Banking » Compare Banks » CIT Bank Platinum Savings vs. American Express High Yield Savings Account: Which Is Best?
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CIT Bank Platinum Savings vs. American Express High Yield Savings Account: Which Is Best?

Compare CIT Bank Savings Connect and Amex Savings account rates, features, benefits, and limitations to determine which is the best for you.
Author: Baruch Mann (Silvermann)
Baruch Mann (Silvermann)

Writer, Contributor

Experience

Baruch Silvermann is a financial expert, experienced analyst, and founder of The Smart Investor.  Silvermann has contributed to Yahoo Finance and cited as an authoritative source in financial outlets like Forbes, Business Insider, CNBC Select, CNET, Bankrate, Fox Business, The Street, and more.
Interest Rates Last Update: September 20, 2023
The banking product interest rates, including savings, CDs, and money market, are accurate as of this date.
Author: Baruch Mann (Silvermann)
Baruch Mann (Silvermann)

Writer, Contributor

Experience

Baruch Silvermann is a financial expert, experienced analyst, and founder of The Smart Investor.  Silvermann has contributed to Yahoo Finance and cited as an authoritative source in financial outlets like Forbes, Business Insider, CNBC Select, CNET, Bankrate, Fox Business, The Street, and more.
Interest Rates Last Update: November 1, 2023

The banking product interest rates, including savings, CDs, and money market, are accurate as of this date.

We earn a commission from our partner links on this page. It doesn't affect the integrity of our unbiased, independent editorial staff. Transparency is a core value for us, read our advertiser disclosure and how we make money.

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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
5.05%
4.35%
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 5.05% compared to American Express High Yield Savings' rate of 4.35%. 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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Savings Rate: 5.05% APY
Minimum Deposit:
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Savings Rate: 4.50% APY
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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

A minimum of $100 deposit is required to open the account within 30 days of account opening, or the account won't be activated.

CIT Bank is an online bank, so there are no physical branches, and customer support is limited to phone helpline and online resources.

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.

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.

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.

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.

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.

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:

Here are the four steps to open an American Express High Yield Savings account:

  1. Visit the American Express website and find the High Yield Savings product page.
  2. Click on the “Apply Now” button and enter your basic personal details.
  3. Complete the full application form, including tax questions and confirmation of terms.
  4. Await confirmation via email and then log in to your account to link accounts and set up transfers.

If you're interested in opening a CIT Bank Savings Connect account, you can follow these simple steps to complete the process online:

  1. 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.”
  2. Click “Open Account”: On the Savings Connect page, click the green “Open Account” button to access the application form.
  3. Complete the Application Form: Enter your basic details such as your full name, address, email address, and Social Security Number.
  4. Verify Your ID: Provide a Driver’s License or another form of valid photo ID to verify your identity.
  5. 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.

Discover Online Savings Account vs. American Express HYSA

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.

Savings Accounts Reviews

Baruch Mann (Silvermann)

Baruch Mann (Silvermann)

Baruch Silvermann is a financial expert, experienced analyst, and founder of The Smart Investor.  Silvermann has contributed to Yahoo Finance and cited as an authoritative source in financial outlets like Forbes, Business Insider, CNBC Select, CNET, Bankrate, Fox Business, The Street, and more.
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Savings Rate: 5.21% APY
Minimum Deposit:
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CIT-Bank-Logo
Savings Rate: 5.05% APY
Minimum Deposit:
$5,000
Quontic bank logo
Savings Rate: 4.50% APY
Minimum Deposit:
$100
 
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The product offers that appear on this site are from companies from which this website receives compensation.
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