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finder.com’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.
1.35%
APY
$0
Fee
$100
Minimum deposit to open
Annual percentage yield (APY) | 1.35% |
---|---|
Fee | $0 |
Minimum deposit to open | $100 |
Interest compounding | Daily |
More info | Go 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.
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.
You need to open CIT’s eChecking account while you open your CIT Savings Connect. Opening an account takes about five minutes to complete.
To open a CIT Savings Connect account, you should meet these requirements.
Provide this key information when you open your account with CIT.
The main advantage of the CIT Savings Connect account is its competitive interest rate. Other reasons you might like this account:
See examples of the earnings you can make in one year if your initial deposit is $1,000, $5,000 or $10,000.
APY | Amount in savings | Interest 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 |
The Savings Connect account does have deposit limitations as well as a few major drawbacks that might make you look for other savings options.
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.
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.
Pull your money out of your account to use through one of these methods.
You can reach customer service mainly by phone support, or you can access your account online.
CIT Bank, N.A.
PO Box 7056
Pasadena, CA 91109-9699
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