When it comes to growing your savings, finding the right account is crucial. While you might be tempted to stash your cash somewhere secure like a mattress, online savings accounts are the smarter choice. Not only do they offer safety, but they also pay higher interest rates than traditional banks. In this review, we’ll take a close look at CIT Bank’s Savings Connect account, exploring its benefits, drawbacks, and whether it suits your financial goals.
What Is the CIT Bank Savings Connect Account?
The CIT Bank Savings Connect account is an online savings option that offers a competitive interest rate, especially when linked to their eChecking account. This FDIC-insured account allows you to earn a top interest rate, but there’s a catch—regular monthly deposits are required to unlock the higher APY.
To earn the best rate of 4.00% APY, you’ll need to deposit at least $200 each month into your linked CIT Bank eChecking account. While this might sound like a commitment, it helps encourage consistent saving and offers an appealing return on your balance.
Both the savings and eChecking accounts have a $100 minimum deposit to open. In addition to the impressive interest rates, CIT Bank provides easy access to your funds, digital banking tools, and a debit card for ATM withdrawals with no fees (plus $30 in monthly reimbursements for ATM fees from other banks).
Key Features of the CIT Bank Savings Connect Account
- 4.00% APY on your savings with a $200 monthly deposit to the linked eChecking account
- No monthly maintenance fees on both accounts
- Free debit card and ATM access (with up to $30 in monthly reimbursements for fees at other banks)
- Mobile check deposit, bill pay, and Zelle for easy transactions
- $100 minimum deposit to open either account
This account is a great option for anyone looking to grow their savings without having to commit to hefty balances. The added benefit of a linked eChecking account makes it even more appealing.
Benefits of the CIT Bank Savings Connect Account
What I love most about the Savings Connect account is its encouragement of a regular savings habit. The requirement to deposit at least $200 per month to earn the highest interest rate creates a simple structure for consistent saving. It’s often the hardest part of saving—developing the discipline to make regular deposits—but this account makes it easy to get started and stay on track.
Another highlight is the high interest rate, which is accessible even with smaller balances. While many savings accounts offer top rates only for large deposits, CIT Bank’s approach allows anyone with $200 to qualify for the 4.00% APY. This makes it a solid choice for those starting with smaller savings.
The eChecking account also adds convenience. While it’s a digital account, the included debit card provides access to ATMs with no fees and reimbursement for other ATM charges. Since CIT Bank doesn’t operate physical branches or an ATM network, this is an essential feature for accessing your money.
Where the CIT Bank Savings Connect Account Falls Short
While this account has plenty of benefits, there are a few things to keep in mind. First, the timing of your monthly deposit is crucial. To qualify for the highest interest rate, your $200 deposit must be made by the fourth business day before the end of the month. This means it’s better to schedule your deposit mid-month rather than waiting until the last minute to ensure it counts for the highest tier.
Additionally, cash deposits are not allowed at ATMs, so you’ll need to rely on mobile check deposits, electronic transfers, or other methods to fund your account.
How to Make the Most of the CIT Bank Savings Connect Account
- Establish a Saving Habit: This account is perfect for anyone looking to build a regular savings routine. By committing to deposit $200 each month, you can start building a consistent habit of saving.
- Emergency Fund: A high APY is essential for growing an emergency fund. Since this account is low-risk and easily accessible, it’s an excellent place to stash cash for unexpected expenses.
- Short-Term and Medium-Term Goals: Whether saving for a new car, a vacation, or a home improvement project, the CIT Bank Savings Connect account offers growth potential with a reliable interest rate.
- Vacation Fund: If travel is on your mind, this account can help turn that dream vacation into reality. Regular deposits will help you save while earning interest along the way.
Final Thoughts on the CIT Bank Savings Connect Account
The CIT Bank Savings Connect account is an excellent choice for anyone serious about growing their savings. With a competitive 4.00% APY, no monthly fees, and easy access through digital banking tools, it stands out as a top-tier option for both beginners and experienced savers.
If you’re ready to commit to regular monthly deposits and want to earn a high interest rate, this account is worth considering. It’s perfect for building up funds for short-term goals, creating an emergency fund, or simply getting into the habit of saving. With the convenience of an eChecking account, no ATM fees, and access to digital banking, it’s a great tool for growing your money.
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