CIT Bank offers high rates of interest in its savings account and money market funds, while providing a wide range of products and services to financial institutions, businesses, and consumers. CIT Bank offers online savings, money market, and CD accounts.

CIT Bank wants to make short-term loans to new customers, and is offering competitive rates for the money to be loaned.

In my previous article, I wrote about CIT Bank’s pretty new Direct Deposit Savings Account promotion. This time, I would like to talk about their competitive rate of 0.45%, which is good for both terms (Savings and Money Market). And even more important is their 0.40% APY Savings. This is a great savings account to have. The CIT Bank bonus needs a deposit of $2,500 to get the 0.40% APY. This promotion is available on the CIT Bank website and the branch locations.

CIT Bank offers one of the highest interest rates on the CIT Savings Builder account.

There are no monthly payments and you can withdraw money at any time. Plus, it’s FDIC insured, so you have peace of mind and protection.

Savings CIT



  • Competitive rates
  • No cost
  • Intuitive
  • Excellent service.


  • No credit card
  • Dual pricing

There are many reasons why you should have cash on hand in case you need it. One of the main reasons is to have an emergency fund.

Another reason is that you are saving for something important, such as a down payment on a house or car. Money for these purposes should be kept safe, but that doesn’t mean you want to earn a pittance in interest.

The same goes for those who are just starting to build up their savings. You want your money to work for you, not sit in an account that doesn’t earn much interest.

Here is my review of CIT Bank and their CIT Savings Builderaccount and why I consider it one of the best savings accounts currently available.

Ninja Update 7/4/21: CIT Bank also has a money market account , which currently offers an interest rate of 0.45% per annum – slightly higher than the savings account.

Via Bank KIT

CIT Bank, part of the CIT Group, is an established bank founded in California in 1908. It is an FDIC-insured bank that offers a wide range of financial products, including savings deposits, money market certificates and (CDs), and mortgages.

Although the bank has several branches, they are all located in California, so it is essentially an online bank.

You can do all your banking and manage your business from the website, app and phone.

The lack of a large number of stores is actually a good thing for us! Because they don’t have large overhead costs like traditional banks, they pass this on to their customers by offering highly competitive products, such as… B. a savings account called CIT Savings Builder.

What is CIT Savings Builder?

CIT Savings Builder is a high interest savings account launched by CIT Bank in early 2019. It offers a MASSIVE interest rate compared to the average bank.

In my research, I discovered that a typical bank offers an annual interest rate of about 0.09%. CIT Savings Builder, on the other hand, currently pays 2.30% interest per year – almost 26 times more interest!

updated on 7/4/21: Interest rates have stabilized at 0.40% due to the ongoing impact of the COVID-19 pandemic. It’s much lower than when I was considering CIT Bank, but in the past year, interest rates have dropped at all banks.

Imagine you have $25,000 in your bank account, which you are saving for a down payment on a house, and you are saving another $100 each month.

If you put this money into a regular savings account, you will have a final balance of $31,126.50 after 5 years.

If you deposited that money into CIT Savings Builder, your balance would increase to $34,568.52, meaning the difference in would be almost $3,500! Just to put your money in a better account!

What are the parts?

CIT Savings Builder has no monthly fees: no account opening fee, no wire transfer fee, no receipt fee, and no closing fee.

Only $100 is required to open an account and the minimum balance is $0.

How can it be better than that? ::mic drop: :

It has a dual structure (basic and premium rates). However, the conditions for obtaining the said higher rate are quite simple and straightforward:

To qualify for the higher interest rate (currently 2.30% per year), you must meet one of the following conditions:

  • Minimum monthly deposit of $100.
  • Average monthly balance of $25,000 or more

The first option, where you deposit $100 per month, is much simpler. For some, $25,000 may be hard to come by.

If, for any reason, you are unable to use any of these options in a given month, your account will earn interest at the base rate (currently 1.26% per annum).

It’s still much better than normal, and the best part is that once you deposit at least $100 a month or have an average monthly balance of $25,000 or more, you get higher interest rates again.

What else should I know?

I tried to compile a list of pros and cons, and I really couldn’t find any significant negative points about CIT Savings Builder.

If I were picky… like really picky, it would be these 3 things:

  • No ATM or ATM cards: CIT Bank does not issue ATM cards for its Savings Accounts. Like other online banks, you can transfer your money from CIT Bank to another bank for free at any time. I can’t remember the last time I needed a withdrawal card (credit cards are everything, baby), but for you it may be important.
  • Increased tariff requirements: As I wrote earlier, you must deposit $100 monthly or have a monthly balance of $25,000 or more to get a higher interest rate. Ideally there should be no requirements, but I think this is reasonable for the amount they are paying.
  • I can’t think of anything else: I like things in threes and I wish the list of things I don’t like had three reasons too, but I can’t! Ninja friends – if you know of another negative, let me know and I’ll add it to the list.

Is the CIT savings programme suitable for me?

The Savings Accounts Builder is ideal for those who have extra money to save for a short to medium term goal and want a much higher interest rate than the average savings account.

If you have $25,000 or more in a low-interest account, the right financial move is to open a Savings Account and transfer your money there.

The interest rate is extremely competitive. If you deposit $25,000, you will still get the highest interest rate possible. You can set it up and forget about it until you need the money for a big purchase.

Even if you don’t have $25,000, you’ll get the maximum interest rate if you can deposit $100 per month. This makes it perfect for those who can start building their savings and make monthly deposits.

The conclusion

Savings Builder from CIT Bank is the perfect place to your savings foremergencies, a down payment on a home or car, an upcoming vacation, or just as a rainy day fund.

It is also a good option for those who do not have much money, but still want to save more and enjoy high interest rates.

At The Money Ninja, we strongly believe in maximizing your money. is our motto! We don’t just want to save our money, we want to save our money in the BEST way possible.

You worked hard to get them, and the account you put them on must also work hard for you. CIT Bank’s new Savings Builder product will do just that.

You can view more information or open a new account for CIT Bank’s Savings Builder product.The CIT Bank, a division of Citigroup, offers a number of savings and money market accounts, with competitive interest rates and other features.. Read more about cit bank savings builder and let us know what you think.

Frequently Asked Questions

What is CIT bank money market rate?

CIT bank money market rate is the interest rate offered by Citibank for its money market accounts.

What is CIT Bank APY?

CIT Bank APY stands for Annual Percentage Yield. It is the annual interest rate that a bank pays on a savings account.

Is CIT bank a money market account?

No, CIT bank is not a money market account.

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