Updated July 19, 2020

CIT Bank Review: Is It Good?

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CIT Bank offers a high interest rate. But is it safe? Read this review to find out if what you heard is true.

CIT Bank Promo Code
CIT Bank Money Market Account - 1.00% APY

Overall Score

4.5

Savings

4.5

Checking

4.5

Money Market

5.0

Customer Service

4.0

Mobile App

4.5
5-point scale (the higher, the better)

Pros and Cons

  • High yield
  • No monthly service fees
  • Low opening deposits
  • No physical locations
  • No check writing

Bottom Line

Solid online bank with excellent rates and no monthly fees

If you want to earn a good return on your savings, look beyond traditional bank accounts that pay little interest. You can find online savings accounts that offer higher returns.

But not all online banks are the same.

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

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

As an online bank, they have less overhead costs than physical banks. In return, they pass along their savings to customers in the form of higher interest rates.

About CIT Bank

CIT Bank (short for Commercial Investment Trust) offers checking accounts, money market accounts, and savings products at higher interest rates and no monthly fees. But it has no physical locations.

CIT Bank is the online bank of CIT Group Inc., a financial holding company with over 100 years history. It's a Fortune 1000 company and a SBA Preferred Lender. CIT is headquartered in Pasadena, California and has $50 billion in deposits. CIT Bank is fully FDIC insured.

 

Are CIT and Citibank the same? CIT Bank and Citibank are two entirely separate financial institutions, though their names are similar. CIT Bank is owned by holding company CIT Group (ticker symbol CIT on the New York Stock Exchange). Citibank is owned by the parent company Citigroup (symbol C).

Read on for our full CIT Bank review.

Is CIT Bank trustworthy?

© CreditDonkey

CIT Bank is FDIC insured (FDIC# 58978). Your money is protected up to the FDIC limit of $250,000 per depositor, per ownership category. Even though it's an online-only bank, CIT Bank follows the same rules and legal regulations as traditional banks.

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

However, CIT and OneWest Bank are technically the same financial institution. Therefore, money held between both banks would count jointly toward the $250,000 federal insurance limit.

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 fees
  • Up to $30 monthly in ATM fee reimbursements
  • Remote check deposits
  • 24/7 mobile banking on iOS and Android

ForAccount
Saving money you don't need immediatelySavings / Money Market account
Earning interest on money for everyday expenseseChecking account
Growing money you might need in the futureNo-Penalty CD
Growing money you won't need for at least 6 monthsOther CDs

CONS:

  • No physical locations
  • No check writing from the checking account
  • CD rates not as high as other online banks
  • No IRA accounts
  • May experience long wait times on phone calls

Counterpoint: If you need access to physical branches, we recommend a Chase checking account. Chase has nearly 4,900 locations and 16,000 ATMs nationwide.

What CIT Offers

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CIT Bank offers a variety of account options to cover basic banking needs. It's popular for their high yield savings products, offering rates comparable to other online banks. Now, it just introduced their new eChecking account. So you can now do your checking and savings in one place, if you wish.

Savings Builder Account

Savings Builder account offers one of the top savings interest rates currently on the market. It's best for active savers or high balance savers. It's ideal to build your emergency fund.

You can earn 0.85% APY in a couple of ways:

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

If you fail to meet the requirements, your rate will drop to the base tier APY that month. If you do meet the requirements next month, it will go back up to 0.85%.

There are no fees to open or maintain the Savings Builder account.

Read our review about how the Savings Builder account works.

As with any savings account, you're limited to 6 withdrawals per month per federal restrictions. The Savings Builder account doesn't come with an ATM card. You can withdraw money by electronic transfers, wire transfers, and mailed checks.

Compare Bank Savings Rates

    Betterment

    Betterment Cash Reserve - Earn up to 0.40% APY

    • FDIC insurance covering up to $1,000,000 at program banks
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    • No fees on balance
    • Unlimited withdrawals
    Chase

    Chase Savings℠

    • Enjoy a $150 bonus when you open a new Chase Savings℠ account, deposit a total of $10,000 or more in new money within 20 business days, and maintain a $10,000 balance for 90 days
    • Access to 16,000 Chase ATMs and nearly 4,900 branches
    • Link this account to your Chase checking account for Overdraft Protection.
    • 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.
    Discover Bank

    Online Savings Account - Earn 0.95% APY

    • No fees
    • No minimum opening deposit
    • No minimum balance required

Money Market Account

The CIT Bank Money Market Account offers a high rate on all account balances. So this account is best if you can't commit to saving a certain amount each month.

