CIT Bank Review 2024

CIT Bank’s history dates back to its founding in St. Louis, Missouri, in 1908. The online-only bank was acquired by First Citizens BancShares, Inc. in January 2022. As an online bank, CIT Bank has no physical branches for local banking services. It doesn’t have an ATM network, either. Luckily, the bank doesn’t charge ATM fees and even provides up to $30 per month in reimbursements for fees charged by ATM operators.

If you’re sick of paying high fees for banking services, CIT Bank aims to be your go-to online banking solution. While they don’t have local branches you can walk into, they do offer easy-to-open accounts with low opening deposit requirements. CIT Bank is great for people who like the convenience of using their phone or computer to make banking transactions. Customers can access their accounts from almost anywhere, 24 hours a day.

CIT Bank, N.A., which is part of First Citizens BancShares, Inc., focuses on offering some of the most competitive interest rates on the market.

This review focuses on the personal banking side of CIT Bank, but the bank also offers business and commercial banking solutions.

Let’s take a closer look at what CIT Bank has to offer consumers and how it compares to other banking options. Account details and annual percentage yields (APYs) are accurate as of September 25, 2024.

FEATURED PARTNER OFFER

CIT Bank Platinum Savings

Annual Percentage Yield

Rates as of 9/25/24

4.70%

4.70% on balances of $5,000 or more, 0.25% APY on balances less than $5,000

Minimum Deposit Requirement

$100

Learn More

On CIT Bank's Website
Member FDIC

Rates as of 9/25/24

4.70%

4.70% on balances of $5,000 or more, 0.25% APY on balances less than $5,000

$100

Checking

The CIT Bank eChecking account is the bank’s only checking option. CIT customers can access their checking accounts 24 hours a day online or through the mobile app. Checking accounts can be opened with a $100 minimum opening deposit.

The account offers APYs as follows: balances of $25,000 or more earn 0.25% APY and balances under $25,000 earn 0.10% APY.

You’ll receive a complimentary debit card with EMV chip technology when you open a new checking account. CIT never charges ATM fees and will reimburse customers for up to $30 in other banks’ ATM fees per month. The bank doesn’t have its own ATM network, though.

If you’ve grown accustomed to using paper checks, unfortunately, CIT eChecking accounts don’t come with these or allow them as a form of payment.

Savings

CIT Bank offers a two-tiered savings account called Savings Builder.

The CIT Bank Savings Builder account has specific earning requirements, which are either:

• Maintain a balance of $25,000 or more, OR
• Make at least one monthly deposit of $100 or more

With the CIT Bank Savings Builder, customers can earn up to 1.00% APY. Accounts not meeting the requirements above will still earn 0.40% APY.

Savings Builder accounts don’t have any opening or maintenance fees. They only require a $100 minimum opening deposit. Maintaining a balance of $25,000 may not be realistic for everyone, but having the option of $100 monthly deposits makes earning higher rates more than possible for Savings Builder account holders.

In addition to Savings Builder, customers can choose to open a CIT Savings Connect account. CIT Bank Savings Connect is a high-yield savings account that currently offers 4.35% APY with a $100 minimum opening deposit requirement and no monthly service fee.

There’s also the CIT Bank Platinum Savings, another high-yield savings account. Account holders can earn a 4.70% APY on balances of $5,000 or more, 0.25% APY on balances less than $5,000. This account can be opened with a minimum of $100 and has no monthly service fees.

Regardless of whether you choose CIT Savings Builder, CIT Savings Connect or CIT Platinum Savings, a CIT savings account is well suited for building an emergency fund or other savings goal, like a vacation fund or saving for a new car.

Money Market

Another account option is CIT Bank Money Market Account, which earns 1.55% APY. There are no balance requirements, so you’ll earn this rate no matter how much you deposit each month. It has a $100 minimum opening deposit and no monthly service fees. Using Bill Pay, a free service, you can make payments to third parties from any CIT Money Market account.

As with the Savings Builder account, the Money Market account is subject to monthly transaction limitations. There’s a limit of six transactions per statement cycle for the CIT Money Market account, after which a $10 excess withdrawal fee applies.

CDs

Customers have four options with CIT Bank Certificates of Deposit.

• Term CDs. Terms range from six months to 60 months and earn APYs from 0.30% to 3.50%. A term rate CD allows you to lock in a rate for a specific period of time. You’ll earn more interest with longer term lengths, which makes sense. There are no opening or maintenance fees. Term CDs require a $1,000 minimum opening deposit.
• No-Penalty CDs. These 11-month CDs allow you to access funds before maturity without a penalty. The fear when putting money into an account like a CD is not being able to access it if there’s an emergency. The CIT Bank No-Penalty CD eliminates that fear while still offering a decent earning rate. They have no opening or maintenance fees and earn 3.50% APY. No-Penalty CDs require a $1,000 minimum opening deposit. You can access your funds, if needed, so long as it’s seven days after they’ve been received.
• Jumbo CDs. CIT Bank Jumbo CDs require a $100,000 minimum opening deposit, so they aren’t going to be an option for most customers. There are no account opening or maintenance fees. Also, Jumbo CDs have longer terms, ranging from two to five years in length. Jumbo CDs come with locked-in rates between 0.40% to 0.50%, depending on term length.
• RampUp CDs. RampUp and RampUp Plus CDs aren’t available for new accounts. With RampUp CDs, customers could raise their rate one time during the CD’s terms if CIT Bank raises rates on these CDs.

Customers who wish to see how much interest they can earn with a CD account can use CIT’s Certificate of Deposit calculator.

