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CIT Savings Connect Review: Why I Still Keep This Account Around in 2025

Review Updated
Brendan Byrnes
Author: Brendan Byrnes
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Many or all of the products here are from our partners that compensate us. It’s how we make money. But our editorial integrity ensures that our product ratings are not influenced by compensation. APY = Annual Percentage Yield.

I've been a CIT Bank customer for years. These days, I've moved most of my savings over to the CIT Platinum Savings account to earn a slightly higher rate, but I still keep my CIT Savings Connect account open. Even though it's no longer the highest-yielding option, it remains a solid backup for a few key reasons.

If you're looking for a flexible, low-maintenance place to grow your savings, CIT Savings Connect might be a better fit than you'd expect.

CIT Savings Connect
Open Account for CIT Savings Connect

On CIT's Secure Website.

Member FDIC.

Ratings Methodology
Rates as of May 20, 2025

CIT Savings Connect

Open Account for CIT Savings Connect

On CIT's Secure Website.

Member FDIC.
Rating image, 4.50 out of 5 stars.
4.50/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
 = Best
= Excellent
= Good
= Fair
= Poor
Rating image, 4.50 out of 5 stars.
4.50/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
 = Best
= Excellent
= Good
= Fair
= Poor
Open Account for CIT Savings Connect

On CIT's Secure Website.

APY
4.00% Rate info Circle with letter I in it. CIT Bank also offers the Platinum Savings account. Savers with $5,000 or more can get a 4.35% APY with Platinum Savings, but accounts with less than $5,000 get 0.25% with that account.
Min. To Earn APY
$100 to open account
  • Competitive APY
  • No account fees
  • Unlimited number of external transfers (up to daily transaction limits)
  • FDIC insured
  • $100 minimum deposit required
  • No branch access; online only

CIT Savings Connect has among the highest APYs we've seen for an account with no account fees or minimum balance requirement (though a $100 initial deposit is required to open it). It's a great fit for those who want a top-notch APY and a flexible online banking experience.

Our ratings are determined by an editorially independent Ratings team. Here's more information about how we scored this product:

APY (50%)
Rating image, 5.00 out of 5 stars.
5.00/5
Brand & Reputation (20%)
Brand (20%)
Rating image, 4.00 out of 5 stars.
4.00/5
Account Features (15%)
Features (15%)
Rating image, 4.00 out of 5 stars.
4.00/5
Fees (15%)
Rating image, 4.00 out of 5 stars.
4.00/5

At Motley Fool Money, we rate savings accounts on a five-star scale (1 = poor, 5 = best). We evaluate all savings accounts across four main criteria: annual percentage yield (APY), brand and reputation, fees and minimum requirements, and perks that really make a difference -- think ATM access, linked checking accounts, or even branch access.

Our scores are weighted as:

  • APY: 50%
  • Brand and reputation: 20%
  • Fees and minimums: 15%
  • Other perks: 15%

Our aim is to maintain a balanced list featuring top-scoring products from reputable brands offering competitive APYs and standout features. Learn more about how Motley Fool Money rates bank accounts.

At Motley Fool Money, we rate savings accounts on a five-star scale (1 = poor, 5 = best). We evaluate all savings accounts across four main criteria: annual percentage yield (APY), brand and reputation, fees and minimum requirements, and perks that really make a difference -- think ATM access, linked checking accounts, or even branch access.

Our scores are weighted as:

  • APY: 50%
  • Brand and reputation: 20%
  • Fees and minimums: 15%
  • Other perks: 15%

Our aim is to maintain a balanced list featuring top-scoring products from reputable brands offering competitive APYs and standout features. Learn more about how Motley Fool Money rates bank accounts.

What I like about the CIT Savings Connect account

Solid APY without the balance pressure

CIT Platinum Savings currently offers a slightly higher APY, but only if you maintain a $5,000 minimum balance. With CIT Savings Connect, you only need $100 to earn the full 4.00% APY. That kind of flexibility makes it a great option if you don't want to lock up a large chunk of cash.

No monthly fees

No maintenance fees, no minimum balance fees, and none of the usual small-print stuff that can eat into your savings. Whether you're just getting started or you're moving over a large chunk of cash, you get the full benefits of the account without worrying about penalties.

