CIT Bank Discounts, Deals and Coupon Codes

Earn 2.30% APY With a CIT Bank Savings Builder Account

See if this limited-time offer is right for you.
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Want your hard-earned money to work harder for you? For a limited time only, CIT Bank is offering 2.30% annual percentage yield (APY) on its Savings Builder accounts when you make a qualifying deposit of $100 or more each month or maintain a $25,000 or higher balance.

What is a CIT Bank Savings Builder Account?

CIT Bank's Savings Builder accounts are interest-bearing savings accounts with tiered interest rates. The interest you accrue is compounded daily and credited to your account on a monthly basis.

CIT Bank offers two types of Savings Builder accounts that qualify for the current 2.30% APY:

  • High-Balance Savers Account: Must maintain a balance of $25,000 or more.
  • Monthly Savers Account: $100 minimum to open the account, and a $100 or more single deposit each month.

Just keep in mind that the bank's APYs are variable and subject to change without notice.

As SlicksterDealer points out, "CIT opens a new type of account with a better interest rate about every year and starts dropping the interest rates on their existing accounts. So watch the interest rate like a hawk."

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How to Access Your CIT Bank Savings

CIT Bank allows its account holders to access their money via the following methods:

  • Free electronic banking transfers (ACH) between your Savings Builder account and an account at another bank
  • Outgoing wire transfers ($10 fee for accounts with balances under $25,000)
  • A mailed check

According to CIT Bank's website, its Savings Builder accounts have "a limit of six pre-authorized or automatic transfers or withdrawals, electronic banking transfers to other accounts or similar per statement cycle." With that said, if you make a withdrawal or transfer request by mail or telephone, and then have the money mailed to you as a check, it won't count toward the limit.

Slickdealer deringer praised the bank's ACH policy on our forums: "I opened a CIT Bank account a year ago to make an emergency savings account (finally) and have been moving money in and out to help pay for my daughter's college. Never run into an issue ACHing, except that it takes the full 3-5 business days to move. If you can handle that, then go for it."

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What if You Already Have a CIT Bank Account?

If you already have an account with CIT Bank, you can still take advantage of this offer. While you will have to open a new account, the process is quick and relatively simple.

Slickdealer nuffstylez noted that they, "called up today to see if I could switch my account from a High Yield Savings to a Savings Builder account, but they said I had to open a new account and either close out the High Yield or keep it also. The nice gentleman on the phone walked me through all the steps doing it online on my computer, took less than five minutes total. I was able to move the funds to the new account, and he closed the other one for me."

How Does the CIT Savings Builder Account Rate Compare to Other Banks?

You may find similar interest rates at other banks, but our community strongly recommends reading the fine print. This is especially relevant when it comes to the rules surrounding withdraws and transfers.

For instance, Slickdealer plusring points out that, "The ACH limit needs to be considered if you need to move the money out (e.g., an emergency). I opened a Memory Bank account recently (2.40% APY) not knowing that there is a $2,000 ACH limit and $10,000 ACH per month limit."

ECartman encouraged forum users shopping for a new bank or a better rate to, "Just be careful as some odd banks, like Dollar Savings Direct, restrict even ACH pulls initiated from other banks."

Finally, you may want to see how other banks compete, especially if you're otherwise happy with your current bank.

Want to stay updated on the latest banking offers? Set a Deal Alert to be notified as soon as a new deal is posted.

Special thanks to bairdnco24 for posting this offer on our forums!


Any product or service prices/offers that appear in this article are accurate at time of publish, and are subject to change without notice. Please verify the actual selling price and offer details on the merchant’s site before making a purchase.

About the Author
Lesley Sheridan Contributor

Lesley Sheridan is a freelance fashion and beauty writer who lives for Pinterest boards, animal prints, strappy shoes and coupon codes. Her bookshelves are filled with Kevyn Aucoin makeup guides, and her favorite band is and will always be INXS. A Kentucky girl at heart, she currently resides just outside of Cincinnati, Ohio, with her rescue cats, a boyfriend who wishes he were an astronaut and a dog whose favorite word is “pizza.”


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