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CIT Savings Connect account review

An online savings account with a high 4.65% APY — 10.81x higher than the national average.

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By

Steven Dashiell

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Our verdict

The CIT Savings Connect account offers an impressive 4.65% APY on your entire balance. This makes it one of the top savings accounts on the market, with only a few competitors able to match such a strong rate. As an online savings account you get a strong rate and no monthly fees. But you can't deposit cash at a physical location, so you'll need to be comfortable depositing and managing your funds online or through your mobile device.

Best for: Consumers looking for an online savings account with a high APY.

Pros
  • High 4.65% APY
  • No monthly transaction limit
Cons
  • $100 minimum deposit
  • Can't deposit cash or checks
5

★★★★★

Finder rating

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on CIT Bank's secure site

APY

4.65%

Fee

$0

Minimum deposit to open

$100

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CIT Savings Connect

Learn more and sign up on CIT Bank's secure site

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What makes it shine

As with most savings accounts, there are no monthly fees attached to a CIT Savings Connect account. But the main draw is its robust APY. At 4.65% APY, you’re earning 10.81x higher than the national average interest rate of 0.43% for savings accounts. Plus, unlike most savings accounts that limit you to six transactions a month, you can make unlimited transactions with this account.

How much interest you can earn with a CIT Connect Savings account

APYAmount in savingsInterest earned in 12 months
4.65%$1,000$46.50
4.65%$5,000$232.50
4.65%$10,000$465.00

Where it falls short

The CIT Savings Connect account has deposit limitations that might make you look for other savings options. Like most online savings accounts, you can’t deposit cash or write checks — instead, you’re limited to mobile check deposits or transferring money via Zelle, wire or ACH transfer.

There’s also a $100 opening deposit requirement. Though not an especially large amount, there are other accounts on the market that don’t have a minimum requirement.

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.

CIT Savings Connect logo

CIT Savings Connect

★★★★★

Finder rating 5 / 5

Go to site

Fee

$0

APY

4.65%

Minimum deposit to open

$100

Minimum balance to earn interest

$0

UFB High Yield Savings logo

UFB High Yield Savings

★★★★★

Finder rating 5 / 5

Go to site

Fee

$0

APY

5.25%

Minimum deposit to open

$0

Minimum balance to earn interest

$0

Pacific Western Bank MMDA through Raisin logo

Pacific Western Bank MMDA through Raisin

★★★★★

Finder rating 4.8 / 5

Go to site

Fee

$0

APY

5.25%

Minimum deposit to open

$1

Minimum balance to earn interest

$0

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.

Deposits

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.

Withdrawals

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

  • ATM. If you signed up for an optional CIT eChecking account, you can use your 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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