PASADENA, Calif., March 11, 2020 /PRNewswire/ -- CIT today announced that its national online bank, CIT Bank, has won a Fintech Breakthrough award in the Best Personal Finance Product category for its Savings Builder account. The recognition was awarded by Fintech Breakthrough, an independent market intelligence organization that recognizes the top companies, technologies and products in the global Fintech market.
"We're thrilled to receive our second Fintech Breakthrough recognition highlighting our commitment to empowering consumers to make smart savings choices," said Ravi Kumar, head of CIT's direct bank. "Our Savings Builder product provides a convenient and accessible opportunity for consumers to make their money work harder for them."
Unlike most high-yield savings accounts, Savings Builder provides a higher rate of return for customers who save consistently and make monthly contributions of at least $100, in addition to those who can meet a higher opening balance threshold.1 This unique product rewards consumers for their savings habits and helps them reach their goals faster.
"Savings Builder is truly unique among a sea of high-yield products in the personal finance marketplace, as it encourages savings by incentivizing consistent deposits and delivering an outstanding savings experience for customers," said James Johnson, managing director, Fintech Breakthrough. "We are thrilled to recognize CIT Bank for a second time with this award."
The Fintech Breakthrough Awards is the premier awards program founded to recognize the Fintech innovators, leaders and visionaries from around the world in a range of categories, including Banking, Personal Finance, Lending, Payments, Investments, Regtech, Insurtech and many more. The 2020 Fintech Breakthrough Award program attracted more than 3,750 nominations from across the globe.
Last year, CIT Bank was named as Fintech Breakthrough's Best Personal Finance Company of 2019 for its emphasis on providing customers the financial agility they need to meet their goals. In 2017, CIT's small business solutions team received a Fintech Breakthrough Award for Best Small Business Lending Solution.
CIT is a leading national bank focused on empowering businesses and personal savers with the financial agility to navigate their goals. CIT Group Inc. (NYSE: CIT) is a financial holding company with over a century of experience and operates a principal bank subsidiary, CIT Bank, N.A. (Member FDIC, Equal Housing Lender). The company's commercial banking segment includes commercial financing, community association banking, middle market banking, equipment and vendor financing, factoring, railcar financing, treasury and payments services, and capital markets and asset management. CIT's consumer banking segment includes a national direct bank and regional branch network. Discover more at cit.com/about.
About Fintech Breakthrough
Part of Tech Breakthrough, a leading market intelligence and recognition platform for technology innovation and leadership, the Fintech Breakthrough Awards program is devoted to honoring excellence in Financial Technologies and Services companies and products. The Fintech Breakthrough Awards provide public recognition for the achievements of Fintech companies and products in categories including Payments, Personal Finance, Wealth Management, Fraud Protection, Banking, Lending, Regtech, Insurtech and more. For more information visit FintechBreakthrough.com.
1 The same higher rate is also available to those who deposit $10,000 or more to open an account.
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SOURCE CIT Group Inc.