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CIT Bank Savings Connect Account

Open Account

Member FDIC.

  • Our Rating 4.5/5 Read the review
  • APY4.05% More Info

    Annual Percentage Yield is accurate as of January 24, 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 offers customers one of the highest interest rates available, as well as comes with convenient remote deposit capabilities, online banking, and a user-friendly mobile app. See site for details.

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 4.05%, 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.

4.5/5 Rating How our ratings work

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.

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 12x 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 4.05% 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

man getting money out of atm
Pexels

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

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Member FDIC.

  • Our Rating 4/5 Read the review
  • APY1.55% More Info

    Annual Percentage Yield is accurate as of January 24, 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

With a low minimum opening deposit of $100 and 1.55% interest rate, CIT Bank’s Money Market Account is an excellent choice if you want to start small and work your way up. Plus, once you’ve opened your account, there is no ongoing minimum balance requirement and no monthly service fee. See site for details.

CIT Bank Savings Builder Account

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Member FDIC.

  • Our Rating 3/5 Read the review
  • APYUp to 1.00% More Info

    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

The Savings Builder account rewards you as you save more. It pays up to 1.00% APY, but to qualify for the best rate, you’ll need to make a monthly deposit into the account of $100 or more or maintain a $25,000 balance or higher. This account has no monthly recurring fees. See site for details.

CIT Bank Term Certificates of Deposit

Open CD

Member FDIC.

  • Our Rating 3.5/5 Read the review
  • Minimum
    Deposit Required
    $1,000
  • 1 Year APY0.30% More Info

    Annual Percentage Yield is accurate as of January 24, 2023. Interest rates for CIT Bank’s term CDs are variable and subject to change at any time without notice

  • 3 Year APY0.40% More Info

    Annual Percentage Yield is accurate as of January 24, 2023. Interest rates for CIT Bank’s term CDs are variable and subject to change at any time without notice

  • 13-Month APY4.65% More Info

    Annual Percentage Yield is accurate as of January 24, 2023. Interest rates for CIT Bank’s term CDs are variable and subject to change at any time without notice

CIT Bank offers a variety of term CDs ranging from six months to five years. Interest rates vary depending on term length, but generally CIT’s best rates come from slightly unusual term lengths, such as its 13-month CD. See site for details.

CIT Bank No-Penalty Certificate of Deposit

Open CD

Member FDIC.

  • Our Rating 4.5/5 Read the review
  • Minimum
    Deposit Required
    $1,000
  • 11-Month APY4.10% More Info

    Annual Percentage Yield is accurate as of January 6, 2023. Interest rates for CIT Bank’s No-Penalty CD are variable and subject to change at any time without notice.

If you’re looking for a low-risk way to earn extra interest on your savings in the short-term, CIT Bank’s No-Penalty CD may be just the ticket. It’s 11-month term is on the short side for CDs, and you’ll earn an impressive 4.10% APY on your deposit. See site for details.

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. 

Unlock High Interest Rates

Ready to open a CIT Bank Savings Connect Account? Start here.

Open Account

Member FDIC.

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. 

ML

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.