Additional information of Savings Builder account
CIT Bank offers a wide range of savings products with a profitability well above the market average that can be contracted and managed online, without having to go to any branch.
This is the case of the Savings Builder account, which allows you to obtain an interest rate of 1.00% APY (Annual Percentage Yield), which is several times more than the national average for remunerated accounts.
The profitability of this account depends on whether you meet the requirements. If you have more than $25,000 in balance or make deposits of at least $100 a month, you will get the maximum percentage.
If you don't meet either of the two requirements in any month, the return will drop to 0.40% APY, which is still a good return.
However, CIT Bank now offers its Savings Connect Account, where you won't have to meet any requirements to earn a record return of 4.65% APY.
How to Open a CIT Bank Savings Builder Account
To open this account the process is very simple and 100% online. Follow the steps below:
- Access the account page on the CIT Bank website and click the Get Started button.
- Fill in your personal information. You will need an email address, a phone number and a Social Security number or a valid tax ID, such as an ITIN.
- Make the first deposit of at least $100 by wire transfer or mailing a check.
- When the above steps have been completed, you will receive an email confirmation and you will be able to operate your savings account freely.
Español: Cuenta Savings Builder de CIT Bank