Home
>
Reviews
>
CIT Bank

CIT Bank Reviews

8.6

eChecking account with minimal fees

Written by Steven Walters

About CIT Bank | Read More

8.5

LS Score

Credibility

Support

Accessibility

Visit site

Opening Hours

Mon - Fri 9:00 AM - 9:00 PM EST

Saturday 9:00 AM - 6:00 PM EST

Sunday Closed

Holidays Closed

Contact Information

(855) 462-2652
Headquarters: 11 West 42nd Street, New York, New York, USA

Social Media

8.5

LS Score

Credibility

Support

Accessibility

Visit site

Opening Hours

Mon - Fri 9:00 AM - 9:00 PM EST

Saturday 9:00 AM - 6:00 PM EST

Sunday Closed

Holidays Closed

Contact Information

(855) 462-2652
Headquarters: 11 West 42nd Street, New York, New York, USA

Social Media

CIT Bank Online Banking Review

CIT Bank, a division of First Citizens Bank, offers a range of checking and savings products designed to help individuals manage their finances easily and conveniently. Known for its competitive interest rates and online banking services, CIT Bank offers customers flexible options to grow their savings and handle everyday transactions. Whether looking for a high-yield savings account to maximize earnings or a convenient eChecking account for seamless money management, CIT Bank combines innovative technology with reliable banking solutions to meet your financial needs.

CIT Bank Online Banking Highlight

$100

Min Deposit

Up to $30 in ATM fees reimbursed per month

ATM Network

Yes

Other Fees

Online Banking Savings

$100

Min Deposit

0.25-4.85%

Min APY Savings

Online Banking Checking

$100

Min Deposit

0.10-0.25%

Min APY Checking

Pros & Cons

No monthly fees
Competitive APYs
Reimburse ATM fees ($30/month)

No in-network ATMs
Minimum account balance to qualify for higher APYs

Account types

Checking
Savings
Certificates of Deposit (CD)
Money Market Deposit Account (MMDA)

Visit Site

APY's

APYs can differ depending on the account type and minimum balance. The minimum opening deposit for all savings and checking accounts is $100.

Platinum Savings Account

Earn up to 4.85% APY when you have at least $5,000 in your account. There is only a 0.25% APY for balances under $5k.

Savings Connect

With no minimum account balance, earn a competitive 4.50% APY.

Money Market

With aspects of both checking and savings, earn 1.55% APY with a CIT Money Market Account.

Savings Builder

CIT Bank Savings Builder is a tiered variable interest rate account. Start earning 0.995% interest rate from the day the account is opened through the first Evaluation Day (introductory period) and 0.250% thereafter unless certain conditions are met.

You can continue earning up to 1.00% APY through one of the following actions:

Maintaining a balance of $25,000 or more
Making at least one monthly deposit of $100 or more

Tier	Balance Requirement	APY	Interest Rate
Base tier	< $25,000	0.40%	0.250%
Upper tier	< $25,000, but with a monthly deposit of $100 or more	1.00%	0.995%
Upper tier	≥ $25,000	1.00%	0.995%

eChecking

Earn 0.25% APY with a $25,000 minimum balance. For balances under $25k, the APY is 0.10%.

Features Benefits & Rewards

CIT Bank offers several features, benefits, and rewards designed to enhance the banking experience for its customers:

Features:

24/7 Account Access: Manage your accounts anytime and anywhere through the CIT Bank website or mobile app.
Mobile Banking: Use CIT’s mobile app to check balances, transfer funds, pay bills, and deposit checks on the go.
Online Bill Pay: Easily pay bills directly from your CIT account, schedule payments, and track payment history.
Mobile Check Deposit: Deposit checks quickly and securely using your smartphone.
Real-Time Alerts: Set up notifications for account activity, low balances, or deposit confirmations.
Funds Transfers: Easily transfer money between your CIT Bank accounts or to external accounts.
Security Features: Advanced encryption and security protocols to safeguard your information and transactions.

Benefits:

High-Yield Savings: Enjoy competitive interest rates on savings products, helping you grow your money faster.
No Monthly Fees: Many accounts come with no monthly maintenance fees, allowing you to save more.
Convenience: Manage all your banking needs online without the hassle of visiting physical branches.
FDIC Insurance: All CIT Bank accounts are FDIC-insured up to the maximum allowable limits, ensuring the safety of your deposits.

Rewards:

High-Interest Rates: CIT Bank often offers higher-than-average interest rates on savings accounts than traditional banks.
Easy Account Management: CIT Bank provides user-friendly interfaces for seamlessly tracking transactions, earning rewards, and managing your funds.
Referral Bonuses: Occasionally, CIT Bank may offer referral bonuses when you refer new customers.

Overall, CIT Bank’s online banking provides a blend of flexibility, security, and competitive earnings potential, making it an attractive choice for modern banking needs.

