Updated August 30, 2022

CIT Bank Savings Builder Review

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If you can save $100 per month, you can earn a high interest rate with CIT Bank Savings Builder. Find out if this bank is any good.

5-point scale (the higher, the better)

Pros and Cons

  • High yield
  • No monthly service fees
  • $100 minimum deposit
  • No debit/ATM card

You're trying to save money but it feels like you barely earn any interest. Traditional banks keep cutting rates so where does that leave you?

If you're tired of getting a raw deal, CIT Bank is a good option. With just $100, you can open an account and score a solid APY.

But before you grab this deal, you need to be aware of the details.

Take a look at CIT Bank's pros and cons, and requirements.

Is CIT Bank Trustworthy?

CIT Bank is FDIC insured, so your deposits are safe up to $250,000. CIT Savings Builder offers one of the highest interest rates and the ability to withdraw money quickly with no penalty.

But you might not be able to earn the high interest rate if you can't meet certain requirements. We'll explain how the savings account really works.

About CIT Bank

CIT Bank is a division of First Citizens Bank, one of the largest family-controlled banks in the US. It is not related to Citibank which is owned by Citigroup.

Because CIT bank is an online bank, it can save on operating costs and offer customers higher interest rates and fewer fees. But CIT Bank customers can now enjoy greater banking convenience from any First Citizens Bank location, through digital banking, by ATM, and by telephone. There are no monthly service fees on any of its accounts.

CIT Bank offers checking, savings, and CDs. In this review, we're looking at the Savings Builder Account, CIT's savings account with tiered interest rate.


  • High interest rates
  • No monthly service fees
  • Minimal banking fees


  • Has requirements to get the higher APY
  • No ATM card with the savings account

How Savings Builder Works

CIT Bank's Savings Builder account offers one of the highest savings APYs currently on the market. The minimum to open is $100.

It encourages you to save money by rewarding active savers with a higher interest rate. The other way to get the higher rate is to maintain a high balance.

Here's how it works:

You can earn 1.00% APY if you do ONE of the following:

  • Open an account with at least $100, and deposit at least $100 per month, OR
  • Maintain a balance of $25,000

If you fail to meet one of the requirements above, your APY will drop to the base tier the next month. If you do meet the requirements the next month, it will go back up to 1.00%.

As a welcome offer, CIT Bank will reward you with the 1.00% APY during an Introductory Period. Read more in the next section to learn how that works.

How Your APY Is Determined

CIT will evaluate your account at the end of each month to determine your APY tier for the following month. This is how Savings Builder works:

  • Evaluation Days are 4 business days before the end of each month.

  • You have until Evaluation Day to either make a $100 deposit OR have $25,000 in the account.

  • If you've done so, you'll receive the higher 1.00% APY the next month.

  • If you didn't, your APY will drop down to base APY the next month.

  • This cycle repeats every month.

It could take a few days for a deposit to go through by electronic transfer. Remember to give yourself enough time for transfers to post before the Evaluation Days.

When you first open your savings account, you get an Introductory Period to enjoy the higher APY. You don't have to meet the deposit/balance requirement right away.

You get a "grace period" from account opening day until the next month's Evaluation Day. Then your first Evaluation Period starts. During this period, you'll need to make the required deposits in order to determine your next month's APY after the intro period.

So for example:

  • You open an account on 8/15.
  • Your grace period is from account opening to the end of Sept (9/26). You don't need to do anything during this time.
  • Your First Evaluation Period will be from 9/26–10/28. This will determine November's APY.
  • Your entire Introductory Period is from 8/15–10/28.

That's over 2 months you will receive the higher APY. You can find CIT Bank's evaluation schedule here.

