CIT Bank Review

CIT Bank offers a high interest rate. But how reliable is this online bank? Read this review to find out if what you heard is true.

	CIT Bank Savings Connect - 4.20% APY Learn More
	Overall Score	4.4
	Savings	5.0
	Checking	4.5
	Money Market	4.5
	Customer Service	4.0
	Mobile App	4.0

5-point scale (the higher, the better)

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Pros and Cons

• High savings APY
• No monthly fees
• Low opening deposits

• No physical locations
• No check writing

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Bottom Line

Solid online bank with excellent rates and no monthly fees

If you're looking for high interest on your savings, CIT Bank is worth a look. CIT's savings accounts and CDs offer some of the highest interest rates on the market. And they all have no monthly fees.

As an online bank, it has fewer overhead costs. In return, it passes along the savings to customers in the form of higher APYs.

Though there are no physical locations, CIT Bank is totally safe. Your savings are protected by FDIC insurance just like traditional banks.

In this review, you'll learn how CIT Bank's Savings Accounts, CD Rates, and Money Market Accounts can help grow your savings faster.

Shortcut: Most people have a regular savings account with very low interest. That's a big mistake. You could earn more for your money with CIT Bank.

About CIT Bank

Who is CIT Bank owned by?

CIT Bank is a division of First Citizens Bank. Headquartered in North Carolina, First Citizens has over 600 branches in 22 states. It's the largest family-controlled bank in the US with over $100 billion in assets.

Though First Citizens is a brick-and-mortar bank, CIT Bank is online-only.

CIT Bank is fully FDIC insured^[1] up to $250,000. This is for a combined deposits held between First Citizens Bank and CIT Bank.

What CIT Offers

CIT Bank offers a variety of accounts to cover your basic banking needs. It's popular for its high yield savings products with better rates than many other online banks. It also offers an eChecking account with interest.

Take a look at their account types to find the right one for you.

Savings Connect

CIT Bank's Savings Connect account is their highest interest savings account.

You earn 4.20% APY on your entire balance. The minimum to open is only $100 and there's no balance requirement after that.

This is one of the highest savings interest rates currently being offered in the nation. It's a great place to park your emergency fund and increase your savings. There's no downside since there's no monthly fee or minimums.

Member FDIC

CIT Bank Savings Connect - 4.20% APY

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• Earn 12x the national average
• $100 minimum opening deposit
• No monthly maintenance fee
• Member FDIC

Use this calculator to see how much interest you can earn with 4.20% APY.

Compare Savings Accounts

Member FDIC

Discover Online Savings - $200 Cash Bonus

To get your $150 or $200 Bonus: What to do: Apply for your first Discover Online Savings Account, online, in the Discover App or by phone. Enter Offer Code CY223 when applying. Deposit into your account a total of at least $15,000 to earn a $150 Bonus or deposit a total of at least $25,000 to earn a $200 Bonus. Deposit must be posted to account within 30 days of account open date. Maximum bonus eligibility is $200.

What to know: Offer not valid for existing or prior Discover savings customers or existing or prior customers with savings accounts that are co-branded, or affinity accounts provided by Discover. Eligibility is based on primary account owner. Account must be open when bonus is credited. Bonus will be credited to the account within 60 days of the account qualifying for the bonus. Bonus is interest and subject to reporting on Form 1099-INT. Offer ends 6/15/2023, 11:59 PM ET. Offer may be modified or withdrawn without notice. See advertiser website for full details.

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Expires 6/15/2023

Premier Savings - Up to 4.38% APY

• 4.38% APY when you have at least $1,000 balance
• No minimum opening deposit
• No monthly service fees

Upgrade is a financial technology company, not a bank. Checking and savings accounts provided by Cross River Bank, Member FDIC.

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Current Savings with Interest - Up to 4% APY

• 4.00% APY on up to $6,000 balance if you receive and maintain a qualifying direct deposit of $200 or more in a rolling 35 day period. (Otherwise, 0.25% APY.)
• Simply add money to your Savings Pods and enable the Interest feature.
• Earn interest on up to 3 Savings Pods, up to $2,000 balance each.
• Interest accumulates daily.

Current is a financial technology company, not a bank. Banking services provided by Choice Financial Group, Member FDIC

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Savings Builder

CIT Savings Builder account is meant to encourage active saving. You get rewarded with a higher APY by either actively saving or keeping a high balance.

You can earn 1.00% APY if you do one of the following:

• Keep a balance of $25,000+, OR
  
• Open an account with $100, and deposit at least $100 per month

If you don't meet the requirements, you'll still earn their base tier APY that month. Once you meet the requirements again, your rate will go back up to 1.00%.^[2]

As with any savings account, you're limited to 6 withdrawals per month per federal restrictions.

