Published on June 30th, 2019 | by Chuck83
CIT Bank Reduces Saving Rate To 2.3% On Balances Up To $25,000+
Update 6/30/19: Rate has been reduced to 2.3% APY (previously 2.45%), for a list of the best current savings rates click here.
Offer at a glance
- Availability: Nationwide
- APY: 2.30% on balances $25,000+
- Hard/soft pull: Soft
- ChexSystems: Yes
- Credit card funding: None
- Monthly fees: None
- Early account termination fee: None
- Insurance: FDIC insurance up to $250,000 per account
- US Citizenship Required: Citizenship or green card
- CIT Bank bumped up the rate on the Savings Builder savings account to 2.30% APY (down from 2.45%). You can get this rate in one of two ways:
- Maintain $25,000+ in the savings account
- Make $100 monthly deposit to the savings account
In the past, we’ve taken issue with CIT Bank’s method of avoiding raising the rate for existing customers by creating a ‘new’ product when increasing the rates. However, reader Walter assures us that those who already had the Savings Builder savings account at the 2.25% rate were automatically bumped up to 2.45%. I’m hopeful they’ve changed ways and will continue to increase rates for everyone.
This leads me to recommend this account as the best high-yield account currently available. There is a 2.50% rate from EBSB, but it’s not clear that they are available nationwide, plus, I like that CIT seems to be intent on keeping themselves at the top of the market, and hopefully they’ll continue to remain at or near the top rate available.