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CIT Bank 2.45% APY Savings Builder Review

CIT Bank 2.45% APY Savings Builder Review

CIT Bank is offering a nice 2.45% APY high-yield savings account nationwide. This offer is available to members signing up for their Savings Builder Account.

CIT 2.45% APY Savings Builder offer details

  • Availability: Nationwide
  • Account: Savings Builder (Savings account)
  • Rate: 2.45% APY
  • Credit Inquiry: Soft pull
  • Minimum deposit: $100/mo or $25K balance
  • Maintenance fee: None
  • Early termination fee: None
  • Insurance: Standard FDIC up to $250K
  • Opening funding: $100

Getting the 2.45% rate

To qualify for the 2.45% APY, you need to have at least either:

  • A minimum of $25K
  • A monthly deposit of $100 or more for accounts below $25K

For those who have less than $25K and don’t deposit at least $10 a month, they’ll get the base rate of 1.17% APY, so you definitely want to at least put in $100 a month in deposits.

CIT Bank is based in California and is 100% online only. The Savings Builder Account is one of the highest earning accounts you can get right now with no monthly minimums. The rate is tiered and remains competitive with other banks.

ACH speeds

CIT has a push speed of 1-2 business days with a $2M/day limit and a $12M/mo limit.

CIT has a pull speed of 1-2 business days with the same monetary limits.

Linked accounts

You’re allowed up to 10 linked accounts at this bank- which is one of the highest I’ve seen so far.

Wire transfers

CIT allows free outgoing transfers for balances of at least $25K. For accounts under the limit, there’s a $10 fee for outgoing wire transfers. For incoming transfers, they’re free.

As with any other bank, you get free withawls limited to six per statement.

Pros of CIT Bank:

  • Low minimum deposits of $100/mo.
  • High APY of 2.45%
  • Easy to meet the requirements
  • Requires monthly management if savings less than $25K.

Cons of CIT Bank:

  • Requires monthly maintenance for accounts under $25K.


CIT is one of the highest-yielding banks right now with a competitive APY. Definitely worth signing up for at least the time being. Easy to sign up and get the high rate.

What do you think?