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Updated: July 31, 2023

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CIT Bank review

CIT Bank review 2023

Piotr Swat / Shutterstock


Updated: July 31, 2023

We adhere to strict standards of editorial integrity to help you make decisions with confidence. Please be aware that some (or all) products and services linked in this article are from our sponsors.

We adhere to strict standards of editorial integrity to help you make decisions with confidence. Please be aware that some (or all) products and services linked in this article are from our sponsors.


Wise Reviews™

Commissions and fees - 5

Customer service - 4.8

Ease of use - 4.8

Locations - 0

Savings Options - 5

Rates - 4

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.


Wise Reviews™

What is CIT Bank?

Now, first things first. CIT Bank is not Citibank. (Yes, it is a bit confusing.) It’s not related to Citigroup at all. Rather, CIT stands for “Commercial Investment Trust” and has its roots in a company founded in 1908.

CIT Bank’s parent company, CIT, has more than $50 billion in assets, and CIT Bank itself has over $40 billion in assets and $30 billion in deposits. In addition to online banking, CIT Bank also offers business services for small businesses, as well as a wide range of home mortgage products.

CIT Bank features

Savings, Checking, Money Market, CDs
Web Based, iPhone App, Android App
Amount of branches
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 account options

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 its first savings account option, the CIT Savings Builder, is an excellent example.

This no-fee savings account requires $100 to open. You start at a 0.40% APY, which isn't too impressive. But if you set up monthly deposits of $100 or more, your rate increases to 1.00% APY. You can also obtain this rate by maintaining a balance of over $25,000. See details here.

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

Savings Connect

The CIT Savings Connect account is a step up from the basic Savings Builder account. This high-yield savings account also requires $100 to open and doesn't charge monthly or overdraft fees. You also need to open an eChecking account with CIT bank, which I'll cover below.

However, this account currently pays a whopping 4.60% APY at the time of writing. You can also deposit mobile checks and easily transfer funds into your checking account for spending.

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 on all your cash instead.

Earning interest on a checking account is nice. However, banks like Axos offer a rewards checking account that pays3.30%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 Account

With a CIT Bank 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.

Available for
Account fees
Savings rates
Minimum deposit $100 – 1.55% APY

You can get started with the CIT Bank Money Market Account and also read our article on 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.

6 months
12 months
13 months
18 months
24 months
36 months
48 months
60 months

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 4.90% 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.

Minimum deposit
11 months

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.

How's the 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.

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.

CIT Bank fees

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



  • Numerous fee-free bank accounts
  • Earn a competitive interest rating with Savings Connect
  • Low $100 opening requirement
  • A competitive money market account interest rate
  • Get $30 per month in ATM fee reimbursement


  • Low CD rates versus some competitors
  • Low interest rate for its eChecking account
  • No physical branches

Best alternatives

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
Reviews Capital One 360 review Ally Bank review Open account

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.

Want Even More Alternatives?: The Best Mobile Banking Apps.


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.

Get started with CIT Bank

CIT Bank. Member FDIC.

About our author

Kevin Mercadante
Kevin Mercadante, Freelance Contributor

Kevin Mercadante is professional personal finance blogger, and the owner of his own personal finance blog, He has backgrounds in both accounting and the mortgage industry. He lives in Atlanta with his wife and two teenage kids.


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