CIT Bank Savings Builder Account: 2.25% APY w/ Monthly $100 Deposit or $25k Balance

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Rate increased 11/21/18. 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 2.25% APY (as of 11/21/18). 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 (2.25% APY as of 11/21/18) 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 (1.14% APY as of 10/8/18). 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.

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 2.25% APY as of 11/21/18.

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  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).

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