THIS POST MAY CONTAIN AFFILIATE LINKS. PLEASE READ MY DISCLOSURE FOR MORE DETAILS.
Okay so you finally have the money for an emergency fund. You’ve done your side hustles and now here’s the fun part and the burning question, “Where should I save my emergency fund?”
I personally love CIT Bank Money Market Account. More specifically, I love CIT’s 2.45% APY Savings Builder. But before I get into that, let’s go into what it actually is.
What is a Savings Builder Account?
This type of savings account is a interest bearing savings account that is based on a tiered rate.
1. The Base Tier-If you have less than $25,000 you get 1.17% APY*
2.The Upper Tier-If you have less than $25,000, but have a monthly deposit of $100 or more you get 2.45% APY***
3. The Upper Tier-If you have over $25,000 but do not contribute $100 or more every month you get 2.45% APY
*This is under the assumption that your account is opened on the 15th and you don’t have qualifying deposits of $100 after the account opened.
***This APY is under the assumption that additional qualifying deposits are made
Pros of having CIT’s Savings Builder
-
It actually earns you money while sitting in the account.
Just as the APY suggests, it has a very competitive interest rate, CIT’s 2.45% APY Savings Builder earns a record high interest rate. Let’s just put this into real life numbers.
For Example: Let’s say you did a side hustle and made $1,000 extra dollars to put into your savings builder AND you put in $100 each month into the savings builder. At the end of that year you will have $2,239.58. Let’s look at that again shall we?
$2,239.58 will be your ending balance 12 months later just for having your money in CIT bank savings builder and regularly contributing to it.
(Side note: wouldn’t it be nice to always be financially rewarded for doing what will benefit you anyways?)
If that’s not enough of a reason, I honestly don’t know what is.
*Please note* these interest rates are subject to change without notice. Also, this example was based on the current APY as of 4/12/19.
-
You get rewarded/incentives for saving money every month.
Just as the tier system suggests, you get more of an APY for saving at least a $100 a month.
-
The customer service people are incredibly friendly and responsive.
This is such a huge deal. It’s too hard to work for your money only to have someone be a jerk to you or act like they don’t have time to answer your questions or feel like they can’t be bothered. I’ve never had an issue like that with them.
They always answer my questions like they are talking to me as they are my caring (yet very informative friend).
Just today I called and asked (because I wanted to make absolutely certain before I wrote this), that in the event of a major banking crisis (because let’s just face it, as history shows it can happen), FDIC covers my money up to $250,000 per account.
-
It’s easy to transfer (but not too easy).
I love the fact that they are an online savings bank. If you’re a natural spender like me, it’s easy to go to your local bank and withdraw money. You can’t do that so easily with an online savings bank. It’s going to take a couple of days for it to get to your account.
You may think well what if I need the money that day due to an emergency?
Here’s my response to that. Chances are it’s going to be a home repair or a major car repair in which will take a couple of days anyway. It still is a win-win situation.
Cons of having CIT’s Savings Builder
-
There’s no local bank for immediate withdrawal.
Okay so this is honestly a pro and a con. It’s a con because in the event that you need immediate withdrawal, it will take a couple of business days to get to you.
But let’s be honest, chances are, that it’s going to be a major repair (i.e. engine repair, home repair, etc.) that’s going to take a couple of days anyway. So is it really a con? I don’t think so.
FAQ’s of Savings Builder
-
What is a Savings Builder Account?
It’s an interest bearing account that pays interest based off of a tiered rate.
-
Is there an opening or maintenance fee?
No there is no incoming wire fees, monthly service fees, opening fees or online transfer fees.
-
What is the minimum to open the account?
The minimum is $100.
-
Okay, I’m convinced it’s a high rate but it seems to good to be true. How can they offer such a high rate?
It is an excellent rate and I’ll admit I was a little skeptical at first but they can offer such a great rating because they save a lot of money in overhead costs. Because they are an online savings bank, they don’t have a lot big salaries to pay or a lot of buildings to pay like a lot of brink and mortar businesses do.
-
How do they calculate the interest?
It compounds daily and they put it in the account on a monthly basis.
-
How do I get my money when I really need it?
You have one of three options:
-
You can request an outgoing wire transfer (keep in mind there is a $10 fee for account balances less than $25,000)
-
(ACH) electronic banking transfers (for free) between your Savings Builder account and an account that you have with another bank
-
Give them a call and they can send you a check in the mail.
-
*Please note* You can only get up to 6 pre-authorized withdrawals for each statement cycle. However, money requested via phone don’t count if they are sent via check.
All in all, I highly recommend you open an account with CIT’s 2.45% APY Savings Builder. It’s such competitive rate, friendly service and easy to transfer when you need it. So please give yourself a piece of mind and open your account today!
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