The minimum to open is $100. After account opening, there are no balance requirements.

Some features of the money market account include:

  • Deposit checks through the app
  • (Pay bills coming soon)

There's also a limit of six transactions per statement cycle.

Certificates of Deposit (CD)

CIT has a few CD options to fit different needs. All CD products have no account fees.

  • Term CDs: Term are available from six months to five years. Your rate is locked in for the entire term. The min deposit is $1,000.

  • No Penalty CDs: This no-penalty CD product has one fixed term of 11 month. A special feature is that you can withdraw your full balance with no penalty. This is good if you suddenly need your money. The min deposit is $1,000.

  • Jumbo CDs: Jumbo CDs could be a good choice if you have $100,000 to save. It awards slightly higher APYs for keeping a higher balance. Duration available from two to five years.

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.

What is the penalty for early withdrawals from CDs?
It depends on the term of your CD. Here's CIT Bank's early withdrawal penalties:
  • Up to 1 year: 3 months' interest on the amount withdrawn
  • From 1-3 years: 6 months' interest on the amount withdrawn
  • Over 3 years: 12 months' interest on the amount withdrawn

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

Here are the latest CIT Bank CD promotions:

    CIT Bank Term CDs

    • Up to 1.05% APY
    • $1,000 minimum opening deposit
    • No monthly maintenance fee
    • FDIC insured
    TermCD Rates
    6 Month0.50% APY
    1 Year0.50% APY
    13 Month0.50% APY
    18 Month0.50% APY
    2 Year1.00% APY
    3 Year1.00% APY
    4 Year1.05% APY
    5 Year1.05% APY

    CIT Bank No Penalty CD

    • 0.50% 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
    • FDIC insured

    CIT Bank Jumbo CDs

    • Up to 1.05% APY
    • $100,000 minimum opening deposit
    • No monthly maintenance fee
    • FDIC insured
    TermCD Rates
    2 Year1.00% APY
    3 Year1.00% APY
    4 Year1.05% APY
    5 Year1.05% APY

CIT has some personal finance tools and calculators to help you calculate how much your money can grow.

eChecking Account

CIT recently launched the new checking account with tiered interest. You need $100 to open. There are no maintenance fees.

CIT isn't part of any ATM networks, but it doesn't charge any ATM fees. And plus, you get up to $30 in ATM reimbursements per month.

Other account features include:

  • Free MasterCard debit card with EMV chip technology

  • Mobile check deposit and online bill pay

  • Overdraft protection when you link up a CIT Savings or Money Market account. There is no fee to have money transferred to cover the transaction.

  • Make purchases and transfer money via Samsung Pay, Apple Pay, and Zelle. There is no charge to use Zelle.

  • Set up travel alerts and stop/restrict debit card use

Note that this checking account does not have paper checks.

How can I deposit funds with CIT Bank? You can place money into CIT by electronic transfer, mobile check deposits, mailing a check, or incoming wire.

Custodial Accounts (UTMA)

Any CIT account can be set up as a custodial account for a minor. This means the account is in the child's name, but you control it until the child reaches 18. You can also designate up to age 25 if you wish.

You can contribute as much as you can to it. But keep in mind that there are gift tax rules. For 2019, the annual exclusion is up to $15,000 per year, without being taxed.

There are also some tax advantages. A portion of the interest earnings are tax-free.

Fees and Charges

CIT waives many common banking fees. All accounts have:

  • No fee to open account
  • No maintenance fees
  • No account closing fee
  • No fees for incoming wire transfer
  • No mailed check fees
  • No online transfer fees

Some fees you may encounter are:

  • $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

CIT Bank Location

CIT is an online-only bank with no physical branches. There is only one physical location at their headquarters in Pasadena:

75 North Fair Oaks Ave
Pasadena, CA 91103

However, this is only their headquarters' office. There's no way to open accounts or do banking in person.

You can access your account on the online platform or through its mobile app on Google Play and App Store.

CIT Bank Customer Service

CIT Bank's phone number is 855-462-2652. Here are the hours they are available by phone:

  • Monday - Friday: 9:00 am - 9:00 pm (ET)
  • Saturday: 10:00 am - 6:00 pm (ET)
  • Sunday: Closed
  • Home Loans Division: Monday - Friday, 9:00 am - 8:00 pm (ET)

You can access your account online and by Automated Telephone Banking 24/7.

Is Online Banking Right for You?

