• Discounts and special offers
  • Subscriber-only articles and interviews
  • Breaking news and trending topics

Already a subscriber?

By signing up, you accept Moneywise's Terms of Use, Subscription Agreement, and Privacy Policy.

Not interested ?

CIT Bank review

CIT Bank review 2024

Piotr Swat / Shutterstock

🗓️

Updated: April 04, 2024

Partners on this page provide us earnings.
CIT Bank logo

4.3

Commissions and fees5

Customer service4.8

Ease of use4.8

Locations 0

Savings options5

Rates4

CIT Bank is an online banking solution that offers some of the highest-paying interest rates on both savings accounts and CDs. Plus, there are no account maintenance fees for CIT Bank’s banking products. In addition, there's now an interest-paying eChecking account too. However, CIT Bank doesn't have any ATMs, but the bank will reimburse you up to $30 per month for other banks' ATM fees.

About CIT Bank

CIT stands for “Commercial Investment Trust,” and the company was founded in 1908 by Henry Ittleson. (And to be clear, CIT Bank is not Citibank; in fact, it’s not related to Citigroup at all.) In addition to online banking services and products from savings accounts to CDs, CIT Bank offers services for small businesses as well as a range of mortgage products.

CIT Bank is a division of First Citizens Bank as a result of a merger in January 2022 between parent company First-Citizens Bank & Trust Company and CIT Group Inc.  CIT Bank’s parent company has more than $100 billion in assets, and it is one of the top 20 financial institutions in the United States. 

Feature
Details
Accounts
Savings, Checking, Money Market, CDs
Access
Web Based, iPhone App, Android App
Amount of branches
0
ATM reimbursement
Online deposits
FDIC insurance
Customer service
Phone: M-F 8A-9P ET, Sat 9A-5P ET, Sun 11A-4P ET; Email
Get started with CIT Bank

CIT Bank savings and checking accounts

This online bank has a range of high-yield savings accounts, CDs, and an eChecking account. Here's everything you need to know about the various offerings:

Savings Builder

As mentioned, CIT Bank is known for its high-yield savings accounts and competitive interest rates. And their Savings Builder account is an excellent example.

This no-fee savings account requires $100 to open. You start at a 0.995% interest rate, which isn't too impressive, but you can earn up to 1.00% APY if you set up monthly deposits of $100 or more. You can also obtain this rate by maintaining a balance of over $25,000.

If you're looking for a simple, no-fee spot to park some idle cash or your emergency fund, the Savings Builder account could be for you. Just note that some online-only banks like Acorns and Varo currently pay up to 5% APY, so you can find higher rates.

Open a Savings Builder account

Savings Connect

The CIT Savings Connect account is a step up from the basic Savings Builder account. Savings Connect is a high-yield savings account and requires $100 to open and you'll also need an eChecking account with CIT bank (which I'll cover below).

On the upside, this account doesn't charge monthly or overdraft fees and it currently pays a whopping 3.50% APY. You can also deposit mobile checks and easily transfer funds into your checking account for spending.

Open a Savings Connect account

eChecking account

CIT Bank's eChecking account is a no-fee account just like the other account types. At it currently pays interest on two different balance tiers:

  • Under $25,000: Earn 0.10% APY.
  • Over $25,000: Earn 0.25% APY

Earning interest on a checking account is nice. However, you can find a higher APY at other banks, such as Axos who offers a rewards checking account that pays 3.30% APY and has potential sign-up bonuses. So, we recommend using your eChecking account to unlock the CIT Bank Savings Connect account, but it's not a leading standalone account.

Your eChecking account also provides $30 in monthly ATM fee reimbursements and supports mobile check deposits through CIT Bank's app.

CIT Bank Money Market

With a CIT Bank Money Market Account, you can earn a competitive interest rate and access your money easily. It's an ideal online account for building an emergency fund or saving for a large purchase.

Feature
Details
Available for
Taxable
Account fees
None
Savings rates
Minimum deposit $100 – 1.55% APY

You can get started with the CIT Bank Money Market Account and check out our list of the best money market accounts for more options.

CIT Bank CDs

One perk of banking with CIT Bank is that there's a range of certificate of deposits (CDs) you can use to generate fixed-income.

There's a $1,000 minimum to open a term CD. See details here. Rates and terms are as follows.

Term
APY
6 months
3.00%
11 months
3.50%
13 months
3.50%
18 months
3.00%
24 months
0.40%
36 months
0.40%
48 months
0.50%
60 months
0.50%

Online banks like Capital One 360 have much higher rates for term CDs. But CIT Bank also has a no-penalty 11-month CD currently paying 3.50% APY. It also has numerous jumbo CDs with a $100,000 minimum opening deposit. The term CDs aren't very competitive, but you can consider the no-penalty CD if you want a more flexible savings option.

