Updated February 1, 2021

CIT Bank Review

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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 Promotions
CIT Bank Money Market Account - 0.45% 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

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.

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 (short for Commercial Investment Trust) provides financial services and banking products to businesses and consumers. And, they have plenty of experience to back it up.

CIT Bank belongs to CIT Group, a financial holding company with founded in 1908. It's a Fortune 1000 company and a SBA Preferred Lender with $50 billion in assets.

CIT Bank is also fully FDIC insured[1], so your money stays safe.

 

Is CIT Bank the same as Citibank? CIT Bank and Citibank are completely separate institutions. CIT Bank is owned by CIT Group and Citibank is owned by Citigroup. (Confusing, we know.) Both parent companies are listed on the New York Stock Exchange. CIT has the stock symbol CIT. Citigroup has the stock symbol C.

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.

 

CIT Bank Promotions

FDIC National Average

 

Benefits and Features

SavingsSavings Builder up to 0.40% APY with $25,000+ balance or $100 monthly deposit.
0.06%
CheckingeChecking: 0.25% APY with $25,000+ balance and 0.10% APY on balances under $25,000
0.03%
Money Market
0.45% APY
0.09%

CIT Bank: Pricing information and data points from published website as of 06/29/2021

FDIC National Average: National deposit rate information as of September 18, 2021

Take a look at their account types to find the right one for you.

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. It's a good place to build your emergency fund.

How much do you have saved for emergencies?

You can earn 0.40% 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 0.40%.[2]

As with any savings account, you're limited to 6 withdrawals per month per federal restrictions.

The Savings Builder doesn't come with an ATM card. You can withdraw money by electronic transfers, wire transfers, and mailed checks.

Savings Calculator

How much do you save a month?

Compare Savings Accounts

 CIT Savings Builder - Earn 0.40% APYOnline Savings Account - Earn 0.40% APYBetterment Cash Reserve - Earn up to 0.10% APY
 Get DealGet DealGet Deal

SPECIAL OFFER
CIT Savings Builder - Earn 0.40% APY - Learn More

SPECIAL OFFER
Online Savings Account - Earn 0.40% APY - Learn More

SPECIAL OFFER
Betterment Cash Reserve - Earn up to 0.10% APY - Learn More

APY
0.40%
0.40%
0.10%
Minimum Deposit Required
$100
$0
$10
Monthly Fee
$0
$0
$0
 Get DealGet DealGet Deal

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.

 CIT Bank Money Market Account - 0.45% APYMoney Market AccountHigh Yield Money Market - 0.25% APY
 Get DealGet DealGet Deal

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
0.45%
0.30% (for balances under $100,000)
0.25%
Minimum Deposit Required
$100
$2,500
$1,000
Monthly Fee
$0
$0
$0
 Get DealGet DealGet Deal

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.

What is the penalty for early withdrawals from CDs?
It depends on the term of your CD. Here are 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.

CIT Bank Term CDs

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

CIT Bank No Penalty CD

  • 0.30% 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

CIT Bank Jumbo CDs

  • Up to 0.50% APY
  • $100,000 minimum opening deposit
  • No monthly maintenance fee
TermCD Rates
2 Year0.40% APY
3 Year0.40% APY
4 Year0.50% APY
5 Year0.50% APY

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

Compare CD Rates

Quontic
Member FDIC

CD Rates

  • $500 minimum opening deposit
  • FDIC insured
TermCD Rates
6 Months0.55% APY
1 Year0.60% APY
2 Years0.75% APY
3 Years1.00% APY
5 Years1.11% APY
Discover Bank
Member FDIC

Certificate of Deposit

  • 0.50% APY for 12-month term
  • 0.60% APY for 36-month term
  • 0.80% APY for 5-year term
Continental Bank

High Yield CD - Earn up to 0.70%

  • 0.70% APY for 45-month term
  • 0.45% APY for 6-month term

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.

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.

