Have you ever wondered whether the CIT Bank Savings Builder account might be a good option for your money-saving efforts? Choosing a suitable savings account comes with several key challenges, but this shouldn’t have to be a major challenge. With this thought in mind, we’ve outlined some of the key things you should know about the CIT Bank Savings Builder account. Hopefully, this will help you decide whether this might be the right option for your saving goals.
- What is the CIT Bank Savings Builder Account?
- What is the Minimum Opening Deposit for the CIT Bank Savings Builder Account?
- What is the APY for the CIT Bank Savings Builder Account?
- How Much are Fees for the CIT Bank Savings Builder Account?
- Pros and Cons of the CIT Bank Savings Builder Account
- Final Thoughts
What is the CIT Bank Savings Builder Account?
As the name suggests, the CIT Bank Savings Builder account is a specialist savings account that allows users to save up annually on their savings. The account features a tiered payment system which means that if you can maintain the level of investment in your account, you’ll be able to earn more from your savings.
It’s worth noting that CIT Bank offers numerous different savings accounts, so it’s not always clear which option might be right for you.
Fortunately, there are several options available within the CIT Bank Savings Builder account itself that can make it a valuable option for those wanting an easy saving system.
What is the Minimum Opening Deposit for the CIT Bank Savings Builder Account?
The CIT Bank Savings Builder account’s minimum deposit is just $100, meaning that you won’t need much in the way of savings to open an account and begin making contributions. However, it’s important to consider here that the CIT Bank Savings Builder account pays a different APY depending on your available balance and how much you pay into the account per month.
What is the APY for the CIT Bank Savings Builder Account?
The APY for the CIT Bank Savings Builder account varies between 0.40% and 1%, putting it roughly at a middle ground in terms of savings potential. The amount you earn will depend heavily on how much you deposit into the account. Of course, these interest rates are based on figures from September 2022, so there is the potential for future accounts to have a different rate.
The lowest rate of around 0.4% is applicable for accounts that have less than $25,000 stored and do not deposit the minimum required amount per month. Meanwhile, the higher rate of 1% APY is available for accounts that have a total of $25,000 in savings or more. Alternatively, if you have less than $25,000 stored in your account but deposit a total of $100 or more into the account per month, you may also be applicable for the 1% APY.
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How Much are Fees for the CIT Bank Savings Builder Account?
One of the main reasons that people choose the CIT Bank Savings Builder account has to be the excellent value for money it can provide. In fact, it’s completely free to use! The CIT Bank Savings Builder account doesn’t have any monthly fees, which differs from many other savings accounts. The low minimum deposit further makes it very appealing to many people looking to boost their savings.
Pros and Cons of the CIT Bank Savings Builder Account
At this point, we’ve clarified some key features of the CIT Bank Savings Builder account. But what are the main pros and cons that this account can offer? This varies slightly depending on the type of tier your savings account falls into; nevertheless, it still remains an exceptionally versatile and popular option for those wanting a reliable savings account to make their money go a little further, in most cases.
- No monthly fees are applicable on the CIT Bank Savings Builder account, which helps ensure you don’t have to worry about earning less in interest than you spend.
- The minimum deposit balance for a CIT Bank Savings Builder account is around $100, which ensures it’s a suitable option for many people, even with a low starting savings balance.
- Transferring funds between your CIT Bank Savings Builder account and other accounts is made simpler thanks to the CIT Bank mobile app for fast deposits and transfers.
- CIT Bank is fully insured and backed by the FDIC (Federal Deposit Insurance Corporation). As such, you have further confidence that your money is protected. Protections through the FDIC cover up to $250,000 in case CIT Bank should cease operations.
- The system offers numerous security and anti-fraud features to protect your funds. Several examples of this include activity monitoring, secure active firewall protections, and encryption for personal data.
- While the CIT Bank Savings Builder account offers a better-than-average APY, other CIT Bank savings accounts provide a higher APY.
- Unfortunately, no physical ATMs are available for the CIT Bank Savings Builder account. As such, if you need to withdraw money, you will need to request a paper check, a wire transfer, or an ACH transfer. This makes the CIT Bank Savings Builder account less suitable for people who use cash payments regularly or don’t tend to keep backup cash available.
- Getting in touch with CIT Bank is a little harder than many other financial services providers since the bank only offers a telephone contact option. This can make it harder to get in touch with them, especially if you don’t have the time to make a phone call and sit through customer service queues. Fortunately, customer support teams are available from 9AM until 9PM every day, which can make it just a bit easier to get in touch.
If you’ve been looking to find out more about the CIT Bank Savings Builder account, we hope today’s guide will have given you a little to think about. Indeed, the CIT Bank Savings Builder account is designed for those who have pre-existing savings to increase their earning potential. And, considering the annual returns of around 1% on a $25,000 savings allowance, you could be looking at an extra $250 per year – that’s a nice little contribution, for sure!