CIT Savings Connect Account Review
- Annual Percentage Yield (APY)
-
3.90%
- Fee
- $0
- Minimum deposit to open
- $100
Our verdict
A free online savings account with an impressive 3.9% APY.
The CIT Savings Connect account is a solid one all the way around, offering a great 3.9% APY on your entire balance. There are also no monthly fees or tiered minimum balance requirements, making it one of the top savings accounts on the market. But as an online account, you'll need to be comfortable depositing and managing your funds online or through the app. And you'll need $100 to open the account.
Best for: Those who want an online savings account with a high rate.
Pros
-
High 3.9% APY
-
Unlimited transactions
-
No monthly fees
Cons
-
$100 minimum deposit
-
Can't deposit cash
-
No physical locations
What we like about CIT Savings Connect
CIT Bank is an FDIC-insured online bank, and there isn’t much to say about Savings Connect — which is a good thing. It’s a no-hassle, straightforward option, which is great when you just need a safe and interest-fighting account to store away your savings.
High rates and unlimited transactions
CIT Savings Connect account doesn’t have any monthly fees and earns a high 3.9% APY on all balances. This rate is much higher than the national average rate of 0.38%(1) for savings accounts, easily placing it among the highest-yielding accounts in the current market.
You can also perform unlimited transactions, which isn’t the norm. The lack of limits lets you move money around freely without the risk of excessive transaction fees. Most savings accounts limit you to six monthly transactions to abide by the Fed’s Regulation D, which stipulates those limits. But that regulation is currently suspended indefinitely, so banks can choose whether to implement a requirement.
Where it falls short
The CIT Savings Connect account has limitations similar to other online saving options. You won’t get access to any physical branches or get an ATM card.
You’ll also need at least $100 to open the account. While we’ve seen opening deposits much higher than $100, plenty of high-yield savings accounts don’t require an opening deposit at all.
And while the CIT Bank Savings Connect account is pretty solid, there’s another CIT account with a slightly higher rate at 4% APY — the Platinum Savings account. To earn the 4% APY, you’ll need a balance of at least $5,000 or you’ll only earn 0.25% APY. So, if you’re planning to keep at least $5,000, it’s worth considering CIT's Platinum account (Member FDIC) instead.
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How we picked theseWhat is the Finder Score?
The Finder Score crunches over 250 savings accounts from hundreds of financial institutions. It takes into account the product's interest rate, fees, opening deposit and features - this gives you a simple score out of 10.
To provide a Score, Finder’s banking experts analyze hundreds of savings accounts against FDIC-reported national averages as a baseline. Accounts with rates well over the national average are scored the highest, while accounts with rates well below are scored low.
Customer experience
| BBB accredited | No |
|---|---|
| BBB rating | A- |
| BBB customer reviews | 1.07 out of 5 stars, based on 28 customer reviews |
| Trustpilot score | 1.8 out of 5 stars, based on 477 customer reviews |
| Customer reviews verified as of | 06 May 2025 |
CIT Bank has been in business for over 100 years and holds a decent rating with the Better Business Bureau (BBB). Most notably, it has under 100 complaints — an extremely rare achievement. Large banks typically have thousands of complaints, so the low volume of complaints is good news as far as we’re concerned.
The bank has a handful of reviews on its BBB profile, mostly negative, and some common threads are reports of poor customer service, issues submitting documents, accounts being closed and a few grievances about loan and credit card interest rates. But these are rather common for financial institutions.
On its claimed Trustpilot profile, CIT has a few hundred reviews and a mediocre star rating. Negative reviews are in the same vein as BBB, however, most reviews are positive, praising the bank’s loans, professional customer reps and fast turnaround times for new accounts.
Finder Scores: What they mean
If you want peace of mind, this rating will give it to you. These products offer the best value and outcomes considering various product features, terms, conditions and price.
Well-balanced products that provide what you need, offering a healthy mix of competitive features at a good price. However, they're not quite the best in class.
Bottom line: You can find better, but these products still offer reasonable value and have the basics sorted.
These products may not offer much value in the long run, and there are better options available.
All user-submitted reviews must meet our review guidelines. These set out our standards and expectations, including that the review is from by a genuine user of the relevant product or service and that it is honest, authentic and respectful. We explicitly prohibit fake or otherwise misleading reviews and we check all submissions, but we make no guarantee as to the authenticity of any published review or reviewer. Some reviews may be submitted (regardless of sentiment) in exchange for entry into any competition(s) for which we are the promoter.
Bethany Finder
Banking editor
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