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.

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:

	CIT Bank Savings Connect - 0.50% APY	CIT Savings Builder - 0.40% APY
	SPECIAL OFFER CIT Bank Savings Connect - 0.50% APY - Learn More	SPECIAL OFFER CIT Savings Builder - 0.40% APY - Learn More
APY	0.50%	0.40%
How to Get Highest APY	Monthly deposit of $200 or more into your eChecking account	Monthly deposit of at least $100 OR balance of at least $25,000
Minimum Deposit Required	$200	$100

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.

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CIT Bank Savings Connect - 0.50% APY

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• Earn a competitive high yield savings rate with access and convenience features of an eChecking account.
• Earn up to 0.50% APY on Savings Connect and 0.25% APY on eChecking.
• Savings Connect is a tiered interest rate account dependent on the account holder opening a linked qualifying eChecking concurrently and makes periodic qualifying deposits.
  • Base Tier: (0.42% APY, 0.399% Interest Rate) A minimum qualifying deposit of $200 is not deposited each month into the linked eChecking or the eChecking account is closed.
  • Upper Tier: (0.50% APY, 0.499% Interest Rate) A qualifying deposit of $200 or more is deposited into the linked eChecking account each month.
  • APY assumes a qualifying deposit of $200 or more is made to the linked eChecking account each month.
• Minimum of $100 for both the Savings Connect and eChecking to open ($200 total).