Online savings accounts help banks avoid overhead expenses -- like building costs and paying in-person customer service help -- to offer you a better annual percentage yield (APY) on your savings. These accounts are only accessible online, with no in-person support or brick-and-mortar branches. Although opening an online savings account is pretty easy, you'll still want to be choosy about which one you pick, as not all offer the best combination of perks.

For this reason, the CIT Savings Connect is one of our top choices for online savings accounts. Simply put, the CIT Savings Connect is perfect for those who want a no-frills savings account and would rather have a high APY than in-person banking. If you're on the hunt for an online savings account, here are three reasons why CIT Savings Connect might just be the best one out there.

1. A competitive APY

Savings rates are still in high tide, but probably not for much longer. Inflation fell 0.1% in June, marking the first monthly decline since May 2020. So long as inflation continues to fall, it's likely the Federal Reserve will reduce its federal funds rate, thereby causing a chain reaction of rate cuts on deposit accounts across the country.

But, for now, the CIT Savings Connect offers a 4.35% APY on all account balances with a $100 opening minimum deposit. That's not only 9X the national rate on savings accounts (0.45) but it's one of the leading rates among free savings accounts.

That said, if you can maintain $5,000 or more in savings, the CIT Platinum Savings might be the better choice, as it earns 4.70% APY for balances of $5,000 or more. But if you haven't reached that savings threshold yet -- or want a steady rate no matter the balance -- the CIT Savings Connect is still a solid choice.

2. Unlimited transfers

There's no cap on how many electronic transfers you can make out of (or into) your CIT Savings Connect account. This differs from many online savings accounts, which may offer higher APYs but cap your monthly withdrawals at a low amount.

One downside is that the CIT Savings Connect doesn't come with ATM access or a debit card. That means, if you want to withdraw cash, you'll need to transfer it to another account.

Fortunately, CIT also offers a stellar checking account -- eChecking. You can transfer money from your savings into this account, then withdraw it from ATMs using your debit card. CIT will even reimburse you up to $30 per month in ATM fees, should you use another bank's ATM.

3. No monthly fees

Finally, the CIT Savings Connect doesn't charge monthly service fees. While this is standard for online savings accounts, it's good to know you won't incur any extra charges while your money is growing.

To be clear, some people want only the very highest APY on their savings and therefore might be better served by another high-yield savings account from our list of best-ofs. But for a trifecta of perks -- high APY, no fees, and unlimited withdrawals -- the CIT Savings Connect is not easy to surpass. Compare it with our other favorite bank accounts and see if it's right for your banking needs.