Pasadena-Based CIT Bank Offers New Account With Higher Interest Rate for Steady Savers

Published : Monday, October 8, 2018 | 4:57 AM

CIT Bank, a national online bank headquartered at North Fair Oaks Avenue in Pasadena under the CIT Group’s umbrella, as launched a new product it said is designed to reward customers who build a habit of savings.

With CIT Bank’s Savings Builder account, consumers who consistently save at least $100 each month, or maintain a balance of $25,000 or more, can qualify for a higher interest rate – up to 2.15 percent APY (annual percentage yield).

The “Savings Builder” account offers smart savings strategies for consumers regardless of where they are in their financial journey, CIT Bank said in a statement Friday.

“Our goal is to make it easier for a broader group of individuals to get a bigger bang for their savings buck,” Ravi Kumar, CIT Bank’s head of internet banking, said of the new product. “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.”

The bank cited a 2018 survey which found that about 48 percent of U.S. consumers have encountered an unexpected expense over the past year, but when it comes to saving for such expenses, 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, the CIT survey said.

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

CIT Bank has a complete list of calculators to help consumers reach their savings goals. For more information on CIT’s Savings Builder account, visit CIT Bank at www.bankoncit.com.

Founded in 1908, CIT is a financial holding company with approximately $50 billion in assets as of June 30, 2018. CIT Bank, its principal bank subsidiary, 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.

For more information, visit www.cit.com.

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