CIT Bank
Member FDIC

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 $30 per statement cycle)

Compare Checking Accounts

Chase
Member FDIC

Chase Total Checking® - $225 Bonus

  • New Chase customers enjoy a $225 bonus when you open a new Chase Total Checking® account and set up direct deposit
  • Access to 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.
HSBC
Member FDIC

HSBC Premier Checking - $450 Welcome Deposit

Expires 1/5/2022
  • Get a $450 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 by January 5, 2022; and
  • Make recurring monthly Qualifying Direct Deposits totaling at least $5,000 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 $450 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.
Acorns

Acorns Checking: $75 Bonus

Expires 12/31/2021
  • Setup Acorns Checking as your direct deposit method with your employer
  • Receive 2 direct deposits of at least $250 / deposit
  • $75 bonus will be deposited into your Acorns account within 45 days

Savings Connect

The Savings Connect account gives you a chance to earn higher interest when you link it with a CIT Bank eChecking account.

To earn the upper tier APY on your savings, you must make a qualifying deposit of at least $200 into the linked eChecking account each month. This could be a paycheck direct deposit, mobile check deposit, ACH transfers from other banks, or even Zelle® payments.

If you don't meet the $200 deposit requirement one month, your APY will go down to the base tier.

The Savings Connect account has no monthly service fee. The minimum to open is $100.

CIT Bank
Member FDIC

CIT Bank Savings Connect - 0.50% APY

  • Earn a competitive high yield savings rate with access and convenience features of an eChecking account.
  • Earn up to 0.50% APY on Savings Connect and 0.25% APY on eChecking.
  • Savings Connect is a tiered interest rate account dependent on the account holder opening a linked qualifying eChecking concurrently and makes periodic qualifying deposits.
    • Base Tier: (0.42% APY, 0.399% Interest Rate) A minimum qualifying deposit of $200 is not deposited each month into the linked eChecking or the eChecking account is closed.
    • Upper Tier: (0.50% APY, 0.499% Interest Rate) A qualifying deposit of $200 or more is deposited into the linked eChecking account each month.
    • APY assumes a qualifying deposit of $200 or more is made to the linked eChecking account each month.
  • Minimum of $100 for both the Savings Connect and eChecking to open ($200 total).

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

ForAccount
Saving money you don't need immediatelySavings / Money Market
Earning interest on money for everyday expenseseChecking
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
  • Can't build credit since no credit cards are offered
  • No free ATM network

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.

Counterpoint: If you need access to physical branches, we recommend a Chase checking account. Chase has more than 4,700 branches and 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
  • No maintenance fees
  • No account closing fee
  • No fees for incoming wire transfer
  • No 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

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

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.

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

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.

If in-person customer support is a must-have for you, a traditional bank like Chase is a better choice. Plus, you can often get bonus promotions when you open a new account.

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.

CIT Bank customer service is available by phone at 855-462-2652 during these hours:
  • 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)

Or, you can access your account online and by Automated Telephone Banking 24/7.

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 Savings Builder - Earn 0.40% APY

Earn up to 0.40% APY. Here's how it works: Maintain a minimum balance of $25k OR make at least a $100 minimum deposit every month. Member FDIC

CIT Bank Savings Connect - 0.50% APY

  • Earn a competitive high yield savings rate with access and convenience features of an eChecking account.
  • Earn up to 0.50% APY on Savings Connect and 0.25% APY on eChecking.
  • Savings Connect is a tiered interest rate account dependent on the account holder opening a linked qualifying eChecking concurrently and makes periodic qualifying deposits.
    • Base Tier: (0.42% APY, 0.399% Interest Rate) A minimum qualifying deposit of $200 is not deposited each month into the linked eChecking or the eChecking account is closed.
    • Upper Tier: (0.50% APY, 0.499% Interest Rate) A qualifying deposit of $200 or more is deposited into the linked eChecking account each month.
    • APY assumes a qualifying deposit of $200 or more is made to the linked eChecking account each month.
  • Minimum of $100 for both the Savings Connect and eChecking to open ($200 total).

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 Promotions

Ally Bank Promotions

 

Benefits and Features

SavingsSavings Builder up to 0.40% APY with $25,000+ balance or $100 monthly deposit.
0.50% APY
CDTerm CDs up to 0.50% APY. $1,000 minimum opening deposit.0.15% to 0.80% APY. Terms of 3 months to 5 years. 12-month CD APY of 0.55%
CheckingeChecking: 0.25% APY with $25,000+ balance and 0.10% APY on balances under $25,0000.10% APY under $15,000; 0.25% APY $15,000 or more
Money Market
0.45% 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 and data points from published website as of 06/29/2021

Ally Bank: Pricing information from published website as of 9/18/2021.

