What is CIT Savings Builder? Savings Builder is a brand new, high-yield savings account option that was just introduced. It aims to not only reward savers with well-beyond-average interest rates, but also encourage them to continue saving each month.
Yes, CIT Bank is FDIC insured (FDIC# 58978). The federal government protects your money up to $250,000 per depositor, for each account ownership category, in the event of a bank failure.
How CIT Savings Builder Works. CIT Savings Builder is basically a savings account with two options to earn the highest amount of interest possible - currently 0.40% APY. First, you can either maintain a balance of $25,000 or more, and you'll get the higher rate.
Interest is compounded daily. If you don't meet the minimum balance requirements or monthly deposit amounts for the promotional annual percentage yield (APY), you'll be bumped down to the lower rate.
CIT Bank currently offers a competitive APY on its Savings Builder Account - 0.29% to 0.40% APY.
(CIT) is an American financial holding company and bank holding company incorporated in Delaware and headquartered in New York City. CIT Bank, CIT's banking subsidiary, is headquartered in Pasadena, California.
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CIT Group.
| Company logo since 2018 | |
|---|---|
| Type | Public company |
| Area served | North America |
High-yield savings offer zero risk
As long as you open a savings account at a legitimate bank that is FDIC-insured, "there is zero risk of capital loss," says Gordon Achtermann, a Virginia-based certified financial planner.
You can withdraw cash from your account at an ATM using your debit card.
Best savings accounts & rates of May 2021
| Bank | APY | Minimum Balance |
|---|---|---|
| Barclays Online Savings Account | 0.40% APY | $0 |
| Capital One 360 Performance Savings | 0.40% APY | $0 |
| Discover Online Savings Account | 0.40% APY | $0 |
| Synchrony High Yield Savings | 0.40% APY | $0 |
Best High-Yield Savings Account Rates
CIT Bank and OneWest Bank are part of the same FDIC-insured institution. Deposits held under each name are not separately insured, but are combined to determine whether a depositor has exceeded the $250,000 federal deposit insurance limit, per depositor for each account ownership category.
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