CIT Bank Savings Builder Review

CIT Bank Savings Builder is offered by CIT Bank, a bank founded in 2000 and based in Salt Lake City, UT. CIT Bank Savings Builder is available in 50 states (and Washington, DC).

Are savings accounts from CIT Bank federally insured?

Yes, your CIT Bank savings accounts are insured up to $250,000 per person by the Federal Deposit Insurance Corporation (FDIC #58978). The FDIC is an independent agency of the United States government that protects you against the loss of your insured deposits if an FDIC-insured bank or savings association fails. FDIC insurance is backed by the full faith and credit of the United States government.

What APY does CIT Bank offer?

CIT Bank Savings Builder offers an APY starting at 1.16% and ranging up to 1.8% (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.