NEW YORK, Feb. 19, 2021 /PRNewswire/ -- CIT's national
direct bank CIT Bank today announced the launch of Savings Connect,
a digital savings account linked to an eChecking account. Savings
Connect combines CIT Bank's eChecking with a higher than national
average APY on savings and 24/7 access to accounts online, via the
mobile app or through an ATM with a debit card. Savings Connect
customers will enjoy all the benefits of CIT Bank, such as zero
monthly maintenance fees, no ATM fees and reimbursement of up to
$30 per month on other bank's ATM
fees on eChecking withdrawals. [1]
"With Savings Connect, our goal is to streamline the banking
experience for our customers and promote consistent savings through
seamless integration with our other banking products," said
Ravi Kumar, head of CIT's direct
bank. "Digital convenience is a priority for Americans and is a big
factor in helping build a habit of consistently saving."
Savings Connect offers higher than the national average APY on
savings when customers make a qualifying electronic monthly deposit
of $200 or more into the linked
eChecking account. The competitive rate and ease of access helps
customers grow their savings and build a consistent savings
habit.
According to a December 2020
survey from CIT Bank conducted by The Harris Poll, 52 percent of
Americans surveyed reported that they are likely to start automatic
monthly contributions to a savings account. In the same survey, 15
percent reported that they have already established automatic
contributions to their savings account.
"Regardless of an individual's financial situation, it is
important for them to make smart savings choices while working
towards their financial goals," continued Kumar. "This new digital
account provides a convenient, straightforward and competitive
platform to help consumers wherever they are in their financial
journey."
For more information on Savings Connect, visit our
website.
About CIT
CIT is a leading national bank focused on
empowering businesses and personal savers with the financial
agility to navigate their goals. CIT Group Inc. (NYSE: CIT) is a
financial holding company with over a century of experience and
operates a principal bank subsidiary, CIT Bank, N.A. (Member FDIC,
Equal Housing Lender). The company's commercial banking segment
includes commercial financing, community association banking,
middle market banking, equipment and vendor financing, factoring,
railcar financing, treasury and payments services, and capital
markets and asset management. CIT's consumer banking segment
includes a national direct bank and regional branch network.
Discover more at cit.com/about.
MEDIA RELATIONS:
Susan Fitzpatrick
212-461-7806
susan.fitzpatrick@cit.com
[1] Monthly reimbursement on other bank's ATM fees
applies only to ATM fees charged on debit card withdrawals from a
customer's eChecking account. There is no reimbursement for ATM
fees charged on debit card withdrawals from a customer's Savings
Connect account.
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SOURCE CIT Group Inc.