CIT Bank Savings Connect Account Review 2024: High APY Digital Savings Account

Victoria Daniel

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.

Overall rating


Summary: CIT Bank Savings Connect comes with a competitive APY, while being completely online.

CIT Bank Savings Connect

cit bank logo


Est. APY


Min. To Earn APY



Account Opening




Deposits & Withdrawals




Customer Service


Safe & Secure


  • High APY
  • No monthly fee
  • FDIC insured
  • No minimum balance requirement


  • Minimum opening deposit
  • No ATM access (requires checking account)
  • Tiered APY

Best For

  • Online banking


HQPasadena, California, United States
Deposit InsuranceYes, Up to $250,000
Monthly Fee$0
Min. To Open$100
Min. Deposit For No Fee$0
Min. Balance For APY$0
Interest CompoundedDaily
State RestrictionsAvailable in all States

In depth review on CIT Bank Savings Connect

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.

CIT Bank Savings Connect is best for

  • Online banking: CIT Bank Savings Connect is best suited for those who are comfortable with online banking. CIT Bank is a fully online bank and does not have any physical branches.

CIT Bank Savings Connect benefits

  • High APY: The account offers a very competitive rate. The interest rate you earn is based on your account balance. 
  • No monthly fee: CIT Bank does not charge any account opening fee or maintenance fee. 
  • FDIC insured: With the savings account, your money is safe as your account is insured by FDIC which means in case the bank fails, your money is protected up to $250,000.
  • No minimum balance requirement: Once you have an account opened, you are not required to maintain a minimum balance. 

CIT Bank Savings Connect drawbacks

  • Minimum opening deposit: You require a minimum $100 deposit to open this account. This could be a dealbreaker for some.
  • No ATM access: The bank doesn’t issue ATM cards with this account. Making it a little difficult to access funds from your savings account if you are in immediate need of cash. You’ll need to also sign up for an eChecking account to gain an ATM card. 
  • Tiered APY: You need either a minimum balance of $25,000 or a monthly deposit of at least $100 to get the maximum interest rate with this Savings Connect account. The minimum balance could be high for some to maintain. 

Account opening


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:

  • No maintenance fees 
  • No account opening fees
  • Daily compound interest 
  • High APY
  • No minimum balance requirement

Deposits and withdrawals


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.

Customer service


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. 

Safe and secure


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.

Is CIT Bank Savings Connect right for you?

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.