CIT Bank Savings Builder Review

Where does CIT Bank Savings Builder do business?

CIT Bank is based in Salt Lake City, UT. It was founded in 2000 and offers savings accounts in 50 states (and Washington, DC).

CIT Bank Savings Builder is a member of the Federal Deposit Insurance Corporation (FDIC). The FDIC insures deposits in checking accounts, savings accounts, certificates of deposit (CDs), and money market accounts up to $250,000 per depositor if a member institution fails.

What APY does CIT Bank offer?

CIT Bank Savings Builder offers an APY starting at 1.17% and ranging up to 2.4% (APY stands for annual percentage yield, rates may change). This is higher than the typical APY for online-only checking accounts, which is around 1% APY.

What features and perks does CIT Bank Savings Builder offer?

This account includes the following features:

• Automatic savings - Set up an automatic transfer from your checking account to a savings account and you'll never have to second-guess your saving decisions again.
• Fraud monitoring - CIT Bank Savings Builder monitors transactions for potentially fraudulent activity, such as when a debit card is unexpectedly used in a different location or you make a sudden string of costly purchases.

What fees does CIT Bank Savings Builder charge?

CIT Bank Savings Builder does not charge a monthly maintenance fee. See the fee breakdown section below to view all fees.

• Outgoing domestic bank transfers come with a $10 fee.
• Outoing international bank transfers come with a $10 fee. You can save a ton of money in fees if you use use a nonbank money transfer service.