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Best Bank for Savings Accounts: CIT Bank Review

In this CIT Bank Review you'll discover why it is the best bank for savings accounts with some earning over 5.00% APY.

When looking for the best bank for savings accounts you might run into a roadblock considering the national savings rate average currently hovers around 0.46 percent APY.

At that rate, if you deposit $1,000, after 12 months you’ll have collected $4.61 in interest.

Finding the best bank for savings accounts should include a bank that pays high interest and not charge you fees. But that may be easier said than done.

Here is what 5 of America's biggest banks offer:

  • Chase savings account – 0.01 percent APY
  • Bank of America savings account – 0.03 percent APY
  • Wells Fargo savings account – 0.01 percent APY
  • Citibank – 0.04 percent APY
  • US Bank – 0.01 percent APY

Compare that with CIT Bank's stellar savings rates that offer several types of savings accounts, including the Savings Connect Account which pays 4.65% APY.

Whether you’re saving for a new car, a vacation or building up your emergency fund, a savings account is an excellent place to keep money safe and can help you meet financial goals – if you find the best bank for savings accounts.

CIT Bank – Best Bank for Savings Account

CIT Bank is an FDIC-insured, online-only bank that was originally founded in 1908. In 2022 CIT Bank became a division of First Citizens Bank, a top 20 U.S. financial institution (based on assets) headquartered in North Carolina.

CIT offers highly competitive yields on its savings and some of its CD accounts in addition to offering business and commercial banking solutions.

CIT Savings Connect Account – Earn 4.65% APY

The CIT Bank Savings Connect Account is available online in 50 states (and Washington, DC). The CIT Savings Connect offers a higher than average interest rate of 4.65% APY while only requiring a $100 minimum opening deposit.

CIT Savings Connect Account Features

  • Minimum balance: $100 to open
  • Monthly fee: None
  • FDIC-insured
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CIT Platinum Savings Account – Earn 5.05% APY

The CIT Bank Platinum Savings Account is available online to U.S. citizens and earns the top savings rate in the nation. You can start this account with $100 but you must have a minimum $5,000 to earn 5.05% APY or the rate will be 0.25% APY.

CIT Platinum Savings Account Features

  • Minimum balance: $100 to open
  • Monthly fee: None
  • 5.05% APY is earned on balances of $5,000.00 or more only.
  • FDIC-insured
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CIT Bank No Penalty CD – Earn 4.90% APY

If you’re worried about locking your money down with a long-term CD, check out CIT's 11-month No-Penalty CD. You can withdraw your funds at any time with no penalty including any interest earned. With an interest rate of 4.90%, it’s a great way to lock in a high rate account without having to worry about easy access to your funds.

CIT No Penalty CD Features

  • Minimum balance: $1000 to open
  • Monthly fee: None
  • No penalty to access funds if needed before maturity
  • Daily compounding interest to maximize your earning potential
  • FDIC-insured

Whatever your financial goals, CIT Bank's No-Penalty CD offers a no-strings-attached savings vehicle. Protect against job loss, medical issues, or home repairs, and be prepared for the unexpected. No-Penalty CD accounts are also good to save for big purchases or a house downpayment.

Earn high interest, grow your money, and keep it liquid with CIT's 11-Month No-Penalty CD.

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CIT Bank Money Market Account – Earn 1.55% APY

CIT Bank has a money market account that earns 1.55% APY. Typically, money market accounts are a hybrid between a savings and checking account where you can write checks. However, CIT Bank's money market account is a little different because you don’t have the ability to write paper checks.

Send money using Zelle for free to anyone with a U.S. bank account. You can transfer money directly from the money market account to another account. Funds can also be sent through PayPal.

CIT Money Market Account earns a 1.55% APY on all balances plus a few more features.

  • Minimum deposit of $100 to open
  • No monthly service fees
  • Daily compounding interest
  • Mobile banking with Bill Pay
  • Deposit checks remotely and make transfers with the CIT Bank mobile app
  • FDIC-insured

Currently, CIT's Money Market rate is not the highest money market rate but it's a solid option available online to people in every state across America.

