March 12, 2021

CIT Bank Savings Builder vs Money Market

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CIT Bank offers both money market and savings accounts. But which is better to keep your money safe? Find out how to choose between the two.

Traditional banks are kind of a bummer. Many of them charge monthly maintenance fees and offer rock-bottom APYs to boot.

About 28% of American adults have no savings set aside. So if you're in the market for a bank account to stash your money, congratulations!

You could keep your money in a traditional bank, an online bank, or under your mattress. (Actually, let's avoid that last one.) But CIT Bank is one of the best options for a secure account with high rates.

Between the Savings Builder and Money Market accounts, which one will give you the best bang for your buck? Find out the pros and cons of both accounts below.

CIT Savings Builder vs. Money Market account

CIT Bank's Savings Builder and Money Market accounts are both great choices for stashing your savings. Honestly, the accounts are very similar. They'll both keep your money safe and are backed by the FDIC.

Both accounts have similar APYs. What differs between the two is how you can earn that rate. Check out the requirements to get the highest rate for each account:

The Savings Builder has a tiered interest system. If you don't make the monthly deposit or balance, you'll get a lower rate. The Money Market offers the same rate for every account without extra requirements.

While the requirement might seem like a drawback to the Savings Builder, it can be a great motivator to regularly contribute to your savings. With the Money Market account, you can get away with neglecting your savings.

Savings Builder pros and cons

Pros

  • No monthly fees
  • Low minimum to open
  • Incentivizes you to contribute to savings to get highest APY

Cons

  • Low APY if you don't meet requirements
  • Lower APY than some competitors
  • High balance requirement if you don't deposit $100 a month

Money Market pros and cons

Pros

  • No monthly fees
  • Higher APY than Savings Builder
  • No requirements to get highest APY

Cons

  • Some competitors offer higher rates
  • Limited to electronic transfers only
  • No debit/ATM card or check-writing ability

Which is best for me?

As with most things, the best account for you really depends on what you need. For most people, the Money Market account is a better choice. It has higher rates—and you don't need to worry about meeting any requirements to get the rate.

The Savings Builder has its merits too. Because you need to deposit at least $100 per month to get the high APY, it motivates you to keep growing your savings. The account really lives up to its name!

The accounts are really similar, so you can't go wrong with either one. If you want the highest APY possible, go for the Money Market account. If you want a bit of help to increase your savings, go for the Savings Builder.

Bottom line

CIT Bank offers safe, secure accounts to store your money. The Savings Builder and Money Market accounts are great for emergency funds or to save for a home.

All CIT Bank accounts have zero monthly fees and higher interest rates than traditional banks.

Figure out what's most important to you: getting the highest APY or an extra push to contribute to your savings. No matter which you choose, remember to keep saving whenever you can. Future you will definitely thank you.

CIT Bank
Member FDIC

CIT Bank Savings Connect - 2.70% APY

  • Earn 15x the national average
  • $100 minimum opening deposit
  • No monthly maintenance fee
Citibank

Citi Priority Account - Earn up to $2,000 Cash Bonus

Expires 1/9/2023
  • Earn up to $2,000 cash bonus when you open a new eligible Citi Priority Checking Account with required activities
  • Within 20 days of opening, deposit the minimum amount of new-to-Citibank funds.
  • Maintain a minimum balance for 60 consecutive calendar days from the 21st day.
  • If your balance falls to a lower tier at any point during the maintenance period, the bonus changes.
  • Bonus will be paid within 30 days after you successfully complete all required activities.
Discover Bank
Member FDIC

Discover Online Savings - $200 Cash Bonus

To get your $150 or $200 Bonus: What to do: Apply for your first Discover Online Savings Account, online, in the Discover App or by phone. Enter Offer Code CY922 when applying. Deposit into your account a total of at least $15,000 to earn a $150 Bonus or deposit a total of at least $25,000 to earn a $200 Bonus. Deposit must be posted to account within 30 days of account open date. Maximum bonus eligibility is $200.

What to know: Offer not valid for existing or prior Discover savings customers or existing or prior customers with savings accounts that are co-branded, or affinity accounts provided by Discover. Eligibility is based on primary account owner. Account must be open when bonus is credited. Bonus will be credited to the account within 30 days of the account qualifying for the bonus. Bonus is interest and subject to reporting on Form 1099-INT. Offer ends 12/15/2022, 11:59 PM ET. Offer may be modified or withdrawn without notice. See advertiser website for full details.

Expires 12/15/2022
Chase
Member FDIC

Chase Total Checking® - $200 Bonus

Expires 10/19/2022
  • New Chase checking customers enjoy a $200 bonus when you open a Chase Total Checking® account and set up direct deposit
  • Access to 16,000 Chase ATMs and more than 4,700 branches
  • Chase Mobile® app - Manage your accounts, deposit checks, transfer money and more -- all from your device.
  • Open your account online now
  • Available online nationwide except in Alaska, Hawaii and Puerto Rico. For branch locations, visit locator.chase.com.
  • Chase Overdraft Assist℠ - no overdraft fee if you're overdrawn by $50 or less at the end of the business day or if you're overdrawn by more than $50 and bring your account balance to overdrawn by $50 or less at the end of the next business day*

*With Chase Overdraft Assist℠, we won't charge an Insufficient Funds Fee if you're overdrawn by $50 or less at the end of the business day OR if you're overdrawn by more than $50 and you bring your account balance to overdrawn by $50 or less at the end the next business day (you have until 11 PM ET (8 PM PT) to make a deposit or transfer). Chase Overdraft Assist does not require enrollment and comes with eligible Chase checking accounts.

Bluevine

Business Checking - Up to 1.5% APY

  • 1.5% APY on your balance up to $100,000 for customers that meet monthly eligibility requirements
  • $0 minimum opening deposit
  • $0 monthly service fee
Banking services provided by Coastal Community Bank, Member FDIC

Donna Tang is a content associate at CreditDonkey, a bank comparison and reviews website. Write to Donna Tang at donna.tang@creditdonkey.com. Follow us on Twitter and Facebook for our latest posts.

Note: This website is made possible through financial relationships with some of the products and services mentioned on this site. We may receive compensation if you shop through links in our content. You do not have to use our links, but you help support CreditDonkey if you do.

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About CIT Bank Promotions

CIT Bank offers some of the highest interest rates on the market. It is an online-only bank. Because there is no overhead typical of brick-and-mortar banks, CIT can pass the savings to customers in forms of higher yield.

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