Updated June 4, 2024

What is CIT Bank: 5 Things to Know

Read more about CIT Bank
Editorial Note: This content is not provided by the companies mentioned. Opinions expressed here are author's alone, and have not been reviewed, approved or otherwise endorsed by the companies.
Ad Disclosure: This article contains references to products from our partners. We may receive compensation if you apply or shop through links in our content. This compensation may impact how and where products appear on this site. You help support CreditDonkey by using our links. (read more)

In the modern world, there are some things you just don't have to do anymore. Like drawing water from a well. Or paying fees just to keep your bank account open.

If you have money, you're going to need a safe place to stash it. And you don't have to settle for rock-bottom APYs or worry about monthly service fees.

CIT Bank offers a range of checking, savings, money market, and CD products. But before you commit to opening an account, check out what to expect that you won't find with a traditional bank.

5 things to know about CIT Bank

CIT Bank has a good range of banking products. Before you open an account, check out these 5 things you need to know about CIT Bank:

Is CIT Bank the same as Citibank?

No, CIT Bank isn't Citibank. It's easy to get them confused.

CIT Bank is a completely separate financial institution. Although it isn't as well-known as some bigger banks, CIT has been in the game for a while. The bank is a division of First Citizens Bank, one of America's largest family-controlled banks that was founded in 1898.

First Citizens is one of the top 20 US financial institutions with more than $200 billion in assets. They offer a complete line of financial services for both personal and business banking.

CIT and First Citizens Bank are part of the same FDIC-insured institution. Deposits are FDIC insured for up to $250,000, so your money is safe even if the bank closes its doors. This is for a combined deposit held between First Citizens Bank and CIT Bank.

What account does CIT Bank offer?

CIT Bank offers both checking and savings. But they're most known for their savings accounts with high APYs.

Here's a rundown of the different accounts:

Savings Accounts
CIT's most popular savings accounts are:

  • Platinum Savings: This option is best if you keep at least $5,000 in your savings. You get 5.00% APY with a balance of $5,000 or more. You only need $100 to open. There's no monthly fee. Find out more.

  • Savings Connect: Currently, earn 4.65% APY on your entire balance. It's also $100 to open and has no monthly fee. Find out more.

Compare Savings Account Offers

Money Market Account
CIT's Money Market account doesn't have a tiered interest system. You'll get the same high APY no matter how much you have in the bank. It takes $100 to open the account, and there are no monthly fees.

Federal regulation lets you make up to six transfers or withdrawals from your savings or money market accounts per statement cycle. If you go over this, you'll have to pay a fee.

eChecking Account
The eChecking account has no monthly fees and lets you earn interest on your balance. The APYs aren't as high as savings and money market accounts, but it's still great for a checking account. Use any ATM in the nation and get reimbursed up to $30 in ATM fees per month.

Certificate of Deposit (CD)

  • Term CD: Up to 3.50% APY on certain terms. Earn a locked-in rate with terms between 6 months and 5 years. $1,000 minimum deposit. Find out more.

  • No-Penalty CD: An 11-month CD with 3.50% APY. There's no penalty if you withdraw funds before the time is up. $1,000 minimum deposit. Find out more.

Custodial Account
Any account besides the eChecking account can be set up as a custodial account for your child. You control the account until your child reaches age 18. Or, you can extend it up to age 25.

Are There Any Banking Fees?

CIT has no monthly maintenance fees. There are zero fees for opening or closing an account. You'll also pay zero fees for incoming wire transfers, mailed checks, or online transfers.

But, CIT isn't completely fee-free. Here are a couple fees you might run into:[1]

  • $10 outgoing wire transfer fee for domestic only - minimum $1,000 ($0 for balances $25,000+)
  • $10 excessive transaction fee for Money Market accounts
  • $30 Bill Pay stop payment
  • $10 debit card replacement (1 free card per year)
  • 1% fee for international ATM withdrawals
  • Third-party ATM fees (CIT reimburses only for up to $30 per month)

A lot of these fees are still lower than they are at some traditional banks. And, if you never make wire transfers or overdraft your account, the fees probably aren't a deal breaker.

One big downside is CIT's lack of in-network ATMs. While CIT doesn't charge fees themselves, third-party ATMs do. Since CIT only reimburses you for up to $30 per month, you might have to pay some fees yourself if you frequently withdraw money on the go.

How do you withdraw and add money?

As a primarily online bank, CIT has very limited bank locations.

Your best bet for withdrawing money from your account is through:

  • Electronic funds transfer
  • ATM withdrawal
  • Requesting a check
  • Wire transfer

Keep in mind that you'll have to pay a $10 fee to initiate a wire transfer ($0 for balances $25,000+). You also get up to $30 in ATM fee reimbursement per month, which should be enough if you don't use an ATM too often.

Adding money to your account is bit more straightforward since you won't need to pay any fees. To deposit money into your account, you can choose from:

  • Electronic funds transfer
  • Mobile deposit through app
  • Incoming wire transfer (no fees)
  • Mailed check

How is the customer service at CIT Bank?

