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Published: Sep 07, 2023 11 min read

If you're looking to make the most out of the annual percentage yield (APY) on your savings account, then you need to find an option with higher rates and daily compounding interest. These days, that means looking beyond traditional brick-and-mortar banks and toward online-only banks capable of providing members with both of those perks. One such institution is CIT Bank, which offers multiple high-yield products that might be a good choice for those looking for a savings account that pays daily compounding interest.

Read on for our CIT Bank high-yield savings review to find out if it’s the right fit for your banking needs.

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Earn 5.05% APY* with CIT's Platinum Savings Account

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Earn 4.35% APY* with Discover's Savings Account 

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Earn 5.00% APY* with Valley Bank’s Savings Account

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Best high-yield savings account with daily compounding interest

Daily compounding interest allows you to earn more from a high-yield savings account. Combined with a competitive APY, daily compounding interest lets you see your savings grow faster over time. If you're looking for the best high-yield savings account that compounds interest daily, CIT Bank's high-yield savings may be a smart choice.

CIT Bank high-yield savings account pros and cons

  • Daily compounding interest
  • No monthly maintenance fees
  • Convenient app
  • No physical branches
  • Minimum opening deposit
  • No 24/7 customer support

Pros explained

Daily compounding interest

Simple interest is calculated just on the principal, which is the amount of money you’ve deposited into your account. On the other hand, compound interest is calculated on the total amount in the account, including both the principal and the interest you've already accumulated on it.

Therefore, daily compounding interest is calculated on the amount of money in your account each day, allowing you to maximize the APY on your savings. CIT Bank offers competitive savings interest rates on their financial products, with daily compounding interest helping your money grow faster.

No monthly maintenance fees

Those little $5 monthly maintenance fees that some banks charge customers can add up. CIT Bank has no monthly service fees, meaning you won't lose money each month for merely having an account. Additionally, while CIT Bank requires a minimum deposit to open an account, there's no minimum balance requirement thereafter.

Convenient app

CIT Bank offers a convenient mobile app that allows you to access your money and banking information on the go. If you have a CIT Bank checking account in addition to your high-yield savings account, the app allows you to seamlessly move money between them. The app also has a mobile check deposit feature for both checking and savings accounts.

Cons explained

No physical branches

CIT Bank is available exclusively online and offers no physical branches. Online-only banks are increasing in popularity, but some people prefer handling their finances at brick-and-mortar locations. If you're the type of person who finds this important, then an account with CIT Bank might not be right for you. CIT Bank is a subsidiary of First Citizens Bank, which does have physical branches, but First Citizens Bank locations don’t have access to CIT Bank customer information and are unable to assist with those accounts.

Minimum opening deposit

CIT Bank offers a few savings products, each of which requires a minimum opening deposit of $100. While there's no monthly balance requirement, the minimum opening deposit could preclude customers who want to begin their high-yield savings journey with a smaller amount of money.

No 24/7 customer support

One of the perks of online banking is that many online-only options, such as Discover and Ally, offer 24/7 live customer support. In this regard, CIT Bank falls short compared to its competitors as it doesn’t offer around-the-clock customer support. While you have 24/7 access to your account information online or via the bank’s app, this won't be of much help if you have a pressing question or concern that only a representative of CIT Bank can handle.

CIT Bank high-yield savings account offerings

CIT Bank offers a few different types of savings accounts. Here's what you need to know about the options available with the institution.

Platinum Savings

While this account offers the highest APY of all CIT Bank's savings products, there's a catch. At the time of writing, the APY advertised was quite competitive, but that's only for customers with balances of $5,000 or more. For those with lower balances, the APY drops dramatically. While this would be a great option for those who know they’ll maintain a high account balance, it's probably best avoided by those who suspect their balance will be under $5,000.

Savings Connect

The CIT Bank Savings Connect account offers a slightly lower APY than the Platinum Savings option, but the high-yield rate is accessible to all customers regardless of their account balances. According to a CIT Bank representative, customers who have any doubts about being able to maintain more than a $5,000 balance in their savings account should opt for the Savings Connect product, as it ensures they won't receive a drastically lower APY should they hit a financial rough patch and need to access their funds.

Money Market

Typically, the appeal of a money market account is that — despite possibly having a lower APY than other high-yield savings options — it offers the option to withdraw money more frequently without penalty. At the time of writing, the CIT Bank money market account wasn’t offering a remarkable APY, so the benefits of this account don't seem significant since there are no penalties for withdrawing money from the CIT Bank Savings Connect account, either.

Savings Builder

The CIT Savings Builder product can appear a bit confusing to prospective customers. It's a tiered savings account offering customers increasingly higher interest rates as they progress upwards from tier to tier. However, the highest interest rate offered was just under 1% at the time of our research, which isn't what we'd consider a high-yield savings account.

