CIT Bank Savings Builder Account: 0.40% APY w/ Monthly $100 Deposit

My Money Blog has partnered with CardRatings and Credit-Land for selected credit cards and may receive a commission. All opinions expressed are the author’s alone, and has not been provided nor approved by any of the companies mentioned.

Rates updated 2/23/21. CIT Bank has a new high-yield savings account called the Savings Builder Account. This is a unique savings account with two ways to qualify for their highest interest rate tier of 0.40% APY (as of 2/23/21). You need ONE of the following in each Evaluation Period:

  • Maintain at least one single monthly deposit of $100+, OR
  • Maintain a balance of $25,000+.

I noticed that this rate is currently higher than that of their 11-month No Penalty CD, although that rate can never go down during that 11 months.

There is a $100 minimum to open the account, and everyone earns the top tier rate for the first monthly “Evaluation Period” (see below). Then, if you meet one of the requirements listed above during the first Evaluation Period, you’ll earn the top rate for the next Evaluation Period. If you don’t meet a least one of the requirements, you will receive the base interest rate during the next Evaluation Period. They will send you an e-mail reminder if you haven’t made the $100 deposit requirement by mid-month.

There are no minimum balance fees, no monthly service fees, no inactivity fee. You just get the lower rate. Interest is compounded daily.

Evaluation Period vs. Calendar Month. I guess they aren’t using calendar months since banks don’t like to do anything on the weekends, so instead it’s called an “Evaluation Period”. The first Evaluation Day will occur at the end of the first full month after account opening. Your monthly “Evaluation Day” is the fourth business day prior to the end of a month. The “Evaluation Period” begins the day after an Evaluation Day and ends at 4pm PT on the next month’s Evaluation Day.

You can set up an automatic monthly transfer from your checking account to this account for $100 and satisfy the requirement on auto-pilot. I don’t like having to jump through hoops like debit card purchases, but at least this one I could automate instead of having to remember to do something every month. Log into your account, click on “External Transfer” and then “set up recurring transfers”. You can then pick your external account (you may need to add it) and choose a “Monthly” frequency:

I would pick a day that is not near the end of the month. (I picked the 10th.) Deposits can be made via online funds transfer (ACH), mobile check deposit via app, incoming wire (no fee), or by mailing a check. You can still make withdrawals out of the account at any time without affecting the rate.

I also noticed that outgoing wires are free with an average daily balance of $25,000+. Otherwise, the fee is $10 per wire. This may be helpful for people who have high balances but like the ability to instantly deploy their money elsewhere as needed.

Existing CIT Bank customers can quickly open a new account by clicking on “Open an account” here, then “I have a CIT Bank account”, and then logging in with your password. The entire opening process can be done online, and you can fund with another CIT Bank account or an external account.

Bottom line. The new CIT Bank Savings Builder Account has two different ways to qualify for the top rate. If you either make a $100+ single deposit every month, OR maintain a $25,000 balance every month, you get 0.40% APY (as of 2/23/21). In my opinion, it is easiest to set up a $100 automated recurring deposit every month to make sure you qualify for the top rate. You can still make withdrawals out of the account at any time without affecting the rate.

My Money Blog has partnered with CardRatings and Credit-Land for selected credit cards, and may receive a commission from card issuers. All opinions expressed are the author’s alone, and has not been provided nor approved by any of the companies mentioned. is also a member of the Amazon Associate Program, and if you click through to Amazon and make a purchase, I may earn a small commission. Thank you for your support.

User Generated Content Disclosure: Comments and/or responses are not provided or commissioned by any advertiser. Comments and/or responses have not been reviewed, approved or otherwise endorsed by any advertiser. It is not any advertiser's responsibility to ensure all posts and/or questions are answered.


  1. A higher rate than their no penalty CD and the funds are liquid, excellent I’ll take it. (I’m also not as much of a fan of their no penalty CD because it often takes days for CIT to close it).

  2. I’ll be curious to see how Ally responds

  3. Vanguard Prime Money Market is now 2.43% (2.46% compounded). Min investment $3k.

  4. Awesome. I just opened this account last month. Glad to see I get the higher rate!

    FWIW when I log in and check my account, I see:
    Interest rate: 2.42%
    Last statement APY earned: 2.25%

  5. And just FYI, 12-month CD at Ally is at 2.75% right now. Not sure if it was that rate before but I was pretty sure it was lower than that when I checked few months ago.

    • Daniel, you’re right… Ally was 2.65% when I had checked it previously.
      In Florida, Bright Star Credit Union now has 2.85% for a 13-mo CD or 3.10% for 23 months. These are up .25% lately.
      Mutual One now has 2.78% for a 7-mo CD, 2.89% for a 13-mo CD, and 3.04% for 19 months.

      Glad to see all those rates rising. I’m sure Jonathan will have an updated “Best Interest Rates on Cash” post soon.

      • Ally also has a special 14-month CD option (which does not seem to be advertised on their website), but is an option when you go to open a CD account. It is currently at 2.85%

  6. I just signed up. Very easy process if all your ducks on a row. Also chose the $100 monthly setup since Jonathan mentioned you had to qualify first and it takes a month.

    What surpriced me me that the offer of 2.45% says it’s valid for the limited time and thereafter the rate is 0.995% !!! Please tell me this offer is not for a month only.

