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CIT Bank Savings Builder Account: Earn

2.30% APY
w/ $100/mo Deposit or $25k Balance
+200 Deal Score
288,675 Views
Update: This very popular deal is still available.

CIT Bank is offering their Savings Builder Account with 2.40% APY -> now 2.30% APY when you make a qualifying $100+ deposit every month or maintain a $25,000+ balance. Thanks bairdnco24

Note: The minimum to open a account is $100.

Details:
  • Get 2.30% APY from the day the account is opened through the first Evaluation Day
  • Continue earning 2.30% APY by:
    • Maintaining a balance of $25,000 or more
    • OR
    • Making at least one monthly deposit of $100 or more (Initial $100 deposit does not qualify)
  • There are no opening, monthly servicing, online transfer or incoming wire fees
  • Daily compounding interest to maximize your earning potential
  • Member FDIC
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Original Post

Written by
Edited January 28, 2019 at 09:59 AM by
2.45% APR if $25,000 balance or monthly deposits of $100 or more.

https://www.cit.com/cit-bank/bank...r-account/
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2.30% APY

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This comment has been rated as unhelpful by Slickdeals users
Joined Nov 2005
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#46
Good rate. Opened an account today. Thanks for posting.
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Joined Oct 2007
Why U No Give Free?
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#47
So are there ANY fees on this Savings Builder account? What if I decide to pull all my money?

Also see that the APY is subject to change, so I assume what is 2.45% today may be drastically lower later.
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#48
Quote from homeowner1
:
I have the account too. They asked me to open a new one for better rate. Not a good option to me. I moved to citizenaccess. They have increased my rate few times on the same account 2.25% right now but no hassle Experience with CIT had been good overall other than the rate increase issue. I still recommend citizenaccess if you want to get a fair deal long term.
Citizen access is 2.35 now

I'm currently using marcus at 2.25 hoping they will go even higher....

tempted to go either cit or citizen access....
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Joined Aug 2010
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#49
For those that opened this, is the 2.45% APY only good for one year (the "introductory period") then back down to under 1% afterwards? I may have read that wrong, so could use some clarification.
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#50
Quote from Jackalope
:
FWIW, I have been keeping my cash in Vanguard's Prime Money Market Fund (VMMXX), currently at 2.46% compound yield. While not FDIC insured, this is Vanguard, so the risk is very low. If Vanguard goes, then we are all in very big trouble!

I have found that VMMXX responds very quickly to the Fed, while savings accounts like Discover take longer to adjust.

See here for more info:

https://investor.vanguard.com/mut...file/VMMXX
It has an expense ratio of 0.16% which effectively reduces the yield to 2.3%, still better than Ally and Discover.
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Joined Nov 2010
"Buy Low-Live High"
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#51
Quote from CSIG1001
:
so what mafia family runs this banklaugh out loud
Chase has the best new account bonus going right now. So look into that before you bash them. I'm looking at trying the $600 new account bonus offer.
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#52
I opened an account about 1 week ago due to seeing the high rate posted on another site. The process is pretty painless. Their website and app are clean and easy to use. I've seen no red flags up to this point about the company or process. It's a great place to park a lump of cash and do monthly savings deposits. I previously used Smarty Pig, but don't really like their kiddish interface and their rate is at 1.75%.
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#53
funny the online login page and account page looks identical to Popular Direct. my account with them is at 2.33%, opened a CIT acct and will be transferring funds out. Thanks for sharing
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#54
Quote from Jackalope
:
FWIW, I have been keeping my cash in Vanguard's Prime Money Market Fund (VMMXX), currently at 2.46% compound yield. While not FDIC insured, this is Vanguard, so the risk is very low. If Vanguard goes, then we are all in very big trouble!

I have found that VMMXX responds very quickly to the Fed, while savings accounts like Discover take longer to adjust.

See here for more info:

https://investor.vanguard.com/mut...file/VMMXX
Can you reinvest the distributions back into the security; sort of like dividend reinvestment? Or do you have to take a cash distribution?
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#55
Quote from Iceaug
:
I use Marcus: By Goldman Sachs. There are no strings attached and
current APR is 2.25%. These guys are always one of the first to raise
APR!! I also use Discover Bank which follows close behind on similar
APR increases.
I have accounts with them also. They're awesome.
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#56
Quote from jwinner5
:
I've been with CITBank for a few years, and this is one of the drawbacks. They change the product with their best interest rate from time to time and don't tell you. 18 months ago, it was a savings account, then it switched to a money market account, and now it's this new savings account product.

A year ago, I called (I had dropped to the 1.05% product you have) and they upgraded me over the phone to the best account at that time. I called yesterday and they couldn't upgrade me over the phone, I had to create a new account online and transfer everything. But it only takes 1-2 minutes to do.
Yes, 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 and cancel the account when they start playing their games. Or just refuse to open an account with them ever again (is the path I am choosing).
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#57
Better than even very short term bonds.
Interesting but CIT? Who are they.. Will pass
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Thank you for the music
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#58
Quote from ECartman
:
...
For instance, VIO Bank is at 2.35% but has ridiculously low ACH transfer limits. However, by initiating a pull at Ally I was able to easily transfer $92K overnight out of VIO. Just be careful as some odd banks, like Dollar Savings Direct, restrict even ACH pulls initiated from other banks.
...
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 (2.4% APY), not knowing that there is a $2,000 ACH limit, and $10,000 ACH per month limit. Mad
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Vetri Veeran!
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#59
Are these available only for citizens and green card holders? What about people on Visa? Their online application seems to have options only for the above 2 sections of people
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Joined Sep 2008
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#60
Quote from haserfauld
:
I'm happy using a mix of SmartyPig (1.75%) short term and Discover Savings (2%) long term. Got $100 for opening Discover. Discover is a first-class organization IMO. The difference between 2% and 2.45% isn't worth switching (on my balances). SmartyPig is phenomenal for easy goal-oriented savings. Huge fan.
I use Discover as well and I'm very happy with them. Not worth it for me either to switch
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