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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 | 4.85% | 4.00% |
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 4.85% compared to American Express High Yield Savings' rate of 4.00%. 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.
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.
