PR Newswire | Feb 19, 2021 10:01AM EST

02/19 09:00 CST

CIT's Direct Bank Launches Savings Connect NEW YORK, Feb. 19, 2021

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 CITCIT 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 Fitzpatrick212-461-7806susan.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.