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CIT Bank is an online bank and a subsidiary of CIT Group. CIT Bank was founded in 2011 with the goal of providing all banking services completely online. These services include checking and savings accounts, personal and home loans, asset management, and many more personal and commercial banking products.
Summary: CIT Bank Savings Connect comes with a competitive APY, while being completely online.
Account Opening
Fees
Deposits & Withdrawals
Features
Customer Service
Safe & Secure
| HQ | Pasadena, California, United States |
| Deposit Insurance | Yes, Up to $250,000 |
| Monthly Fee | $0 |
| Min. To Open | $100 |
| Min. Deposit For No Fee | $0 |
| Min. Balance For APY | $0 |
| Interest Compounded | Daily |
| State Restrictions | Available in all States |
CIT Bank’s Savings Connect does not have an account opening fee or monthly maintenance fee. The account pays a high APY depending on your account balance:.
CIT Bank aims to offer this account for individuals looking for a low fee savings account to help them grow their money. You are, however, required to make an initial deposit of $100 to open the account. Your account is FDIC insured, which means that your deposits up to $250,000 are protected in case of bank failure.
You can open an account within a few minutes by going online and filling out the application form. You will be asked for personal details such as your name, email address, social security number, and mother’s maiden name.
CIT Bank Savings Connect account does not charge any fees except for outgoing wire transfers ($10) if your account balance is below $25,000. You can avoid this wire transfer fee by maintaining a balance of $25,000 or more. Additionally, there is a $10 fee for returned deposit items.
Some of the features provided by the CIT Bank Savings Connect are as follows:
Customers can deposit funds into their account through mailed checks, wire transfers, electronic funds transfers, or mobile deposits. The bank does not charge a fee for deposits. However, if you are performing a wire transfer, you may be charged by the bank you are sending money from.
As for withdrawals, you can withdraw funds via electronic funds transfer, requesting a mailed check or wire transfer. If your account balance is below $25,000 you will be charged $10 for wire transfers.
You can get in touch with their customer representatives via telephone at 855-462-2652 at any time of the day. They are available 24 hours 7 days a week. You can also sign in to your account and send a secure email or get access to mobile banking at your convenience.
CIT Bank has several measures in place to ensure the safety of your account. You’ll need a unique identification code and password to sign in to the account while monitored firewalls are used to prevent unauthorized access. CIT Bank also utilizes modern anti-virus technology to prevent any attacks on their computer network. As an added layer of protection, all applications have a timeout feature that ends your session after a certain time of inactivity.
CIT Bank Savings Connect Account offers a high APY. The account can be a great option for people who can maintain a balance of $25,000 or can deposit $100 monthly in their account to get the maximum APY. It requires you to have $100 as an opening deposit but once the account is opened, there aren’t any fees such as maintenance fee or account opening fee. The account does not offer an ATM card which might make it difficult to access your funds during times of need. Therefore, you would need to also open an eChecking account for ATM access. If you’re interested in full online service banking and can maintain to deposit $100 monthly into the account for the maximum APY, this account could be a good option to consider.
