What if you could have the ease of use of a great online checking account and get rewarded with a better savings account, at the same bank?
That’s what CIT Savings Connect is all about. When you open a Savings Connect account, you get CIT’s eChecking account and their Savings Account all in one place.
By linking the accounts, CIT Savings Connect offers you a great APY if you meet the qualifying criteria. It’s one of the highest on the market! In partnership with CIT Bank, let’s dive in and learn more about how CIT Savings Connect works.
How CIT Savings Connect Works
CIT Savings Connect is a savings account with a linked eChecking account. So you get to enjoy a top APY on your savings in addition to convenient access to your cash for spending.
The savings account pays up to 4.05% APY on your money. It has two tiers - a baseline 4.05% APY, and an upper tier of 4.05% APY. Everyone gets the baseline tier of 4.05% APY.
To get the 4.05% APY, you need to have a monthly direct deposit or external deposit of $200 or more into your linked eChecking account. When you do that, you get the higher APY. The cool thing is that CIT will remind you each month if you need a deposit - so you can make it happen if you don’t have a normal direct deposit setup.
Why We Like The Product
We love this product simply because of the convenience of it. Some savings accounts still have limits on the number of transactions you can do each month. As such, you can’t use them as your normal spending account.
That’s why, historically, you’ve had to have a checking account and savings account. But most checking accounts don’t pay interest (or if they do, it’s like 0.01% APY - which is basically nothing).
That’s what makes CIT Savings Connect so great - you get the benefits of a linked interest-bearing eChecking account², with the benefits of a great savings account. That’s a win-win in our book.
Any Important Fine Print?
As with most financial products, there’s always fine print. Luckily, it’s pretty straightforward with CIT Savings Connect.
First, you need a $100 minimum deposit to open the account. After that, there’s no minimum balance requirement.
Second, to get the interest rate bonus, you do need to have a monthly direct deposit or external deposit of $200 or more each month into your linked eChecking account. If you don’t have that setup (or miss a month), you’ll drop to the lower baseline APY in your Savings Connect account.
However, that lower APY is still a great rate compared to other banks, so it’s not even that big of a deal.
A Great Account That Makes Banking Seamless
These accounts from CIT are a great addition to their existing products. CIT Bank has consistently been known for having great savings and money market accounts.
Now, with CIT Savings Connect, you get all the benefits of a high-yield savings account, combined with a solid online checking account. And the checking account comes with a debit card, solid ATM access, online bill pay, and Zelle.
Final Thoughts
We love this new Savings Connect from CIT Bank. If you’re looking for a new savings account that links to an eChecking account option, this needs to be a top consideration.
Open a CIT Savings Connect account here >>
Robert Farrington is America’s Millennial Money Expert® and America’s Student Loan Debt Expert™, and the founder of The College Investor, a personal finance site dedicated to helping millennials escape student loan debt to start investing and building wealth for the future. You can learn more about him on the About Page, or on his personal site RobertFarrington.com.
He regularly writes about investing, student loan debt, and general personal finance topics geared towards anyone wanting to earn more, get out of debt, and start building wealth for the future.
He has been quoted in major publications including the New York Times, Washington Post, Fox, ABC, NBC, and more. He is also a regular contributor to Forbes.
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