CIT Bank Savings Connect Account
What if you could benefit from a superior savings account at the same bank while still enjoying the convenience of a superb online checking account?
CIT Savings Connect is focused on just that. CIT's eChecking account and Savings Account are both included when you open a Savings Connect account.
If you match the requirements, CIT Savings Connect provides you with a fantastic APY by linking the accounts. One of the highest prices available! Let's get started and discover more about CIT Savings Connect in cooperation with CIT Bank.
A savings account with an associated eChecking account is called CIT Savings Connect. As a result, you get to benefit from a high APY on your savings as well as easy access to your money for spending.
Your money can earn up to 4.60% APY in your savings account. There are two tiers: a lower tier with a 4.60% APY, and a higher tier with a 4.60% APY. Everyone receives the 4.60% APY basic tier. This account used to have two tiers, but for the past year or so, both tiers have been charged the same prices.
The good part is that, if you don't have a typical direct deposit established, CIT will let you know each month if you need to deposit so you can make it happen.
Checking account details
What Is a CIT Savings Connect Account?
A digital savings account with FDIC insurance is the CIT Savings Connect account.
You automatically receive the highest interest rate when you open a Savings Connect account, and you only need $100 to get started. Both the setup fee and the monthly service fee are waived for the account.
The CIT smartphone app makes managing your savings account simple. You can electronically deposit checks into your account using the app.
People who are attempting to develop a saving habit may benefit from CIT Savings Connect.
- Customers seeking a low-fee account with a high yield.
- Online banking is a comfortable option for savers.
- Those who don't trade in large sums of money.
- Customers that want an FDIC-insured account.
- Those who are saving for immediate or future purposes (not retirement savings).
Complete CIT Savings Connect Evaluation
4.50% APY: When selecting a high-yield savings account, APY is crucial. The APY of 4.60% offered by CIT Savings Connect is higher than the national average and among the highest ones we've seen. Daily compounding of interest results in monthly crediting of the account.
No recurring monthly fees: There are no monthly service fees with CIT Bank. CIT Bank may pass on its savings to its customers because it is an Internet bank. The CIT Bank will cover up to $30 of monthly ATM costs.
Digital convenience: It takes roughly five minutes to open a CIT Savings Connect account, according to the company's website. Your address, phone number, email address, and Social Security number must be provided. Additionally, CIT Bank provides online banking through which you may manage your accounts around the clock, see and download account activity, make transfers, generate banking reports, control account notifications, and do a lot more.
Insurance and security: CIT Bank offers extensive security monitoring, fraud protection, and privacy measures, and it is FDIC insured.
Advantages of the CIT Savings Connect Account
The FDIC-insured CIT Bank Savings Connect is one of the best high-yield savings accounts available, allowing you to keep your money safe while collecting interest at a very competitive 4.60% APY. This is a lot higher than the FDIC's claimed average nationwide deposit rate of 0.37%.
Additionally, there are no maintenance or monthly fees for the CIT Bank Savings Connect account. Because of this, practically everyone may create an account without being concerned that fees will reduce their savings returns.
The CIT Bank Mobile Banking app's secure banking capabilities and the availability of live chat with a real person if you have any questions or concerns regarding your bank account are two additional benefits of the CIT Bank Savings Connect account.
It's comforting to know that CIT Bank has a live person available to address any questions you might have regarding your account in this era of automated banking support. Which can be difficult for customers to deal with. As mentioned, you can chat online with a customer service professional around-the-clock or speak to a support representative on the phone during business hours.
Disadvantages of the CIT Savings Connect Account
There are a few restrictions on the CIT Bank Savings Connect account, but it has many advantages.
The greatest negative is that you can't withdraw money from your CIT Bank Savings Connect account at an ATM because you don't have an ATM card. Instead, to access cash, you must first transfer money from your savings account to your checking account.
