A CIT Bank savings account helps you get more from your savings with interest rates for maximum growth. Get a competitive rate with a Savings Connect account and earn even more when you make a qualifying deposit in your linked eChecking account. Savings Connect is a tiered interest rate account that offers a higher interest rate to customers with a linked Qualifying eChecking account to which periodic Qualifying Deposits are made.
How you make money
Deposit your money into the high yield savings account and start earning 0.449% interest from the day the account is opened. The interest is compounded daily and there are no account opening or maintenance fees. To keep the 0.45% APY you must have a $100 recurring monthly deposit or have a balance of over $25,000.
How CIT makes money
There are no fees to use the CIT High Yield Savings Account. As a bank, CIT makes money through the interest they make on loans and other banking fees.
Is it safe?
CIT Bank, N.A. is a member of the Federal Deposit Insurance Corporation (FDIC), which means your deposit accounts are insured up to $250,000 per depositor, for each account ownership category.