If you're tired of your savings earning next to nothing at a big brick-and-mortar bank, it might be time to look online. CIT Bank, a division of the well-established First Citizens Bank, has a savings account that's catching eyes with its straightforward, competitive rate. Let's dig into whether the Savings Connect account could be the right home for your cash.
What Makes This Account Stand Out?
The headline is the rate: 3.65% on your entire balance, no matter if you have $100 or $100,000 sitting there. That's multiple times higher than the national average for savings accounts. There's no tiered system where you need a huge balance to unlock the best yield—it's the same rate for everyone.
Beyond the rate, the account structure is refreshingly simple. You won't get nickel-and-dimed with monthly service charges, and there's no fee for closing the account early. They also offer some handy features, like the ability to link up to ten external bank accounts for easy transfers and free incoming wire transfers.
- No monthly maintenance or ATM fees.
- Free outgoing domestic wires for accounts with a $25,000+ balance.
- Human customer support is available via phone and email during business hours.
- Unlimited beneficiaries can be named on the account.
A Few Practical Considerations
While this is a strong offer, it's not without a couple of nuances you should know about. First and foremost, this is an online-only bank. That means no physical branches to walk into. For many, that's a plus—it's how they keep costs low—but if you prefer in-person service, it's a non-starter.
Also, remember that the advertised 3.65% APY is a variable rate. It can change at any time based on broader economic conditions. While it's competitive now, it could go down (or up) in the future. It's always smart to check the current rate before you apply.
The $100 minimum to open is very reasonable, but you'll need to fund the account via electronic transfer, mailed check, or wire. Make sure you have that initial deposit ready from another account.
Who Is This Account Best For?
This account shines as a central hub for your savings strategy. Think of it as a primary vessel for your emergency fund or a savings goal you're building toward, like a down payment or a vacation fund. The high rate helps your money grow faster than in a typical account, and the multiple external links make it easy to move money between your checking and other savings pots.
It's also a great fit for anyone just starting their savings journey. The low barrier to entry ($100) and the fact that you earn the top rate immediately make it an encouraging first step. You're not penalized for having a smaller balance.
Bottom Line
- CIT Bank's Savings Connect offers a top-tier, flat-rate APY that applies to your entire balance from day one.
- The lack of monthly fees and simple structure makes it a low-cost, high-value option for building savings.
- As an online-only bank with a variable rate, it suits savers comfortable with digital management who understand rates can change.
Common Questions
Is my money safe in a CIT Bank account?
Yes. CIT Bank is a division of First Citizens Bank, and deposits are FDIC-insured up to $250,000 per depositor, per ownership category. This is the same insurance you get at any major bank.
How often does the interest rate change?
The rate is variable and can change at any time at the bank's discretion. They are not required to give advance notice, though they typically update their website. It's a good practice to check the rate periodically.
Can I access my money easily?
You can access your funds 24/7 through the online portal or mobile app. Transfers to linked external accounts typically take 1-3 business days. There is no ATM card with this specific savings account, so cash withdrawals would require a transfer to a linked checking account first.
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