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CIT Bank Savings Connect Account
- Our Rating 4.5/5 How our ratings work
- APY4.65%
Annual Percentage Yield is accurate as of July 27, 2023. Interest rates for the Savings Connect account are variable and subject to change at any time without notice.
- Minimum
Deposit Required$100 - Intro Bonus N/A
CIT Bank's Savings Connect account is one of our top picks for high-yield savings accounts. Featuring a competitive flat APY on all balances, it can go head-to-head with most of the top savings accounts available. What's more, you don't have to do anything special to earn this high interest rate; many similar accounts (including some offered by CIT) only offer their highest interest rates to customers who complete certain requirements.
Earn High Interest Rates with No Monthly Fees
The CIT Bank Savings Connect account could be a solid solution if you’re looking for a high-yield savings account with an impressive APY and easy-to-use online banking services.
With a current APY (annual percentage yield) of 4.65%, the savings account offers some of the most competitive rates currently available among high-yield savings accounts.
Plus, you can enjoy the convenience and security of an FDIC-insured savings account from CIT (a division of First Citizens Bank) with zero monthly service fees.
Pros
- Competitive APY
- No monthly service fee
- Free electronic bank transfers to checking accounts (even if it isn't a CIT checking account)
Cons
- No fee-free ATM network
- Minimum opening deposit required
Features
The CIT Bank Savings Connect account offers its customers a savings APY that's 11x higher than the national average. This generous APY makes the high-yield savings account a great place to stash away a fund for emergencies, holiday spending, down payment, vacations, wedding planning, or any other short-term savings goal.
On top of the attractive interest rate, the CIT Bank Savings Connect account also comes with convenient remote deposit capabilities, online banking, and a user-friendly mobile app.
CIT Bank is a member of the Federal Deposit Insurance Corporation. Your deposit accounts with CIT Bank are insured for up to $250,000 per depositor for each ownership category.
APY
Customers of the CIT Bank Savings Connect can enjoy a solid 4.65% APY on the funds they tuck away in their savings account. Unlike some other high-yield savings accounts on the market, you don't have to meet a lot of criteria to earn that elevated interest rate.
Fees
Many banks charge monthly fees to their savings account customers. If you want to avoid paying fees, you might have to jump through hoops like having a certain number of direct deposits or a minimum average daily balance to qualify for a waiver.
With the CIT Bank Savings Connect account, however, you don't have to worry about any such fee-related obstacles. In fact, there are zero monthly service fees with this linked online account combination.
The only fees the bank charges with the Savings Connect account are as follows:
- Outgoing Wire Fees: $10 (Waived if you have a balance of $25,000 or more)
- Returned Deposit Fees: $10
So, if you avoid sending outgoing wire transfers and having returned deposits, you shouldn't have to worry about paying any bank fees.
Minimum Deposits and Maximum Withdrawals
When you open a new CIT Bank Savings Connect account, you'll need to make a minimum deposit of at least $100. However, the online bank does not have any physical branches. As a result, you will need to make your opening deposit in one of the following ways:
- Electronic Transfer
- Wire Transfer
- Send a Check in the Mail
Accessing Your Funds
There are several convenient ways to withdraw funds from your savings account when you need them. Here are a few options:
- Electronic Bank Transfers: These are free of charge between your Savings Connect account and your checking account, even if you hold a checking account with another bank.
- Wire Transfers: You can schedule wire transfers for a $10 fee (or free of charge if your account has a balance of $25,000 or more).
- Check: You can request a check in the mail from your savings account.
Other CIT Bank Accounts
While the CIT Bank Savings Connect is a great option, it's not the only type of online account that the bank has to offer. If you're in the market for an account to grow your savings, you might also want to consider whether one or more of the following options might work for you as well:
CIT Bank Money Market Account
- Our Rating 4/5 How our ratings work
- APY1.55%
Annual Percentage Yield is accurate as of March 31, 2023. Interest rates for the CIT Bank Money Market account are variable and subject to change at any time without notice.
- Minimum
Deposit Required$100
CIT Bank's Money Market Account doesn’t offer the highest interest rate out there, but you can open an account with only $100, and there's no ongoing minimum balance requirement. This account also doesn't charge any monthly fees, which helps it stand out from other similar accounts.
CIT Bank Savings Builder Account
- Our Rating 3/5 How our ratings work
- APYUp to 1.00%
Earn 1.00% APY by maintaining a balance of $25,000 or more, or by receiving a single deposit of $100 or more each month. Annual Percentage Yield is accurate as of September 22, 2022. Interest rates for the Savings Builder account are variable and subject to change at any time without notice.
- Minimum
Deposit Required$100 - Intro Bonus N/A
While it doesn't offer an especially strong interest rate, many of the features included in CIT Bank's Savings Builder account are designed to encourage you to save. To earn the maximum APY on this account, you need to either maintain a high account balance or regularly make deposits, both of which incentivize responsible saving.
CIT Bank Term Certificates of Deposit
- Our Rating 3.5/5 How our ratings work
- Minimum
Deposit Required$1,000 - 1 Year APY0.30%
Annual Percentage Yield is accurate as of March 31, 2023. Interest rates for CIT Bank's term CDs are variable and subject to change at any time without notice
- 3 Year APY0.40%
Annual Percentage Yield is accurate as of March 31, 2023. Interest rates for CIT Bank's term CDs are variable and subject to change at any time without notice
- 6-Month APY5.00%
Annual Percentage Yield is accurate as of March 31, 2023. Interest rates for CIT Bank's term CDs are variable and subject to change at any time without notice
Many banks that offer CDs require customers to commit to lengthy terms of several years or more in order to earn the highest interest rates available. However, with CIT Bank's term CDs, the opposite is true. To get the best rates at CIT, you'll need to open one of its shorter-term CDs, such as its 6-month CD that pays 5.00% APY. If you want an easy way to save more money without having to wait years, CIT Bank's term CDs are a solid option.
CIT Bank No-Penalty Certificate of Deposit
- Our Rating 4.5/5 How our ratings work
- Minimum
Deposit Required$1,000 - 11-Month APY4.90%
Annual Percentage Yield is accurate as of May 9, 2023. Interest rates for CIT Bank's No-Penalty CD are variable and subject to change at any time without notice.
CIT Bank's No-Penalty CD offers one of the most competitive rates with no early withdrawal penalty on the market. With this account, you can earn a 4.90% APY, and the CD matures in just 11 months, which is shorter than average.
How to Open an Account
It's easy to open a CIT Bank Savings Connect account. The bank says the three-step process takes about 10 minutes to complete online.
First, you fill out an application with your information. Be prepared to provide details like your name, address, email, phone number, Social Security number, date of birth and citizenship status.
Ready to open a CIT Bank Savings Connect Account? Start here.
Once your application is accepted, you'll need to fund your accounts. Remember, you have to deposit at least $100 to open a Savings Connect account. You can make your initial deposit via electronic transfer, wire transfer, or by mailing in a check from another bank.
The final step is to sit back and wait. The bank will send you a confirmation email once it accepts your application and receives your initial deposit. From there, you should be able to set up your online banking profile and mobile app to start using your account.
Michelle Lambright Black
Michelle Black is founder of CreditWriter.com and HerCreditMatters.com. Michelle is a leading credit card journalist with over a decade and a half of experience in the financial industry. She’s an expert on credit reporting, credit scoring, identity theft, budgeting, small business, and debt eradication. Michelle is also a certified credit expert witness and personal finance writer.