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CIT Bank's savings accounts are subject to Reg D

Most U.S. based savings accounts have a 6 withdrawal limit per month due to federal Regulation D. This regulation limited the number of withdrawals or transfers that customers could make from savings and money market accounts each month.

The purpose of this regulation is to ensure the financial institution has the appropriate level of reserves and to keep savings accounts from being used in the same manner as checking accounts.

The Federal Reserve Board (Fed) suspended Regulation D in April 2020 in response to the COVID-19 pandemic to give consumers increased access to their funds during a time of financial uncertainty. But many individual banks, like CIT Bank, along with credit unions still have their own withdrawal limits in place.

To get around Reg D and access cash from your savings account beyond the 6 withdrawal limitation, use one of the methods not limited by Reg D. That includes using ATMs, withdrawing money in person at a branch or having a check mailed to you.

Drawbacks of CIT Bank

With FDIC insurance and consistently great savings rates, CIT Bank savings products continue to grow in popularity. However, there are a few drawbacks to take into consideration:

No branches. As an online bank, there are no branches to visit, so there’s no way to do your banking in person. Consumers can fund and withdraw money from accounts by electronic transfer with another bank account, wire transfer or mail.

No debit card linked to savings accounts. The only way to get ATM access to savings funds is to open the CIT Bank checking account. It's a decent checking account that earns a little interest (0.25% APY with $25,000 minimum balance or 0.10% APY on balances under $25,000. But more importantly the eChecking at CIT Bank has no monthly maintenance fees and does not charge ATM fees. Plus, customers get up to $30 in other bank’s ATM fees reimbursed per month.

Customer support could be better. It's no secret customers enjoy CIT Bank's high-interest rates but there have been a few complaints about hold times when contacting customer service. However, slow customer service is no reason to miss out on the stellar high-interest rates afforded to customers.

Despite any small drawback, CIT Bank offers the highest savings rates among American banks. Savers have several options at CIT Bank to make their money grow faster. CIT Bank accounts are FDIC insured, meaning that customers don’t have to worry about losing their funds if the bank were to go out of business.

See how much interest you can earn with our savings calculator.

10 ways to save more money

It's a good idea to save more money now that savings interest rates are higher.

Create a budget and track your spending. This is the first step to identifying where your money is going and where you can cut back. There are many different budgeting methods and apps available, so find one that works for you and stick to it.

Cut back on unnecessary expenses. Take a close look at your budget and see where you can cut back. This could mean eating out less, canceling unused subscriptions, or shopping around for cheaper insurance rates.

Automate your savings. Set up a recurring transfer from your checking account to your savings account each month. This is a great way to save money without even having to think about it.

Pay off high-interest debt. High-interest debt can eat away at your savings, so it's important to focus on paying it off as quickly as possible. Consider making extra payments on your credit cards or consolidating your debt into a lower-interest loan.

Set financial goals. What are you saving for? A down payment on a house? Retirement? Once you know what you're saving for, you can create a plan to reach your goal. This could mean increasing your monthly savings contribution or investing your money.

Cook at home more often. Eating out can be expensive, so cooking at home is a great way to save money. There are many easy and affordable recipes available online and in cookbooks.

Shop around for the best deals. When making a big purchase, take the time to compare prices from different retailers. You can also use coupons and promo codes to save money.

Take advantage of free activities. There are many free activities available in most communities, such as hiking, biking, and visiting museums.

Use public transportation. Public transportation is often a cheaper way to get around than driving.

Negotiate your bills. Many companies are willing to negotiate your bills, especially if you've been a loyal customer. Don't be afraid to ask for a discount.

Learn how to earn more & save smarter

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Best online savings rates

The national savings rate is 0.47% APY. This online bank pays way more.

CIT Bank

Platinum Savings
5.05% APY
Minimum $5,000 balance
No maintenance fees
Mobile & Online Banking
Deposits are FDIC insured


5.21% APY
Minimum $1,000 balance
No maintenance fees
Mobile & Online Banking
Deposits are FDIC insured

Quontic Bank

4.50% APY
Minimum $100 balance
No maintenance fees
Mobile & Online Banking
Deposits are FDIC insured
Disclaimer: Our goal is to provide the most relevant and current information. However, the information is for informational purposes only and is not intended to be personal financial advice.

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