Online banks offer a lot of benefits, including:

  • Higher interest rates than traditional banks
  • Often no monthly fees or balance requirements
  • Convenience - manage your account 24/7 online
  • 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

Here are some common complaints from customer CIT Bank reviews.

  • 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.

  • Electronic transfers out may take a few days: Make sure you give yourself plenty of time if you need to transfer funds to an external account.

How to Open a CIT Bank Account

© CreditDonkey

All CIT accounts must be opened online. Here are the steps using 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:

    • Transferring funds electronically from an external checking or savings account. CIT's Routing/Transit number is 124084834.

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

    • Wiring funds to your new account

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

How CIT Bank Compares

© CreditDonkey

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 Promo Code

Ally Bank Promotions

 

Benefits and Features

SavingsSavings Builder up to 0.85% APY with $25,000+ balance or $100 monthly deposit.
1.00% APY
CDTerm CDs up to 1.05% APY. $1,000 minimum opening deposit.0.35% to 1.10% APY. Terms of 3 months to 5 years. 12-month CD APY of 1.00%
CheckingeChecking: 0.25% APY with $25,000+ balance and 0.10% APY on balances under $25,0000.10% APY under $15,000; 0.50% APY $15,000 or more
Money Market
1.00% APY
0.50% APY
Customer ServiceMonday - Friday: 9:00 am - 9:00 pm (ET)
Saturday: 10:00 am - 6:00 pm (ET)
Sunday: Closed
24/7

CIT Bank: Pricing information from published website as of 06/03/2020

Ally Bank: Pricing information from published website as of 08/05/2020.

CIT vs Citibank

Citibank has over 700 locations (mostly in California and New York). It's a diverse financial institution that also offers popular credit cards and has a wide ATM network, both domestically and internationally.

CIT vs Capital One 360

 

CIT Bank Promo Code

Capital One 360 Promo Code

 

Benefits and Features

SavingsSavings Builder up to 0.85% APY with $25,000+ balance or $100 monthly deposit.
0.08% APY
CDTerm CDs up to 1.05% APY. $1,000 minimum opening deposit.0.25% to 1.00% APY. Terms of 6 months to 5 years. 12-month CD APY of 0.50%
CheckingeChecking: 0.25% APY with $25,000+ balance and 0.10% APY on balances under $25,000
0.10% APY
Customer ServiceMonday - Friday: 9:00 am - 9:00 pm (ET)
Saturday: 10:00 am - 6:00 pm (ET)
Sunday: Closed
Mon-Sun: 8am - 11pm (ET)

CIT Bank: Pricing information from published website as of 06/03/2020

Capital One: Pricing information from published website as of 08/05/2020.

CIT vs Discover

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

 

CIT Bank Promo Code

Discover Bank

 

Benefits and Features

SavingsSavings Builder up to 0.85% APY with $25,000+ balance or $100 monthly deposit.
0.95% APY
CDTerm CDs up to 1.05% APY. $1,000 minimum opening deposit.0.25% to 1.05% APY. Terms of 3 months to 10 years. 12-month CD APY of 0.90%. Minimum deposit of $2,500 to open.
CheckingeChecking: 0.25% APY with $25,000+ balance and 0.10% APY on balances under $25,000Earn 1% cashback on up to $3,000 in debit card purchases each month
Money Market
1.00% APY
0.80% APY under $100,000; 0.85% APY $100,000 or more. $2,500 minimum deposit.
Customer ServiceMonday - Friday: 9:00 am - 9:00 pm (ET)
Saturday: 10:00 am - 6:00 pm (ET)
Sunday: Closed
24/7

CIT Bank: Pricing information from published website as of 06/03/2020

Discover Bank: Pricing information from published website as of 5/29/2020

What Else Does CIT Bank Offer?

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

  • Home loans: offers both mortgages and refinance loans at both fixed rates and adjustable rates. There is also 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: You can get a business loan up to $150,000 from 6-18 months.

  • Equipment financing: Businesses can get equipment financing up to $250,000 without financials, or up to $1 million with financials from 12-72 months.

CIT Bank doesn't offer auto loans.

Bottom Line: Is CIT Good?

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

The Savings Builder is a premier high yield savings account with relatively low deposit requirements. And even if you only have $100, you can 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.

Note: This website is made possible through financial relationships with some of the products and services mentioned on this site. We may receive compensation if you shop through links in our content. You do not have to use our links, but you help support CreditDonkey if you do.

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Cit Savings Builder

If you can save $100 per month, you can earn a high interest rate with CIT Bank Savings Builder. Find out if this bank is any good.

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