Term
Minimum deposit
APY
11 months
$1,000
3.50%
Open a no-penalty 11-month CD today

Other CIT Bank features

The main reason to bank with CIT Bank is to use its CDs or high-yield savings accounts. But you also get other perks like:

  • Custodial accounts: You can set up a custodial account, which will be held in the minor’s name, with you as the account custodian. You can remain on the account until the minor turns 18 (or as old as 25 in some jurisdictions), at which time the former minor takes control of the account.
  • Bank calculators: Use several calculators to help you save money, prepare for retirement and even manage debt. Calculators are offered for CD laddering, mortgage payoff, emergency savings, college savings, retirement planning, traditional and Roth IRAs and several others.
  • Home loans: CIT Bank also offers home loans in addition to various bank accounts.

FAQs

  • Is CIT Bank safe?

    +

    Yes, CIT Bank is a safe and secure banking option. All account balances are FDIC insured for up to $250,000 per depositor.

  • How do I contact CIT Bank customer service?

    +

    Available 24 hours a day, seven days a week, for both Online Banking and Mobile Banking. The bank can be contacted by email or by automated telephone banking. However, in this day and age, it’s worth noting that CIT Bank doesn’t have much of a social media presence. So you can’t expect to send a message via Facebook to solve any customer service-related issues you may have.

  • What fees does CIT Bank charge?

    +

    This is the really good part. CIT Bank charges no account fees of any sort, and many of the fees typically associated with banking don’t even exist here. The only fee the bank charges is a $10 per wire transfer fee on outgoing wire transfers, and then only for accounts that have an average daily balance of less than $25,000.

Pros and cons of CIT Bank

Pros

Pros

  • Numerous fee-free bank accounts

  • Earn a competitive interest rating with Savings Connect

  • Low $100 opening requirement

  • Competitive money market account interest rate

  • Get $30 per month in ATM fee reimbursement

Cons

Cons

  • Low CD term rates versus some competitors

  • Low interest rate for its eChecking account

  • No physical branches

Alternatives to CIT Bank

CIT is an excellent bank if you want to use its high-yield savings account or no-penalty CD. It also has one of the best money market accounts right now. But there are some alternatives that offer more full-service banking options and better rates.

Highlights Capital One 360 Ally Bank CIT Bank
Rating 3.8/5 4/5 4.3/5
Accounts Savings, Checking, CDs Savings, Checking, Money Market, CDs Savings, Checking, Money Market, CDs
Online deposits
Physical branches 𝒙 𝒙
FDIC insurance
ATM reimbursement
More Capital One 360 review Ally Bank review Visit CIT Bank

CIT Bank. Member FDIC.

  • Ally is an excellent alternative if you want more investing options as well as banking features. You can open an Ally Investing account and trade ETFs and stocks commission-free stock. It also has a managed investing option if you're looking for a robo-advisor. Plus, it has one of the best high-yield savings accounts with fewer requirements than CIT Bank has.
  • As for Capital One 360, its Performance Savings account currently pays 1.20% APY and doesn't have a minimum deposit requirement or any fees. We also like Capital One 360 for its custodial accounts since its kid and teen accounts both pay interest and don't charge any fees. And it has higher CD rates than CIT Bank right now.

Looking for more banking options? Check out our roundup of the best mobile banking apps.

Summary

If you like high-interest rates on your savings and hate banking fees, then CIT Bank is a great choice. It’s even better if you are a small depositor looking for high rates, since you can earn as much as 1.00% APY through the Savings Builder account with the booster.

But CIT Bank is not a full-service bank. It doesn’t offer checking accounts, credit or debit cards, auto loans or IRAs. For the average investor, CIT Bank will be strictly a high-yield savings bank. Most other banking functions will have to be handled through another banking platform such as Ally Bank or Capital One 360.

Kevin Mercadante Freelance Contributor

Kevin Mercadante is professional personal finance blogger, and the owner of his own personal finance blog, OutOfYourRut.com.

Disclaimer

The content provided on Moneywise is information to help users become financially literate. It is neither tax nor legal advice, is not intended to be relied upon as a forecast, research or investment advice, and is not a recommendation, offer or solicitation to buy or sell any securities or to adopt any investment strategy. Tax, investment and all other decisions should be made, as appropriate, only with guidance from a qualified professional. We make no representation or warranty of any kind, either express or implied, with respect to the data provided, the timeliness thereof, the results to be obtained by the use thereof or any other matter.