Personal Finance

How CIT Savings Connect Encourages You to Build Savings

The CIT Savings Connect account is for anyone looking to build healthy savings habits or looking for a secure emergency funds account.

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The CIT Savings Connect account is a savings account that earns 4.20% interest. There is a $100 minimum deposit. The only catch is that you also must have a CIT eChecking account. If you don’t already have this checking account, you can open it with another $100 minimum deposit. See details here.

What Is CIT Bank and CIT Savings Connect?

CIT Bank is an FDIC-insured, internet-based bank that is a subsidiary of the larger financial holding company CIT Group, Inc. This bank offers several impressive accounts, including its money market savings account, certificates of deposit, and high-yield savings accounts.

The CIT Savings Connect account is a high-interest savings account that allows customers to receive 4.20% APY on their deposited funds. This no-monthly-fee digital account links with your CIT eChecking account, giving you easy access to your funds through a debit card and free ATM withdrawals.

To open an account, you will need to deposit at least $100

CIT Savings Connect Features

The CIT Savings Connect account includes several impressive features:

  • Interest up to 4.20% APY
  • Access to your account 24/7 through the CIT Bank app or online
  • Ability to withdraw funds from your eChecking account through any ATM in the U.S. with your free eChecking debit card
  • Up to $30 monthly reimbursement for ATM fees at other banks
  • Mobile check deposits
  • Ability to pay bills from your eChecking account through Bill Pay
  • Enrollment in overdraft protection that automatically transfers money from your Savings Connect to your eChecking account in the case of overdraft

Minimum Deposit, Fees, & Pricing

To open a CIT Savings Connect account, you will need to deposit $100 into the Savings Connect account and $100 into an eChecking account. (If you do not currently have an eChecking account, you can easily open one at the same time as the Savings Connect account.)

This initial $200 deposit money is yours to keep and earn interest on. CIT Bank does not charge any application fees or monthly service fees, so the money you deposit will only grow from there.

Once you open an eChecking account, you can use your eChecking debit card to withdraw funds from any ATM. If you withdraw from an ATM that charges a fee, CIT Bank can reimburse you up to $30 each month to cover this charge.

In other words, you do not have to make the minimum monthly deposit to keep your account open - you can view this minimum more as an incentive to encourage you to save money.

How to Sign up for a CIT Savings Connect Account

CIT Bank’s initial signup process takes about five minutes to complete. (If you already have a CIT Bank account, your application will be even shorter).

CIT Bank combines the applications for a Savings Connect and eChecking account, both of which you will need to utilize your savings account. On the company’s application website page, select Open Account Now, then verify which account you would like.

To start your application, you’ll need to provide information such as your:

  • Home address
  • Phone number
  • Email address
  • Social Security number

Once you finish entering this info, CIT Bank will send you an email with links to manage and access your account information. You’ll need to deposit $100 into your Savings Connect account and $100 into your eChecking account within 30 days of your account opening.

The eChecking account earns 0.25% APY on balances of at least $25,000 and 0.10% APY on balances below $25,000.

Is CIT Bank Secure?

CIT Bank is a Member of the FDIC-insured, which means your deposit accounts are insured up to $250,000 per depositor, for each account ownership category. The Federal Deposit Insurance Corporation (FDIC) insures deposits at member financial institutions across the United States.

Because CIT Bank is an FDIC-insured institution, you can trust that your funds will be secure in your Savings Connect account.

Learn More: What is the FDIC? How the FDIC Protects Your Savings

Mobile Support and Accessibility

CIT Bank is an online-only bank, and you can complete pretty much any traditional banking action on the bank’s website. Both the website and mobile app are user-friendly and easy to navigate.

You can use your CIT bank mobile app to:

  • Transfer funds to and from other banks
  • Pay recurring bills through Bill Pay
  • Deposit checks remotely
  • View your account balances
  • Monitor your transaction history

The CIT Bank mobile app has 4.2 out of 5 stars on Google Play and 4.6 out of 5 stars on the Apple store.

CIT Bank is currently working to make its website meet accessibility standards from the World Wide Web Consortium.

Related: Best Mobile Banking Apps

Customer Service and Support

To contact a customer service representative, you’ll need to call the hotline Monday through Friday between 9:00 a.m. and 9:00 p.m. (EST) or Saturday between 10:00 a.m. and 6:00 p.m. The bank is closed on Sundays.

You currently cannot chat with customer service representatives live on the company’s website, which may be a downside for customers who do not have time for a lengthy phone call.

Pros and Cons of CIT Savings Connect

  • Competitive APY – Considering current APYs today, CIT Savings Connect delivers one of the better rates you’ll find.

  • Ability to transfer funds through Zelle – Zelle makes paying others seamless and avoids you having to use another app.

  • Online banking and mobile app – It’s convenient and well-designed.

  • $30 ATM fee reimbursement – If you need to frequently access cash, you’ll appreciate the ATM fee reimbursement from CIT.

  • Requirement to open and link an eChecking account – You’ll have to open a separate checking account to get the savings account.

