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:

 CIT Bank Savings Connect - 0.50% APYCIT Savings Builder - Earn 0.40% APY
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CIT Bank Savings Connect - 0.50% APY

CIT Savings Builder - Earn 0.40% APY

CIT Bank Savings Connect - 0.50% APY - Learn More

CIT Savings Builder - Earn 0.40% APY - Learn More

How to Get Highest APYMonthly deposit of $200 or more into your eChecking accountMonthly deposit of at least $100 OR balance of at least $25,000
Minimum Deposit Required
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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


  • 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


  • 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


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


  • 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

CIT Bank Savings Connect - 0.50% APY

  • 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).
CIT Bank
Member FDIC

CIT Bank Money Market Account - 0.45% APY

  • 0.45% APY
  • $100 minimum opening deposit
  • No monthly maintenance fee
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 or by phone. Enter Offer Code CY21 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 12/15/21, 11:59 PM ET. Offer may be modified or withdrawn without notice. See advertiser website for full details.

Expires 12/15/2021
Member FDIC

Chase Total Checking® - $225 Bonus

  • New Chase customers enjoy a $225 bonus when you open a new 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
Member FDIC

HSBC Premier Checking - $450 Welcome Deposit

Expires 1/5/2022
  • Get a $450 Welcome Deposit for eligible new customers who open a new HSBC Premier checking account and complete the following qualifying activities.
  • Open your new HSBC Premier checking account online by January 5, 2022; and
  • Make recurring monthly Qualifying Direct Deposits totaling at least $5,000 from a third party to your HSBC Premier checking account(s) for 3 consecutive calendar months from the second full calendar month after account opening.
  • You will automatically receive the $450 Welcome Deposit in your new HSBC Premier checking account approximately eight weeks after completing all qualifying activities. It's that simple.
  • Deposit products are offered in the U.S. by HSBC Bank USA, N.A. Member FDIC.

Donna Tang is the head of purpose and audience at CreditDonkey, a bank comparison and reviews website. Write to Donna Tang at 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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