DOC Compass — Offers, decoded

CIT Bank 2.20% Savings Account on Balances $25,000+

CIT Bank bumped up the rate on the Savings Builder savings account to 2.45% APY (up from 2.25%) on balances $25,000 and higher. 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%. This leads me to recommend this account as the best high-yield account currently available.

By ChuckSeptember 10, 2019123 comments

Update 9/10/19: Rate reduced to 2.20% APY. Updated the image below.

Update 6/30/19: Rate has been reduced to 2.30% APY (previously 2.45%), for a list of the best current savings rates click here.

Offer at a glance

Availability: Nationwide
APY: 2.20% 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

The Offer

Direct Link to offer

CIT Bank offers their Savings Builder savings account with an interest rate of 2.20% APY. 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

Our Verdict

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.