- Editor Rating
- Rated 4.5 stars
- CIT Bank eChecking & Savings Connect Review
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CIT Bank is a popular option for online banking, especially if you’re seeking interest-bearing online checking and savings accounts. Not only are they perfect for daily use, the accounts also earn a competitive rate. Plus, they’re easy to open with low opening deposit requirements.
Let’s take a closer look at CIT Bank and their eChecking and Savings Connect products below.
CIT Bank eChecking
|APY||0.10% APY on balances under $25K|
0.25% APY on balances of $25K or more
|Minimum Opening Deposit||$100|
CIT customers can access their free eChecking accounts 24 hours a day online or via the mobile app. All you need is a $100 minimum opening deposit. There are no minimum balance or other requirements.
Unlike most standard checking accounts, CIT eChecking earns interest. Other online checking accounts could pay more, but they often require additional parameters, such as spending thresholds and deposit qualifications.
You’ll get a complimentary debit card with EMV chip technology. CIT does not charge any ATM fees and provides $30 in reimbursements from other banks’ ATM fees every month.
Like most online checking accounts, CIT eChecking doesn’t come with paper checks and does not allow them as a form of payment. You can, however, deposit checks via the mobile app, as well as transfer money with Zelle, Bill Pay, Samsung Pay and Apple Pay.
CIT Bank Savings Connect
|Base Tier||0.42% APY (A minimum qualifying deposit of $200 is not deposited each month into the linked eChecking or the eChecking account is closed.)|
|Upper Tier||0.50% APY. (A qualifying deposit of $200 or more is deposited into the linked eChecking account each month.)|
|Minimum Opening Deposit||$100 (+$100 minimum deposit for eChecking)|
CIT Savings Connect works in conjunction with your linked eChecking account to earn even more. Like its online checking counterpart, all you need is a $100 minimum opening deposit.
To get the top APY on your Savings Connect account, you have to make an automated monthly deposit of $200 or more into your linked eChecking account.
You can access both your Savings Connect and your eChecking funds through any ATM using your eChecking debit card. Again, CIT does not charge any ATM fees and provides up to $30 in outside ATM fee reimbursements every month.
Savings Connect Welcome Offer
CIT is welcoming new Savings Connect customers with the Upper Tier interest rate beginning on the day you open your Savings Connect account and ending on the fourth business day prior to the end of that month. After that, your account will continue to earn the Upper Tier interest rate if:
- You maintain a CIT eChecking account, and
- You make a deposit of $200 or more to your eChecking account every month.
Otherwise, you’ll fall back to the Base Tier interest rate.
CIT Bank Overdraft
If you go over your CIT eChecking balance, overdraft protection easily transfers money from your CIT Savings Connect (or money market account) to cover insufficent funds at no extra charge. If you don’t have a linked savings account, you’ll have to pay $30 per overdraft, up to four times a day.
CIT Bank offers the eChecking and Savings Connect accounts with no monthly maintenance fees, low opening deposit minimum, competitive interest rates and up to $30 in eChecking ATM fee refunds every month.
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