Member FDIC

CIT Bank Savings Connect - 4.20% APY

• Earn 12x the national average
• $100 minimum opening deposit
• No monthly maintenance fee
• Member FDIC

Learn More

Member FDIC

CIT Bank Platinum Savings - 4.40% APY

• 4.40% APY with a balance of $5,000 or more
• 0.25% APY with a balance of less than $5,000
• $100 minimum opening deposit
• No monthly maintenance fee
• Member FDIC

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Money Market

The CIT Bank Money Market account offers the same interest rate for every balance. You'll earn 1.55% APY no matter how much you have in your account. You will need a minimum of $100 to open the account.

Once the account is open, there are no monthly service fees. Like the Savings Builder, you're limited to 6 withdrawals per month. If you can't commit to saving a certain amount each month, this could be a great option.

Member FDIC

CIT Bank Money Market Account - 1.55% APY

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• 1.55% APY
• $100 minimum opening deposit
• No monthly maintenance fee
• Member FDIC

Certificates of Deposit (CDs)

CIT Bank also offers competitive rates on their term CDs. The minimum deposit for all term CDs is $1,000. And there are no account fees.

Terms are available from six months to five years. Your rate is locked in for the entire duration. Even if interest rates go down later, you'll still earn the high interest until end of your term.

CDs auto-renew for the same term once they mature, except for 13-month and 18-month CDs. 13-month CDs renew as 1-year CDs and 18-month CDs become 2-year CDs.

Member FDIC

CIT Bank Term CDs - Up to 4.65% APY

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• Up to 4.65% APY
• $1,000 minimum opening deposit
• No monthly maintenance fee
• Member FDIC

Term	CD Rates
6 Month	4.15% APY
1 Year	0.30% APY
13 Month	4.65% APY
18 Month	4.60% APY
2 Year	0.40% APY
3 Year	0.40% APY
4 Year	0.50% APY
5 Year	0.50% APY

CDs require you to lock your savings for a set period of time. Typically, withdrawing money from a CD before maturity will incur a withdrawal penalty.

Note that CDs are not available as IRA or trust accounts. However, they are available as custodial accounts.

No-Penalty CD

If you're nervous about committing your money for a period of time, CIT Bank offer a unique No-Penalty CD.

If something comes up and you suddenly need your money, you can withdraw your full balance with no penalty (starting from 7 days after account funding).

This gives you flexibility and peace of mind knowing your money is still available if you need it. At the same time, you can enjoy the higher locked-in interest rate.

This no-penalty CD product has one fixed term of 11 months. The minimum deposit is also only $1,000.

Member FDIC

CIT Bank No Penalty CD - 4.15% APY

Click Here to Get Deal

• 4.15% APY
• Option to withdraw full balance and interest after 7 days of CD funding date
• $1,000 minimum to open an account
• 11 months
• No monthly maintenance fee
• Member FDIC

Compare CD Rates

Member FDIC

Certificate of Deposit

• 4.50% APY for 12-month term
• 4.30% APY for 36-month term
• 4.10% APY for 5-year term

Learn More

Member FDIC

CD Rates - Up to 4.75% APY

• $500 minimum opening deposit
• FDIC insured

Term	CD Rates
6 Months	3.75% APY
1 Year	4.75% APY
2 Years	4.40% APY
3 Years	4.30% APY
5 Years	4.30% APY

Learn More

Member FDIC

1-Month High-Yield CD - 4.50% APY

• No fees
• FDIC insured

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eChecking

CIT Bank's eChecking account only needs $100 minimum to open. And, like their savings accounts, there are no maintenance fees.

If you need to withdraw money, you can use any other bank's ATM. CIT doesn't have a network of free ATMs. But they will reimburse up to $30 per month in ATM fees.

It offers convenient, 24/7 access to your account online and through the app. But this online account unfortunately doesn't come with any paper checks. CIT lets you make payments through Zelle®, Apple Pay, and Samsung Pay. You can also use their Bill Pay feature for electronic payments.

Compare Checking Accounts

Citi Priority Account - Earn up to $2,000 Cash Bonus

• Earn up to $2,000 cash bonus when you open a new eligible Citi Priority Checking Account with required activities
• Within 20 days of opening, deposit the minimum amount of new-to-Citibank funds.
• Maintain a minimum balance for 60 consecutive calendar days from the 21st day.
• If your balance falls to a lower tier at any point during the maintenance period, the bonus changes.
• Bonus will be paid within 30 days after you successfully complete all required activities.