Account Fees

CIT Bank really means it when they say banking with less fees. Here are the fees associated with the Savings Builder account:[1]

  • $100 minimum opening
  • $0 account opening fees
  • $0 monthly service fees
  • $0 minimum balance requirement
  • $0 account closing fee
  • $0 for incoming wires
  • $10 for outgoing wires ($0 for accounts $25,000+)

Account Features

Savings Builder is a high yield savings account designed to encourage you to regularly save and build wealth. It offers these features:

  • Free 24/7 online and mobile banking
  • Mobile check deposit from anywhere
  • Online transfers to other bank accounts or between CIT accounts
  • Daily compounding interest
  • FDIC insurance up to $250,000

CIT Bank is an online bank and does not offer an ATM card for the savings account.

CIT Bank Customer Service:
CIT's customer service phone line is 855-462-2652 (within the U.S.) and 626-535-8964 (outside the U.S.)

You can reach representatives at these hours:

Mon - Fri: 9 am - 9 pm ET
Sat: 10 am - 6 pm ET
Sunday: Closed

Is CIT Savings Builder Good?

CIT Bank's high interest rates and low fees make it a good choice for most savers. The bank's Savings Builder account offers up to a 1.00% APY with a minimal regular monthly deposit of $100.

Savings Builder accounts are meant to reward active savers. The APY is competitive with other online savings accounts and money market accounts. But we like that this account has an encouragement factor. It "forces" you to actively save if you want the higher rate.

The $100 opening requirement is low. And the $100 monthly deposit is very reasonable. If you can stick to it, you'll build a nice little savings fund.

Tip: You only have to deposit $100 each month to get the higher 1.00% APY. But there is no rule saying it has to stay there. Theoretically, you could just withdraw it again after depositing, and you'll still receive the higher APY.

On the other hand, if you have $25,000 to leave on deposit, see if any of these savings accounts are better for you instead. Many of these accounts offer the same high rates, but without having to tie up your funds.

Overall, the CIT Bank Savings Builder is a nice place to safely grow your money. It's good for beginner savers who need a little motivation to put away money each month.

Just note that there are some inconveniences with online banks. For example, it doesn't come with an ATM card, so you will not be able to withdraw savings fast. Transfers will take a few days to process.

How to Open an Account

To open a Savings Builder account, you must be at least 18 years old and a U.S. citizen or permanent resident. The process takes just minutes.

  1. Sign up
    Start by filling out the application.

  2. Provide basic info
    Provide your name, address, phone, email, and Social Security number (or other taxpayer ID).

  3. Fund account
    Fund your account with a minimum of $100. You can do so by linking another bank account and performing an electronic transfer, bank wire, or mail in a check.

CIT Bank will first make two "test" micro-deposits to your funding account (must be a bank checking or savings account). They'll then offset the test deposits with a single withdrawal.

Within 3 business days, you'll get an email with instructions on how to verify the micro-deposits. As soon as you have verified them, CIT Bank will process the transaction to fund your new account.

CIT Bank will conduct a soft pull on your credit when they review your application. This will not affect your credit score.

Depositing Money

You can make unlimited deposits into your Savings Builder account. Deposits can be made in these ways:

  • Electronic Online Transfer
    This is the easiest way. Just link up another bank account to your CIT Savings Builder account. Note that it could take up to 5 business days to complete the transfer.

  • Bank Wire
    CIT Bank doesn't charge a fee for incoming wires. Include CIT's routing number, your name, and your account number.

    CIT's routing number is 124084834.

  • Mail in Check
    You can send a check by snail mail. Checks can be mailed to:

    CIT Bank, N.A.
    Attn: Deposit Services
    P.O. Box 7056
    Pasadena, CA 91109-9699

Withdrawing Money

You can access and withdraw savings in these ways:

  • Electronic Online Transfer
    Directly transfer funds to a linked banking account. Federal regulations limit you to 6 electronic transfers and withdrawals per month for savings accounts.

  • Outgoing Wire
    There is a $10 fee for outgoing wires for accounts with less than $25,000. Wires are also subject to the 6/month limitation.

  • Mailed Check
    You can write to or phone CIT bank and request a check to be mailed to you. There is no limit to withdrawals via check.

How It Compares


  1. ^ CIT Bank. CIT Bank Schedule of Fees, Retrieved 8/30/2022

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