Account Types

Platinum Savings

Platinum Savings offers a higher APY for balances of $5,000 or more, rewarding you for maintaining a larger account balance.

Here are some of the account features:

Earn up to 4.85% APY on balances $5,000 and more or 0.25% APY on balances under $5,000.
Interest is compounded daily
No opening or maintenance fees

Savings Connect

Enjoy a competitive rate with a Savings Connect account, along with easy access to your funds. No minimum balance is needed to earn the competitive APY.

Some of the account features include:

4.50% APY (no minimum account balance to earn this APY).
Interest is compounded daily
No opening or maintenance fees

Money Market Account

Enjoy the features of a checking account and a higher APY than a regular savings account.

Here are some of the account features:

1.55% APY
Quick and easy access to funds
No monthly service fees
Use Zelle to send money to and receive money
Deposit and make transfers via the CIT Bank mobile app

Savings Builder

This account encourages better savings habits.

Start with earning 0.995% interest rate from the day you open the account for the duration of the promotional period.
Continue earning up to 1.00% APY by:
- Maintaining a balance of $25,000 or more OR
- Making at least one monthly deposit of $100 or more

Opening an Account With CIT Bank

CIT Bank advertises that accounts can be opened in 3 simple steps:

Provide information: You’ll need to provide your address, phone number, email, and social security number.
Fund account: Saving and checking account products require a $100 minimum deposit. You can transfer funds by electronic transfer, mail-in check, or wire.
Confirmation: Receive confirmation via email and enjoy the CIT online banking benefits.

The first step is to navigate to the CIT Bank website and find the green button in the upper right corner that says “Open Account.” Click that, and you will be taken to a page where you can start a new application as a new customer, start a new one as an existing customer, or resume an incomplete one.

Next, choose the type of account you’d like to open. You can open an account for yourself or a custodial account for a minor. You also choose from the different savings, checking, money market, or CD accounts you’re interested in opening.

After choosing your account type, you’ll be taken to a page asking for personal information, such as your name, date of birth, email address, social security number, and your mother’s maiden name.

Then, they will ask for a phone number and your physical address.

You could save and exit at this point, and you’ll get an email with a link that allows you to come back and finish the process at any time, although it does say that incomplete applications are deleted after 30 days – so don’t delay too long. The next page asks for citizenship and employment information.

After clicking to continue, you’ll be presented with a page that shows all the information you’ve entered thus far. You’ll be asked to review that information and confirm that it is correct. If it is correct, click the “Save and Continue” button. If changes need to be made, there are Edit links you can click to modify any of the previously entered information.

Next, you’ll be asked if you want to add a joint user to your account. Then, you’ll be taken to the application’s account set-up section.

The following page is where you agree to the bank’s terms and conditions, privacy policy, and schedule of fees. Two tick boxes, and you continue to the IRS withholding screen, where the bank asks if you are subject to backup withholding by the IRS. After moving on from that page, you are asked to confirm your taxpayer identification number (TIN), which will be a social security number for most. You will then be directed to a page where you can create your online login credentials.

State Availability

- Available in all states

CIT Bank Certificate of Deposit Review

CIT Bank offers various Certificate of Deposit (CD) accounts designed to meet the savings goals of a wide range of customers. CIT Bank provides several options from short-term to long-term investments with competitive Annual Percentage Yields (APYs) to help maximize savings potential. Their CD products include:

Term CDs: 6 month to 5 year terms with a minimum deposit of $1,000.
No Penalty CD: An 11-month no-penalty CD with a minimum deposit of $1,000.
Jumbo CDs: 2-5 year terms with a $100,000 minimum opening deposit.

CIT Bank no longer offers RampUp CDs for new accounts.

CIT Bank Certificate of Deposit Highlight

$1K

Minimum Deposit

$1K

Minimum Balance

None

Monthly fee

Yes

Daily Compounded Interest

Yes

Early withdrawal penalty

Pros & Cons

Variety of CD terms
High APY on no-penalty CD
Fixed interest rate accounts

$1,000 minimum deposit
Low APY for 1-year CDs

Account types

6-Month APY 3.00%
12-Month APY 0.30%
13-Month APY 3.50%
18-Month APY 3.00%
2-Year APY 0.40%
3-Year APY 0.40%
4-Year APY 0.50%
5-Year APY 0.50%
No-Penalty CD 3.50%
Jumbo CD 0.40%

Visit site

CIT Bank Certificate of Deposit Terms & Requirements

To open a Certificate of Deposit (CD) account with CIT Bank, the key terms and requirements are:

Minimum Deposit: A minimum deposit of $1,000 is required to open a standard or no-penalty CD account, and $100,000 for Jumbo CDs.
Account Agreement: All customers must agree to the terms outlined in CIT Bank’s “Agreement for Personal Accounts,” which governs the legal obligations between the customer and the bank.
Fees: CIT Bank does not charge monthly service fees for its CD accounts, but early withdrawals are subject to penalties, which vary based on the CD’s term length.
FDIC-Insured: Like all CIT Bank accounts, CDs are FDIC-insured up to the maximum limits.

