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CIT Savings Connect account review

Earn a 1.35% APY, but no ability to deposit cash.’s rating: 4.0 / 5.0


The CIT Savings Connect account offers an impressive interest rate of 1.35% APY on your entire balance. But to enjoy this APY, you also have to open a CIT eChecking account. Because each account requires a $100 minimum opening balance, you’ll need at least $200 to get started.






Minimum deposit to open


Annual percentage yield (APY)1.35%
Minimum deposit to open$100
Interest compoundingDaily
More infoGo to site

Review by

Michael Benninger is a staff banking writer at Finder. He is a former credit analyst and longtime freelancer whose articles have been published by Intuit, Business Insider and the Los Angeles Times. Michael is passionate about all facets of personal finance and has written hundreds of articles about money management during the past decade.

Expert review

CIT Bank’s new Savings Connect account is best for those who already bank with CIT or want to open both a checking and savings account. Earn 1.35% APY on your savings, and like most savings accounts, you won’t pay a monthly fee.

Though the interest rates are still competitive, a Savings Connect account might not be worth opening if you don’t need a checking account. Find other savings accounts with comparable or higher interest rates. For example, the Axos Bank High Yield Savings account earns 0.61% APY regardless of your balance, and the checking account is optional.

How do I open a CIT Savings Connect account?

You need to open CIT’s eChecking account while you open your CIT Savings Connect. Opening an account takes about five minutes to complete.

  1. Visit the provider website and select Open an account.
  2. Choose Open account now on the Let’s get started page.
  3. Select Savings Connect from the dropdown menu, then Continue.
  4. Fill out your personal information and enter the account and routing numbers from a funding source.
  5. Wait two to three business days to receive two micro-deposits in your linked account. Verify the amount of those deposits on CIT’s website.
  6. Fund both accounts with at least $100.


To open a CIT Savings Connect account, you should meet these requirements.

  • At least 18 years old
  • US resident
  • Sign up for a CIT eChecking account

Required information

Provide this key information when you open your account with CIT.

  • Home address
  • Email address
  • Phone number
  • Valid driver’s license
  • Social Security number
  • $100 minimum opening deposit

What are the benefits of a CIT Savings Connect account?

The main advantage of the CIT Savings Connect account is its competitive interest rate. Other reasons you might like this account:

  • Above-average APY. Earn a 1.35% APY, 10 times the national average interest rate of 0.06% for savings accounts.
  • No monthly fees. You won’t pay a monthly fee for your Savings Connect or eChecking account.
  • No ATM fees. Use CIT’s ATM network free of charge. Plus, get up to $30 a month in ATM fee refunds to offset charges at an out-of-network ATM. You don’t need the Savings Connect account to get this benefit since it’s extended to all CIT Bank eChecking customers.

How much interest you can earn

See examples of the earnings you can make in one year if your initial deposit is $1,000, $5,000 or $10,000.

APYAmount in savingsInterest earned in 12 months
CIT Savings Connect$1,000$6.02
CIT Savings Connect$5,000$30.09
CIT Savings Connect$10,000$60.18

What should I look out for?

The Savings Connect account does have deposit limitations as well as a few major drawbacks that might make you look for other savings options.

  • Can’t deposit cash or write checks. You don’t have the option to deposit cash or write checks. You’re limited to mobile check deposits or transferring money via Zelle, wire or ACH transfer.
  • Must open CIT eChecking account. When you open a Savings Connect account, CIT automatically opens an eChecking account for you. Doing so gives you an ATM card but possibly an unnecessary bank account.
  • Minimum opening deposit. You’ll need a total of $200 to open an account — $100 to open the Savings Connect account and $100 to open the eChecking account.

Compare with other savings accounts

Consider the features of other high-yield savings accounts, such as earning interest on your total balance or tools that help you organize your savings and save money quickly. Select Go to site to open an account.

Name Product Annual Percentage Yield (APY) Fee Minimum deposit to open
Bread Savings™ High-Yield Savings
Finder Rating: 4.3 / 5: ★★★★★
Bread Savings™ High-Yield Savings
Earn competitive interest rates with this high-yield savings account you can open in just minutes. Member FDIC.
Aspiration Spend & Save Account
Finder Rating: 4.2 / 5: ★★★★★
Aspiration Spend & Save Account
$0 per month or $7.99 per month for Aspiration Plus ($5.99 per month if you pay annually)
New customers get a $150 bonus when they open an account and spend $1,000 in the first 60 days.
Deposits are fossil fuel-free. A spend and save combo account with unlimited cash back rewards and deposits insured by the FDIC and a $150 bonus when you spend $1,000 in your first 60 days.
Quontic Bank High Yield Savings
Finder Rating: 4.6 / 5: ★★★★★
Quontic Bank High Yield Savings
Interest is compounded daily. No monthly service fees. Competitive rates
Barclays Online Savings
Finder Rating: 4.6 / 5: ★★★★★
Barclays Online Savings
Barclays Online Savings account offers key features that can help you save, including a high-interest rate, no monthly fees, and no minimum deposit.
Quontic Bank Money Market
Finder Rating: 4.6 / 5: ★★★★★
Quontic Bank Money Market
Competitive rates, no monthly fees, user-friendly online banking platform

Compare up to 4 providers

How do I deposit or withdraw my money?

CIT gives you many ways to move money in and out of your CIT Savings Connect account. For reference, CIT Bank’s routing number is 124084834.


Fill up your account with nearly any type of transfer or mobile deposit, but you can’t deposit cash.

  • Mobile check deposit. You can use CIT Bank’s mobile app to deposit paper checks.
  • Postal check deposit. You can mail endorsed checks to CIT Bank, N.A. Attn: Deposit Services PO Box 7056 Pasadena, CA 91109-9699.
  • Automated clearinghouse. You can deposit funds into your account using ACH transfers.
  • Incoming wire transfers. There’s no fee to wire funds into your CIT Bank account.
  • Zelle. CIT Bank’s mobile app supports incoming transfers through the Zelle payment network.


Pull your money out of your account to use through one of these methods.

  • ATM. Use your CIT eChecking debit card at any ATM for free.
  • Automated clearinghouse. You can use ACH transfers to move your funds to other banks.
  • Wire transfers. There’s a $10 fee for outgoing wire transfers from accounts with balances below $25,000.
  • Zelle. CIT Bank’s mobile app supports outgoing transfers via the Zelle payment network.

How to contact CIT about my savings account?

You can reach customer service mainly by phone support, or you can access your account online.

  • Call 855-462-2652 weekdays from 9:00 a.m. to 9:00 p.m. or Saturdays from 10:00 a.m. to 6:00 p.m.
  • Log in to your online account to manage your account or submit documents.
  • Mail documents to:

CIT Bank, N.A.
PO Box 7056
Pasadena, CA 91109-9699

Savings account ratings

★★★★★ — Excellent

★★★★★ — Good

★★★★★ — Average

★★★★★ — Subpar

★★★★★ — Poor

We analyze top savings accounts and rate them one to five stars based on factors that are most important to you. These factors include: interest rates, monthly fees, minimum deposits, customer service and account features.

Read the full methodology of how we rate savings accounts.

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