You can't easily walk into a physical CIT Bank branch if you want help in person. So it's important that it offers good support over the phone or online.

Some customers report long wait times of 15 minutes or more when they call in. But once you get a hold of a customer service rep, they usually resolve any issues quickly.

You can reach CIT Bank customer service by phone at 855-462-2652 during these hours:[2]

  • Monday - Friday: 9:00 a.m. - 9:00 p.m. (ET)
  • Saturday: 10:00 a.m. - 6:00 p.m. (ET)
  • Sunday: Closed

Bottom line

CIT Bank is a great option for building an emergency fund or for stashing big balances.

While there aren't many physical locations, their mobile app has everything you need to withdraw, deposit, and keep track of your money.

Before you commit to any bank account, make sure to do your research to see if it's a good fit for you. Traditional banks have very low APYs, but have large ATM networks. Online banks have high APYs, but no in-person customer support.

No matter which bank you go with, make sure they're FDIC insured so your money stays safe wherever you choose to put it.


  1. ^ CIT Bank. CIT Bank Schedule of Fees, Retrieved 01/29/2024
  2. ^ CIT Bank. Contact Us, Retrieved 01/29/24
CIT Bank
Member FDIC

CIT Bank Platinum Savings - 5.00% APY

  • 5.00% 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
Discover Bank
Member FDIC

Discover® Online Savings - $200 Cash Bonus

Expires 9/12/2024

To qualify for Bonus: Apply for your first Discover Online Savings Account, enter Offer Code CY624 at application, 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. Qualifying deposit(s) may consist of multiple deposits and must post to Account within 45 days of account open date. Maximum bonus eligibility is $200.

What to know: Offer not valid for existing or prior Discover savings customers, including co-branded, or affinity accounts. 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 subject to tax reporting. Offer ends 09/12/2024, 11:59 PM ET. Offer may be modified or withdrawn without notice. See advertiser website for full details.

Member FDIC

Chase Total Checking® - $300 Bonus

Expires 10/16/2024
  • New Chase checking customers enjoy a $300 bonus when you open a Chase Total Checking® account with qualifying activities
  • With over 4,700 branches, Chase has the largest branch network in the U.S. plus access to more than 15,000 ATMs.
  • Chase Mobile® app - Manage your accounts, deposit checks, transfer money and more -- all from your device.
  • JPMorgan Chase Bank, N.A. Member FDIC
  • 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 fees 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*
Bank of America
Member FDIC

Bank of America Advantage Banking - $200 Bonus Offer

Expires 9/30/2024
  • The $200 bonus offer is an online only offer and must be opened through the Bank of America promotional page.
  • The offer is for new checking customers only.
  • Offer expires 9/30/2024.
  • To qualify, open a new eligible Bank of America Advantage Banking account through the promotional page and set up and receive qualifying direct deposits totaling $2,000 or more into that new eligible account within 90 days of account opening. Bank of America Advantage SafeBalance Banking® for Family Banking accounts are not eligible for this offer.
  • Once all requirements are met, Bank of America will attempt to pay bonus within 60 days.
  • Additional terms and conditions apply. See offer page for more details.
  • Bank of America, N.A. Member FDIC.

Donna Tang is a content associate at CreditDonkey, a bank comparison and reviews website. Write to Donna Tang at donna.tang@creditdonkey.com. Follow us on Twitter and Facebook for our latest posts.

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.


Save money and build wealth. Sign up to get our FREE email newsletter.

About CIT Bank Promotions

CIT Bank offers some of the highest interest rates on the market. It is an online bank that offers a variety of savings products. Because of CIT's merger with First Citizens Bank, you can also access products and services offered by First Citizens.

About CreditDonkey
CreditDonkey is a bank comparison website. We publish data-driven analysis to help you save money & make savvy decisions.

Editorial Note: Any opinions, analyses, reviews or recommendations expressed on this page are those of the author's alone, and have not been reviewed, approved or otherwise endorsed by any card issuer.

†Advertiser Disclosure: Many of the offers that appear on this site are from companies from which CreditDonkey receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). CreditDonkey does not include all companies or all offers that may be available in the marketplace.

*See the card issuer's online application for details about terms and conditions. Reasonable efforts are made to maintain accurate information. However, all information is presented without warranty. When you click on the "Apply Now" button you can review the terms and conditions on the card issuer's website.

CreditDonkey does not know your individual circumstances and provides information for general educational purposes only. CreditDonkey is not a substitute for, and should not be used as, professional legal, credit or financial advice. You should consult your own professional advisors for such advice.

About Us | Reviews | Deals | Tips | Privacy | Do Not Sell My Info | Terms | Contact Us
(888) 483-4925 | 680 East Colorado Blvd, 2nd Floor | Pasadena, CA 91101
© 2024 CreditDonkey Inc. All Rights Reserved.