This can be a headache if you prefer a savings account with a debit card, like the UFB Preferred Savings account. Since savings accounts are frequently used for long-term cash holding, most users won't find this to be a significant disadvantage.
Furthermore, a $100 minimum deposit is needed to open the account. If you are unable to fulfill this requirement, you might like to open a Bask Interest Savings Account, which does not require a minimum starting deposit.
How to Obtain Your Funds
Although CIT Bank does not currently have any physical locations, you can easily and quickly fund your account and make withdrawals.
Several options exist for funding your account:
- Transfer of funds electronically (ACH) - The simplest way to fill your CIT Savings Connect account is by electronic transfers from your other bank accounts. The time it takes for money to arrive in your account could be up to two business days.
- Check - You can mail a check to the bank.
- Wire - You can wire funds to the bank.
Using free ACH transfers between your account and an account at another bank, you can quickly access the funds in your account.
- Outgoing wire transfers ($10 charge for accounts with less than $25,000 in balances).
- Requesting a complimentary check be mailed to you from the bank.
There is a cap of six pre-authorized, automatic transfers or withdrawals, electronic banking transfers to other accounts, or transactions of the same nature every statement cycle for the CIT Savings Connect account. Requests for transfers and withdrawals made by mail are not subject to the restriction, nor are withdrawals made by phone when the monies are sent to you as a check.
Getting Started With CIT Savings Connect
Opening a CIT Savings Connect account is simple. When you sign up, you'll be required to enter your name, home address, email address, contact information, and social security number. Applying takes five minutes.
Following the application, you will receive an email with links to access, manage, and finance your account.
Keep in mind that your regular monthly deposit may come via a transfer from an outside account or a direct deposit from your company.
CIT Bank advises that you transfer monies at least seven days before the end of each month to ensure that your qualifying deposit is received on time. By setting up a direct deposit or a regular, automatic transfer from another account, you can make things simpler.
Contact Notebanks if you have any more questions.
Checking account fees
Minimum Deposit to Open$100
Out-of-Network ATM Transaction Fee$0
Out-of-Network ATM Withdrawal Fee$30
Overdraft Fee$10 fee for accounts with balances under $25,000
Non-Sufficient Funds Feen/a
Foreign Transaction Feen/a
CIT Bank Savings Connect Account FAQ
The annual percentage yield offered by each account may vary. (APY).
The FDIC insures the money in a CIT Bank Savings Connect account.
Using the daily balance technique, interest is compounded daily at the interest rate that applies to your end-of-day balance. Monthly interest payments are made to the account.
The account must be opened for at least $100.
CIT Bank does not provide a welcome bonus.
The APY offered by CIT Bank is 4.50%. (APY stands for annual percentage yield, rates may change). The normal APY for online-only savings accounts is roughly 1% APY, so this is higher.
Savings or checking accounts’ interest rates may alter in response to actions taken by the Federal Reserve. Keep in mind that the annual percentage yield (APY) of a savings account is the amount of interest you will receive if you leave your money in the account for the entire year. An APY and an interest rate are different in that an APY considers how frequently your money earns interest (or compounds). Your money will earn more the more times it compounds. For instance, a savings account with a daily compounding interest rate will produce a bigger return (and hence a higher APY) than a savings account with an annual compounding interest rate.
Direct Banks and branches are two divisions of CIT Bank. (Accounts opened in a branch location).
The routing code for CIT Direct Bank (online-only; no branches) is 124084834.
Yes. You will get an email with details and links to access and manage your account once your account has been activated. You can edit your Online Banking settings, check statements, view recent activity, and evaluate and amend your account(s).
You can send us a check by mail, inbound wire, mobile deposit through our mobile app, or money transfer (ACH).
It is quick and simple. Keep the following details close at hand:
- Social Security number
- A valid state identity card, such as a driver's license
- A check or your bank account information from the account you'll use to deposit money into your new CIT Bank account.
- Names and identifying information for any joint account holders and/or designated beneficiaries, including Social Security numbers and valid identification
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