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CIT Bank Savings Connect Account

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High-Yield Savings

Get up to 4.60% APY on the money sitting in your savings account.



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Monthly Service Fee


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Type of Bank Account


Mobile Banking

Download the mobile app and transfer money from any device

Best For

Consumers looking for high-yield savings accounts

FDIC Insurance


Type of Interest Rate

Variable Rate

Account Opening Process


People want more from their money. Putting money into stocks and real estate can produce high returns, but these assets have risks. It’s possible to lose money on these investments, but some income streams present zero risk. One of those opportunities is a high-yield savings account. With FDIC protection and competitive rates, it’s possible to score big with a savings account. CIT Bank offers some of the highest savings rates in the country and can help you earn more with your money.

About CIT Bank

CIT Bank is a financial institution that has served customers since 2009. It is a division of First Citizens Bank, which holds over $100 billion in assets. First Citizens has over 600 branches in 22 states and is a top 20 U.S. financial institution. CIT Bank has won several awards, such as “Money’s Best Savings Accounts of 2020” and “MoneyRate’s Best CD Account Rates.”

CIT Bank customers can open bank accounts and take our loans. The company has lending solutions for consumers seeking homes and businesses that need extra capital. The financial institution offers competitive interest rates for its loans. Frank B. Holding, Jr. serves as the company’s CEO. He has been the chairman since 2008.

What is a CIT Bank Savings Connect Account?

A CIT Bank Savings Connect Account is an FDIC-insured bank account with some of the highest interest rates in the industry. You can score up to 4.60% APY on the money sitting in your account. While the rate is high, it’s important to keep in mind that it is a variable interest rate. This rate can change at any time.

CIT Bank uses a daily compounding interest system that maximizes your gains. Other banks only compound interest monthly which results in lower gains for customers. The financial institution has a savings rate that is 11 times the national average.

A CIT Bank Savings Connect Account gives you access to your funds. You don’t have to lock your money away in a CD and wait a few months or years before accessing it again.

How Does a CIT Bank Savings Connect Account Work?

A CIT Bank Savings Connect Account lets you deposit money and receive interest over time. This is a risk-free account that is insured by the FDIC. Customers can put as much cash into this account as they desire and receive interest payments every day. These payments compound and increase your total returns. You can deposit and withdraw cash at any time.

Not everyone needs to put their money into stocks and real estate to realize high returns. You can take a safer route with CIT Bank and save up for retirement, a vacation, or any other expense. It doesn’t make sense to put your money into a low-interest savings account when great options like CIT Bank are available.

You only have to make a $100 minimum opening deposit to get started. It’s a reasonable opening deposit for the interest rate you are receiving. CIT Bank also has CDs and other financial products that can lead to higher earnings. You can also upgrade to a Platinum Savings account which offers a 4.95% APY as long as you have a balance that exceeds $5,000. The Platinum Savings account only rewards a 0.25% APY if your balance is less than $5,000. The CIT Bank Savings Connect Account has a flat rate, regardless of your account’s size.

What are the Features of a CIT Bank Savings Connect Account?

A CIT Bank Savings Connect account gives you access to several features. Each of these features can improve your financial well-being and give you more options.

Online Banking

You can download the mobile banking app or do your online banking from any device. Customers can take pictures of their checks using the app and have them automatically deposited into their accounts. That will save you a trip to your local branch. You can also monitor your bank accounts on the go with the mobile experience.

No Monthly Service Fees

CIT Bank customers do not have to worry about monthly service fees. Many banks tack on this fee to increase their profits and encourage customers to keep a minimum amount in their bank accounts. Avoiding monthly service fees lets you keep the gains from a 4.60% interest rate.

FDIC Insurance

FDIC insurance is a critical component of any bank, and you should not consider any bank that lacks this essential protection. CIT Bank is an FDIC-insured bank, which means your entire account up to $250,000 is secured in the unlikely event the bank falls under.

Excellent Customer Service

You may have questions when you open your CIT Bank account and go through the dashboard. If you need to reach out to someone, CIT Bank delivers with an excellent customer support team. The company has a live chat available 24/7 and phone support from Monday to Saturday. The weekday hours are from 9 am to 9 pm Eastern, and the phone hours for Saturdays are 10 am to 6 pm Eastern.

Access to Loans

CIT Bank offers several types of loans, such as home loans and business loans. The financial institution offers one-on-one guidance to help you decide which loan is right for you. CIT Bank customers can get competitive rates and terms with one of the company’s loans. The financial institution also has a separate phone number if you have any questions about its home loans.

Customers with small businesses can access several types of loans. Equipment financing, working capital loans, and SBA loans are all available to CIT Bank customers. The working capital loan has an automatic daily or weekly payment, depending on your preference. The daily or weekly payments get made with cash in your checking account.