  • Minimum deposit of $100 to open an account – Not terrible, but for people who want to start small, this may be a deal-breaker.

CIT Savings Connect Alternatives

Savings AccountBest For
Marcus by Goldman Sachs Online Savings AccountSmall deposits
American Express® High Yield Savings AccountFrequent withdrawals
Discover Online SavingsHigh interest rate

CIT Bank is not the only bank that offers high-interest savings accounts with generous terms. A few other viable alternatives include the Marcus by Goldman Sachs online savings account, American Express High Yield Savings, Member FDIC, and Nationwide My Savings account.

Marcus by Goldman Sachs Online Savings Account

Marcus is a consumer division of the well-known financial institution Goldman Sachs. This bank offers several different checking and savings accounts for customers, but its high-yield online savings account is most comparable to the CIT Savings Connect account.

The Marcus high-yield savings account offers several benefits to customers:

  • $0 minimum deposit
  • 2.35% APY
  • No fees

The most significant difference between this account and the CIT Savings Connect account is the minimum deposit. The Marcus online savings account does not require a minimum deposit to open the account. You also do not need to make minimum monthly deposits to maintain your 4.20% APY.

Marcus’s customer service team is also slightly more accessible than CITs. You can contact the bank’s U.S.-based contact center seven days a week.

However, Marcus does not offer quick access to your savings account funds. Because the bank does not have checking accounts, you would need to transfer money from your high-yield savings account to another bank to withdraw it.

American Express High-Yield Savings Account

American Express also offers a high-yield savings account with similar attributes to CITs Savings Connect account. This account includes the following features:

  • 3.30% Annual Percentage Yield (as of 12/22/22)
  • No minimum deposit to open or monthly fees
  • 24/7 customer service

This account earns an APY that is currently equal to the Savings Connect but has no minimum deposit requirements.

American Express also makes it easy to withdraw your funds when you need them. You can quickly transfer money between your high-yield savings account and an external bank account or withdraw funds directly from your savings account up to nine times per month.

American Express has superior customer service compared to other financial institutions. You can contact the customer service team 24 hours a day, seven days a week if you have any questions or need assistance with your account.

Discover Online Savings

Discover Online Savings Account is known in the industry as consistently offering high-interest rates. This account includes the following features:

  • 3.60% APY
  • No minimum deposit or monthly fees
  • 24/7 customer service

This account currently earns the same APY as Savings Connect but has no minimum deposit requirements.

Discover also makes it easy to withdraw your funds when you need them. You can quickly transfer money between your high-yield savings account and an external bank account, or withdraw funds directly from your savings account up to nine times per month.

Discover also has 100% US based customer service and they are open 24/7. Good customer service is important when your bank account is completely online. If you ever do have a problem it’s nice to be able to speak to a real human being.

Who Is CIT Savings Connect For?

The CIT Savings Connect account is a suitable savings account for consumers looking to build healthy savings habits.

A Savings Connect account can also act as a secure emergency funds account. I recommend you save at least three months of your basic living expenses in an emergency fund.

The Savings Connect account is also an intelligent choice for consumers looking to meet short- or medium-term savings goals. If you are trying to save for a vacation, mortgage down payment, or car, this account can encourage you to keep chipping away at your goals.

While the CIT Savings Connect isn’t a suitable replacement for a retirement account or investment account, anyone can benefit from putting some of their savings in a high-yield account. If your current savings account has a low APY, we encourage you to look into this account or one of the alternatives above to allow your money to work harder for you.

Should You Sign up for a CIT Savings Connect Account?

There aren’t necessarily any cons to signing up for a Savings Connect account as long as you meet the criteria. Your money will slowly earn interest, and even if you can’t meet the minimum monthly deposit for the upper-tier APR, you can still make higher interest rates than you’re probably earning on a traditional savings account.

However, lots of high-yield savings accounts are available from dozens of banking institutions, and CITs may not be the best choice for you. If you plan to deposit closer to $1,000 in a savings account each month, for example, you may look for an account that offers even higher APY.

If you’re happy with CITs terms and are looking for a way to grow your savings a little faster than you currently are, CITs Savings Connect is a practical choice. The bank is trustworthy and secure, and you don’t have to worry about paying monthly fees to keep your account open.

But if you want an account with no minimum deposit or a higher APY, consider looking for another account. Banking should be personalized and customer-focused. Finding the right account for your needs is the most important step, regardless of whether Savings Connect is that choice for you or not.

Bottom Line

If you’re looking for a high-yield savings account, CIT Savings Connect is an excellent choice to consider. With its competitive APY, generous ATM reimbursements, and easy withdrawals, Savings Connect offers an all-around pleasant experience for short-term, high-yield savings.

CIT Bank. Member FDIC.

Chris Muller

Chris Muller

Chris has an MBA with a focus in advanced investments and has been writing about all things personal finance since 2015. He's also built and run a digital marketing agency, focusing on content marketing, copywriting, and SEO, since 2016. You can connect with Chris on Twitter @moneymozartblog.

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