CIT Bank is one of the most rate-focused online banks, consistently appearing at or near the top of high-yield savings comparisons. Savings Connect is its flagship product, offering competitive APY in exchange for simple monthly deposit requirements. For savers willing to do a little active management, CIT can deliver some of the best rates available.
This post is a complete review of the CIT Bank Savings Connect account.
What CIT Bank Is
CIT Bank is the online-banking subsidiary of First Citizens BancShares, one of the largest banks in the United States. CIT focuses primarily on competitive consumer banking products.
Core Features
High-yield Savings Connect account
Competitive APY
No monthly maintenance fees
FDIC insurance
Mobile and online banking
Easy account opening
Cost and Rates
CIT Bank has minimal fees and competitive APY.
Pricing
No account opening fee
No monthly maintenance fee
Some products require minimum balance or monthly deposit for top APY
APY consistently competitive
What CIT Bank Does Well
Consistently Top-Tier APY
CIT frequently posts rates near the top of the market.
Multiple Savings Products
Savings Connect (top APY with conditions), Savings Builder (top APY with monthly deposits), traditional savings, money market.
Strong CD Offerings
CD ladders at CIT often yield competitive rates.
FDIC Protection
Full insurance through First Citizens Bank.
Where CIT Bank Falls Short
Conditions for Top APY
Some accounts require monthly deposits or minimum balances to qualify for top rates.
Mixed Customer Service Reviews
Reviews vary; some users report slower response times.
Less Polished Mobile Experience
The app and website are functional but less refined than competitors.
Limited Banking Suite
No checking account at CIT.
Savings Connect vs Savings Builder
CIT offers multiple savings products. The two main ones:
Savings Connect
Higher APY tier
Requires linked CIT checking or eChecking with $200+ monthly deposit
Otherwise pays lower tier
Savings Builder
Top APY requires either a $25,000 balance or monthly deposit of $100+
Lower APY without meeting conditions
Choose the product that matches your situation.
Who Should Use CIT Bank
Ideal Users
Rate-focused savers
Users with consistent monthly savings habit
Users willing to monitor accounts actively
Users wanting CDs alongside savings
Who Should Skip CIT Bank
Better Alternatives For
Users wanting unconditional top APY (Bread Financial, UFB Direct)
Users wanting brand recognition (Marcus, Amex)
Users wanting strong customer service (Ally, Marcus, Discover)
Users wanting full banking with checking (SoFi, Ally)
How to Open a CIT Bank Account
Process
Visit cit.com
Click "Open an Account"
Choose Savings Connect
Enter info (5 minutes)
Verify identity (instant)
Link external account
Initial deposit
Total time: 10–15 minutes.
Getting the Most Out of CIT Bank
Best Practices
Choose the savings product that fits your behavior
Meet the monthly deposit requirement for top APY
Pair with checking elsewhere for daily needs
Consider CIT CDs for portions of larger reserves
Monitor APY quarterly
CIT Bank vs Competitors
CIT vs UFB Direct
Both rate-focused. Similar APYs. CIT has more product options.
CIT vs Marcus
CIT often higher APY. Marcus simpler and more reliable customer service.
CIT vs Ally
CIT often higher APY. Ally has full banking and sub-accounts.
A Sample CIT Bank Setup
Meet Sam with $25,000 to save.
Sam's Setup
Opened CIT Bank Savings Builder
Maintained $25,000 balance to qualify for top APY
Automated $200/month deposit
Considered adding a CD ladder for portions of savings
With competitive APY, Sam earns approximately $1,100–$1,300/year on this balance.
CIT CDs Worth Considering
For portions of larger reserves:
CIT CD Offerings
Standard CDs
No-penalty CDs (more flexible)
Jumbo CDs (for balances over $100,000)
Laddering CDs with savings can optimize yields.
Security at CIT Bank
FDIC insured up to $250,000
Bank-level encryption
Two-factor authentication
Strong identity verification
Common CIT Bank Complaints
What Users Sometimes Note
Conditions for top APY
Confusion between Savings Connect and Savings Builder
Less polished customer experience
Limited additional banking products
For rate-focused users, these are acceptable.
Long-Term CIT Bank Strategy
How to Use Long-Term
Primary high-yield savings location
CD ladders for larger reserves
Pair with checking and feature-rich bank elsewhere
Monitor product lineup as CIT introduces new accounts
Conclusion: Top Rates With Some Active Management
CIT Bank Savings Connect (and Savings Builder) deliver some of the highest APYs in online banking, but the top rates often require active engagement. For users willing to meet monthly deposit requirements and monitor product offerings, CIT can produce meaningful additional interest.
For users wanting unconditional top APY, consider Bread Financial or UFB Direct. For users wanting set-and-forget savings, consider Marcus or Discover.
Take action today. Visit cit.com. Choose the savings product that fits your habits. Open the account. Set up the required monthly deposit. Monitor your APY tier. Within a year, you will be earning some of the best rates available.
