CIT Savings Connect Review 2024

Compare CIT's Savings Connect account pros and cons, see how it stacks up against other savings accounts, and decide if it's right for you.
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Editor's Rating
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Written by Gina Pogol
Financial Expert
Managing Editor
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CIT has once again raised its Savings Connect APY, making it one of the best savings accounts of 2024.

With no maintenance or ATM fees and numerous conveniences, CIT Bank’s Savings Connect account could be an excellent banking solution for many depositors.

CIT Savings Connect stands out due to its low minimum balance requirement, low fees, and competitive interest rates. When compared to other savings accounts, it often ranks among the best options available.

Pros and Cons of CIT Savings Connect

There aren’t many drawbacks to the CIT Savings Connect account, but the account isn’t perfect for everyone.

If you are comfortable making monthly qualifying deposits via mobile check deposit, mailing a check, funds transfer from another bank (AHC), or incoming wire transfer; the account is a good fit.

Learn more about the pros and cons of the CIT savings account.


  • Offers an incentive to save by bumping up the interest rate when you make regular qualifying deposits
  • Low minimum balance requirement. Earn the top rate by opening your account with a $100 deposit.
  • A robust mobile banking app makes saving easy and fun


  • No branches for in-person banking
  • No ATM access is available for cash deposits
  • Qualifying deposits must be received and processed (taking up to 3 days) by the fourth business day before the end of the month.

Which Banks Have the Best Savings Account Rates?

Compare CIT Savings Connect to other savings accounts and see how it stacks up. Explore interest rates, fees, minimum deposits, and more. Rates are on the rise. Don’t miss out.

How CIT Savings Connect Compares to Other Banks

CIT Savings Connect is a nearly fee-free account. That’s hard to beat. And its interest rates are among the highest. CIT Bank made the MoneyRates list of best savings accounts because of its high-interest rate, low fees, and low minimum balance.

CIT’s customer service was available and responsive to questions when interviewed for this article. You can get a human on the line during business hours; email support is also available.

Whether you’re establishing a savings habit or looking for a high-yield savings account to maximize your large nest egg, CIT Bank’s Savings Connect account is a powerful tool that works well for a large percentage of savers.

What Is a CIT Savings Connect Account?

The CIT Savings Connect account is an FDIC-insured digital savings account.

When you open a Savings Connect account, you automatically earn the top-tier interest rate, and you only need $100 to open an account and start earning interest.

The account has no setup fees and no monthly service charges.

You conveniently manage your savings account with CIT’s mobile app. With the app, you can deposit checks digitally to your account.

CIT Savings Connect might be suitable for:

  • People who are trying to establish a savings habit.
  • Consumers are looking for an account with no fees and a high yield.
  • Savers who are comfortable with online banking.
  • People who do not deal in lots of cash.
  • Consumers who desire an account that’s FDIC-insured.
  • Savers want to meet short or mid-range goals (not retirement savings).

The CIT Savings Connect account has much going for it and offers advantages that most savers can appreciate.

Types of Accounts CIT Bank Offers

Savings Connect is not the only savings option that CIT Bank offers. Here are some others:

Interest rates on all accounts are generally higher than those of traditional brick-and-mortar institutions.

How CIT Savings Connect Works

You can open the account with just $100; there is no minimum account balance to maintain.

However, to get the higher interest rate tier, you must deposit at least $200 monthly, transferred from an external account or via direct deposit from your employer.

The idea is to reward account holders who save regularly by bumping up their interest rate every month in which they make a qualifying deposit.

How to Shop for Online Savings Accounts

You probably understand the main benefits of online or digital savings accounts — convenience, higher interest yields, and low-to-no maintenance fees. But when shopping for an online savings account, you should evaluate additional elements.


CIT Savings Connect is a “mostly fee-free” account. But not all online accounts are, and you don’t want to experience a surprise charge. Check out any bank’s fee schedule to ensure it’s right for you. For instance, if you use wire transfers a lot, know their cost (or the required minimum balance to get them for free) before opening an account.

Features and Benefits

What does this account offer that others do not? Will you use those features? Look for minimum balance requirements, debit card cashback, interest rates, ATM access, debit cards, bill paying, wire transfers, cash handling, and FDIC insurance.

Customer Service and Support

What kind of support does the depository offer? Can you speak to a human? Is it all the time or just during business hours? Is online chat an option? Remember that most online banks provide limited human contact. That makes their customer service offerings especially important.

Online and Mobile Access

Digital banking is all online, all the time. Ensure the mobile app is secure and intuitive and the website is functional and easy to use.

You may have other criteria that are very specific to your needs. List them before you look for an online savings account, and make sure your account offers what’s most important to you.

Getting Started With CIT Savings Connect

It’s easy to open a CIT Savings Connect account. When you sign up, you’ll be asked to provide your name, home address, email address, telephone number, and social security number. It takes five minutes to apply.

Once you apply, you’ll receive an email with links to access and manage your information and fund your account.

Your regular monthly deposit can be a direct deposit from your employer or a transfer from an external account.

To ensure your qualifying deposit gets in on time each month, CIT Bank recommends transferring funds at least seven days before month-end.

You can make it easier by establishing a direct deposit or a regular, automatic transfer from another account.

Frequently Asked Questions

Is opening a CIT savings account worth it?

CIT Savings Connect offers several benefits, including a minimum deposit requirement of $100, no setup fees, and a convenient mobile app for account management. Additionally, it rewards regular savers with higher interest rates.

How can I open a CIT Savings Connect account?

Opening a CIT Savings Connect account is easy and can be done online. You’ll need to provide your personal information, including your name, address, email, phone number, and social security number. The process typically takes around five minutes.

About Author
Gina Pogol
Gina Freeman writes about personal finance and has been featured on MoneyRates, The Mortgage Reports, MSNMoney, Fox Business, Forbes, The Motley Fool, and other fine websites. Her background includes tax accounting with Deloitte, over 20 years in mortgage sales and underwriting, systems consulting for Experian, and several years in bankruptcy law. Gina enjoys helping consumers make confident and intelligent financial decisions.
Our reviews are unbiased and thorough, focusing on consumer needs. For details, see our Editorial Policy & Methodology.