    • That is referring to the tiers on this account. If you do the $100 per month deposit or the minimum $25k balance, you get 2.421% rate which equates to 2.45% APY after compounding. If you don’t, the base tier is 0.995% rate which equates to 1.17% APY after compounding (everyone gets the 2.421% the first month). You’ll also see this information if you scroll to the bottom of the linked page.

  7. Jonathan, I think the 1.17% APY is a blended rate, based on a grace period at 2.421% and the rest of the year at 0.995%. I think the APY corresponding to the 0.995% rate would be 1.00%

  8. Hey DG….thanks for the heads up on the 14 month Ally CD @ 2.85%. Its called a “Select CD”. Its totally invisible unless you call up and ask for it, it seems

  9. Other Bill says

    Just signed up. Glad to see there is (apparently) no limit to linked accounts. It would be nice if my social security check could work as the monthly deposit, but its irregular near end-of-month arrival makes that impossible.

  10. What are the chances this 2.45% will drop? I recently opened a 2.30% APY account (25K min) with Northpointe Bank. The 2.30% is guaranteed for 24months with upside potential if they choose to increase rates.

  11. Thoughts please on ESBBDirect High Yield Savings 2.50% APY? It is the highest I have found so far in my online search.

    • I did post about EBSB Direct back in October, but then they pulled all information the account a couple weeks thereafter, and then made it available again in mid-December:

      I don’t have an account with them and I’m afraid I don’t have much knowledge or experience with them. I would note that there is a $5,000 minimum balance.

      • Thanks Jonathan. I have started the account opening process with them. I will be putting a large sum and won’t be actively moving funds in and out of the account, so not too bothered if their phone customer service is not as good as say Ally Bank. I am surprised that the DIF insurance (assuming that it works for non-MA depositors) is not highlighted more as a selling point – I am single, so a simple way to get full funds insurance, versus going thru FDIC insurance hoops of either opening accounts at multiple banks, or specifying multiple POD beneficiaries.

  12. Hi Jonathan, not sure if my comment posted, so posting again. I am considering ESBBDirect 2.50% APY “High-yield Statement Savings” account, but you have not mentioned it. Have you evaluated it? I couldn’t find many online reviews about it, but one review I read was quite positive (1 day ACH transfers etc.). This account apparently has DIF insurance (i.e. funds fully insured beyond FDIC insurance coverage).

  13. Redneck Bank just raised their Money Market to 2.5%. If you don’t want the hassle of the $100 monthly deposit from CIT, then Redneck may be a good alternative to the CIT SB account. Just remember Redneck has $50K maximum balance requirement.

  14. Jonathan HELP , I signed up with $100 on Jan 3. I thought I understood but I am confused. When am i suppose to feed my CIT account with $100 again to qualify?

    • Just keep it simple. If your opening day was January 3rd, keep making a $100 deposit on February 3rd (4th is fine since the 3rd is a Sunday), March 3rd (4th is fine since the 3rd is a Sunday), etc. you will be fine. I still recommend an auto-schedule.

      • Thank you so much Jonathan! I just want to qualify first and then I will maintain more than $25k meeting the seconf option requirement for the high interest rate

    • You are currently getting the 2.45%.
      But to keep getting it, you need to send $100 each month. Starting Feb 1. The ending date has some funny rules, but I’ve sent up my automatic transfer to be on the 1st of the month.

  15. Jonathan-

    Feb 1 would also be OK in that case, correct?

    • Yes, the first of each month would also be fine.

      As you also noted correctly, everyone gets the first month automatically, which makes sense as well since you did deposit at least $100 anyway as an opening amount.

  16. Jonnathan, I fed my CIT account with $100 from my Zions bank. I was able to later add my GoldmanSachsMarcus account. Do I need to continue feeding my nrw CIT account with my first account (Zions) or can I feed it with another account (Marcus)? I thought I read somewhere there was a restriction about which account you use.

  17. Jonathan, did you get an email or a note in your CIT account saying that evaluation period had ended and you were approved? I want to move into my CIT account but have the impression I should wait until I am approved at end of evaluation period (?)

    • Hugo, I signed up about the same time you did you we are in a similar situation.
      We’re getting the higher interest rate from the initial sign up. Our first evaluation period ends Feb 25th. I have already qualified but didn’t get any e-mail about that.

      You can see if you’ve done what is necessary by selecting the “Banking” tab.
      It should show “Benefit Level: Upper Tier”.
      Click on “How to keep benefits?”.
      It will show when the benefit evaluation is next done (2/25/19) and have a green checkmark if you’ve made the necessary $100 deposit for this period.

      There is no reason not to move money to CIT right now if you are in the upper tier. (Even if you didn’t have a green check, moving more than $100 would meet the qualifications and you’d get the higher interest for the “month” starting 2/26.)

      • Thank you Bill. I was able to check that it does state “Requirement met” as you mention.

        I feel more confident now that I can trust this bank and move more money to it.

  18. EILEEN HAUGEN says

    Is there a maximum for this account?

  19. Jason C says

    APY just decreased from 2.45% to 2.40% recently. Some banks now offering 2.5% so may be worth shopping around if you care about the extra .1%

Speak Your Mind