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

SavingsSavings Builder up to 0.40% APY with $25,000+ balance or $100 monthly deposit.
Check
CDTerm CDs up to 0.50% APY. $1,000 minimum opening deposit.
Check
CheckingeChecking: 0.25% APY with $25,000+ balance and 0.10% APY on balances under $25,000
Check
Money Market
0.45% APY
Check
Customer ServiceMonday - 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 06/29/2021

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 Bank Promotions

Synchrony Bank Promotions

 

Benefits and Features

SavingsSavings Builder up to 0.40% APY with $25,000+ balance or $100 monthly deposit.0.50% APY. No monthly service fee and no minimum deposit. An ATM card is provided for easy withdrawal. Synchrony will refund ATM fees for other banks up to $5 per statement cycle
CDTerm CDs up to 0.50% APY. $1,000 minimum opening deposit.0.15% to 0.85% APY. Terms of 3 months to 5 years. Minimum deposit of $2,000 to open.
Money Market
0.45% APY
0.35% APY. No monthly service fee and no minimum deposit.
Customer ServiceMonday - Friday: 9:00 am - 9:00 pm (ET)
Saturday: 10:00 am - 6:00 pm (ET)
Sunday: Closed
Mon-Fri 8:00 am - 10:00 pm (ET); Sat-Sun 8:00 am - 5:00 pm (ET)

CIT Bank: Pricing information and data points from published website as of 06/29/2021

Synchrony Bank: Pricing information from published website as of 9/18/2021.

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 Promotions

Discover Bank

 

Benefits and Features

SavingsSavings Builder up to 0.40% APY with $25,000+ balance or $100 monthly deposit.
0.40% APY
CDTerm CDs up to 0.50% APY. $1,000 minimum opening deposit.0.20% to 0.80% APY. Terms of 3 months to 10 years. 12-month CD APY of 0.50%. 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
0.45% APY
0.30% APY under $100,000; 0.35% 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 and data points from published website as of 06/29/2021

Discover Bank: Pricing information and data points from published website as of 01/28/2021

CIT vs Capital One 360

 

CIT Bank Promotions

Capital One 360 Promo Code

 

Benefits and Features

SavingsSavings Builder up to 0.40% APY with $25,000+ balance or $100 monthly deposit.
0.40% APY
CDTerm CDs up to 0.50% APY. $1,000 minimum opening deposit.0.10% to 0.80% APY. Terms of 6 months to 5 years. 12-month CD APY of 0.20%
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 and data points from published website as of 06/29/2021

Capital One: Pricing information from published website as of 9/15/2021.

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

CIT Bank
Member FDIC

CIT Bank Money Market Account - 0.45% APY

  • 0.45% APY
  • $100 minimum opening deposit
  • No monthly maintenance fee
Discover Bank
Member FDIC

Discover Online Savings - $200 Cash Bonus

To get your $150 or $200 Bonus: What to do: Apply for your first Discover Online Savings Account, online or by phone. Enter Offer Code CY21 when applying. 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. Deposit must be posted to account within 30 days of account open date. Maximum bonus eligibility is $200.

What to know: Offer not valid for existing or prior Discover savings customers or existing or prior customers with savings accounts that are co-branded, or affinity accounts provided by Discover. Eligibility is based on primary account owner. Account must be open when bonus is credited. Bonus will be credited to the account within 30 days of the account qualifying for the bonus. Bonus is interest and subject to reporting on Form 1099-INT. Offer ends 12/15/21, 11:59 PM ET. Offer may be modified or withdrawn without notice. See advertiser website for full details.

Expires 12/15/2021
Chase
Member FDIC

Chase Total Checking® - $225 Bonus

  • New Chase customers enjoy a $225 bonus when you open a new Chase Total Checking® account and set up direct deposit
  • Access to 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.
HSBC Bank
Member FDIC

HSBC Premier Checking - $450 Welcome Deposit

Expires 1/5/2022
  • Get a $450 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 by January 5, 2022; and
  • Make recurring monthly Qualifying Direct Deposits totaling at least $5,000 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 $450 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.

Donna Tang is the head of purpose and audience 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.

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About CIT Bank Promotions

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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