CIT Bank Review: Boost Your Money With the High-Yield Savings Builder

As you start to save more money, you’ll want to put that savings to work safely. This is where an online savings account from CIT Bank can be a great option. 

Most banks or credit unions offer pretty awful interest on your money, I’m talking well under 1% or even fractions of a percent.  


But, there are a few online banks that offer better savings options, so your money goes to work for you as you continue towards your financial goals. 

Below, you’ll learn more about CIT Bank, their Savings Builder, and some other options the company also offers its members. 

Quick Review:  In short, I RECOMMEND CIT Bank to help put your savings to work, giving it a 8.5/10 score. You can open your savings account here to start saving money, getting better interest rates, and saving on bank fees. 

What is CIT Bank?

Before I dive into more about how this online bank can fuel your finances, it’s important you know more about them first. If you don’t care and want to get to the goods, feel free to skip down to the next sections. 

CIT Bank is a leading national bank focused helping businesses and personal savers (that’s you!) with some of the best financial options to help everyone reach their goals. 

CIT Group Inc. is the financial holding company with over a century of experience, approximately $50 billion in assets as of June  2019, and also operates a principal bank subsidiary, CIT Bank, N.A. (Member FDIC, Equal Housing Lender).

CIT’s consumer banking segment includes its national online bank, CIT Bank, and a Southern California branch bank, OneWest Bank, which both are under the same FDIC insurance.

The bank has also won numerous awards over the years, but here are just a few recent ones:

  • Monitor’s Top 50 Bank Finance and Leasing Companies in the U.S
  • FinTech Breakthrough Award for Best Personal Finance Company
  • SmartAsset’s Named the Savings Builder a 2019 Best Savings Account
  • GOBankingRates’ 10 Best Online Banks of 2019

CIT Banks Savings Builder

One of the main reasons I wanted to highlight CIT Bank is for their “Savings Builder,” as they dub it.

This online savings account is their top-tier annual percentage yield (APY or the interest you get on your money) to help you build your savings. 

As I mentioned in the intro, most banks and credit unions offer very low APY on your savings. 

How low? 

Well, the average bank interest rate for checking accounts in the United States is 0.06%; the average bank savings rate is currently 0.09%; and the average money market interest rate is 0.16%, according to ValuePenguin

Yet, with CIT Bank’s Savings Builder, you get great interest on your money. That’s a big jump, compared to your big banks or credit unions. 

Benefits and Features of the Savings Builder

When you are saving money, you want that to be protected. Typically, this will be money for an emergency fund or maybe to purchase a house.

You don’t want to necessarily invest and expose this particular money to volatility, but you still want your money to go to work for you. 

That’s where the Savings Builder from CIT Bank becomes a great option. Here are some benefits and features:

  • Earn more than 25x the national savings interest average
  • $100 minimum opening deposit
  • Get a solid interest rate from the day the account is opened through the first Evaluation Day
  • No account opening or maintenance fees
  • Daily compounding interest to maximize your earning potential
  • A limit of six transactions per statement cycle
  • Deposit checks remotely and make transfers with the CIT Bank mobile app

Now in order to continue earning that solid interest, you’ll have to maintain one of two options.

The first may be a bit more challenging, which is that you must maintain a balance of $25,000. That may have made you go, “Well, never mind!” 

But, there is another friendly option if you are just getting started or have nowhere near that high balance yet. You make a minimum of one deposit each month of $100 or more. That’s it! 

If you are prioritizing saving and looking to consistently put money away, the Savings Builder is an incredible option as CIT Bank rewards you further for your efforts. 

Your money is stacking safely, you collect solid APY, and your money starts to compound over time. Perfect for you to hit any of your financial goals

Interested in opening a Savings Builder account? Get started in three easy steps. Sign Up Here

What Else Does CIT Bank Offer?

I think the biggest win from CIT Bank is their Savings Builder, but the company does have other options for your money as well. 

So if you are looking to take your personal finances to the next level, check out some of the below features that might interest you. 

Money Market

CIT Bank also offers a money market account with up to 1.85% APY. A savings account and money market are pretty similar, but a money market account is a hybrid between a checking and savings account.

I recommend reading some more about money market accounts here

CIT Money Market Features: 

  • Earn more than 20x the national average
  • Quick and easy access to funds
  • No monthly service fees
  • 24/7 secure & award-winning banking
  • FDIC insured
  • A limit of six transactions per statement cycle
  • Deposit checks remotely and make transfers with the CIT Bank mobile app

Open A Money Market Account


Besides their savings builder and money market, CIT Bank alsos offers CDs. CIT Bank has a selection of CD rates and terms to help you stay on target for your savings goals.

I personally only have had a CD once in my life, but pending your views and goals, these might be great options for you as well. 

A few CD choices:

  • Term CDs: Lock in an interest rate and forget about market volatility.
  • No-Penalty, 11-Month CD: Get the security of a CD but you still having access to your funds.
  • Jumbo CDs: Balance your investments and maximize your return
  • RampUp CDs

Open A CIT Bank CD

Home Loans

And with most banks, they usually offer home loans and mortgages. When doing your research, always get multiple quotes on these types of loans.

CIT Bank may not be the best choice after you dive in, but they could also be a great one too. It all depends on things like your credit score, loan history, and if you take advantage of other CIT Bank features.

For example, you can get your mortgage rate lower by opening a Savings Builder account. A win-win, saving on your mortgage and also saving money that collects great APY. 

CIT Bank Pros and Cons

Online bank accounts have really ramped up in the last few years. With their higher APY, ease of use, and other options — many people are making the switch. 

If you are interested in CIT Bank, make sure you understand all their product terms to ensure you know how to get the top tiered APY or get the best CD rate, etc.

They break it down further in some simple tables on their website, so make sure to take a look at that. 

Here are some quick pros and cons of CIT Bank.


  • The Savings Builder has one of the top APYs around.
  • The Savings Builder motivates you to save by forcing you to deposit $100 each month in order to get the top APY.
  • There are no monthly fees.
  • CD options are flexible
  • FDIC Insured up to $250,000


  • Checking accounts NOT available
  • $25,000 minimum balance (if you don’t deposit $100 or more each month) on the Savings Builder is one of the higher minimum balance requirements to earn a top APY.

CIT Bank Summary




  • Savings Builder Has Top Interest Rate
  • No Monthly Fees
  • Many Banking Options
  • FDIC Insured

  • Checking Accounts Not Available
  • High Minimum to Get Better Interest