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In this CIT Bank Savings Connect account review, we’ll explain how the account works, zero in on its best uses, and determine if it will meet your banking needs.
When you start saving for a goal, one of the first decisions you’ll make is where to stash the cash.
While I respect kicking it old school with a pen and paper budget, I don’t recommend taking the old “money under the mattress” approach to savings. Bank accounts are your friends!
In addition to keeping your money secure, the best online bank accounts pay higher interest rates than brick and mortar banks (and way more than your mattress). This makes them a great option for growing your money. Accounts like the CIT Bank Savings Builder take it one step further by linking the most competitive rates to regular deposits, encouraging consistent savings.
Today, I want to tell you about a new online savings account from CIT Bank. It’s called Savings Connect, and it pays CIT Bank’s best interest rate (and one of the best rates on the market!) when you make a monthly deposit of at least $200 to your linked eChecking account.
Here we go!
CIT Bank Savings Connect Account at a Glance
- Bundled digital savings and eChecking account
- 4.05% APY with a monthly deposit of at least $200
- Minimum opening deposit of $100 for each account
- No monthly service fees
- No ATM fees
- Reimbursement of up to $30/month for ATM fees at other banks
Earn More with Savings Connect – Get the benefits of both a savings account and a checking account with Savings Connect. Plus, you’ll earn up to 4.05% APY with regular monthly deposits. Get started here!
What is the CIT Bank Savings Connect?
The CIT Bank Savings Connect is a new tiered interest rate savings account from CIT Bank. This FDIC-insured digital account links to CIT Bank’s no-fee eChecking account to combine convenience and growth.
By default, CIT Bank Savings Connect customers earn the base tier rate, currently 0.42% APY. To earn the upper tier rate of 4.05% APY, you need to make a qualifying deposit of at least $200 per month to your linked CIT Bank eChecking account. And that’s actually a good thing, because it encourages regular savings.
The eChecking account pays 0.25% APY on balances of $25,000 or more and 0.10% APY on balances under $25,000. But if you’re going to hold on to the funds for a bit, you’re better off transferring them into the linked Savings Connect account and earning the higher rate.
Opening each account requires a $100 deposit, but that’s your money to keep. There are no opening fees and no monthly service fees. The eChecking includes a debit card with ATM access, but there are no ATM fees, either. In fact, CIT Bank will reimburse up to $30 per month to offset ATM fees charged by other banks.
Both accounts offer easy accessibility through CIT’s convenient app. You can deposit checks digitally to the eChecking account through the app and transfer money or pay bills using Zelle and Bill Pay. You can make purchases from your eChecking account through Apple Pay or Samsung Pay.
>>Related: Best High-Yield Savings Accounts This Month
What I Love About the CIT Bank Savings Connect Account
I always appreciate free, convenient bank accounts with high interest rates — who doesn’t?
What I love most about the CIT Bank Savings Connect account, however, is that it encourages consistent savings by paying a higher APY with a regular monthly deposit. The biggest barrier to successful saving is establishing a consistent habit. It’s so easy to get fired up about starting a savings plan, only to let it fall by the wayside when progress is slow.
With this account, if you don’t deposit at least $200 to your eChecking every month, you’ll lose out on the upper tier APY on your Savings Connect account. That’s a pretty good incentive to keep the deposits coming!
I also dig the accessibility of the Savings Connect account, and the upper tier APY. Sometimes, we see high-yield savings accounts reserving their upper tier rates for large balances. That’s great for people with substantial savings, but it’s can be discouraging when you’re just starting out. If you’ve got $200, you can open a Savings Connect and eChecking account, and if you deposit $200 every month, you’ll earn the top APY on your savings balance.
The convenience of the eChecking is also a draw. Although it’s a digital account, the included debit card means you can access your money at an ATM anytime. CIT Bank doesn’t charge ATM fees, and it reimburses up to $30 per month to cover AMT fees charged by other banks. CIT Bank doesn’t have branches or an ATM network, so this is an important feature.
Earn Up to 4.05% APY with Savings Connect – Combine the benefits of eChecking and online savings, plus earn up to 4.05% APY on your money. Get started with Savings Connect here.
Where the Account Falls Short
The CIT Savings Connect account doesn’t leave much to complain about. If I had to choose anything, it would be that you need to be careful when timing your monthly deposit of at least $200 to the eChecking account.
To count as a qualifying deposit, it must be made on or before the Evaluation Day, which is the fourth business day before the end of the month. Because it takes two to three business days to process the deposit, it’s best to schedule your monthly deposit mid-month rather than waiting until the end.
Also keep in mind that you can’t deposit cash to the eChecking account at the ATM. You can make your monthly deposits via mobile check deposit, mailing a check, funds transfer from another bank (AHC), or incoming wire transfer.
How to Use the CIT Bank Savings Connect Account
Build healthy saving habits — The CIT Savings Connect account is a great way to establish a consistent savings habit. Depositing a minimum of $200 every month will help you develop the discipline to become a strong saver.
Emergency fund — I recommend everyone save a minimum of $1,00 in an emergency fund, but ideally three to six months of livings expenses. Because you could need it any time, an emergency fund needs to accessible and risk-free, and the CIT Savings Connect account fits the bill. A high APY that promotes growth doesn’t hurt, either!
Short and medium-term savings goals — I wouldn’t use this account to save for retirement, but it’s great for short and medium-term goals like saving for a car, a renovation, or a down payment on a home. The high APY means you’ll see some growth, but because it’s FDIC-insured, your funds are safe.
Vacation Fund — If you’d love to travel but can never find the money, a separate account you add to regularly could turn your dream into a reality. The CIT Bank Savings Connect is a great place to stash cash for an epic vacation, or just a weekend getaway.
CIT Bank Savings Connect: The Bottom Line
The CIT Bank Savings Connect account is a great choice for people looking to establish a regular savings habit, even those with small balances. That’s because the upper tier 4.05% APY is immediately accessible as long as you deposit at least $200 every month.
With that incentive in the mix, plus one of the best rates in the market, the CIT Bank Savings Connect account is a powerful tool for growing your savings for short and medium-term goals. Throw in the features of the eChecking account, and you’ve got a winning combo.
If you have $200 and are ready to get serious about saving, the CIT Bank Savings Connect is for you.
Earn More with a Savings Connect Account – Enjoy a 4.05% APY when you make a monthly deposit of at least $200 into a CIT Savings Connect account! Open your account here.
CIT Bank Savings Connect Review
Commissions & Fees
Ease of Use
CIT Bank Savings Connect Review - Summary
The CIT Bank Savings Connect account combines the benefits of both a savings and checking account while earning a very competitive top tier rate of 4.05% APY. To earn the top tier rate, all you have to do is deposit $100 a month into both the savings and the checking accounts. In this way, the Savings Connect account encourages you to save – which is also something that we love!
This account is perfect for your emergency fund, vacation savings, or helping you reach other short-term savings goals. Plus, if you make the $200 in monthly deposits, you’ll earn a good rate while you save.
So, if you’re looking for a super solid eChecking and savings account, look no further than the CIT Bank Savings Connect.