March 28, 2020

How to Open CIT Bank Account

Read more about CIT Bank
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Opening an account with CIT Bank is simple. Take a look at what you'll need and check out your account options in our guide.

CIT Bank is an online-only bank that is known for its competitive APY rates. The bank offers savings and checking accounts as well as multiple types of certificates of deposit.

Keep reading to learn how to open an account.

How to Open a CIT Account?

You can open an account online. You will need your:

  • Driver's license or state ID
  • Social Security number
  • Contact information (name, home address, email address, phone number)
  • Money for opening deposit ($100 for checking/savings accounts, $1,000 for CDs)

You'll need to decide what type of account you would like to open and then fill out the application.

You're also required to make an initial monetary deposit to open a CIT Bank account. The minimum opening deposit for the checking and savings accounts is $100. For CDs, it's $1,000.

Read on to see all the individual details about each type of account.

Is CIT Bank safe?
CIT Bank is a member of the FDIC. Every customer's funds are insured up to $250,000 in the unlikely event that the bank fails.

In addition, CIT Bank has security measures in line with other major banks, including advanced account information encryption and two-factor authentication.

Types of Accounts

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CIT Bank has two types of savings accounts, one type of money market account, and one type of checking account. None of the accounts charge monthly fees. The money market account allows six free transactions per month and charges $10 for each additional transaction.

Savings Accounts

To fund your CIT Bank savings account, you'll need to link an external account. You can deposit money via an electronic fund transfer, wire, mobile check deposit, or physical check.

Checking Account

    CIT Bank

    CIT Bank eChecking

    • Earn 0.25% APY with $25,000 minimum balance
    • Earn 0.10% APY on balances under $25,000
    • Deposit of $100 minimum to open an account
    • Debit card
    • Monthly ATM fee reimbursement (up to $15 per statement cycle)
    • FDIC insured

In order to get the high APY, you must deposit and maintain a balance of at least $25,000 in the account. Any amount below that will earn the lower APY.

Even though CIT Bank is online-only, it is possible to withdraw and deposit cash into the account. It reimburses up to $15 worth of other bank's ATM fees per month for each checking customer.

CIT Bank CDs

CIT Bank offers three types of CDs to new customers. The regular Term CDs and the No-Penalty CDs require a minimum deposit of $1,000, while the Jumbo CDs require a deposit of at least $100,000.

    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

Bottom line

You can open a CIT Bank account with some basic information and an initial deposit. None of the accounts charge a monthly fee and most offer comparatively high APY rates for customers who don't mind banking online.

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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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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