Easy account management

CIT keeps it simple -- it took me five minutes to open the account, and I've never had trouble linking external banks or moving money around. For a no-frills saver like me, that's all I need.

Compare savings rates

Make sure you're getting the best account for you by comparing savings rates and promotions. Here are some of our favorite high-yield savings accounts to consider.

Account APY Promotion Next Steps
up to 3.80%
Rate info Circle with letter I in it. SoFi members who enroll in SoFi Plus with Eligible Direct Deposit or by paying the SoFi Plus Subscription Fee every 30 days or SoFi members with $5,000 or more in Qualifying Deposits during the 30-Day Evaluation Period can earn 3.80% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Eligible Direct Deposit amount required to qualify for the stated interest rate. Members without either SoFi Plus or Qualifying Deposits, during the 30-Day Evaluation Period will earn 1.00% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Interest rates are variable and subject to change at any time. These rates are current as of 1/24/25. There is no minimum balance requirement. If you have satisfied Eligible Direct Deposit requirements for our highest APY but do not see 3.80% APY on your APY Details page the day after your Eligible Direct Deposit arrives, please contact us at 855-456-7634. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet. See the SoFi Plus Terms and Conditions at https://www.sofi.com/terms-of-use/#plus.
Min. to earn: $0
New customers can earn up to a $300 bonus with qualifying direct deposits!
3.60%
Rate info Circle with letter I in it. See Capital One website for most up-to-date rates. Advertised Annual Percentage Yield (APY) is variable and accurate as of April 8, 2025. Rates are subject to change at any time before or after account opening.
Min. to earn: $0
N/A
4.00%
Rate info Circle with letter I in it. Balances less than $250,000 earn 4.00%, and balances greater than $250,000 earn 4.20%.
Min. to earn: $0
N/A
Open Account for Barclays Tiered Savings

On Barclays' Secure Website.

Downsides you should consider

It's not the highest rate CIT offers

If you're chasing the absolute top APY, the CIT Platinum Savings might be a better fit -- as long as you can consistently keep $5,000 in the account. Otherwise, there are other high-yield savings accounts out there that may edge it out.

Online-only and no ATM access

This is a 100% digital bank. I'm fine with that, as I rarely visit a physical branch for anything these days, but if you want in-person help or ATM withdrawals, this isn't the right account.

Basic tools and support

CIT's digital tools are functional but barebones. The mobile app works, but it won't wow you. And while customer support is available, it's nothing to write home about.

My personal experience

I technically have all three of CIT's savings accounts -- CIT Savings Connect, CIT Savings Builder, and CIT Platinum Savings -- but most of my money is in the Platinum account now so I get the highest APY possible.

Still, I haven't closed my CIT Savings Connect account. I like the flexibility it offers with no balance requirements and a solid rate. It's a great backup option and one I'd recommend if you're looking for a simple, no-fee way to earn interest on your savings.

We want to know what you think about CIT Savings Connect

Do you have first-hand knowledge of CIT Savings Connect? Share your thoughts with us and your fellow Motley Fool Money readers.

CIT Savings Connect
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CIT Savings Connect

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I authorize Motley Fool Money to use my name and comments on their site without compensation or final approval from me, and I will not hold them liable for any errors or distortions. I acknowledge that Motley Fool Money may choose not to use my comments, or make edits, and I have not been promised any compensation for this testimonial. I confirm that granting this license does not conflict with any of my existing commitments.

Who will benefit from the CIT Savings Connect account?

If you're growing your savings from the ground up or just want a no-fuss, high-yield place to park your cash, CIT Savings Connect is a solid choice. There's no steep balance requirement to earn the 4.00% APY, and the fee-free, digital-first experience keeps things simple. If that fits your style, open a CIT Savings Connect account today and start earning more on your money.

That said, if you've got $5,000 or more to stash away and want the absolute top rate CIT offers, this isn't it. You'll want the CIT Platinum Savings instead. Apply today.

FAQs

  • It depends on your balance. Platinum offers a higher APY, but only if you keep $5,000 in the account. CIT Savings Connect is better for lower balances or if you need more flexibility.

  • I linked an external bank account and transferred money in -- it was super simple. You can also deposit checks through the mobile app or set up direct deposit.

  • Yep, your deposits are FDIC insured up to $250,000 per depositor, per account ownership category. That peace of mind is one of the reasons I'm comfortable keeping my money here.