Through CIT Bank’s SBA loan program, business owners can borrow up to $5 million for an SBA 7(a) loan for up to 100% financing. Business owners can also borrow up to $15 million with financing as low as 10% with an SBA 504 loan. Fixed and variable interest rates are available, and repayment terms can be up to 25 years.

CDs with High-Interest Rates

A CIT Bank Savings Account gives you access to the company’s certificates of deposit. These accounts have higher interest rates than Savings Connect accounts but also involve locking up your money for a designated time frame.

You can lock in 5% APY on a 6-month CD, 4.65% APY on a 13-month CD, or 4.60% APY on an 18-month CD. These rates are fixed, while the CIT Bank Savings Connect account offers a variable interest rate. CIT Bank CDs have a $1,000 minimum deposit requirement. Some CIT Bank clients use CDs and the Savings Connect Account to fuel their savings and get closer to their financial goals.


As the threats of cyber-attacks become more potent, security has gained more importance. Robust security features may hold almost as much importance as FDIC protection. CIT Bank lets consumers block debit card transactions and set alerts to monitor their activity. The bank also uses antivirus protection, layered security, firewalls to block unauthorized individuals and networks from accessing your information, a secure messaging portal, automatic sign-outs after a certain amount of time, and 128-bit SSL encryption. These protections keep your information safe and can help you bank with more confidence.

The company also shares several resources that can keep you safe from fraud, including wire transfer fraud. The company encourages consumers never to trust wiring instructions sent via email. A bank account with great features can improve your financial health, and good security doubles as a way to stay safe.

How Does a CIT Bank Savings Connect Account Compare?

A CIT Bank Savings Account has a higher interest rate than most of the bank accounts you will find. 4.60% APY without a lockup period is very hard to beat. Some banks have 1-year CDs that offer much lower interest rates than what you can get with a CIT Bank Savings Account. CIT Bank has FDIC insurance on all of its accounts which is a standard but essential component.

One of the weaknesses of CIT Bank is the company’s lack of physical branches. Many financial institutions have physical branches, and it can be a dealbreaker for some consumers. Some people prefer driving to their local branch and speaking with a person in the same building instead of on the phone or via email.

However, the mobile app lets you deposit checks and do everything online that you could do at a local branch. You would need a bank account with a different financial institution to withdraw paper cash from a branch or ATM. CIT Bank does not have an ATM network, but the company refunds customers up to $30 per month in ATM fees.

Should You Open a CIT Bank Savings Connect Account?

A CIT Bank Savings Account features a high-interest rate, no monthly fees, and a reasonable opening deposit. Opening a bank account with CIT Bank also lets you access the company’s other resources, such as loans and CDs.

A CIT Bank Savings Account is best for people who want their money to work for them in a low-risk setting. While you can earn interest with other banks, CIT Bank delivers a savings rate that is 11 times the national average. A higher interest rate can have a tremendous impact on your lifetime returns. Receiving a 2% APY on $10,000 only brings in $200 per year. However, a 4.60% APY allows you to generate $460 per year on the same $10,000. It’s essentially getting your money to do more work for you.

A CIT Bank Savings Connect Account also lets you avoid the risky nature of stocks and real estate. You can have these assets in separate parts of your portfolio, but a risk-free 4.60% APY lets you put the extra money to work. You can use this savings account to build up your emergency funds and access the money at any time.

Investors with long-term horizons may benefit more from investing in reliable stocks and real estate properties. These assets usually have higher long-term returns than 4.60% per year, and CIT Bank has a variable interest rate for its saving account. The account presents a tremendous opportunity for consumers right now, but it remains to be seen how long the interest rate stays at 4.60% APY.

If you already do your banking with another financial institution, a CIT Bank Savings Connect Account can still make sense for you. Consumers can create a new bank account and put their emergency funds into CIT Bank. This approach allows consumers to earn higher interest on money that is meant as extra reserves. If you need to spend money in the account, you can do so directly from CIT Bank or transfer the money to your bank account at your main financial institution.

CIT Bank doesn’t have hidden fees or drawbacks that hurt how much you can earn from a CIT Bank Savings Connect Account. The financial institution is reliable and makes sense for many consumers.

How to Get Started with CIT Bank Savings Connect Account

A CIT Bank Savings Connect Account can speed up your path to significant financial goals. The company has an easy signup process where you will have to provide some basic information. CIT Bank will ask for your home address, email address, phone number, and Social Security number. This information will help CIT Bank create an account for you.

If you are already a CIT Bank customer, you can log into your account to speed up the process. Then, you will have to complete an application to get started with a CIT Bank Savings Connect Account. Once you get started, you will earn daily compounding interest in your savings account.

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