CIT Savings Builder Review: How It Works | Is It Legit Or Scam

People often find it difficult when it comes to actualizing their savings goals. This is because they have this I-Can’t- Save-Some mindset.

They say, ‘I only have some, so, I will save when I’ve enough. The truism is that the best time to save is when you have some.

So, all you need is to have what I call ‘Back Pocket’ Will Rogers once said, “The quickest way to double your money is to fold it in half and put it in your back pocket”.

Your ‘Back Pocket’ can be a bank account, an investment, or any platform where you can keep money that you can access easily.

Talking about a savings account, there are several banks that have savings accounts. Among these banks is CIT Bank.

The bank has a CIT Savings Builder account option for people who wants to bring their saving goals to reality.

You may be wondering why I mentioned CIT bank. It’s because CIT Savings Builder has a lot to offer.

So, am I saying that other banks offer less? NO. Each saving bank has unique features that distinguish it from the rest.

With the CIT Savings Builder account, you can be sure of setting aside an emergency fund, handling your personal expenses, and even achieving your savings goals. Also, you will get 0.45% APY no matter the size of your savings. 

Read this CIT bank Savings Builder review that would give you insight into how it works, its pros and cons, and a lot more.

Full CIT Bank Saving Builder Account Review:

What is CIT Bank Saving Builder Account all about?

CIT Bank Saving Builder Account is one of the special rewarding accounts in CIT Bank. It’s designed to reward customers who have $25,000 and above in their account or customers who save up to $100 monthly. With this special account, customers in that category can meet their savings goals.

Aside from achieving your savings goals, the account can help you in your retirement plan, buying and furnishing your house, handling unexpected emergencies as well as planning for your vacation.

How CIT Savings Builder Works

CIT Savings Builder works in a more unique way than other savings accounts. Basically, the account has two options available for its customers to earn the highest amount of interest.

First, they can either maintain a balance of $25,000 or make a deposit of $100 each month as I mentioned earlier.

That means, you can open an account with $100 and if you deposit $100 in the subsequent months, you earn interest of 0.45%APY. The percentage is the highest interest.

And along the line, if you fail to make a deposit the next month, your APY drops to 0.25%. Note, the rates are flexible. Meaning that they can change at any time.

How to Do I get Started?

Having understood how it works, it’s time to get started.

Interestingly, you can complete the process in just 5 minutes either as a new or existing customer.

To join as a new customer, follow the steps below:

  • Go to the Cit Bank official website, click on ‘open account now’
  • Identify what the account you are opening is for. It can either be ‘Personal’ or ‘Custodial’. Then select a product, which is ‘Savings Builder’ and click on ‘continue’.
  • Note, you can open either an individual account or a joint account. So, select the option you want.
  • Input your personal details which must include:
  • Full name
  • Date of Birth
  • Address
  • Phone number
  • Email
  • Social security number
  • Citizenship
  • Mother’s Maiden Name
  • Fund your account with a minimum of $100. This can be done via transfer with E-transfer, mail-in check, or wire.
  • Expect to get a confirmation which will be sent to you by the bank.

CIT Savings Builder review- Features

CIT Bank savings builder account has some unique features that distinguish it from other savings accounts. Here are some of the features:

It has High APY

APY means Annual Percentage Yield. Although the CIT bank savings builder account’s APY is high, it varies. It is of three different savings account interest rates. The table below helps to explain them better.

BaseLess than $25,0000.29%
UpperLess than $25,000 with monthly deposits of at least $1000.45%
UpperMore than $25,0000.45%

No account opening or maintenance fees

This is another unique feature of this savings account. There are no monthly or maintenance charges, other than a $10 outgoing wire transfer fee if you don’t have up to $25,000.

You can Make Transfer smoothly

You can smoothly make transfers between linked accounts. And also make a deposit from anywhere you are. This is because CIT Bank has a mobile app for different devices.

FDIC insured

CIT Bank is backed by the Federal Deposit Insurance Corporation (FDIC), so in the unlikely event that the bank goes under, the FDIC will pay you up to $250,000 per account type.

How can I access my money in the CIT bank savings builder account?

Very simple. CIT Savings Builder has many options available for you to do that. Whether you want to withdraw or deposit, you can do that easily.

For deposit, you can deposit with a Mailed Check, Wire Transfer, E-funds transfer, or do a mobile deposit. Note, you won’t be charged using any of the options except Wire Transfer.

For Withdrawal, you can only do that through Electronic funds transfer, Requesting a mailed check, or Wire transfer. Note, If you choose to do a wire transfer, you’ll pay a $10 fee if your account’s average daily balance is under $25,000.

What are the Pros and Cons of CIT Bank Savings Builder Account?

The table below explains the pros and cons of the CIT Savings Builder Account:

Multiple ways to earn high interest $100 minimum to open an account
Opportunity to achieve savings goalsThe customer service system is poor
Has good resources that offer calculators, a FAQs page, and info about CIT products.The interest tier APY isn’t competitive 
Has one of the highest APYsIt is open to only USA Residents
No monthly maintenance fees.You can’t get a checking account or credit card with CIT
It is easy to use.

Bottom Line

It is obvious that with CIT savings builder, you can accomplish your savings goals and even handle most of your personal expenses like furnishing your house, getting a car, and so on. Beyond that, you can earn as high of an interest rate of 0.45% APY monthly.



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