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CIT Savings Connect account review

Earn up to 0.5% APY, but you must deposit $200 each month.’s rating: 4.0 / 5.0


The CIT Savings Connect account bundles a savings account with CIT Bank’s eChecking account to offer you a higher interest rate. You can earn up to 0.5% APY on your savings, but you must deposit at least $200 monthly to your CIT eChecking account to earn the highest APY. Otherwise, your interest drops to 0.42%.






Minimum deposit to open


Annual percentage yield (APY)0.50% on balances of + If you deposit $200+ monthly into your eChecking account, otherwise 0.42%
Minimum deposit to open$100
Intro or bonus offerSavings Connect and eChecking account will earn an interest rate of 0.49% for the first month, but only if you open both accounts at the same time as a bundle.
Interest compoundingDaily
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More Info

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 up to 0.5% APY on your savings and like most savings accounts, you won’t pay a monthly fee.

But to earn the highest interest rate, you’ll need to deposit at least $200 a month in full into your CIT eChecking account. If you don’t meet the requirement, you’ll only earn 0.42% APY. Internal transfers don’t count toward the $200 a month deposit requirement. Only direct deposits, Zelle transfers, wire transfers from another bank or mobile check deposits count.

You’re also not eligible to earn the introductory rate if you already have an existing CIT eChecking account. You must open both accounts at the same time to be eligible for the special rate. And although you don’t need to deposit at least $200 a month into your eChecking account to get the introductory rate, you should make the deposit anyway since what you do your first month will affect how much you’ll earn in the next billing cycle.

Though the interest rates are still competitive, opening a Savings Connect account might not be worth it if you don’t also need a checking account. Find other savings accounts with comparable or higher interest rates that won’t require you to meet certain requirements to earn the APY. 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’ll 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. On the Let’s get started page, select Open account now.
  3. From the drop-down menu, select Savings Connect, then Continue.
  4. Fill out your personal information and enter the account and routing numbers from a funding source.
  5. Within two to three business days, you’ll receive two micro-deposits in your linked account. Verify the amount of those deposits on CIT’s website, then fund your account with at least $100.


To open a CIT Savings Connect account you must meet these requirements:

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

Required information

You’ll need to provide the following when opening an account:

  • 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 CIT Connect Savings account offers a few advantages over traditional checking and savings accounts.

  • Above-average APYs.Earn up to 0.5% APY on your savings account when you deposit at least $200 a month into a CIT eChecking account.
  • Introductory rate. Your Savings Connect and eChecking account will earn an interest rate of 0.49% for the first month as a special introductory rate, but only if you open both accounts at the same time as a bundle.
  • No monthly fees. You won’t pay a monthly fee for your Savings Connect or eChecking account.
  • No ATM fees. Get up to $30 a month on ATM fee refunds to offset ATM charges when you use your eChecking debit card at another bank’s ATM. Note that you don’t need the Savings Connect account to get this benefit since this perk is extended to all CIT Bank eChecking customers.

What should I look out for?

There are also several drawbacks to keep in mind before opening a Savings Connect account.

  • Requirements to earn APY. You need to have a CIT eChecking account and deposit at least $200 in full into the account every month to earn the highest APY at 0.5%. Otherwise your APY drops to 0.42%. Internal transfers won’t work toward the $200 deposit requirement. Only external transfers, Zelle transfers, Wire transfers from another bank or mobile online deposit checks count.
  • Can’t deposit cash or write checks. You don’t have the option to deposit cash or write checks. You’re limited to check deposits through CIT’s mobile bank and transfering money through Zelle or a wire or ACH transfer.
  • Must open CIT eChecking account. To open a Savings Connect account, you’ll need a CIT eChecking account and you must be the primary owner of both accounts. To be eligible for the introductory rate, you must open both accounts at the same time as a bundle.
  • 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

Name Product Annual percentage yield (APY) Fee Minimum deposit to open
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)
Deposits are fossil fuel-free. A spend and save combo account with unlimited cash back rewards and deposits insured by the FDIC and a $100 bonus when you spend $1,000 in your first 60 days.
BlockFi Interest Account
BlockFi Interest Account
Up to 8.25%
Score up to 8.25% APY with this free crypto-interest account. Not available in New York and not FDIC insured.
Axos Bank High Yield Savings
Finder Rating: 4 / 5: ★★★★★
Axos Bank High Yield Savings
No monthly maintenance fees. No minimum balance requirements. Interest compounded daily.
Gemini Earn
Gemini Earn
Up to 8.05%
Watch your cryptocurrency earn up to 8.05% APY with this nationwide account. Not FDIC insured.
American Express® High Yield Savings
Finder Rating: 4.6 / 5: ★★★★★
American Express® High Yield Savings
Enjoy no monthly fees and a competitive APY with this online-only savings account. Accounts offered by American Express National Bank, Member FDIC.

Compare up to 4 providers

How do I deposit or withdraw my money?

There are several ways to move money into and out of your CIT Bank Savings Connect account.

Funding options

  • 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 P.O. 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.

Withdraw options

  • 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.

Frequently asked questions

What is CIT Bank’s routing number?
CIT Bank’s routing number is 124084834.

Who is CIT Bank affiliated with?
CIT Bank recently merged with First Citizens Bank, but no new details have yet been released.

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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