Typically, when a bank offering high-yield savings products also offers a product with a significantly lower yield, it means that the lower-yield product has some sort of other benefit, such as second-chance accounts for those with undesirable banking histories or youth accounts accessible to customers under 18. However, the Savings Builder product has no such benefits. A CIT Bank representative explained that the Savings Builder product is a relic that hasn't yet been removed from CIT Bank's roster of savings products.

If you're trying to decide between the CIT Savings Connect and the Savings Builder accounts, the Savings Connect option is the clear choice.

CIT Bank high-yield savings account pricing

With no monthly maintenance fees or minimum balance requirements, the CIT Bank high-yield savings products stand out among its competitors when it comes to pricing. Another attractive feature offered by CIT Bank’s accounts is daily compounding interest, which allows you to get the highest return possible on your savings. Although the required minimum deposit of $100 may prevent some people from opening an account, customers won't have to worry about maintaining a monthly minimum in order to avoid a fee.

CIT Bank high-yield savings account financial stability

CIT Bank's parent company, First Citizens Bank, holds a B rating from the Better Business Bureau (BBB) and a Baa2 rating from S&P Global and Moody's. While these aren't the best scores possible, they are indicative of sound financial stability and a relatively low risk of default.

Additionally, First Citizens Bank is the principal subsidiary of First Citizens Bancshares, a publicly traded company with a market capitalization of over $20 billion. In 2022, the company had revenues of $5.5 billion, up 183.26% from 2021, and gross profit of $5.08 billion, up 167.76% from 2021.

Combined, these strong ratings and financials suggest CIT Bank is in good financial standing for the foreseeable future.

CIT Bank high-yield savings account accessibility


CIT Bank is an online bank not tethered to physical locations, so it is available in all 50 states. Its mobile app also makes most of its services available 24/7.

Contact information

Unlike many other online banks, CIT Bank doesn't offer 24/7 customer service. Instead, customer service is available by phone at 855-462-2652, Monday through Friday from 9 a.m. to 9 p.m. EST, and Saturday from 10 a.m. to 6 p.m. EST.

User experience

CIT Bank offers a decent user experience. In addition to its mobile app that lets you access your account on the go, the website includes fairly comprehensive information about its various financial products. However, the bank doesn’t provide a calculator that allows potential customers to get an estimate of how much they can expect to see in interest on their savings. Interest calculators can be a great way to establish an estimate of how much you stand to benefit before proceeding with an application for an account.

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CIT Bank high-yield savings account customer satisfaction

Although not accredited by the BBB, CIT Bank currently holds an A- rating on the BBB’s website. CIT Bank high-yield savings reviews aren't as kind, with the company scoring just 1.19 stars out of a possible 5 for customer satisfaction. Several complaints center on poor experiences trying to solve a problem through customer service.

CIT Bank high-yield savings account FAQs

What is CIT Savings Connect?

CIT Savings Connect is a high-yield savings account that doesn't work on a tiered system or require a specific minimum balance in order to enjoy its high APY and daily compounding interest. While the Platinum Savings product offers a slightly higher APY, it requires a minimum balance of $5,000 to reach that higher rate. The Savings Connect option is better for those who doubt they'll be able to maintain an account minimum of $5,000 or more.

Does CIT Bank compound savings account interest daily?

Yes, CIT Bank compounds interest daily on all of its savings account products.

Does CIT Bank's savings interest rate fluctuate?

CIT Bank states on its website that its online savings rates are subject to change without notice. It offers variable rates, which can fluctuate depending on market conditions.

How do I close a CIT savings account?

As CIT Bank does not have physical branches, you'll need to call customer service to close your account.

How we evaluated CIT Bank high-yield savings account

In evaluating CIT Bank's high-yield savings account, we considered the following factors:

  • Pros and cons: We looked at what was working in CIT Bank's favor and what we considered to be potential drawbacks.
  • Types of accounts: We examined the different types of savings products available to customers.
  • Accessibility: We researched the accessibility of CIT Bank financial products, such as the user experience and customer service availability.
  • Customer satisfaction: We scrutinized CIT Bank high-yield savings reviews to better understand how real customers felt about their experiences.

Summary of Money's CIT Bank high-yield savings account review

Daily compounding interest should be a priority for those who want the greatest possible return on their savings, and CIT Bank couples that with competitive high-yield rates on its savings products, allowing you to maximize your savings. The bank doesn’t charge monthly maintenance fees, which makes it a financially attractive option. However, there are no physical CIT Bank locations and customer service availability is limited to traditional business hours.

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Whatever you're saving for, CIT can help you get there