March 3, 2020 12:00 PM PT

Why CIT Bank is Trustworthy

Read more about CIT Bank
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CIT Bank offers online checking and savings with high interest rates and low fees. But is it safe? Find out before you sign up.

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CIT Bank is the online bank of CIT Group Inc., a financial holding company with over 100 years in business. It's headquartered in Pasadena, Southern California, and has about $30 billion in deposits.

CIT Bank offers:

  • eChecking account
  • 2 savings account options
  • Money market account
  • Term, No Penalty, and Jumbo CD options
  • Home loans

Because it's purely an online bank, it offers higher interest rates and no monthly fees. However, the downside is that it has no physical locations.


So can online banks like CIT be trusted?

As long as the bank is a member of the FDIC, it can be trusted just like a traditional brick-and-mortar bank. Online banks follow the same rules and legal regulations as traditional banks.

CIT bank is FDIC insured, so you can be sure that your money is safe. FDIC insures your deposits up to $250,000. In short, this means that if CIT Bank defaults, the federal government will pay back what you had, up to $250,000.

There are some more specifics about FDIC insurance, which we'll go over below.

To determine if a bank is FDIC insured, look for the Member FDIC sign on the bank's website.

Fun fact: Since the FDIC was established in 1933, no depositor has ever lost any FDIC insured funds.


To be more specific, FDIC insures your deposit accounts up to $250,000 per depositor, per insured bank, for each account ownership category.

Let's explain this with some examples:

  • If you have a checking, savings, and a CD account under CIT Bank that's all under your name only, you are insured up to $250,000 total for all 3 accounts.

  • If you have a joint account with another person, you are both insured up to $250,000 - for a total of $500,000.

  • If you have your own checking account and a joint savings account with a spouse, you could be covered for up to $750,000 total.

To better calculate your coverage, you can use FDIC's deposit insurance calculator.


However, there is one thing to note. CIT Bank and OneWest Bank (a division of CIT Bank) are technically the same financial institution. OneWest was acquired by CIT Group in August 2015.

Therefore, money held at both banks would count jointly toward the $250,000 federal insurance limit. They would not be insured separately in the unlikely event of the banks closing.

However, CIT Bank and OneWest operate as separate financial institutions. That means a CIT Bank customer can't visit a OneWest branch for their banking needs.

Are CIT and Citibank the same?
No, they are entirely separate entities, even though their names are similar. CIT Bank is owned by holding company CIT Group. Citibank is owned by CitiGroup.


It may seem unsafe to purely do your banking online. CIT Bank uses these security measures to keep your data safe:

  • 128-bit SSL encryption to create a secure browser connection when you sign in or fill out an application, which keeps your information from being intercepted
  • Firewalls to help block unauthorized access into your information
  • Anti-virus protection to keep CIT's computer systems virus-free
  • Transaction and activity monitoring for potential fraud
  • Automatic log out after a period of inactivity
  • Secure messaging portal where all communication is encrypted



  • Higher interest rates than traditional banks
  • No monthly fees on any CIT bank account
  • Low opening deposits ($100 for checking & savings accounts and $1,000 for CDs)
  • Minimal banking fees
  • Up to $15 monthly in ATM fee reimbursements
  • Remote check deposits


  • No physical bank locations
  • No check writing from the checking account
  • No way to deposit cash
  • CD rates not as high as other online banks
  • No IRAs
  • May experience long wait times on the phone


CIT Bank offers the following banking products:

eChecking Account:
This online banking account offers tiered interest. There is no monthly fees or minimum balance required (after $100 to open).

While CIT does not have any of its own ATMs, it does not charge any ATM fees. It will also reimburse up to $15 in ATM fees charged by other banks per month.

Note that this checking account does not allow paper check writing.

You also get free overdraft protection when you link up the eChecking account to a CIT Savings account or Money Market account. There is no fee to have money transferred to cover the transaction.

Savings Builder Account:
The Savings Builder account offers one of the highest savings APYs currently on the market - with some conditions. It encourages saving money by rewarding active savers with a high rate. You can get a 0.50% APY if you open the account with $100 minimum and deposit at least $100 per month.

The other way to earn the top-tier APY is to maintain a balance of $25,000 in your savings account.

CIT Bank also offers a Premier High Yield Savings account with no balance or deposit requirements (after $100 minimum deposit). But the interest rate isn't as great, so you're better off with the Money Market account instead.

Money Market Account:
CIT's Money Market Account offers a high rate without the minimum balance requirements. So this account is a good option if you can't commit to saving a certain amount each month. You get this APY no matter what your balance is.

The opening minimum deposit is $100. After account opening, there are no balance requirements. And there is no monthly service fee.

There is a limit of six bank transactions (such as transfers or withdrawals) per monthly statement cycle for savings and money market accounts. This is a federally imposed financial regulation.

Certificate of Deposits:
CIT Bank offers a few different CD options. Term CDs go from 6 months to 5 years ($1,000 to open). It also offers a unique 11-month No-Penalty CD, which allows early withdrawal of funds at no penalty (also $1,000 to open). Lastly, it offers Jumbo CDs for those with over $100,000 to deposit.

    CIT Bank

    CIT Bank Term CDs

    • Up to 0.50% APY
    • $1,000 minimum opening deposit
    • No monthly maintenance fee
    • FDIC insured
    TermCD Rates
    6 Month0.30% APY
    1 Year0.30% APY
    13 Month0.35% APY
    18 Month0.30% APY
    2 Year0.40% APY
    3 Year0.40% APY
    4 Year0.50% APY
    5 Year0.50% APY


Opening an account with CIT Bank is easy and takes just a few minutes online. You must be a U.S. citizen or a permanent resident.

  1. Start here to open a new bank account. You'll have to provide your name, address, phone, email, and Social Security number (or other taxpayer ID).

  2. Fund your account via electronic transfer from a linked checking or savings account, bank wire, or mail-in check.

  3. CIT Bank will first make two "test" micro deposits to your funding account. This is another measure to ensure that you are indeed the owner of the bank account.

    Within 3 working days, you'll get an email asking you to verify the micro deposits. As soon as you have verified, CIT Bank will process the transaction to fund your new account.


New and existing CIT customers can call to speak to representatives at:

855-462-2652 (within the U.S.)
626-535-8965: (outside the U.S.—toll call)

You can reach customer service reps at these hours:

Monday - Friday: 9:00 am - 9:00 pm (ET)
Saturday: 10:00 am - 6:00 pm (ET)
Sunday: Closed

If you're a new customer and have questions about opening an account, this is the only way to reach CIT. CIT Bank does not offer a contact email or live chat for new customers.

Existing customers can also send CIT secure emails through their online account.


CIT Bank is a good online bank with great online banking products, competitive interest rates, and low fees. It's a trustworthy bank with a solid history. You can trust that your money is safe as it's covered by FDIC insurance and employs strict security measures.

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.

More from CreditDonkey:

CIT Bank Savings Review

Who is CIT Bank

CIT Bank Savings Builder


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About CIT Bank

CIT Bank offers some of the highest interest rates on the market. It is an online-only bank. Because there is no overhead typical of brick-and-mortar banks, CIT can pass the savings to customers in forms of higher yield.

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