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CIT Savings Connect Review: High APY, Low-Fee Account for Online Savers

Review Updated
Robin Hartill, CFP
Author: Robin Hartill, CFP
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Robin Hartill, CFP
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Robin Hartill, CFP®, is Motley Fool Money’s Head of Product Ratings and has worked for The Motley Fool since 2020. Her work has appeared in various national publications, including NerdWallet and CNET Money. She previously wrote The Penny Hoarder’s syndicated “Dear Penny” personal finance advice column. She is based in St. Petersburg, Florida.

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David Chang, ChFC®, CLU®
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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.

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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. Terms may apply to offers listed on this page. APY = Annual Percentage Yield. APYs are subject to change at any time without notice.

CIT Savings Connect might be for you if: You want a competitive APY and you're okay with a minimum opening deposit, you prefer to do your banking online, and you want to avoid monthly fees.

TIP

Higher deposits, higher APY

CIT Bank also offers the CIT Platinum Savings account that offers a up to 4.35% 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.

CIT Savings Connect
Open Account for CIT Savings Connect

On CIT's Secure Website.

Member FDIC.

Ratings Methodology
Rates as of Dec 20, 2024

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% of total star rating): Savings accounts with 5 stars have 10x the national average APY or greater, OR 6x to 9x the national average APY with $100+ welcome bonus.
    • Brand and reputation (20% of total star rating): Savings accounts with 5 stars come from institutions with long and stable histories with high levels of customer trust and satisfaction. These accounts are backed by significant industry awards and recognition. They also feature multiple customer support options, have a highly rated app with an average rating of 4.0 stars or higher between iOS and Google Play store ratings, and advanced safety features, like two-factor authentication.
    • Fees and minimums (15% of total star rating): Savings accounts with 5 stars have no account service fees, account closure fees, overdraft fees, or minimum balance fees. They also have no minimum requirements to earn the maximum APY.
    • Other perks (15% of total star rating): Our 5-star accounts offer most of the following features: ATM access through ATM or debit card, additional linked account integration, branch access, and relationship banking perks.

    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.

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
3.80%
Rate info Circle with letter I in it. 3.80% annual percentage yield as of December 27, 2024. Terms apply.
Min. to earn: $0
N/A
Open Account for American Express® High Yield Savings

On American Express's Secure Website.

up to 4.00%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
3.80%
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 Dec. 6, 2024. Rates are subject to change at any time before or after account opening.
Min. to earn: $0
N/A

Full CIT Savings Connect review

The CIT Savings Connect account is a good choice for savers seeking a high interest rate and no monthly fees.

CIT Savings Connect interest rate

Account APY Minimum Deposit
CIT Savings Connect 4.00% $100
Data source: CIT Bank

The CIT Savings Connect account's APY is roughly 10 times the national savings account average. Though we've seen slightly higher APYs at some online banks, you can rest assured that you're getting a competitive interest rate with the CIT Savings Connect account.

Fees

The CIT Savings Connect account doesn't charge monthly fees or account maintenance fees, making it a solid pick if you're looking for a free savings account. You'll pay a fee for outgoing wire transfers if you don't have a high account balance, however, the account doesn't charge many common bank account fees.

Monthly service fee $0
Incoming wire transfer fee $0
Outgoing wire transfer fee $0 for accounts with a balance of $25,000 or higher; $10 for accounts with a balance of less than $25,000
Excess transaction fee $0
Data source: CIT Bank.

Minimum balance

The CIT Savings Connect account doesn't have a minimum balance requirement, however, you'll need to deposit at least $100 to open the account. Though this requirement isn't too onerous, we've seen several top online savings accounts have no minimum opening deposit requirements.

Withdrawal limit

CIT Bank allows unlimited withdrawals from the CIT Savings Connect account and other savings and money market accounts. Many banks limit withdrawals from a savings account to six per month, as was required by the Federal Reserve System's Regulation D prior to 2020.

Mobile app

You can use the CIT Bank mobile app to check your balance, make transfers, open new accounts, and set up and manage alerts. The iOS app gets an average rating of 4.6 out of 5 stars in the App Store.

However, users in the Google Play store are less enthusiastic about the app, giving it an average rating of just 2.7 stars.

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.

Online user reviews

CIT Bank users give the bank an average rating of 2.0 on Trustpilot, which is generally considered poor. The Better Business Bureau assigns CIT Bank an A-minus rating, though the bank isn't BBB accredited.

Customer service is available by phone at 855-462-2652. Hours are 9 a.m. to 9 p.m. Eastern time Monday through Friday, and 10 a.m. to 6 p.m. Eastern time Saturdays.

Top perks

4.00% 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 its savings on 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 CIT 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.

Is CIT Savings Connect FDIC insured?

Yes, money you deposit in a CIT Savings Connect account is FDIC insured for deposits up to $250,000 per depositor, per institution, per ownership category.

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

FAQs

  • Yes, CIT Savings Connect is a legitimate savings account that pays a competitive APY. The bank is FDIC insured, meaning deposits of up to $250,000 are federally insured.

  • 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.

  • No, CIT Savings Connect accounts are only offered through CIT Bank direct banking.