Review
Updated
Fact Checked
Nathan Alderman
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 the CIT Savings Connect account and help you decide if this savings account is right for you.
TIP
Higher deposits, higher APY
CIT Bank also offers the CIT Platinum Savings account that offers a 5.05% APY for balances of $5,000 or more. However, for balances below $5,000, CIT Platinum Savings offers just 0.25%. So if you plan to have less than $5,000 in your account, CIT Savings Connect is your better choice.
Member FDIC.
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Ratings Methodology
Rates as
of Apr 23, 2024
2024 Award Winner
CIT Savings Connect
Member FDIC.
Rating image, 5.00 out of 5 stars.
5.00/5
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.
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Rating image, 5.00 out of 5 stars.
5.00/5
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.
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= Best
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APY
4.65%
Rate info
CIT Bank also offers the Platinum Savings account. Savers with $5,000 or more can get a 5.05% 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)
- 24/7 customer support
- 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.
High-yield savings account comparison
We recommend comparing high-yield savings account options to ensure the account you're selecting is the best fit for you. To make your search easier, here's a short list of standout accounts.
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| Account | APY | Promotion | Next Steps |
|---|---|---|---|
Rating image, 4.75 out of 5 stars.
4.75/5
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.
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= Excellent
= Good
= Fair = Poor |
up to 4.60%
Rate info
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
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New customers can earn up to a $300 bonus with qualifying direct deposits!
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Rating image, 4.75 out of 5 stars.
4.75/5
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 |
5.05% APY for balances of $5,000 or more
Rate info
5.05% APY for balances of $5,000 or more; otherwise, 0.25% APY
Min. to earn: $100 to open account, $5,000 for max APY
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Rating image, 4.00 out of 5 stars.
4.00/5
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 |
4.35%
Min. to earn: $0
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New customers can earn a $200 bonus with a minimum $25,000 qualifying deposit. Terms apply.
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CIT Savings Connect interest rate
| Account | APY | Minimum Deposit |
|---|---|---|
| CIT Savings Connect | 4.65% | $100 |
Data source: CIT Bank
If you want an APY more than 10 times the national average (as of March 2024), CIT Savings Connect is worth a closer look. You'll need $100 to open the account, however, so this could be a drawback for some beginning savers.
Full CIT Savings Connect review
Top perks
4.65% APY: CIT Savings Connect ranks among the best high-yield savings accounts we've seen. Plus, the interest is compounded daily and added to your account monthly.
No monthly service fees: CIT Bank charges no account opening or monthly service fees. As an online bank, CIT Bank is able to pass down its savings to its customers.
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. When you open a Savings Connect account, your linked eChecking account is also opened automatically. 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 $200 billion in assets, and it is the largest family-controlled bank in the nation.
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:
- Mobile app: Account holders can deposit checks remotely and make transfers easily with the CIT Bank mobile app.
- 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.
CIT Savings Connect 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.
Keep reading about CIT Bank
- CIT Bank Savings Builder Review
- CIT Platinum Savings Review
- CIT Bank Money Market Account Review
- CIT Bank CD Rates
Our savings account methodology
At The Ascent, a Motley Fool Service, we rate savings accounts on a five-star scale (1 = poor, 5 = best). Our criteria? We dive deep into factors like APY, account minimums and fees, along with features that really make a difference -- think ATM access, linked checking accounts, or even branch access. We blend this with an evaluation of brand reputation and customer satisfaction to ensure you're getting the best. Our aim is to maintain a balanced best-of list featuring top-scoring products from reputable brands offering competitive APYs and standout features.
FAQs
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The CIT Platinum Savings account pays a higher APY for balances above $5,000, but for balances of less than $5,000, the CIT Savings Connect account pays a higher APY.
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Funds in a CIT Savings Connect account are FDIC insured, which means account holders are protected in case of bank failure.
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No, CIT Savings Connect accounts are only offered through CIT Bank direct banking.
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No, CIT Bank services are only offered through their respective channels.
Our Banking Experts
David S. Chang, ChFC®, CLU® is an award-winning entrepreneur, keynote speaker, author, and consultant. He has over two decades of experience in the wealth management space and has been featured in dozens of news, radio, and podcast programs nationwide. He currently works as Head of IoT for the West Region of a Fortune 200 company. He is a graduate of the United States Military Academy at West Point and currently a Lieutenant Colonel in the California Army National Guard. He is an East-West Graduate Degree Fellow and has an MBA from the UCLA Anderson School of Management.
Robin Hartill, CFP®, is a personal finance writer and editor whose work frequently appears in various national publications. She wrote the syndicated “Dear Penny” financial advice column for four years.
Fact Checked
Nathan Alderman
Nathan Alderman has worked with The Motley Fool 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 The Ascent'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.
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