Words of warnings regarding CIT Bank.
As previously stated, CIT Bank has a history of inventing new liquid savings products that are identical except in name to existing products, so that they can attract new customers with a higher rate without paying it to existing ones (unless they call in to complain).
Now comes a new tactic I’ve just experienced with them. If you have a Savings Builder account that has been inactive for some time (i.e. not meeting the threshold for the 2.45% APY interest rate), then there is a penalty of up to one full month when do you make deposits to meet the threshold for 2.45% APY, during which time you earn about 1%, not the advertised rate. Update: After some back and forth via chat, they finally agreed to pay the advertised rate on the funds from date of deposit, and that has been posted. I should also note that they also make an exception the first month an account is opened.
Edit: Also, they’ve lowered their interest rate to 2.40 % APY. Wiki updated.