.

If you require using or making changes to your online account, you have access to all twenty-four (24) hours, seven (7) days a week. You can also send an e-mail. However, if there requires a need to speak to a human operator, you can get through within the following hours:

  • Mondays- Fridays: From the hours of 8 am – 9 pm (ET)
  • Saturdays: From the hours of 9 am – 5 pm (ET)
  • Sundays: 11am – 4pm (ET)
  • Home Division Loans: From the hours of 9 am – 8 pm (ET) Mondays – Fridays

Other CIT Bank Services

CIT Bank also offers other services apart from the Savings Builder Account, to give customers a wide range of products to choose from depending on their desires and needs. CIT Bank, however, does not offer an Individual Retirement Account (IRA).

Premier Yield Savings Account

This is the other savings account offered by CIT Bank. Its features include:

  • It requires a minimum amount of $100 to open.
  • It requires no opening fees.
  • No monthly fees are charged.
  • No inactivity fees are charged.
  • Daily interests are also compounded.
  • The account can be accessed and controlled online.
  • Incoming domestic wire transfers attract no fees.
  • Incoming money transfers attract no charge as well.
  • Outgoing domestic wire transfers attract a fee of $10 but free for accounts of $25, 000 and above.
  • The account can be linked to six (6) different financial institutions.
  • The account also has a monthly limitation of six (6) money withdrawals.
  • Balances under $25, 000 get an annual percentage yield of 1.55%. This also applies to balances above $25, 000.

Money Market Account

This is also an interest-bearing account offered by the CIT bank. Usually, Money Market accounts provide its holder with minimal check-writing ability. Thus it can function both as a savings and a checking account, but this is a little different because, with CIT Bank, paper checks cannot be written. Its features include:

  • This account requires a minimum deposit of $100 as well.
  • No monthly fees are charged on this account.
  • No inactivity fees are charged on this account.
  • Daily interests are also compounded.
  • The account can be accessed and controlled online.
  • Incoming domestic wire transfers attract no fees.
  • Incoming money transfers attract no fees.
  • Outgoing domestic wire transfers attract a fee of $10 but free for accounts of $25, 000 and above.
  • The account can be linked to six (6) different financial institutions.
  • The account also has a monthly limitation of six (6) money withdrawals.
  • A fee of $25 is also charged for an overdraft.
  • This account offers an annual percentage yield of 1.85%.
  • This account has the People Pay feature that enables holders to send funds not exceeding $50 daily to others via the e-mail address or phone numbers.

Certificate of Deposit (CD)

A Certificate of Deposit (CD) is a savings account that has a fixed date of
maturity and fixed interest rate. When money is deposited into this account, it is expected to stay there for a period to accumulate interests for its holder.

Therefore, access to funds is usually restricted until the maturity date is reached.

Only then is the initial principal and accumulated interests expected to be
withdrawn. On the occasion that a holder decides to withdraw before the
maturity date, a penalty is most likely to be issued. These penalties are called ‘Early Withdrawal Penalties.’ A holder may also decide to renew the certificate once it expires.

CIT Bank offers different categories of Certificate of Deposit, its general features being:

  • CIT Bank offers an 11-month penalty-free CD. This means if you keep your deposit for 7days and choose to withdraw any period from then to 11 months ahead, you get charged no penalties at all. Your deposit still has an interest of 2.05% attached to it, regardless. This is really awesome!
  • All varieties of CD require an initial minimum deposit of $1000.
  • Additional deposits cannot be made once the account has been opened.
  • This account also has daily compounding interests.
  • There are no monthly fees charged.
  • There are no inactivity fees charged.
  • The account can be accessed and controlled online.
  • Incoming domestic wire transfers attract no fees.
  • Outgoing domestic wire transfers attract a fee of $10 but free for accounts of $25, 000 and above.
  • Partial early withdrawals are not allowed except with the 11-month penalty-free CD.

The different packages include:

  • 18-month Term CD has a 2.50% annual percentage yield and an Early Withdrawal penalty of180days (multiplied by interest rate).
  • 13-month Term CD has a 2.25% annual percentage yield and an Early Withdrawal penalty of 180days (multiplied by interest rate).
  • 1-Year Term CD has a 2.20% annual percentage yield and an Early Withdrawal penalty of 90 days (multiplied by interest rate).
  • 5- Year CD has a 1.75% annual percentage yield for deposits of $100 000 and above(Jumbo) and 1.70% for deposits of $1 000 (Term) and an Early Withdrawal penalty of 360 days (multiplied by interest rate).
  • The 4-Year CD has a 1.60% annual percentage yield for deposits of $100 000 and above (Jumbo) and 1.50% for deposits of $1 000 (Year) and an Early Withdrawal penalty of 180days (multiplied by interest rate).
  • The 2-Year CD has a 1.45% annual percentage yield for deposits of $100, 000 and above (Jumbo) and 1.40% for a deposit of $1 000 (Term) and an Early Withdrawal penalty of 180days (multiplied by interest rate).
  • The 3-Year CD has a 1.40% annual percentage yield for deposits of $100, 000 and above (Jumbo) and 1.30% for a deposit of $1 000(Term) and an Early Withdrawal penalty of 180days (multiplied by interest rate).
  • 6-month Term CD has a 0.72% annual percentage yield and an Early Withdrawal penalty of 90days (multiplied by interest rate).

