March 5, 2021 10:00 AM PT

CIT Bank Savings Connect vs Savings Builder

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CIT Bank has even more ways to save now. Savings Connect and Savings Builder both offer competitive rates. Find out the bank account that is best for you.

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

It's really no wonder that more people are looking toward online banks instead. CIT Bank is a popular choice, especially for their savings products.

Interest rates across the board aren't as high as they used to be (you can thank the Fed for that). But CIT still offers competitive rates with their Savings Connect and Savings Builder accounts.

Find out the pros and cons of each account and see how they stack up below.

CIT Savings Connect vs. Savings Builder

The Savings Connect account is a new product from CIT Bank. This new account boasts a higher APY and the ability to access your funds through an ATM. The catch? To get the benefits of Savings Connect, you have to open an eChecking account with CIT too.

The Savings Builder, on the other hand, is a regular savings account. You don't need to have any other accounts with CIT to use the Savings Builder. Here are the requirements for each account:

Both the Savings Connect and Savings Builder have a tiered interest system. If you don't meet the requirements above, you'll earn a lower rate. But even these lower rates are better than what you'd get at most traditional banks.

There are merits to each account type. Learn more about the account types and see

Savings Connect pros and cons

Pros

  • Low APY is still higher than Savings Builder's top APY
  • Access funds on the go with debit card
  • Reimburses $30 in ATM fees per month

Cons

  • Must open multiple accounts
  • Currently open eChecking accounts don't qualify
  • $30 might not be enough for frequent ATM use

Savings Builder pros and cons

Pros

  • No monthly fees
  • Lower monthly deposit requirement
  • Competitive high-tier APY

Cons

  • Low-tier APY isn't competitive with Savings Connect
  • No debit/ATM card
  • High balance requirement if you don't deposit $100/month

Which is best for me?

What are you looking for in a bank account? For the highest APY and easy access to your money with a debit card, the Savings Connect is a winner—if you're willing to open two accounts with CIT.

You do have to deposit at least $200 into your checking per month to get the highest rate. But even the lowest rate is higher than Savings Builder's top rate. You also get a debit card to access your funds. With the Savings Builder, you're limited to electronic transfers only.

On the other hand, if you aren't interested in opening a checking account, the Savings Builder is a good alternative. The interest rate is lower, but you only need to deposit $100 per month instead of $200.

Whether you're saving for long-term or short-term goals, you can't go wrong with either account. Both are secure, FDIC-insured accounts that will keep your money safe.

Bottom line

Savings Connect and Savings Builder from CIT Bank are great accounts for an emergency fund or to save for a much-needed vacation.

If you're open to doing both checking and savings with CIT, the Savings Connect offers a very competitive APY—much higher than you'd find at a traditional bank. If you want to open just one account and don't need debit card access, try the Savings Builder instead.

No matter your savings goals, you can trust that your money's safe with any of CIT's secure bank accounts. The most important thing is to regularly contribute to your savings so they can keep growing with you.

CIT Bank
Member FDIC

Money Market Account - Get a Year of Amazon Prime

Expires 9/23/2022
To get your year of Amazon Prime ($139 cash value):
  • Open a new Money Market account using promo code AMZN22.
  • Fund your account with $15,000 within 15 days.
  • Keep a minimum balance of $15,000 for 60 days.
After 60 days, if you've fulfilled the requirements, CIT will send you an email with your Prime membership code. Existing Amazon Prime members can use the one year of Amazon Prime to renew their membership for an additional year. Limit one Money Market promotion per account and per customer. Conditions apply. See advertiser website for details.
Citibank

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

Expires 7/17/2022
  • 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 1/5/22-7/17/22
  • 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, by phone or Discover App). Enter Offer Code CY622 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 09/15/2022, 11:59 PM ET. Offer may be modified or withdrawn without notice. See advertiser website for full details.

Expires 9/15/2022
Chase
Member FDIC

Chase Total Checking® - $200 Bonus

Expires 7/20/2022
  • 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℠: $0 overdraft fee when you overdraw your account $50 or less*

*We won't charge an overdraft fee if you are overdrawn $50 or less at the end of the business day. Chase may pay, for a $34 fee, overdraft transactions at our discretion based on your account history, deposits and transaction amount. If you've enrolled in Debit Card Coverage, everyday debit card purchases like groceries, may be approved at our discretion when you don't have enough money in your account.

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 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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