CIT Bank Savings Connect

CIT Bank Savings Connect Review

CIT Bank Savings Connect is offered by CIT Bank, a bank founded in 1908 and based in Raleigh, NC. CIT Bank Savings Connect are available in 50 states (and Washington, DC).

Key Takeaways

• Very high annual percentage yield (APY). This account offers an annual percentage yield of up to 4.20%, which is much higher than the average interest rate for a savings account.
• $0 monthly fee. This account does not charge any monthly account fees.
• $100 minimum deposit. This is a typical minimum initial deposit, but there are accounts that require a smaller initial deposit or have no minimum.

CIT Bank Pros & Cons

Pros	Cons
Available in all 50 states. High variable APY. Access to physical branches. Free debit card and the option to lock/unlock the card if lost or stolen No charge on incoming domestic or international wire transfers.	No signup bonus. Does not provide access to a nationwide ATM network.

CIT Bank FAQ

Are savings accounts from CIT Bank federally insured?

Yes, your deposits are insured up to $250,000 per person by the Federal Deposit Insurance Corporation (FDIC #58978). The FDIC is an independent agency of the United States government that protects you against the loss of your insured deposits if an FDIC-insured bank or savings association fails. FDIC insurance is backed by the full faith and credit of the United States government.

Does CIT Bank offer a signup bonus?

CIT Bank doesn't offer a signup bonus.

What is the minimum initial deposit for CIT Bank?

The minimum deposit to open a CIT Bank is $100.

CIT Bank Savings Connect Minimums

Description
Minimum Opening Deposit	$100

What APY does CIT Bank Savings Connect offer?

CIT Bank offers an APY of 4.20% (APY stands for annual percentage yield, rates may change). This is higher than the typical APY for online-only savings accounts, which is around 1% APY.

The interest rate on a savings account or checking account can change based, in part, on what the Federal Reserve does. Note that the APY of a savings account is the amount of interest you will earn if you keep your money in the account for a full year expressed as a percentage. The difference between an APY and an interest rate is that the APY takes into account how often your money earns interest (or compounds). The more often your money compounds, the more it will earn. Savings accounts with an interest rate that compounds daily, for example, will earn a higher return (and therefore a higher APY) than savings accounts that compound annually.

What fees does CIT Bank charge?

CIT Bank does not charge a monthly service fee. See the fee breakdown section below to view all fees.

• Outgoing domestic bank transfers come with a $10 fee.
• An overdraft on your account will trigger a $30 fee per item.

Does CIT Bank charge overdraft fees?

Yes, CIT Bank charges a $30 overdraft fee.

CIT Bank offers overdraft protection at a cost of $5 per transaction. This overdraft protection fee is charged every time the bank arranges a transfer from another one of your accounts, typically a savings account, to cover the overdraft.

What features and perks does CIT Bank offer?

This savings account includes the following features:

• Fraud monitoring - CIT Bank monitors transactions for potentially fraudulent activity, such as when a debit card is unexpectedly used in a different location, or you make a sudden string of costly purchases.
• Free Online Bill Pay - Online Bill Pay allows you to pay bills easily from your account.
• Mobile Banking Services - CIT Bank allows you to manage your money online or with a mobile app. This includes depositing checks in your account with a mobile app on your smartphone.

Can you set up a direct deposit to CIT Bank?

Yes, you can typically set up a direct deposit to this account. However, it depends on the direct deposit program your employer uses. Most direct deposit programs allow you to send your paycheck to a savings or checking account. In some cases, you can even split your paycheck between the two.

What is the customer support email for CIT Bank?

The customer support email for CIT Bank is custserv@cit.com.

How do people rate the customer service and user experience of CIT Bank?

Overall, CIT Bank is strongly recommended based on community reviews that rate customer service and user experience.