CIT Bank is an online-only bank that provides a high annual percentage yield (APY) on savings accounts. Those who desire a competitive APY and are comfortable with internet banking are highly suitable. This article will discuss CIT Savings Connect accounts and assist you in determining if you should open one.
List of Contents
CIT Savings Connect Account’s Overview: Website
The CIT Savings Connect account is a digital savings account guaranteed by the FDIC. When you create a Savings Connect account, you instantly get the top-tier interest rate. Moreover, you need $100 to open the account and begin earning money. There are no startup costs or monthly subscription fees associated with the account. You manage your savings account with ease with CIT’s mobile app. With the app, you may digitally deposit checks to your account.
Deposit & Withdrawal Options
There are no physical branches of CIT Bank. However, you may easily fund your account and withdraw cash.
Deposit Options
There are multiple methods for funding your account, as follows:
- Wire
- Check
- Electronic fund transfer (ACH)
Withdrawal Options
You can easily access your account funds by the following methods:
- Calling the bank to have a cheque mailed to you for free.
- There is a $10 fee for accounts under $25,000 for outgoing wire transfers.
- Free electronic banking transfers (ACH) are available between your and another bank’s accounts.
Benefits and Drawbacks of CIT Savings Connect Account
Benefits
✔ Digital convenience
✔ 3.25% APY
✔ It is backed by one of the top 20 U.S. banks.
✔ Insurance and security
Drawbacks
✘ No physical access to the branch
✘ Minimum opening deposit
Benefits
- Digital convenience
According to its website, it takes around five minutes to create a CIT Savings Connect account. You must include your address, telephone number, email address, and Social Security number. Additionally, CIT Bank offers online banking that enables you to manage your accounts 24/7, view and download account activity, make transfers, generate banking reports, and manage account alerts, among other features.
- 3.25% APY
APY is a crucial consideration when selecting a high-yield savings account. CIT Savings Connect’s APY of 3.25 percent exceeds the national average. Daily interest is compounded, and monthly deposits are made.
- It is backed by one of the top 20 U.S. banks.
First Citizens Banc Shares Inc. announced the completion of its merger with CIT Group Inc. at the beginning of 2022. First Citizens is a top-20 U.S. financial institution with over $100 billion in assets and the largest family-owned bank in the country.
- Insurance and security
CIT Bank is FDIC-insured and equipped with sophisticated security monitoring, fraud prevention, and privacy features.
- Free monthly service
There are no monthly service fees with CIT Bank. CIT Bank may pass savings on to its consumers as an online bank. CIT Bank reimburses up to $30 per month in ATM costs.
Drawbacks
- No physical access to the branch
CIT Bank is an online-only institution without physical locations. If you like banking in person, there may be better options than CIT Bank.
- Minimum opening deposit
The minimum deposit to open an account is $100, which must be deposited within 30 days of account opening. Moreover, additional savings accounts have lower or no minimum deposit requirements.
Is CIT Savings Connect a Worth Savings Account to Get?
The CIT Bank Savings Connect account is an ideal alternative for anybody who has put their money in a standard savings account that yields no interest while subject to a slew of account fees. You will get a much higher interest rate with few to no fees. While the bank has no physical branches, the CIT Bank mobile app and a linked debit card provide convenient ways to manage your money.
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Read more: Popular Savings Accounts
Source: Fool