Learn More

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Expires in 7 days

Member FDIC

Chase Total Checking® - $200 Bonus

• New Chase checking customers enjoy a $200 bonus when you open a Chase Total Checking^® account and set up direct deposit
• Access to more than 16,000 Chase ATMs and more than 4,700 branches
• Chase Mobile^® app - Manage your accounts, deposit checks, transfer money and more -- all from your device.
• Open your account online now
• Available online nationwide except in Alaska, Hawaii and Puerto Rico. For branch locations, visit locator.chase.com.
• Chase Overdraft Assist℠ - no overdraft fee if you're overdrawn by $50 or less at the end of the business day or if you're overdrawn by more than $50 and bring your account balance to overdrawn by $50 or less at the end of the next business day*

*With Chase Overdraft Assist℠, we won't charge an Insufficient Funds Fee if you're overdrawn by $50 or less at the end of the business day OR if you're overdrawn by more than $50 and you bring your account balance to overdrawn by $50 or less at the end of the next business day (you have until 11 PM ET (8 PM PT) to make a deposit or transfer). Chase Overdraft Assist does not require enrollment and comes with eligible Chase checking accounts.

Open an Account

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Expires 4/19/2023

Rewards Checking - Up to 2% Cash Back

• 2% cash back on common everyday expenses (up to $500 in rewards per calendar year)
• Unlimited 1% cash back on everything else
• $0 monthly fee
• No ATM fees

Upgrade is a financial technology company, not a bank. Checking and savings accounts provided by Cross River Bank, Member FDIC.

Learn More

CIT Bank Services

In addition to banking products, CIT provides some other services, including:

Home Loans
CIT offers both mortgages and refinance loans at fixed and adjustable rates. It also has a Low Down Payment Program that allows borrowers to qualify for a house loan with as little as a 3% down payment.

If you have a CIT bank account, you can get a lower mortgage rate with relationship pricing.

Business Loans
While CIT is best known for their personal banking solutions, you can also find solutions for your business. It offers business loans up to $150,000 from 6-15 months.^[4][5]

Equipment Financing
Businesses can get equipment financing up to $500,000 without financials, or up to $1 million with financials from 6-72 months.^[6]

Pros & Cons of CIT

PROS:

• Higher interest rates than traditional banks
  
• No monthly fees on any accounts
  
• Low opening deposits ($100 for checking & savings accounts and $1,000 for CDs)
  
• Minimal one-time fees
  
• Up to $30 monthly in ATM fee reimbursements
  
• Remote check deposits
  
• 24/7 mobile banking on iOS and Android

CONS:

• No physical locations
  
• No check writing from the checking account
  
• May experience long wait times on phone calls
  
• Can't build credit since no credit cards are offered
  
• No free ATM network

Counterpoint: If you need access to physical branches, we recommend a Chase checking account. Chase has more than 4,700 branches and more than 16,000 ATMs nationwide.

Fees and Charges

There are no monthly fees with a CIT savings account. CIT waives many common banking fees you might run into at a traditional bank. All deposit accounts have no:

• Fee to open account
  
• Maintenance fees
  
• Account closing fee
  
• Fees for incoming wire transfer
  
• Mailed check fees
  
• No online transfer fees

That said, it's not entirely fee-free. Here are some fees you might encounter:^[7]

• $10 outgoing wire transfer fee ($0 for accounts $25,000+)
  
• $10 excessive transaction (for Money Market account)
  
• $30 Bill Pay stop payment
  
• $30 overdraft fee
  
• $10 debit card replacement (1 free card per year)
  
• 1% of transaction amount for international ATM withdrawals

Is CIT Bank trustworthy?

Yes, CIT Bank is a legitimate bank with the same rules and regulations as traditional banks. CIT is owned by First Citizens Bank, which has over 120 years of history. Your funds are FDIC insured (FDIC# 11063) up to $250,000 per depositor, per ownership category in the event that CIT Bank fails.

CIT also uses layers of security to make sure your personal information is safe. It has anti-virus protection, firewalls, 128-bit Secure Socket Layer encryption, and more.

Is Online Banking Right for You?

Do you already do everything online? Or do you prefer to deal with your money in person? If you're part of the first group, online banking has some great perks:

• Higher interest rates than traditional banks
  
• No or low monthly fees and balance requirements
  
• Convenient 24/7 online account management
  
• Easy to open an account online

However, you have to be comfortable with doing everything purely online. Some downsides include:

• No physical branches
  
• No personal relationships with your banker
  
• Limited services available
  
• More hassle to transfer funds
  
• More limited withdrawals (for example, you can't withdraw crisp $100 notes)

CIT Bank Common Complaints

You can't please everyone, especially if you're a bank. Here are some common complaints from CIT Bank customers.

Customer Service
You can only reach customer support by phone call or email. Customers report long wait times when they phone in with issues.

Hold Times on Incoming Funds
An ACH transfer may be held for up to 5 business days. Checks deposited to your account may be held for 7 business days.^[8]

Electronic Transfers May Take a Few Days
If you need to transfer funds to an external account, it won't be available immediately. Make sure you give yourself plenty of time to initiate the transfer.

