CIT Bank is an online-only bank that offers a savings account with an annual percentage yield (APY) that far outpaces the national average. It is best for those who want a competitive APY and are comfortable with online banking. In this expert review, we'll cover CIT Savings Connect accounts and help you decide if this savings account is right for you.
Open Account
Member, FDIC
Rates as
of Sept. 26, 2022
CIT Savings Connect
Rating image, 4.50 out of 5 stars.
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 = Poor4.50/5
APY
2.40%
Min. To Earn APY
$100
- Easy online banking
- Debit card access
- No fees
- FDIC insured for at least $250K
- No branch access
- Requires $100 minimum to open
A strong APY and no fees make this account stand out. The inclusion of no ATM fees and a great digital experience are the cherries on top that simplify saving and earning.
Full CIT Savings Connect review
2.40% APY: APY is an important factor when choosing a high-yield savings account. CIT Savings Connect's APY of 2.40% trounces the national average and also one of the highest APY we've come across. Interest is compounded daily and credited to the account monthly.
No monthly service fees: CIT Bank charges no monthly service fees. As an online bank, CIT Bank is able to pass down its savings to its customers. CIT Bank reimburses up to $30 in ATM fees per month.
Digital convenience: According to its website, opening a CIT Savings Connect account takes about five minutes to complete. You will need to provide your address, phone, email, and Social Security number. CIT Bank also offers online banking that allows you to manage your accounts 24/7, view and download account activity, make transfers, create banking reports, manage account alerts, and much more.
Insurance and Security: CIT Bank is FDIC insured and includes advanced security monitoring, fraud prevention, and privacy features.
Backed by a top-20 U.S. Bank. In early 2022, First Citizens BancShares Inc. announced the completion of its merger with CIT Group Inc. First Citizens is now a top-20 U.S. financial institution with more than $100 billion in assets, and it is the largest family-controlled bank in the nation. According to their website, the merger brings together the strengths of both organizations. As stated there, "For CIT clients, First Citizens brings its proven record of safety, security and focus on long-term relationships while maintaining the expertise and agility that they have come to expect." At this time, CIT Bank customers cannot access their account from a First Citizens bank branch and services and products for each institution are offered only through their respective channels.
What could be improved
Minimum opening deposit: The minimum to open an account is $100 and this amount must be funded within 30 days of account opening. There are other savings accounts available that have a lower or no minimum deposit required.
No physical branch access: CIT Bank is an online-only bank with no physical branches. CIT Bank may not be the best fit for you if you prefer to bank in person.
How to access your money
CIT Bank currently has no physical branches, but you can fund your account and withdraw money quickly and easily.
Deposit options
There are several ways to fund your account:
- Electronic fund transfer (ACH) -- Transferring funds electronically from your other bank accounts to your CIT Savings Connect account is the easiest way to fund your account. Funds may take up to two business days to be deposited to your account.
- Check -- You can mail a check to the bank.
- Wire -- You can wire funds to the bank.
Withdrawal options
You can easily access the funds in your account with:
- Free electronic banking transfers (ACH) between your account and an account at another bank.
- Outgoing wire transfers (there is a $10 fee for accounts with balances under $25,000).
- Calling the bank to mail you a check for free.
The Savings Connect account has a limit of six pre-authorized or automatic transfers or withdrawals, electronic banking transfers to other accounts, or similar per statement cycle. Withdrawal and transfer requests submitted by mail do not count toward the limit, nor do withdrawals requested by telephone if the funds are mailed to you in the form of a check.
Online savings account comparison
CIT Bank's Savings Connect account offers a very competitive APY with low fees, but there are some requirements to open the account that mayn't suit everyone. If the CIT Savings Connect account doesn't sound like a good fit, compare some other savings account options below.
Rates as
of Sept. 26, 2022
| Offer |
|
|
|
|---|---|---|---|
| Account | |||
| Rating |
Rating image, 4.50 out of 5 stars.
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 = Poor4.50/5 |
Rating image, 4.00 out of 5 stars.
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 = Poor4.00/5 |
Rating image, 4.25 out of 5 stars.
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 = Poor4.25/5 |
| APY | 2.40% | 1.90% | 2.15% |
| Min. to earn APY | $100 | $1 | $100 |
| Next Steps |
|
This savings account is right for you if:
- You want competitive APY with low fees.
- You are comfortable with online banking.
- You can provide the $100 minimum required.
About the Author
David S. Chang, ChFC®, CLU® is an award-winning entrepreneur and financial planner with over two decades of experience in the personal finance space. He is a graduate of the United States Military Academy at West Point and a Lieutenant Colonel in the Army National Guard. He is an East-West Graduate Degree Fellow and has an MBA from the UCLA Anderson School of Management.
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