Special Flexible CDs

  • 3-Year Ramp Up CD has a 1.20% annual percentage yield on a minimum deposit of $25, 000.
  • 4-Year Ramp Up CD has a 1.38% annual percentage yield on a minimum deposit of $50, 000.
  • 1-Year Ramp-Up Plus CD has a 1.26% annual percentage yield on a minimum deposit of $25, 000.
  • 2-Year Ramp-Up Plus CD has a 1.27% annual percentage yield on a minimum deposit of $25, 000.
  • Ramp Up CD was created to guard against market fluctuations. When using this CD, you are allowed to adjust your options if the rates increase. You stick to the original APY if they fall.

Ramp Up Plus offers the additional advantage of being able to add deposits if rates increase. Even if they decrease, more deposits can be added that would have interest calculated at the initial higher rate.

Custodial Account

An account can be set up for a minor and in the minor’s name but with you as the account custodian. When the minor turns 18 (or 25 in some jurisdiction), he/she can take over the account. This kind of account can be created with any ofCIT Bank products.

CIT Bank Home Loans

These loans come at very competitive rates. You can also purchase a house with a down payment of 3% of the original purchase price with its CIT Bank’s Low Down Payment Plan.

How Safe is CIT Bank?

Most individuals become skeptical at the thought of online banking due to the activities of hackers, scam persons, and fraudsters. However, for CIT Bank, there is no need for you to entertain such fears as the bank takes security very importantly.

First, all accounts are insured by the FDIC up to the sum of $250,000. This gives a certain level of assurance.

They also monitor transactions and activities being done on each account. The platform is well designed to ensure only you have access to your online account.

The system also makes use of anti-virus protection, firewalls, 128- Bit Secure Socket Layer Encryption (SSL), encrypted message portals, and you have automatically signed out form your session after a period of inactivity.

Pros and Cons

The benefits of using this online Bank can not be overemphasized:

  • They offer the highest interest rates on their bank saving products.
  • No monthly or inactivity charges are given on savings account.
  • It is incredible to have the 11 months No Penalty CD that offers no penalties as long as deposit stays after seven days. Mind-blowing because it comes with high-interest rates of 2.05%!
  • Interests are compounded daily.
  • CIT Bank does not demand opening fees for any of its accounts.
  • The minimum deposits on some of the accounts are considered one of, if not the lowest nationwide.
  • As an online bank, it provides easy access and convenience to manage your account.
  • Your statement can be viewed online.
  • Incoming domestic wire and money transfers come with no added charge.
  • It provides a straightforward process of opening an account.
  • The Ramp Up CD provides you the opportunity to make rate adjustments if rates increase after you open the CD.
  • The Ramp-Up Plus CD also allows adding more deposit if rates increase.
  • As an online bank, overhead costs can be calculated and added to the interest rates.
  • The People Pay feature of the Market Money Account enables holders to send money to individuals via e-mail or phone numbers.
  • The Salary Builders account offers one of the highest benefits: a shallow initial deposit of $100, 2.45% interest rate for a monthly deposit of $100. In the event of default, the base interest rate of 1.17% is still given.
  • CIT Bank offers different bank products to meet individual needs and desires.
  • The
  • availability and online presence of a customer operator ensure that account holders receive premium service.

… and here are the disadvantages:

  • No checking accounts are available, as it is mainly for savings purposes. Therefore, it does not satisfy all banking needs.
  • As an account holder, you will not be given an ATM card. Hence, your account can only be accessed online.
  • Presently, CIT Bank does not offer Individual Retirement Accounts as part of its bank products.
  • This online banking platform has no branch locations.
  • The annual percentage yield for the CDs cannot be said to be the best nationwide.
  • Ramp Up CDs are no longer being made available to new customers.
  • Some potential customers may experience difficulties trying to use the app.
  • Auto – loans are not provided by this bank.
  • CIT Bank does not offer relationship rewards to account holders to motivate account holders to keep their loyalty.
  • It is stated on the account agreement that ACH transactions may take up to 5 business days, and checks deposited can take up to 7business days to get sorted out.
  • There are possibilities that electronic transfers can also take a few days.


Considering the above benefits provided by CIT Bank, it stands out as one of the most profitable online banking platforms. You are best qualified to use this bank’s products if:

  • You intend to build your savings as the Savings Builder Account offers the best deals nationwide.
  • You have a minimum of $100 to deposit and an assurance of a monthly income of $100 for monthly deposits.
  • You have at least $1, 000 set aside and are not bothered about liquidity; you can decide to get it in fixed deposit for 18months.
  • You desire accounts that involve little or no risk and a guarantee of very high security.
  • You desire high-interest earnings on your savings.
  • You desire flexible CD options or an account with no maintenance fees or charges.
  • You need to put funds away for emergencies or down payments.
  • You desire an account with daily compounding interests.
  • You do not need branch locations or ATM withdrawals on the account, an IRA or auto loans, or any debit or credit card at all.

If the above fully describes you, I suggest you head to their website, open an account and begin enjoying the numerous benefits CIT Bank has to offer!

Go to: CIT Bank’s website

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