Update 9/10/19: Rate reduced to 2.20% APY. Updated the image below.
Update 6/30/19: Rate has been reduced to 2.30% APY (previously 2.45%), for a list of the best current savings rates click here.
Offer at a glance
- Availability:Â Nationwide
- APY:Â 2.20% on balances $25,000+
- Hard/soft pull:Â Soft
- ChexSystems:Â YesÂ
- Credit card funding:Â None
- Monthly fees:Â None
- Early account termination fee:Â None
- Insurance: FDIC insurance up to $250,000 per account
- US Citizenship Required: Citizenship or green card
Contents
The Offer
- CIT Bank offers their Savings Builder savings account with an interest rate of 2.20% APY. You can get this rate in one of two ways:
- Maintain $25,000+ in the savings account
- Make $100 monthly deposit to the savings account
Our Verdict
In the past, we’ve taken issue with CIT Bank’s method of avoiding raising the rate for existing customers by creating a ‘new’ product when increasing the rates. However, reader Walter assures us that those who already had the Savings Builder savings account at the 2.25% rate were automatically bumped up to 2.45%. I’m hopeful they’ve changed ways and will continue to increase rates for everyone.
This leads me to recommend this account as the best high-yield account currently available. There is a 2.50% rate from EBSB, but it’s not clear that they are available nationwide, plus, I like that CIT seems to be intent on keeping themselves at the top of the market, and hopefully they’ll continue to remain at or near the top rate available.
Rate down to 1.70%
Rate down to 1.85%
Confirmed. My account now says the interest rate is 1.83% (I’m guessing that is the APR). No notice. The listed rate in the account just changed.
Rate down to 2.10%
Time to take my money elsewhere…
Hi, WannaBeRacer, Savings Builder is a tiered, variable interest-rate account, and the rate may change at any time based on number of factors. We made an adjustment to the Upper-tier APY of Savings Builder to 2.10%. We’re still offering a competitive return for our customers to help them meet their financial goals. We encourage all bank customers to visit the site regularly to learn about our savings products and bank services. Thanks and have a great day.
2.1% now. And the race to the bottom has begun.
Hi, John, we consider a number of marketplace factors when setting or changing the interest rates on our CDs, Savings and Money Market accounts. We’re still offering a competitive return for our customers to help them meet their financial goals. We encourage all bank customers to visit the site regularly to learn about our savings products and bank services. Thanks and have a great day.
I closed my account when they reduced the rate from 2.45%, it was too short the time that I was on that rate that it doesn’t worth it to open an account.
Hmmm, might be time to move all money to Wealthfront…
Does CIT charge for closing the account?
Hi, MissMBA, we’re still offering a competitive return for our customers to help them meet their financial goals, and we’d be sad to see you leave our CIT Bank family. You can close your account anytime by signing into your account and sending us a secure message. There is no fee charged to close an account. We consider a number of marketplace factors when setting or changing the interest rates on our CDs, Savings and Money Market accounts. We encourage all bank customers to visit the site regularly to learn about our savings products and bank services. For further assistance, please talk to our digital bankers at 855-462-2652. Thanks and have a great day.
Thanks for replying. Do you charge maintenance fees after balance goes below a certain amount?
Hi, MissMBA, thank you for your question. There are no opening or monthly fees associated with the Savings Builder account. The Savings Builder Account has two tiers: the Base Tier and the Upper Tier. You’ll earn the Upper-tier APY, as long as you make at least one monthly deposit of $100 or more or maintain a minimum balance of $25,000 on each Evaluation Day. The Upper tier APY applies to all balance amounts if you meet the above-stated requirements. To get going today, please visit http://ow.ly/zhQu30pow7k. You can talk to our digital bankers at 855-462-2652. Thanks and have a great weekend.
Title is incorrect. Need to replace “Up To” with “of”.
Rate is now 2.20% guys, and they don’t even bother sending an email to customers. Won’t be long until other drop their rates too but at least they tell their customers.
Hi, John, Savings Builder is a tiered, variable interest-rate account, and the rate may change at any time. We made an adjustment to the Upper-tier APY of Savings Builder to 2.20%. We’re still offering a competitive return for our customers, to help them meet their financial goals. We encourage all bank customers to visit the site regularly to learn about our savings products and bank services. For further assistance, please talk to our digital bankers at 855-462-2652. Thanks and have a great day.
Rate drop from 2.45 to 2.30% felt like bait-and-switch. Closed my account.
They chose to exploit/burn me as a customer. Not really a smart move.
Hi, Steven, we consider a number of marketplace factors when setting or changing the interest rates on our CDs, Savings and Money Market accounts. We’re still offering a competitive return for our customers, to help them meet their financial goals. We encourage all bank customers to visit the site regularly to learn about our savings products and bank services. For further assistance, please talk to our digital bankers at 855-462-2652. Thanks and have a great day.
they just sent me an email that they will reduce their rate to 1.9 %
Philipp,
Starting 08/06/2019, your Online Savings Account will earn 1.90% Annual Percentage Yield (APY) on all balance tiers.
Hi, Philipp, thank you for reaching out. CIT Bank did not send an email to customers with the information in your post. CIT Bank’s Savings Builder account has a 2.30% APY. For additional assistance, please call our Contact Center at 855-462-2652. Thanks and have a great day.
This rate drop is the last draw for me, after they pulled a switcheroo on existing customers last time to avoid giving them the higher rate. I called them up hoping they’d give some concession but they didn’t budge.
I’ve moved money to Wealthfront, and possibly Betterment next. Sure these 2 are not real banks but I think the higher rate is worth it.
Hi, John, we’ll pass on your feedback to our team. Thanks and have a great day.
@CIT Bank you’ll be happy to know that I’ll be moving all my money back to CIT after Wealthfront pull the rate 😀 For the same rate I’d rather be with a real bank.
Hi, John, welcome back to our CIT Bank family. We’re thrilled to have you back as a customer. For any assistance, please feel free to contact us at 855-462-2652. Thanks and have a great day.
Time to pull again!