Advertiser Disclosure

This post may contain affiliate links. We may earn a fee, at no cost to you, if you buy after clicking on the links.

CIT Bank Savings Account: How Much Can You Earn

A CIT Bank Savings account will help you boost your savings, earning 20 times more than what a traditional bank account will offer you.

If you have a regular checking and savings account at your local bank, you may notice that your rate on the savings account is less than a tenth of a percent.

You can keep your savings account at your local bank if you choose to. But you don’t have to.

Instead of getting crummy interest rates, you can switch to or open a CIT Bank savings account.

CIT Bank savings accounts are offered online, where you can earn a competitively high yield.


In brief, CIT Bank is an online-only bank. That means, there is no local branch.

There are no ATMs. You will perform every transactions online. However, the bank does not charge its customers when they use another bank’s ATMs.

And if the bank charges you a fee, CIT will reimburse you up to $15 every month.

The bank currently offers some of the highest interest rates on its savings accounts and its other products, such as CDs, checking account and money market account.

Lastly, there no are no account maintenance fees on any of the bank’s products.


With a CIT Bank savings account, you will earn a 0.95% APY through the Savings Builder option and 1.00% APY through Premier High Yield Savings account.

But certain conditions will apply (more on this below).

CIT Bank Savings accounts offers interest rates that are 20 to 25 times higher than what a traditional, brick and mortar bank is currently offering.

Because of that big difference between CIT Bank’s high-yield savings accounts between a traditional savings account, you’ll earn more money.

For example, if you have $5,000 in a traditional savings account with a 0.10 APY%, you would get just $5 in a year.

But if you have that same amount of money in an account earning 2%, you return will be $100.

CIT Bank offers two savings accounts options: 1) the Savings Builder and the Premier High Yield Savings account.

Both accounts require a minimum opening deposit of $100. But neither has monthly maintenance fees.

Here’s a quick table of CIT Bank two savings accounts.

CIT Bank
Savings Account
Minimum depositAPY
Savings Builder$100 or $25,0000.95%
Premier High Yield Savings$01.00%

The Savings Builder:

The CIT Bank Savings Builder will allow you to earn 0.95% APY, but only if you make at least one monthly deposit of $100 or more.

Or, if you keep a balance of at least $25,000. Interest in this high-yield savings account compounds daily to boost your earning.

Click here to learn more about CIT Bank’s Savings Builder.

The Premier High Yield Savings account:

With this account, you will earn 1.00% APY regardless of your account balance or monthly fees.

Interest in this savings account is also compounded daily to maximize your earning.



  • No monthly fees on deposit accounts;
  • a minimum deposit requirement of $100;
  • Refunds ATM fees — because the bank does not have ATMs, it does not charge customers who use another bank’s ATMs. And if there is a fee, CIT will refund you up to $15 per month.


  • No bank branches or ATM;
  • No 24/7 customer support — as with all high yield savings accounts, most inquiries are handled online. While live telephone is available, hours are limited.


To open an account, simply go to the CIT Bank homepage, and create the account online.

You’ll need to provide your name, address, phone number, and ID. You’ll also need to provide your social security number.

Note that CIT does not have any branches. Everything must be done online.

If you’re opening a CIT Bank Builder Savings account, you will need to make an initial minimum deposit of $100.

You will also need to make monthly deposit of $100 to take advantage of the 0.95% APY. Or, you will need to have a $25,000 balance.

If you’re opening the Premier High Yield Savings account, you’re not required to make any initial minimum deposit.

So, you can open the account first and fund it later. 


How much should you keep on your savings account will depend on your savings goals.

If you’re opening the account to serve as an emergency fund, experts have recommended to keep at least three to six months of living expenses.

That money is reserved in case of an emergency like a loss of job, you fell ill, or need money for a major car repair.

But one thing you should know is that deposits at any banks are covered by the federal government up to $250,000.

So if you have more than that, you should split your money into multiple accounts.


A CIT Bank savings account is good for anyone who:

  • Wants to earn a higher yield on the savings accounts;
  • Does not mind having their banking online;
  • Can commit saving at least $100 every month; or
  • Can carry $25,000 balance.


In addition to the two savings accounts, the bank also offers a checking account, money market accounts and Certificate of deposits (CDs).

The checking account is called “eChecking.” It is the only account the bank offers. There is no monthly fees and you can open the account with as little as $100.

Note that CIT Bank does not have ATMs. But the bank does not charge you for using another bank’s ATM.

And CIT will refund you for ATM fees other banks charge you.

CIT bank also offers one money market account. This money market account has no monthly fees and requires an opening minimum deposit of $100.

CIT Bank has several terms CDs, which range from 6 months to 5 years.

There is also a no penalty 11-month term, where customers can withdraw money with no penalty.

CIT Bank also offers jumbo CDs, ranging from two to five years. You can open a term CD, including the no-penalty CD, with a minimum of $1,000.

The Jumbo CDs require a minimum of $100,000.

Click here to learn more about CIT Bank CDs.


A CIT Bank savings account, is a high yield savings account, where you can a higher yield than regular savings accounts.

You will earn a 0.95% APY through the Savings Builder option and 1.00% APY through Premier High Yield Savings account.

So, whether you’re saving money for an emergency fund, saving money to go on a vacation, or saving money to buy a house in the next few years, CIT Bank is the right bank for you.

Speak with the Right Financial Advisor

If you have questions about high interest savings accounts, you can talk to a financial advisor who can review your finances and help you reach your goals. Find one who meets your needs with SmartAsset’s free financial advisor matching service. You answer a few questions and they match you with up to three financial advisors in your area. So, if you want help developing a plan to reach your financial goals, get started now.

Article Comments

We invite readers to respond with questions or comments. Comments may be held for moderation and will be published according to our comment policy. Comments are the opinions of their authors; they do not represent the views or opinions of Growth Rapidly. Comments have not been reviewed or approved by any advertiser, nor are they reviewed, approved, or endorsed by our partners. It is not our partner’s responsibility to ensure all posts or questions are answered.

Leave a Reply

Your email address will not be published. Required fields are marked *

You May Also Like