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CIT Banking

Bradley Schnitzer Bradley Schnitzer Last update:

Overview

CIT Bank is an online bank offering personal banking and lending products and, as well as some business and commercial financing services.

In terms of its personal banking offerings, its excellent APYs and features on its eChecking, money market, and savings accounts (although some accounts require specific balances or regular deposits to get the highest APY). Also, there are no monthly maintenance fees on any of the accounts.

Check out our CIT Bank review to learn more about this online institution.

  • No monthly checking or savings fees
  • High APYs on savings and money market
  • Checking account earns interest

CIT Bank Account Types

Account Type Key Features
eChecking
  • 0.10%-0.25% APY
  • No monthly fees
  • Reimburses $30 of ATM fees per statement cycle
Savings Builder
  • 0.28%-0.40% APY
  • Daily compounding interest
  • Deposit checks remotely
Savings Connect
  • 0.42%-0.50% APY
  • No monthly fees
  • Connect to eChecking to access higher APR without $25,000 balance
Money market
  • 0.45% APY
  • $100 minimum deposit
  • No monthly fees

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eChecking

The checking account offers quite a high APR for a checking account. Balances under $25,000 earned 0.10% APY, while those over $25,000 earn 0.25% APY. That’s on par with some high-yield savings rates.

There aren’t many CIT branches or ATMs (since they’re an online bank), but CIT does reimburse up to $30 per statement cycle of ATM fees.

Savings Builder

Starting off the CIT savings accounts, the Savings Builder offers APYs up to 0.40%. To reach that APY, you must either maintain a $25,000 balance or make at least one monthly deposit of $100 or more — otherwise, you only earn 0.28% APY (which is still pretty good).

Like the eChecking account, Savings Builder has no monthly maintenance fees. Interest compounds daily, and you can deposit checks remotely.

Savings Connect

CIT Bank’s other savings option is Savings Connect. This account starts at 0.42% APY, which is pretty good on its own. However, if you link your CIT eChecking account and make a monthly deposit of $200 or more into it from an external account, CIT will bump your Savings Connect APY up to 0.50% — which is among the best in the industry.

When you link your eChecking account, you can also access funds from both it and your Savings Connect account with your eChecking debit card.

Other than that, Savings Connect offers the same lack of maintenance fees, daily compounding interest, and remote check deposit capabilities as Savings Builder.

Money Market

Money market accounts often require a significant opening deposit — but not at CIT. The minimum opening deposit is $100, just like with other accounts.

CIT’s money market account earns a solid 0.45% APY on your deposits. You can withdraw six times a month from it, per FDIC rules. Also, there are no maintenance fees.

CIT Bank APYs

Account type APY
Savings Builder
  • 0.28%-0.40%
Savings Connect
  • 0.42%-0.50%
Money Market
  • 0.45%
Term CDs
  • 1-year: 0.30%
  • 3-year: 0.40%
  • 5-year: 0.50%
No-Penalty CDs
  • 11 months: 0.30%
Jumbo CDs
  • 3-year: 0.40%
  • 5-year: 0.50%
Ramp-Up CDs (not available for new accounts)
  • 3-year: 0.25%
  • 5-year: 0.25%

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What is CIT Bank Best For?

CIT Bank is best for:

  • Checking
  • High interest
  • High-yield savings
  • Low fees
  • Money market

Overdraft Fees

CIT Bank charges $30 overdraft fees and $30 NSF fees on any items that are either returned or paid. However, you can link your CIT savings or money market account to your eChecking account as overdraft protection upon account opening. That way, any overdrafts will trigger a transfer from the savings/money market account.

If you’d like to set up overdraft protection at a later date, you can contact CIT customer service.

Opening an Account at CIT

CIT’s account-opening process is pretty easy.

First, you’ll need to click the green Open Account button at the top right of any CIT bank web page, then choose the account type you’d like to open.

From there, CIT Bank will need your name, mailing address, phone number, email address, and Social Security number (or other taxpayer ID number).

Once you provide these pieces of information, you’ll need to make your minimum opening deposit of $100. You can transfer funds over via electronic transfer, mailing in a check, or doing a wire transfer. CIT Bank sends you a confirmation email once everything is good to go.

Pros and Cons

Pros Cons
Excellent APYs on savings and money market High checking minimum deposit
Save more with no monthly fees on checking or savings accounts Only a handful of branches and ATMs
Low money market account minimum deposit CD APYs could be better
Interest-bearing checking account

Comparison to similar bank accounts

CIT Bank Marcus by Goldman Sachs Axos Bank
Link to review  Link to review  Link to review
APY: Up to 0.50% APY: Up to 0.50% APY: Up to 0.61%
Minimum balance: $0 Minimum balance: $0 Minimum balance: $250 to open
Benefits:

  • Interest-bearing checking account.
  • Excellent APYs.
  • No monthly fees.
Benefits:

  • High APY.
  • Same-day transfer up to $100K.
  • No monthly fees.
Benefits:

  • Domestic ATM fee reimbursements.
  • No monthly fees.
  • Very high APYs.

 

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Disclaimer: To help the government fight the funding of terrorism and money laundering activities, federal law requires all financial institutions to obtain, verify, and record information that identifies each person or entity opening an account or establishing a credit relationship with the financial institution, and key individuals who own or control a legal entity (i.e., the beneficial owners). Requiring these disclosures helps law enforcement investigate and prosecute these crimes. This requirement applies to CIT Bank, N.A. What this means for you: If you are an individual, when you open an account or apply for credit, we will ask for your name, address, date of birth, social security number (SSN is used for identification purposes only, unless authorizing personal credit review for a guaranty), and other information that will allow us to identify you. We may ask to see your driver’s license or other identifying documents. If you are a business or entity, we will ask for information about your entity, including its tax identification number, address, and documents evidencing legal incorporation, formation or existence. We may also request information about your owners, directors and executive officers, and guarantors.

Disclosure
This website is an informative comparison site that aims to offer its users find helpful information regarding the products and offers that will be suitable for their needs. We are able to maintain a free, high-quality service by receiving advertising fees from the brands and service providers we review on this website (though we may also review brands we are not engaged with). These advertising fees, combined with our criteria and methodology, such as the conversion rates, our team of reviewer's finding and subjective experience and product popularity, impact the placement and position of the brands within the comparison table. In the event rating or scoring are assigned by us, they are based on the position in the comparison table, or according to other formula in the event specifically detailed by us. See our How we Rate page and Terms of Use for information. The reviews, rating and scoring are provided “as-is” without guaranties or warranties regarding the information contained in our website, which shall not be considered as endorsement. We make the best efforts to keep the information up-to-date, however, an offer’s terms might change at any time. We do not compare or include all service providers, brands and offers available in the market.
Bradley Schnitzer Bradley Schnitzer
Bradley Schnitzer is a copywriter and content writer that helps businesses gain loyal customers through informative content pieces and persuasive copy. He is passionate about personal finance and helping budding freelancers further their careers. He spends his free time reading, hitting the gym, pursuing several intellectual interests, and drinking coffee.
This review is based on the writer's personal opinion.