How to Apply

Applying for a CIT Bank CD is straightforward and can be completed in three simple steps:

Enter Your Information: You’ll need to provide personal details such as your address, phone, email, and social security number.
Fund Your Account: A minimum of $1,000 is required to open your account. Funds can be transferred via electronic transfer, mailed-in check, or wire.
Confirmation: After completing the application and funding your account, CIT Bank will send a confirmation email.

Qualification Requirements

To open a Certificate of Deposit (CD) with CIT Bank, the general qualification requirements are:

U.S. Residency: You must be a U.S. citizen or a resident alien with a valid Social Security number or Taxpayer Identification Number (TIN).
Age Requirement: You must be 18 years old to open an account.
Minimum Deposit: A minimum deposit of $1,000 is required to open a standard or no-penalty CD account.
Identification and Banking Information: You’ll need valid identification, such as a driver’s license or passport and a bank account, to transfer funds to the CD electronically. Other funding options include a check or wire.
Online Application: The account can be opened online through CIT Bank’s website. You’ll need to provide personal and financial information.

These requirements ensure that eligible customers can securely open a CD account and start earning interest on their savings.

Withdrawal Penalty

An early withdrawal of principal may result in a penalty, and any early withdrawal of principal or interest will decrease your earnings.

The penalty depends on the length of the term of the CD:

CD Term	Penalty
Up to 1 year	3 months’ simple interest on the amount withdrawn
1-3 years	6 months’ simple interest on the amount withdrawn
3 years +	12 months’ simple interest on the amount withdrawn

CIT Bank gives a 10-day grace period after a CD matures, during which you can withdraw funds without a penalty. For No Penalty CDs, you can withdraw all funds, including interest, without a penalty anytime after the seventh day from when the account was funded.

State Availability

- Available in all states

Written by Steven Walters

Steve has been writing in the financial products space for over a decade, with interests ranging from personal loans to investing. He is also deeply into the blockchain space. In his free time, you can find him in the kitchen preparing delicious meals, or outside hiking and biking.

FAQ’s

Does CIT Bank have physical locations?

No, CIT Bank is an online-only bank.

Is CIT Bank FDIC insured?

Yes, CIT Bank is FDIC insured (FDIC# 58978), which protects your money in the event of a bank failure. This protection is up to $250,000 per depositor, for each account ownership category.

What are the fees like at CIT Bank?

There are no account opening or monthly service fees for savings, money market or CD accounts, but there may be fees associated with certain activities.

Customer Support

As with most banks and large companies, the first hurdle you’ll encounter when contacting customer support is the phone menu. Fortunately, the menu for CIT Bank is fairly short and clear. After choosing an option and being placed in the queue, the wait time to speak to a representative was about 20 minutes. There was no option for a callback. Once connected, the representative was friendly and knowledgeable enough to answer any questions. Aside from the wait time, it was a positive experience.

Privacy & Security

CIT Bank, a division of First-Citizens Bank, is committed to protecting your personal information through robust security measures that comply with federal regulations. They use computer safeguards and secure facilities to prevent unauthorized access, and only employees with legitimate business needs are allowed to access customer data. In addition, CIT Bank collects personal information responsibly, only sharing it with affiliates or third parties when legally required or with customer consent. All personal information is retained only as long as necessary, ensuring security and confidentiality throughout your relationship with CIT.

In Conclusion

If you are most concerned with having a high APY for your savings account, then CIT Bank might be a good fit. Just understand that all of your account functions must be done online or through the bank’s mobile app. There are no physical branches to visit. While the wait to speak with a customer service representative was about 20 minutes, it is possible that wait times could vary. As an online bank, CIT Bank has a good reputation, seems trustworthy, and offers excellent service and rates.

Brand Disclaimer

1
APY — Annual Percentage Yield is accurate as of September 4, 2024. $1,000 minimum deposit is required to open the account. A penalty may be imposed for early withdrawal of principal, and any early withdrawal (principal or interest) will reduce earnings. Upon maturity, the 13-Month CD will be automatically renewed as a 1-Year Term CD at the then-published APY.

2
APY — Annual Percentage Yield is accurate as of September 4, 2024. Interest Rates for the Savings Connect Account are variable and may change at any time without notice. The minimum to open a Savings Connect account is $100. Fees could reduce earnings on the account.

3
APY — Annual Percentage Yield for the 18-Month CD is accurate as of September 4, 2024. $1,000 minimum deposit is required to open the account. A penalty may be imposed for early withdrawal of principal, and any early withdrawal (principal or interest) will reduce earnings. Upon maturity, the 18-Month CD will be automatically renewed as a 2-Year Term CD at the then-published APY.