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CIT Financial institution Financial savings Builder Evaluate 2022

Low rates of interest are nice if you wish to borrow cash, however not too useful if you end up attempting to reserve it.

At your typical financial institution, you’ll be fortunate to get even .10% curiosity on cash positioned in a financial savings account. Even long-term CDs aren’t very profitable.

Fortuitously, there are some on-line banks that supply better-than-average rates of interest. A type of is CIT Financial institution.


The CIT Financial institution Financial savings Builder account is a really fantastic possibility for individuals trying to get somewhat bit extra return on their money financial savings. Its rates of interest for high-balance clients are among the many greatest within the nation.

  • Lengthy Time period Financial savings Good points



  • Aggressive Curiosity Charges
  • Lengthy Time period Savers



  • No CIT Financial institution ATMs
  • Minimums


What’s CIT Financial institution?

CIT Bank homepage

Earlier than you deposit cash in any financial institution, it’s useful to know concerning the firm. CIT Financial institution is a subsidiary of CIT Group, a publicly-traded monetary holding firm primarily based in Pasadena, CA.

CIT Group has a strong business financing phase, in addition to a client banking phase that features CIT Financial institution and OneWest Financial institution.

CIT is a shortened model of the corporate’s earlier identify, Industrial Funding Belief. The historical past of the corporate dates again to 1908.

After being acquired by Tyco in 2001, it was spun off and have become a public firm, CIT Group, in 2002.

CIT Group obtained in hassle in 2008 after being closely concerned in subprime mortgages. Monetary issues led it to file for chapter in 2009. After rising from chapter, CIT Group reformed and in 2015 acquired OneWest financial institution. And as of July 17, 2022, OneWest Financial institution branches and merchandise have change into First Residents Financial institution branches and merchandise.

Along with providing the Financial savings Builder account, CIT Financial institution has a cash market account, one other high-yield financial savings account, certificates of deposit with phrases starting from six months to 5 years, and residential mortgage merchandise.

CIT Financial institution listed complete deposits of $32 million with complete belongings of $42 million on the finish of 2018, based on iBankNet.

CIT Financial institution Financial savings Builder Overview

CIT Financial institution Financial savings Builder provides one of many highest rates of interest within the nation for these capable of keep a excessive steadiness or make common deposits.

CIT Financial institution provides a aggressive APY for individuals who can meet that standards.

Thus, it’s an excellent possibility for 2 sorts of savers: those that have some huge cash saved already, and people who aren’t fairly there but however have the flexibility to recurrently put away an honest sum each month.  

Should you can maintain a minimal steadiness of $25,000 or make month-to-month deposits of a minimum of $100, you possibly can earn CIT Financial institution’s highest charge.

Even in the event you can’t meet both of these necessities, you possibly can nonetheless earn an APY that’s as much as 3 times larger than you’d at most banks.

Let’s take a deep dive into the CIT Financial institution Financial savings Builder account to be taught whether or not it’s an excellent possibility for you.

Opening a CIT Financial institution Financial savings Builder Account

Opne a CIT Bank Savings Builder Account

Getting began is easy. Observe this hyperlink to the CIT Financial savings Builder Account and click on on the inexperienced button that claims, “Open an account.”

Then, click on on the “I’m a brand new buyer” button and also you’ll see a listing of required objects to open an account.

They embrace:

  • Legitimate e mail tackle
  • House tackle
  • Telephone quantity
  • Social Safety quantity

You additionally should be a everlasting resident or citizen to open an account. Through the course of, the financial institution will ask if you wish to open a person or joint account.

You’ll then be requested to enter the knowledge listed above, in addition to your citizenship standing and (for safety causes) mom’s maiden identify. Federal rules additionally require you to supply your occupation and employer.

As soon as these particulars are entered, you’ll be requested to supply data on funding the account. The simplest means to do that is thru an digital switch from one other checking account.

Nonetheless, you can even write a test or arrange a wire switch. Particular particulars on how to do that are on the FAQ part of the financial institution web site.

Observe: It’s doable to open a Financial savings Builder account for a kid utilizing a custodial account. This implies you possibly can management the account till the kid is eighteen, or as outdated as 25 in case your state permits.

Underneath the Uniform Switch to Minors Act, you possibly can switch as a lot cash as you need into the account as a present.

Vital CIT Financial institution Options

Listed below are a few of the options of CIT Financial institution’s Financial savings Builder Account that make it actually engaging.

Curiosity Price

CIT Bank interest rate

Let’s be trustworthy: if you end up searching for a financial savings account, the factor that issues most is the rate of interest.

You need to know how a lot passive revenue you possibly can earn out of your cash.

The CIT Financial savings Builder account provides one of many highest rates of interest for a financial savings account within the nation. They provide a aggressive APY with a minimal steadiness of $25,000 or a $100 month-to-month deposit.

In accordance with, that is at present the most effective charge out there for on-line financial savings accounts, although there could also be cash market accounts that pay barely extra.

The common rate of interest nationally is simply 0.10%, Bankrate says. CIT’s charge is considerably greater than that.

The $25,000 minimal steadiness requirement for the Financial savings Builder account is excessive, however it may be waived in the event you deposit $100 monthly into the account.

After an analysis interval, which ends on the fourth enterprise day previous to the top of the month, the financial institution will decide whether or not you qualify for that charge shifting ahead.

If you don’t meet the necessities for the best rate of interest, you’ll obtain the bottom rate of interest APY. Clearly, it is a noticeably decrease charge, however nonetheless a lot larger than the nationwide common.


