CIT Bank Savings Connect vs Savings Builder
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.
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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.
Now's a good time to save, since savings rates are high. And CIT offers one of the highest interest rates on the market 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 savings account boasts a higher APY. Here's how the two accounts work:
- Savings Connect: Earn 3.60% APY on your entire balance. You only need $100 to open. There is no monthly fee or minimum balance requirement. Find out more.
- Savings Builder: This account has a tiered interest system. You can earn 1.00% APY if you open the account with $100, and deposit at least $100 per month. OR if you maintain at least $25,000 balance. Find out more.
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.
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CIT Bank Savings Connect - 3.60% APY | CIT Savings Builder - 1.00% APY | |
|---|---|---|
CIT Bank Savings Connect - | CIT Savings Builder - 1.00% APY - | |
| APY | ||
| How to Get Highest APY | Monthly deposit of at least $100 OR balance of at least $25,000 | |
| Minimum Deposit to Open | ||
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There are merits to each account type. Learn more about the pros and cons of the two accounts.
Savings Connect pros and cons
Pros
- High 3.60% APY
- No monthly deposit or balance required to earn APY
- No maintenance fees
- Daily compounding interest
Cons
- No debit/ATM card
Learn more about Savings Connect
Savings Builder pros and cons
Pros
- Promotes savings habit
- No maintenance fees
- Daily compounding interest
Cons
- APY isn't competitive with Savings Connect
- Has requirements to get the higher APY
- No debit/ATM card
Learn more about Savings Builder
Which Is Best for Me?
If you're looking for the highest APY to grow your money, CIT's Savings Connect is the clear winner. There is no deposit or minimum balance required to earn the high interest.
On the other hand, if you are interested in creating a savings habit and building a savings fund, the Savings Builder is a good alternative.
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 want a higher APY, Savings Connect offers a very competitive APY—much higher than you'd find at a traditional bank. If you plan to save regularly towards an emergency fund or a goal, 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 Savings Connect - 3.60% APY
- Earn 15x the national average
- $100 minimum opening deposit
- No monthly maintenance fee
CIT Savings Builder - 1.00% APY
Earn up to 1.00% APY. Here's how it works: Maintain a minimum balance of $25k OR make at least a $100 minimum deposit every month. Member FDIC
Earn 15x National Average
Save smart and earn 3.60% APY at CIT Bank, a CreditDonkey recommended partner.
CIT Bank Savings Connect - 3.60% APY
- Earn 15x the national average
- $100 minimum opening deposit
- No monthly maintenance fee
Citi Priority Account - Earn up to $2,000 Cash Bonus
- 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 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.
Chase Total Checking® - $200 Bonus
- New Chase checking customers enjoy a $200 bonus when you open a Chase Total Checking® account and set up direct deposit
- Access to more than 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 of 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.
Business Checking - Up to 2.0% APY
- 2.0% APY on your balance up to $100,000 for customers that meet monthly eligibility requirements
- $0 minimum opening deposit
- $0 monthly service fee
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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