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Saving money is an essential part of financial planning, and choosing the right bank for your savings account is a crucial decision. American Express High Yield Savings and CIT Bank Savings Connect are two popular banks that offer high-yield savings accounts with competitive interest rates, low fees, and variety of banking products.
However, each bank has its own set of features and limitations, making it important to compare them before making a decision. In this article, we will compare American Express High Yield Savings and CIT Bank Savings in detail.
Savings Rate and Deposit Comparison
CIT Bank Savings Connect | American Express High Yield Savings | |
|---|---|---|
Savings Rate | Up to 4.85% | 4.25% |
Minimum Deposit | $100 | $0 |
Fees | $0 | $0 |
Promotion | None | None |
Comparing CIT Bank Savings Connect and American Express High Yield Savings, CIT Bank Savings has a higher interest rate of Up to 4.85% compared to American Express High Yield Savings' rate of 4.25%. However, CIT Bank Savings Connect has a minimum deposit requirement of $100, while American Express High Yield Savings has no minimum deposit requirement. Both banks have no monthly maintenance fees.
Neither bank currently offers any promotional offers for new customers, so customers should focus on the interest rate and account features when making a decision about which bank to choose.
Compare Saving Account Features And Benefits
CIT Bank Savings Connect | American Express High Yield Savings |
|---|---|
Highly Competitive Rate | No Minimum Deposit or Monthly Balance |
Remote Check Deposit | No Maintenance Fees |
No Monthly Maintenance Fees | Ease of Use |
Convenient Access | Access to 24/7 Support |
When it comes to high-yield savings accounts, both American Express and CIT Bank offer appealing benefits to potential customers. Both savings account offers a competitive interest rate that is consistently one of the highest on the market.
Amex savings has no minimum deposit requirement, no monthly balance requirement, and no maintenance fees. Customers can easily manage their accounts, access 24/7 customer support, and enjoy FDIC insurance coverage of up to $250,000 per depositor.
On the other hand, CIT Bank's Savings Connect offers a convenient mobile app with a remote check deposit feature and easy online banking services. Like American Express, the account is FDIC-insured, and can be linked to CIT's e-checking account for a seamless user experience. Additionally, opening an account takes only five minutes.
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Top Savings Accounts From Our Partners
Quontic High Yield Savings
- 4.50% APY on savings
- Interest is compounded daily
- No Monthly Service Fees
CIT Savings Connect
- Up to 4.85% APY on savings
- No monthly service fees.
- Zelle, Samsung & Apple Pay
Advertiser Disclosure
The product offers that appear on this site are from companies from which this website receives compensation.
Top Offers From Our Partners
Room for Improvement: Evaluating CIT Bank vs Amex
CIT Bank Savings Connect | American Express High Yield Savings |
|---|---|
Minimum Initial Deposit | No ATM Access |
No Physical Branches | Slow Processing Times |
No ATM Access | No Mobile Deposits |
No 24/7 Support | No In-Person Support |
- Minimum Initial Deposit
A minimum of $100 deposit is required to open the account within 30 days of account opening, or the account won't be activated.
- No Physical Branches
CIT Bank is an online bank, so there are no physical branches, and customer support is limited to phone helpline and online resources.
- No ATM Access
The Savings Connect account doesn't come with an ATM card, and you cannot withdraw cash directly from your savings account. You'll need to transfer the funds to another account that has ATM access or branch access.
- No 24/7 Support
While the online platform and app are available 24/7, customer support is only available during certain hours on weekdays and weekends, which may not be convenient for all customers.
- No ATM Access
You won't receive an ATM or debit card with this account, so if you need physical cash, you’ll have to transfer the funds into Amex checking or another account and then make a withdrawal.
- Slow Processing Times
It can take approximately two business days for the payment to be processed and appear in your account, and a little longer when transferring funds out of your account.
- No Mobile Deposits
You can't deposit funds or checks directly into your account through the app. You’ll need to use a third-party bank account to transfer funds into your new American Express savings account.
- No In-Person Support
There is no option for in-person support with American Express, although they have 24/7 phone support.
Steps to Opening a Savings Account: CIT Bank and Amex
Here's the easiest ways to open CIT and Amex bank savings accounts:
-
American Express High Yield Savings
Here are the four steps to open an American Express High Yield Savings account:
- Visit the American Express website and find the High Yield Savings product page.
- Click on the “Apply Now” button and enter your basic personal details.
- Complete the full application form, including tax questions and confirmation of terms.
- Await confirmation via email and then log in to your account to link accounts and set up transfers.
-
CIT Bank Savings Connect
If you're interested in opening a CIT Bank Savings Connect account, you can follow these simple steps to complete the process online:
- Visit the Product Page: Head to the CIT Bank website and find the Savings Connect product page by clicking the “Bank” tab and then selecting “Savings Connect.”
- Click “Open Account”: On the Savings Connect page, click the green “Open Account” button to access the application form.
- Complete the Application Form: Enter your basic details such as your full name, address, email address, and Social Security Number.
- Verify Your ID: Provide a Driver’s License or another form of valid photo ID to verify your identity.
- Fund Your Account: Deposit at least $100 into your account within 30 days of opening it, using the bank routing and account number for an external bank account or deposit a check.
Compare Amex Savings Account
Discover and American Express offer competitive savings rates and no monthly fees. Compare account features, benefits, and drawbacks.
Ally and Amex savings offers lucrative savings rates and many other benefits for savers. Here's our side by side savings account comparison.
Ally Bank Savings Account vs American Express High Yield Savings Account (HYSA)
Capital One and Amex savings rates are quite similar. However, each of them has its own benefits, features and tools. Here's our comparison: Capital One 360 Performance Savings vs. American Express HYSA
Compare CIT Savings
Live Oak and CIT offer online only savings accounts with several benefits – and some requirements. Here's our full comparison: Live Oak Personal Savings vs CIT Bank Platinum Savings
How We Compare Savings Account: Methodology
The Smart Investor team has conducted a comprehensive comparison of savings accounts, analyzing each based on these critical categories to help you decide where to entrust your savings.
- Savings Rates: The savings rates category delves into the interest rates offered by each account, assessing their competitiveness in the market. Higher interest rates mean greater returns on your savings over time, providing a crucial incentive for account holders to choose one account over another. Additionally, we explore any promotional rates or conditions that may affect the account's overall value.
- Savings Features: We examine the features and benefits accompanying each savings account. From account minimums and fees to accessibility through online and mobile banking platforms, these features can significantly impact the convenience and utility of the account for account holders. We also consider perks like overdraft protection, automatic savings plans, and rewards programs.
- Customer Experience: A positive customer experience is paramount in banking, and we evaluate each institution's performance in this area. This includes aspects such as the ease of account opening, quality of customer service, availability of support channels, and overall user satisfaction on platforms such as Trust Pilot and JD Power ranking.
- Bank Reputation: The bank's reputation carries weight in the decision-making process. Factors such as financial stability, regulatory compliance, and public perception contribute to the overall trustworthiness and reliability of the institution.
