CIT Bank Savings Builder vs Money Market

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 - Earn 0.40% APY	CIT Bank Money Market Account - 0.45% APY
	SPECIAL OFFER CIT Savings Builder - Earn 0.40% APY - Learn More	SPECIAL OFFER CIT Bank Money Market Account - 0.45% APY - Learn More
APY	0.40%	0.45%
How to Get Highest APY	Monthly deposit of at least $100 OR balance of at least $25,000	No requirements
Minimum Deposit Required	$100	$100

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.