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 - 2.70% APY Learn More
	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)

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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

Traditional banks often come with pesky maintenance fees and some of the lowest interest rates.

If you're looking for a different way to bank, online options like CIT Bank could be a good fit. CIT is popular for its high-yield savings products. It offers several different savings accounts and CDs with some of the highest interest rates on the market and 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.

But it can be confusing. Using an online bank has some trade-offs. We'll explain.

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

• About CIT Bank
  
• What CIT Bank Offers
  
  • Savings Connect
    
  • Money Market
    
  • Savings Builder
    
  • Certificate of Deposits
    
  • eChecking Account
    
  • Custodial Accounts
• Pros & Cons
  
• Are There Any Fees?
  
• Is CIT Bank Trustworthy?
  
• Is Online Banking Right For You
  
• Common Complaints
  
• How to Open an Account
  
• How It Compares

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

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 Citizen 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, so you can even have your checking and savings in one place.

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 2.70% APY on your entire balance. The minimum to open is only $100 and there's no balance requirement after that. There is no monthly fee.

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.

Member FDIC

CIT Bank Savings Connect - 2.70% APY

Click Here to Learn More

• Earn 15x the national average
• $100 minimum opening deposit
• No monthly maintenance fee

Use this calculator to see how much interest you can earn with 2.70% APY.

Compare Savings Accounts

	SPECIAL OFFER CIT Bank Savings Connect - Learn More	SPECIAL OFFER Online Savings Account - Earn 2.15% APY - Learn More	SPECIAL OFFER Betterment Cash Reserve - Earn 2.25% APY** - Learn More
APY	2.70%	2.15%	2.25%
Minimum Deposit to Open	$100	$0	$10
Monthly Fee	$0	$0	$0

Money Market

The CIT Bank Money Market account offers the same interest rate for every balance. You'll get their higher interest rate no matter how much you have in your account. You will need a minimum of $100 to open the account, though.

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.

	SPECIAL OFFER CIT Bank Money Market Account - Learn More	SPECIAL OFFER Money Market Account - Learn More	SPECIAL OFFER High Yield Money Market - 0.25% APY - Learn More
APY	1.55%	2.05% for balances under $100,000; 2.10% for balances $100,000 and over	0.25%
Minimum Deposit to Open	$100	$2,500	$1,000
Monthly Fee	$0	$0	$0

Savings Builder

CIT Savings Builder account offers competitive savings interest rates without any maintenance fees. It's best for active savers or high-balance savers.

You can earn 1.00% APY in a few ways:

• 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 - 2.70% APY

Learn More

• Earn 15x the national average
• $100 minimum opening deposit
• No monthly maintenance fee

Member FDIC

CIT Savings Builder - 1.00% APY

Learn More

Earn up to 1.00% APY. Here's how it works: Maintain a minimum balance of $25k OR make at least a $100 minimum deposit every month. Member FDIC

Member FDIC

Earn 15x National Average

Learn More

Save smart and earn 2.70% APY at CIT Bank, a CreditDonkey recommended partner.

Certificates of Deposit (CDs)

CIT CD rates are competitive with other online banks. It offers four options to fit different needs. All CD products have no account fees. Here's what to expect with each CD:

Term CDs
Terms are available from six months to five years. Your rate is locked in for the entire 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.

The minimum deposit for all term CDs is $1,000.

No-Penalty CDs
This no-penalty CD product has one fixed term of 11 months. You can withdraw your full balance from this CD with no penalty. This is good if you suddenly need your money. The minimum 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 is available from two to five years.

RampUp CDs
These CDs aren't available for new accounts. It allows customers to raise their rates once if CIT's rates go up.

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.

Compare CD Rates

Member FDIC

CD Rates - Up to 3.20% APY

Learn More

• $500 minimum opening deposit
• FDIC insured

Term	CD Rates
6 Months	1.70% APY
1 Year	2.50% APY
2 Years	2.80% APY
3 Years	3.00% APY
5 Years	3.20% APY

Member FDIC

Certificate of Deposit

Learn More

• 3.00% APY for 12-month term
• 3.15% APY for 36-month term
• 3.30% APY for 5-year term

Member FDIC

13 Month High-Yield CD - 1.31% APY

Get Deal

• 1.31% APY
• FDIC Insured
• No Fees

eChecking

With their recently launched eChecking account, you can now have both your checking and savings at CIT Bank. You need $100 minimum to open the account 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

Learn More

Expires 1/9/2023

• 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.

Member FDIC

Chase Total Checking® - $200 Bonus

Open an Account

Expires 1/25/2023

• 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 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.

Member FDIC

HSBC Premier Checking - $500 Welcome Deposit

Get $500 Welcome Deposit

Expires 2/15/2023

• Receive a $500 Welcome Deposit for eligible new customers who open a new HSBC Premier checking account and complete the following qualifying activities.
• Open your new HSBC Premier checking account online, using this offer page, by February 15, 2023.
• Make recurring Qualifying Direct Deposits totaling at least $10,000 per month from a third party to your HSBC Premier checking account(s) for 3 consecutive calendar months from the second full calendar month after account opening.
• You will automatically receive the $500 Welcome Deposit in your new HSBC Premier checking account approximately eight weeks after completing all qualifying activities. It's that simple.
• Deposit products are offered in the U.S. by HSBC Bank USA, N.A. Member FDIC.

Custodial Accounts (UTMA)

Any CIT account can be set up as a custodial account for a minor. This means the account is in your child's name, but you control it until your child reaches age 18 (or up to age 25 if you choose).

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.

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 6-18 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.

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
  
• CD rates not as high as other online banks
  
• No IRA accounts
  
• 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:^[3]

• $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?

Security and trustworthiness is a top priority for any bank worth its salt. Even though it's an online-only bank, CIT Bank follows the same rules and legal regulations as traditional banks.

CIT Bank is FDIC insured (FDIC# 58978). Your money is protected up to the FDIC limit of $250,000 per depositor, per ownership category in the event of CIT Bank's failure.

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.^[4]

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 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: 2.70% 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 3.50% 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: 0.01% Annual Percentage Yield
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 06/30/2022 Citibank: Pricing information from published website as of 09/15/2021. 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 Builder 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