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.
"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.
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 cit.com and follow us on Twitter, LinkedIn, YouTube and Facebook.
1 Complete terms and conditions for the Savings Builder account can be found at CITBank.com.
2 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.