You are using an outdated browser. Please upgrade your browser to use this site.

CIT Bank Launches Product to Reward Consistent Saving
Customers who save $100 or more each month receive a higher interest rate
Friday, October 5, 2018 10:00 AM

PASADENA, Calif., Oct. 5, 2018 /PRNewswire/ -- CIT Bank, CIT Group's (NYSE: CIT) national online bank (Member FDIC), today announced the launch of the Savings Builder1 account, a new product designed to reward customers who build a habit of savings.  The Savings Builder account offers smart savings strategies for consumers regardless of where they are in their financial journey. Consumers can qualify for a higher interest rate either by consistently saving at least $100 each month or maintaining a balance of $25,000 or more. 

CIT logo

"Our goal is to make it easier for a broader group of individuals to get a bigger bang for their savings buck," said Ravi Kumar, head of Internet Banking for CIT Bank. "The Savings Builder product is unique in that it rewards those who embrace a habit of consistently saving so they can reach their goals faster."

Approximately 48 percent of U.S. consumers have encountered an unexpected expense over the past year, according to a 2018 CIT survey.2 Yet when it comes to saving for unexpected expenses such as a car repair or health issue, more than one in four consumers report they do not save anything. Another quarter of consumers save less than 5 percent of their household income each month.

"Establishing a plan is fundamental to achieving financial resiliency for both the planned and unexpected events life presents," continued Kumar. "This new digital product provides a convenient platform for individuals looking to make smart savings choices for whatever their goals may be."

For a complete list of calculators to help reach your savings goals and more information on CIT's Savings Builder account visit CIT Bank.

About CIT

Founded in 1908, CIT (NYSE: CIT) is a financial holding company with approximately $50 billion in assets as of June 30, 2018. Its principal bank subsidiary, CIT Bank, N.A., (Member FDIC, Equal Housing Lender) has approximately $30 billion of deposits and more than $40 billion of assets. CIT provides financing, leasing, and advisory services principally to middle-market companies and small businesses across a wide variety of industries. It also offers products and services to consumers through its Internet bank franchise and a network of retail branches in Southern California, operating as OneWest Bank, a division of CIT Bank, N.A. For more information, visit and follow us on Twitter, LinkedIn, YouTube and Facebook.

Olivia Weiss                                                                                      
(212) 771-9657                        

1 Complete terms and conditions for the Savings Builder account can be found at
 The survey was conducted online within the United States by The Harris Poll on behalf of CIT between February 6 to 23, 2018 among 1,100 U.S. consumers ages 18 and older. Data were weighted where necessary to bring them in line with the general U.S. population based on the following variables: education, gender, age, race/ ethnicity, household income, size of household, and employment status.