Please ensure Javascript is enabled for purposes of website accessibility

This device is too small

If you're on a Galaxy Fold, consider unfolding your phone or viewing it in full screen to best optimize your experience.

Skip to main content
Advertiser Disclosure Many of the offers that appear on this site are from companies from which The Motley Fool receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear) and may influence which products we write about, but our product ratings are not influenced by compensation. We do not include all companies or offers available in the marketplace.
    |    Accessibility Options

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

Review Updated
Brendan Byrnes
Author: Brendan Byrnes
Brendan Byrnes
Brendan Byrnes

Currently Managing Director of Motley Fool Money, Brendan has worked full-time for The Motley Fool since 2011. He has written hundreds of articles for The Motley Fool and provided analysis on TV outlets including CNBC and Fox. He holds a degree in finance from Virginia Tech.

See Full Bio

| 1 other [ + ]
Nathan Alderman
Fact Checked: Nathan Alderman
Nathan Alderman
Nathan Alderman
Fact checker

Nathan Alderman has been a full-time Motley Fool employee since 2005, making errors his arch-enemies in a variety of roles including a six-year stint as the dedicated fact-checker for The Motley Fool's premium newsletter services. As Motley Fool Money's Compliance Lead, he makes sure that all the site's information is accurate and up to date, which ensures we always steer readers right and keeps various financial partners happy. A graduate of Northwestern University's Medill School of Journalism, Nathan spends his spare time volunteering for civic causes, writing and podcasting for fun, adoring his wife, and wrangling his two very large young children.

See Full Bio

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 Apr 26, 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%²
Rate info Circle with letter I in it. You can earn the maximum APY by having Direct Deposit (no minimum amount required) or by making $5,000 or more in Qualifying Deposits every 30 days. See SoFi Checking and Savings rate sheet at: https://www.sofi.com/legal/banking-rate-sheet.
Min. to earn: $0
New customers can earn up to a $300 bonus with qualifying direct deposits!¹
4.10% APY for balances of $5,000 or more
Rate info Circle with letter I in it. 4.10% APY for balances of $5,000 or more; otherwise, 0.25% APY
Min. to earn: $100 to open account, $5,000+ for max APY
Earn a bonus of at least $225 after a one-time deposit of $25,000+. Circle with letter I in it. Transfer a one-time deposit of $25,000-$49,999.99 for a bonus of $225. Transfer a one-time deposit of $50,000+ for a bonus of $300. Account must be opened with code PS2025 while this promotion lasts, and funded within 30 days. Bonus will be fulfilled within 60 days from the funding date. There is no period of time where the customer will be required to maintain the funds. Account must be open when bonus is credited. One bonus per account and primary customer. Bonus will be credited into the Platinum Savings Account that fulfills the funding requirement. Funding can be deposited all at once or incrementally.
3.70%
Rate info Circle with letter I in it. 3.70% annual percentage yield as of April 26, 2025. Terms apply.
Min. to earn: $0
N/A
Disclaimers



SoFi disclosure:

¹ New and existing Checking and Savings members who have not previously enrolled in Direct Deposit with SoFi are eligible to earn a cash bonus of either $50 (with at least $1,000 total Direct Deposits received during the Direct Deposit Bonus Period) OR $300 (with at least $5,000 total Direct Deposits received during the Direct Deposit Bonus Period). Cash bonus will be based on the total amount of Direct Deposit. Direct Deposit Promotion begins on 12/7/2023 and will be available through 1/31/26. See full bonus and annual percentage yield (APY) terms at sofi.com/banking#1.

² SoFi members who enroll in SoFi Plus with Direct Deposit or by paying the SoFi Plus Subscription Fee every 30 days or 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 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. Only SoFi Plus members are eligible for other SoFi Plus benefits. 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. 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.

³ We do not charge any account, service or maintenance fees for SoFi Checking and Savings. We do charge a transaction fee to process each outgoing wire transfer. SoFi does not charge a fee for incoming wire transfers, however the sending bank may charge a fee. Our fee policy is subject to change at any time. See the SoFi Checking & Savings Fee Sheet for details at sofi.com/legal/banking-fees/.

⁴ SoFi Bank is a member FDIC and does not provide more than $250,000 of FDIC insurance per depositor per legal category of account ownership, as described in the FDIC’s regulations.

Any additional FDIC insurance is provided by the SoFi Insured Deposit Program. Deposits may be insured up to $3M through participation in the program. See full terms at SoFi.com/banking/fdic/sidpterms. See list of participating banks at SoFi.com/banking/fdic/participatingbanks.

⁵ We’ve partnered with Allpoint to provide you with ATM access at any of the 55,000+ ATMs within the Allpoint network. You will not be charged a fee when using an in-network ATM, however, third-party fees incurred when using out-of-network ATMs are not subject to reimbursement. SoFi’s ATM policies are subject to change at our discretion at any time.

⁶ Early access to direct deposit funds is based on the timing in which we receive notice of impending payment from the Federal Reserve, which is typically up to two days before the scheduled payment date, but may vary.

⁷ Overdraft Coverage is limited to $50 on debit card purchases only and is an account benefit available to customers with direct deposits of $1,000 or more during the current 30-day Evaluation Period as determined by SoFi Bank, N.A. The 30-Day Evaluation Period refers to the “Start Date” and “End Date” set forth on the APY Details page of your account, which comprises a period of 30 calendar days (the“30-Day Evaluation Period”). You can access the APY Details page at any time by logging into your SoFi account on the SoFi mobile app or SoFi website and selecting either (i) Banking > Savings > Current APY or (ii) Banking > Checking > Current APY. Members with a prior history of non-repayment of negative balances are ineligible for Overdraft Coverage.

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
Write a review
CIT Savings Connect
×
Let us know what you think

Do you have any experience with this bank account? Let us know your thoughts.

CIT Savings Connect

The most helpful reviews focus on your experience with this product.

For privacy reasons, do not include your full name or email address.

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.