FEATURED PARTNER OFFER

CIT Bank Certificates of Deposit

Annual Percentage Yield

Rates as of 4/2/24

0.30% to 3.50%

Minimum Deposit Requirement

$1,000

Learn More

On CIT Bank's Website
Member FDIC

Rates as of 4/2/24

0.30% to 3.50%

$1,000

Home Loans

CIT Bank offers new home mortgage loans and mortgage refinancing. Loans come with fixed interest rates with terms ranging from 10 to 30 years. Interest rates and payment terms are subject to approval based on creditworthiness. Current CIT banking customers may qualify for relationship discounts.

Business Accounts

CIT Bank’s business and commercial banking solutions are limited to financing and factoring services. The bank doesn’t currently offer business or commercial bank accounts. CIT Bank offers equipment loans, SBA loans and other lending solutions to meet a variety of business needs. Invoicing and merchant services are also available through CIT Bank.

For larger companies, CIT Bank provides account receivables factoring, risk assessment services and supply chain financing.

Since CIT is strictly an online bank, access to any CIT accounts is handled either online through the CIT website or CIT’s mobile app. Customers have access to accounts 24 hours a day.

With many of CIT’s accounts, customers have access to mobile check deposits. With eChecking accounts, they can also make transfers, pay bills and make purchases through services like Zelle, Bill Pay, Samsung Pay and Apple Pay.

The CIT mobile app is available on Android and iOS. The app is rated 3.1 out of 5 stars on the App Store and 4.6 out of 5 stars on Google Play. If you have any CIT accounts, downloading the app can make life easier. You can also sign up for text banking, which allows you to check account balances and transaction history.

If you’re looking for bank accounts with higher earning potential, CIT Bank may be a great option. The combination of competitive rates and low minimum opening deposits makes CIT an attractive option for online banking.

If having access to live help at a local bank branch is desired, CIT Bank isn’t the right choice for you. Sometimes banking in person provides a better experience than sending messages or waiting on the phone for customer service help. However, not having brick-and-mortar locations allows CIT to save money on overhead costs, which is how they can offer the competitive rates they do.

Its money market account is not competitive with the best money market accounts, some of which earn 4.00% APY or more. CIT’s long-term CD rates also aren’t as competitive as their other account options. You may be able to find CDs that earn higher interest rates.

The CIT Platinum Savings account is a good option if you’re looking for somewhere to park a deposit of at least $5,000. Its 4.70% APY is competitive with some of the best high-yield savings accounts.

CIT Bank vs. Ally

CIT Bank and Ally Bank are both online-only banks without physical branches. Both banks offer interest-earning checking accounts with free debit cards. CIT Bank eChecking is a checkless checking account, while Ally offers check-writing privileges.

Ally customers have access to over 43,000 fee-free ATMs through the Allpoint ATM network. CIT Bank, on the other hand, has no ATM network but offers up to $30 in reimbursements each month for ATM fees charged by other banks.

Neither bank charges overdraft fees, although Ally also provides additional overdraft coverage, which automatically transfers funds from another account as added protection against overspending. Both banks offer high-yield interest rates on savings accounts without charging monthly service fees.

Both of CIT Bank’s savings accounts require a minimum opening deposit. Ally Bank Savings Account has no minimum deposit requirement. Customers must keep a minimum balance of $25,000 or have $100 in deposits each month to earn the highest interest rate tier with CIT Bank’s Savings Builder accounts. Both banks offer savings accounts that don’t require jumping through hoops to earn competitive rates.

CIT Bank and Ally both offer money market accounts and several CD options for additional ways to maximize your savings. CIT’s products and services are mostly limited to bank accounts and home loans, while Ally is a full-service online bank offering customers credit cards, various lending products and investment and retirement solutions.

CIT Bank vs. Marcus

Marcus by Goldman Sachs is home to full-service online banking, while CIT Bank offers banking services and mortgage loans. The one account option missing with Marcus is a checking account, which CIT offers.

Both banks offer high-yield savings accounts with competitive rates and no monthly fees. Marcus online savings accounts have no minimum deposit requirement, while CIT’s savings accounts all require an initial minimum deposit to open.

Both banks offer high-yield CD options, although the Marcus by Goldman Sachs High-Yield Certificates of Deposit offer higher rates across the board. CIT Bank’s CD rates are high for short-term CDs but drop drastically for terms beyond six months. CIT Bank requires a $1,000 minimum deposit to open a CD, while Marcus only requires a $500 deposit.

CIT Bank vs. Synchrony

CIT Bank and Synchrony Bank are home to competitive online savings accounts, money market accounts and CDs. Synchrony imposes no deposit requirements on any of its savings products, while CIT requires a minimum deposit to open any account. Synchrony also offers several consumer credit card options but no online checking account.

CIT Bank CDs offer high rates on short-term CDs but considerably lower rates than Synchrony Bank on long-term CDs. Both banks offer no-penalty CDs, which allow you to withdraw funds before the maturity date without paying a penalty fee.

CIT Bank vs. Citizens Bank

While CIT Bank is online only, Citizens Bank has 1,100 branches in 14 states in the New England, mid-Atlantic and Midwest regions. So, if you want to bank in person, you might consider Citizens Bank.

CIT Bank generally offers far better savings rates than Citizens Bank, in addition to more account options. The One Deposit™ Savings from Citizens account only pays 0.01% APY, and the bank does not have a high-yield savings account. The Citizens Bank Personal Money Market Account account also pays just 0.01% APY on all balances.

Citizens Bank offers two online CD terms—eight months and 14 months—with a $1,000 or $25,000 minimum deposit requirement, while CIT Bank offers standard terms ranging from six months to five years as well as a no-penalty CD. Citizens Bank CD rates are competitive, but the eight-month CD requires the higher minimum opening deposit. Citizens Bank does provide more CD options when you visit a branch to open, but terms and rates may vary by location.