Updated October 30, 2022

CIT Bank Savings Connect vs Savings Builder

Read more about CIT Bank
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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.

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 4.65% 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.

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 4.65% 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
Member FDIC

CIT Bank Savings Connect - 4.65% APY

  • Earn 11x the national average
  • $100 minimum opening deposit
  • No monthly maintenance fee
  • Member FDIC
CIT Bank
Member FDIC

CIT Bank Platinum Savings - 5.00% APY

  • 5.00% APY with a balance of $5,000 or more
  • 0.25% APY with a balance of less than $5,000
  • $100 minimum opening deposit
  • No monthly maintenance fee
  • Member FDIC
Discover Bank
Member FDIC

Discover® Online Savings - $200 Cash Bonus

Expires 9/12/2024

To qualify for Bonus: Apply for your first Discover Online Savings Account, enter Offer Code CY624 at application, 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. Qualifying deposit(s) may consist of multiple deposits and must post to Account within 45 days of account open date. Maximum bonus eligibility is $200.

What to know: Offer not valid for existing or prior Discover savings customers, including co-branded, or affinity accounts. Eligibility is based on primary account owner. Account must be open when bonus is credited. Bonus will be credited to the account within 60 days of the account qualifying for the bonus. Bonus is subject to tax reporting. Offer ends 09/12/2024, 11:59 PM ET. Offer may be modified or withdrawn without notice. See advertiser website for full details.

Chase
Member FDIC

Chase Total Checking® - $300 Bonus

Expires 7/24/2024
  • New Chase checking customers enjoy a $300 bonus when you open a Chase Total Checking® account with qualifying activities
  • Access to more than 15,000 Chase ATMs and more than 4,700 branches
  • Chase Mobile® app - Manage your accounts, deposit checks, transfer money and more -- all from your device.
  • JPMorgan Chase Bank, N.A. Member FDIC
  • 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 fees 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*

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 bank that offers a variety of savings products. Because of CIT's merger with First Citizens Bank, you can also access products and services offered by First Citizens.

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