CIT Bank compounding interest rate

When analyzing financial institution rates of interest, it’s greatest to look past simply the quantity. You might want to perceive how the financial institution calculates rates of interest and when it really makes funds.

CIT Financial institution Financial savings Builder compounds curiosity every day.

What this implies is that when calculating how a lot to pay you in curiosity, the financial institution will add the curiosity every day, versus quarterly or month-to-month as different banks do.

This will help you earn extra over time.

For instance, let’s say you begin with an account steadiness of $25,000 and the rate of interest is .65% (a typical charge for the CIT Financial savings Builder). For the primary yr, you’d earn $162.50.

That will not look like a lot, nevertheless it signifies that the following time curiosity is calculated, it will likely be primarily based on a steadiness of $25,137.50 and so forth and so forth. It actually will add up quicker than typical banks.

Different banks will compound curiosity much less ceaselessly, doing so on a month-to-month or quarterly foundation. Within the quick time period, this doesn’t make an excessive amount of of a distinction in your earnings.

However over a very long time horizon, it will possibly add as much as noticeable financial savings.

In contrast to many different financial institution accounts, the CIT Financial savings Builder account doesn’t cost a month-to-month upkeep payment. There are additionally no charges for on-line transfers or incoming wire transfers.


The financial institution will cost the next charges:

  • $10 payment for an outgoing wire switch for account holders with balances of lower than $25,000.
  • $10 for extreme transactions. (Withdrawals and deposits are restricted by legislation to 6 monthly.)

CIT On-line Banking and Cellular App

CIT Bank Online Banking

For any online-only financial institution, a top quality on-line expertise is paramount. It’s uncertain that you simply’ll have a lot to complain about with CIT Financial institution.

The financial institution’s web site and dashboard interface are uncluttered and permit for straightforward viewing of your monetary image. Account transfers are additionally simple.

The CIT Financial institution free cell app means that you can view accounts, switch funds between CIT accounts, and even deposit checks. One large downside, nevertheless, is that it’s not doable to make use of the app for transfers between a CIT account and an exterior one.


Clearly, anytime you’re banking on-line you need your funds to be safe. All CIT accounts are FDIC-insured as much as $250,000. (Observe: This $250,000 restrict consists of funds deposited with OneWest Financial institution.)

The corporate additionally has sturdy safety protections in place.

Along with requiring you to make use of a login and password to entry your accounts, the financial institution does common transaction monitoring and has 128-bit Safe Socket Layer encryption to make sure that your internet connection is safe.

Another monetary establishments use a stronger 256-bit encryption.

Buyer Service

CIT Bank Customer Service page

As a result of CIT Financial institution is a web-based financial institution, you gained’t benefit from going right into a department to get customer support. However there are individuals out there that will help you through telephone.

Right here’s easy methods to attain customer support:

Name: 855-462-2652 (throughout the U.S.)
626-535-8964 (from exterior the U.S. — toll name)
Fax: 866-914-1578


Monday by means of Friday: 9:00 a.m. — 9:00 p.m. (ET)
Saturday: 10:00 a.m. — 6:00 p.m. (ET)
Sunday: Closed


The CIT Financial savings Builder account will help you lower your expenses, however there are some downsides you ought to be conscious of.

First, as we talked about, the best rate of interest is just out there to these with account balances above $25,000, or those that can deposit $100 month-to-month.

Some individuals might discover this threshold too excessive to satisfy. Different on-line banks supply rates of interest which might be practically nearly as good, with out the minimal steadiness necessities.

The CIT Financial savings Builder account — and CIT Financial institution normally — doesn’t supply the complete suite of banking companies you would possibly get elsewhere. CIT Financial institution solely provides one checking account, for instance.

Whereas the financial institution does supply some mortgage merchandise, they’re restricted to residence mortgages.

There are not any retirement accounts or planning companies, and no entry to credit score or debit playing cards. There are not any financial institution branches, both. To be honest, it’s the shortage of all these companies that enables CIT to supply larger rates of interest.

Should you plan to financial institution with CIT, you should be comfy banking completely on-line by means of the financial institution’s web site or cell app, or by means of phone banking.

More than likely, you’ll want an account with one other financial institution so as to fund the CIT account and make withdrawals.

And do not forget that federal legislation limits deposits and withdrawals to a complete of six monthly. CIT Financial institution doesn’t supply entry to ATMs.

Alternate options

CIT Financial institution’s Financial savings Builder account is an efficient possibility for long-term savers, however there are opponents that could be price a glance.

Ally Financial institution is a well-liked on-line financial institution with better-than-average rates of interest and no minimal account balances or charges. In addition they provides a free interest-bearing checking account and entry to Allpoint ATMs.

Different on-line banks with equally aggressive charges and companies embrace MySavingsDirect and PurePoint Monetary.

Main monetary establishments together with Barclays, Residents, Citi and Goldman Sachs have additionally lately launched on-line banks with higher-than-average rates of interest on financial savings accounts.


The CIT Financial institution Financial savings Builder account is a really fantastic possibility for individuals trying to get somewhat bit extra return on their money financial savings. Its rates of interest for high-balance clients, specifically, are among the many greatest within the nation.

Should you can’t meet the minimal steadiness necessities for prime charges, chances are you’ll discover a higher match with a competitor.

Additionally, shoppers in search of a full banking expertise together with branches, ATMs, and mortgage merchandise will doubtless discover CIT missing.

As a simple financial savings account for these with lots to save lots of, nevertheless, it’s powerful to beat.



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