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CIT Bank Savings Connect: 1.90% APY in August

A generous offer that might be a good fit for your checking account and high-yield savings account needs

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The CIT Bank Savings Connect account could be a solid solution if you’re looking for the combination of an online checking account plus a high-yield savings account.

With a current APY (annual percentage yield) of 1.90%, 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 FDIC-insured checking and savings accounts from CIT (a division of First Citizens Bank) with zero monthly service fees. 

Secure application on issuer’s website.


CIT Bank Savings Connect
APY: 1.90% APY
Monthly Fees: None
Minimum Opening Balance: $100
Features:
APY is 19x the national average
Daily compounding interest
FDIC insured

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Features

The CIT Bank Savings Connect account offers its customers a savings APY that’s 19x 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. These features make the online savings account easy to use along with the eChecking account’s debit card, eDeposit, Zelle®, and no-ATM-fee capabilities. 

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 1.90% 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. 

In general, checking accounts aren’t known for earning a ton of interest. Yet the CIT Bank eChecking performs well in that department too. The balance in your eChecking account could earn one of the following two APYs:

  • 0.10% (Balances Under $25,000)
  • 0.25% (Balances of $25,000 and above)

According to the FDIC, the average APY on an interest-bearing checking account is currently 0.03%, so these rates are pretty solid by comparison.

Fees

Many banks charge monthly fees to their savings and checking 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 

As with any savings account, CIT Bank limits you to a maximum of six withdrawals per month. If you exceed six withdrawals or transfers per month, you’ll be charged a fee of $5 per withdrawal; this fee jumps up to $10 per withdrawal if you exceed six per statement cycle.

With the eChecking account, there are no monthly withdrawal limits. As long as you have sufficient funds in your account, you can make as many withdrawals and transactions as you wish. 

Accessing Your Funds

man getting money out of atm
Pexels

There are several convenient ways to withdraw funds from both your savings and eChecking 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 CIT eChecking account or a checking account at another bank. 
  • ATM Withdrawal: CIT Bank doesn’t charge ATM fees to access the funds in your account, but other banks may. However, CIT Bank will reimburse you for up to $30 in other banks’ ATM fees. 
  • Debit Card: You can use your debit card to make purchases using funds from your eChecking account. 
  • 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 or checking account. 
  • Mobile: You can pay, purchase, and transfer funds via mobile apps like Zelle, Bill Pay, Samsung Pay®, and Apple Pay® using your eChecking account. 

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. 

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. 

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

Offer Details

Secure application on issuer’s website.

CIT Bank Money Market
APY:
1.30% APY
Monthly Fees: None
Minimum Opening Balance: $100
Features:
Access your money easily with Zelle and Bill Pay
Daily compounding interest
FDIC insured

Another type of account to consider when banking with CIT is the CIT Money Market Account. While not as strong as some of CIT’s other offerings, the Money Market Account’s APY is still noteworthy compared to similar MMAs.

Interest Rate: 1.30%
Compounding Period: Daily
Fees: No monthly services fees or minimum balance requirements
ATM Access: No
Can you bank in person? No. CIT does not have brick-and-mortar banks.
Can you bank online? Yes.


CIT Bank Savings Builder

Offer Details

Secure application on issuer’s website.

CIT Bank Savings Builder
APY: Up to 0.80% APY
Monthly Fees: None
Minimum Opening Balance: $100
Features:
Daily compounding interest
No account opening or maintenance fees
FDIC insured

The CIT Bank Savings Builder Account requires a minimum monthly deposit of $100 or a minimum account balance of $25,000 in order to earn the highest APY (which is still considerably lower than the Savings Connect Account’s APY).

  • Interest Rate: 0.80% if you meet either one of two criteria:
    • at least $25,000 in the account
    • at least $100 per month deposited

If you fall short of either on a monthly basis, your rate will drop to a lower APY.

  • Compounding Period: Daily
  • Fees: None
  • ATM Access: None
  • Can you bank in person? No. CIT does not have brick-and-mortar banks.
  • Can you bank online? Yes.

If you deposited $15,000 into the Savings Builder account in one lump sum, you’d need to contribute an additional $100 per month to maintain the higher rate. The account compounds interest daily and pays out interest monthly.

If you do not meet the account criteria, your interest rate is determined after an evaluation period.


CIT Bank Term CD

Offer Details

Secure application on issuer’s website.

CIT Bank Term CD
APY: Up to 2.10% APY
Monthly Fees: None
Minimum Opening Balance: $1,000
Features:
Daily compounding interest
No account opening or maintenance fees
FDIC insured


CIT Bank No Penalty CD

Offer Details

Secure application on issuer’s website.

CIT Bank No Penalty CD
APY: Up to 2.00% APY
Minimum Opening Deposit: $1,000
Features:
No early-withdrawal fee
Daily compounding interest
No account opening or maintenance fees
FDIC insured

While we work hard on our research, we do not always provide a complete listing of all available offers from credit-card companies and banks. And because offers can change, we cannot guarantee that our information will always be up to date, so we encourage you to verify all the terms and conditions of any financial product before you apply.

Michelle Black
Michelle 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.