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:

 CIT Savings Builder - 0.40% APYCIT Bank Money Market Account - 0.45% APY
 Get DealGet Deal
 

CIT Savings Builder - 0.40% APY

CIT Bank Money Market Account - 0.45% APY

SPECIAL OFFER
CIT Savings Builder - 0.40% APY - Learn More

SPECIAL OFFER
CIT Bank Money Market Account - Learn More

APY
0.40%
0.45%
How to Get Highest APYMonthly deposit of at least $100 OR balance of at least $25,000
No requirements
Minimum Deposit Required
$100
$100
 Get DealGet Deal

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 Money Market Account - 0.45% APY

  • 0.45% APY
  • $100 minimum opening deposit
  • No monthly maintenance fee
Citibank

Citi Priority Account - Up to $1,500 Cash Bonus

Expires 1/4/2022
  • Earn up to $1,500 cash bonus when you open a new account with required activities
  • Open a new eligible checking account in the Citi Priority Account during the offer period 10/5/21-1/4/22
  • Within 20 days of opening, deposit $50,000 in New-To Citibank funds between the new checking and savings accounts
  • Maintain a minimum balance of $50,000 in the checking account for an additional 60 consecutive calendar days from the 21st day
  • After all required activities are met, the cash bonus will be deposited to your account within 90 calendar days
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 or by phone. Enter Offer Code CY21 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 12/15/21, 11:59 PM ET. Offer may be modified or withdrawn without notice. See advertiser website for full details.

Expires 12/15/2021
Chase
Member FDIC

Chase Total Checking® - $225 Bonus

Expires 1/19/2022
  • New Chase checking customers enjoy a $225 bonus when you open a new 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.
  • Overdraft Services - no fee if you're overdrawn by $50 or less at the end of the business day*
  • *We charge a $34 Insufficient Funds Fee per item during our nightly processing beginning with the first item that overdraws your account balance by more than $50 (maximum of 3 fees per business day, up to $102).

Donna Tang is the head of purpose and audience 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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