How to Open a CIT Bank Account

All CIT accounts must be opened online. Here's how to use its online system.

1. Start here to open a new account. You must be a U.S. citizen or a permanent resident and provide the following info:
   • Social Security number
     
   • Driver's license or other valid state ID
     
   • Primary home address
     
   • Valid email address
     
   • Valid phone number

2. Fund your new account with one of these methods:
   • Transfer funds electronically from an external checking or savings account. CIT's Routing/Transit number is 124084834.

   • Mail a check to CIT Bank, N.A. Attn: Deposit Services, P.O. Box 7056, Pasadena, CA 91109

   • Wire funds to your new account

3. Verify your micro-deposits. CIT will make two "test" micro-deposits to your funding account. Within 3 business days, you'll get an email asking you to verify the amounts. As soon as you have verified, your transaction will be processed.

CIT Bank Mobile App

CIT offers a mobile app for both iOS and Android, so you can bank on-the-go from anywhere.

On the mobile app, you can:

• Log-in via fingerprint or password
  
• Transfer funds between CIT accounts and other banks
  
• Deposit checks by taking a photo
  
• Set up one-time or recurring bill payments
  
• Check balances and transaction history
  
• Send and receive money through Zelle®
  
• Make secure payments with Apple Pay and Samsung Pay
  
• Manage debit card preferences

In addition to the mobile app, you can also enroll in text banking. This allows you to check your account balance and recent transactions by texting a simple command.

How CIT Bank Compares

CIT vs Ally

Ally Bank is an online-only, full-service financial institution with checking, savings, IRAs, and investment services. It uses the Allpoint ATM network across the country. Ally is well known for the excellent 24/7 personal support with real human reps and competitive rates.

Ally Bank charges no account fees for any of its accounts.

CIT Bank vs Citibank

Though their names are similar, CIT Bank and Citibank are two different financial institutions.

Citibank, a CreditDonkey partner, is one of the largest banks in the world. It has over 700 locations in the US (mostly in California and New York) and 1,800 branches overseas. You may consider it if you travel abroad often and still want access to branches and ATMs.

Citibank offers checking and savings packages. Like most traditional banks, the accounts have a monthly service fee that can be waived with certain direct deposit or balance requirements.

In comparison, CIT Bank is online only. All of CIT's deposit accounts are free with no monthly fees. It's a good choice if you want higher savings rates and don't need in-person service.

	CIT Bank Promotions	Citibank Promotions
	Benefits and Features
Savings	Savings Connect: 4.20% APY Savings Builder up to 1.00% APY with $25,000+ balance or $100 monthly deposit.	Citi® Accelerate High-Yield Savings available in AA, AE, AK, AL, AP, AR, AS, AZ, CO, DE, GA, GU, HI, IA, ID, IN, KS, KY, LA, MA, ME, MI, MN, MO, MP, MS, MT, NC, ND, NE, NH, NM, OH, OK, OR, PA, PR, RI, SC, SD, TN, TX, UT, VI, VT, WA, WI, WV, WY and select markets in Florida and Illinois.
CD	Term CDs up to 4.65% APY. $1,000 minimum opening deposit.
Checking	eChecking: 0.25% APY with $25,000+ balance and 0.10% APY on balances under $25,000	Citi Priority Account
Money Market	1.55% APY
Customer Service	Monday - Friday: 9:00 am - 9:00 pm (ET) Saturday: 10:00 am - 6:00 pm (ET) Sunday: Closed	24/7 Live Customer Service (Telephone)
Locations	Online Only	More than 700 Citibank branches (concentrated in New York, Chicago, Los Angeles, San Francisco, Washington DC and Miami)
CIT Bank: Pricing information and data points from published website as of 03/22/2023. Citibank: Pricing information from published website as of 01/31/2023. This content is not provided by Citi. Any opinions expressed are those of the author's alone, and have not been reviewed, approved or otherwise endorsed by Citi.

CIT vs Synchrony

CIT vs Discover

In addition to credit cards, Discover also offers a full range of online banking services, including checking, high yield online savings, and student loans.

CIT vs Capital One 360

What the Experts Say

It's not easy finding the right bank. As part of our series on banking and saving, CreditDonkey asked a panel of industry experts to answer some of our readers' most pressing questions:

Bottom Line: Is CIT Good?

CIT is a safe online bank with good deposit products, including eChecking account and savings options. It offers interest rates higher than many other competitor online banks and credit unions.

The Savings Connect is a premier high yield savings account with relatively low deposit requirements.

Even if you only have $100, you can still earn competitive interest in their money market account.

Or if you have at least $1,000 set aside and aren't concerned about liquidity, you can take advantage of higher yields with an 18-month CD.

References