CIT Bank Savings Connect Account Details

• Our Score: 4.5/5 stars

• APY: 4.65% (Note: Rates for this savings product fluctuate and can change without prior notification)

• Minimum Deposit Requirement: $100

• Sigh-Up Bonus: None

• Analysis: The CIT Bank Savings Connect account is an excellent choice for those seeking a high-yield savings account with a competitive APY and user-friendly online banking features. Offering an APY of 4.65%, this account stands out among high-yield savings options. Customers can also benefit from the security and convenience of an FDIC-insured account with no monthly service fees from CIT, a division of First Citizens Bank.

Benefits:

• Attractive APY

• No monthly service charges

• Complimentary electronic transfers to checking accounts (even non-CIT accounts)

Drawbacks:

• No fee-free ATM network access

• Minimum opening deposit required

Features

The Savings Connect account from CIT Bank provides an annual percentage yield (APY) that is 11 times greater than the national average. This impressive APY makes this high-yield savings account an excellent choice for setting aside money for emergencies, holiday expenses, down payments, vacations, wedding costs, or any other short-term financial goals.

In addition to the competitive interest rate, the CIT Bank Savings Connect account offers the convenience of remote deposit, online banking, and an easy-to-use mobile app.

CIT Bank is a member of the Federal Deposit Insurance Corporation (FDIC), which means your deposits are insured up to $250,000 per depositor for each account ownership category.

APY

Customers with the CIT Bank Savings Connect account can benefit from an attractive 4.65% APY on their savings. Unlike some other high-yield savings accounts, there are no complicated requirements to qualify for this high interest rate.

Fees

The CIT Bank Savings Connect account is largely fee-free: there are no monthly service fees. Other banks might impose monthly fees that require certain actions to avoid, such as maintaining a minimum daily balance or receiving a specific number of direct deposits.

The only fees associated with the Savings Connect account are:

• Outgoing wire fees: $10 (waived if your balance is $25,000 or more)

• Returned deposit fees: $10

Thus, if you refrain from initiating outgoing wire transfers and having returned deposits, you should not have to contend with paying any bank fees.

Minimum Deposits and Maximum Withdrawals

To open a CIT Bank Savings Connect account, a minimum deposit of $100 is required. Since CIT Bank operates entirely online and has no physical branches, the initial deposit can be made through:

• Electronic transfer

• Wire transfer

• Mailing a check

Accessing Your Savings

When you need to withdraw money from your savings account, there are several user-friendly methods available. Here are a few choices:

1. Electronic Transfers: You can move money between your Savings Connect account and your checking account without any fees, even if your checking account is with a different bank.

2. Wire Transfers: You can arrange wire transfers for a $10 fee, or free if your account balance is $25,000 or higher.

3. Check Requests: You can ask for a check to be mailed from your savings account.

How to Open an Account

Establishing a new CIT Bank Savings Connect account is a straightforward process. The bank states the three-step online process takes around 10 minutes:

Complete an application with personal details like name, address, email, phone number, Social Security number, birth date and citizenship status.

Once approved, fund your new account with at least $100 for Savings Connect via electronic transfer from another bank, wire transfer, or mailing a check.

The bank will email you a confirmation upon accepting your application and receiving your initial deposit.

At that point, you can create your online banking login and mobile app access to begin utilizing your new account.