Updated October 30, 2022

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.

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 - 5.05% APY

  • 5.05% 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
Citibank

Citi Priority - Earn up to $2,000 Cash Bonus

Expires 1/9/2024
  • Earn up to $2,000 when you open a new eligible Citi checking account and enroll in the offer the same day
  • New to Relationship customers can choose their Relationship Tier.
  • 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 Balance Level at any point during the maintenance period, the bonus changes.
  • Bonus will be paid within 30 days after you successfully complete all required activities.
  • Restrictions apply.
Discover Bank
Member FDIC

Discover Online Savings - $200 Cash Bonus

Expires 12/14/2023

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 CY923 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 60 days of the account qualifying for the bonus. Bonus is interest and subject to reporting on Form 1099-INT. Offer ends 12/14/2023, 11:59 PM ET. Offer may be modified or withdrawn without notice. See advertiser website for full details.

Chase
Member FDIC

Chase Total Checking® - $200 Bonus

Expires 10/18/2023
  • 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 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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