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CIT Bank Reviews


bestfor-icon Checking Account with No Fees

Written by Steven Walters

About CIT Bank | Read More


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Opening Hours Opening Hours drop-down-btn
Mon - Fri 9:00 AM - 9:00 PM EST
Saturday 9:00 AM - 6:00 PM EST
Sunday Closed
Contact Information Contact Information drop-down-btn
  • (855) 462-2652
  • Headquarters: 11 West 42nd Street, New York, New York, USA
Social Media Social Media drop-down-btn

CIT Bank Online Banking Review

CIT Bank’s online banking offers a secure and intuitive platform for all your banking needs. Easily manage your accounts, view statements, and initiate transfers, all with a few clicks. With added features like banking report generation and secure messaging, CIT Bank ensures a comprehensive and user-friendly digital banking experience.

CIT Bank Online Banking Highlight


Min Balance


Min Deposit

Zero in-network ATMs

ATM Network


Other Fees

Online Banking Savings


Min Deposit


Min Balance


Min APY Savings

Online Banking Checking


Min Deposit


Min Balance


Min APY Checking

Pros & Cons

  • con-icon No monthly fees
  • con-icon Excellent APYsExcellent APYs
  • con-icon Low money-market account min deposit
  • con-icon Offers less ATMs than competitors
  • con-icon CD APYs are fairly low

Account types

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


Account 6-month 13-month 18-month
Savings Builder 0.40%    
Savings Connect 3.25%    
Money Market 1.55%    
eChecking 0.25%    
Term CDs 2.75% 4.15% 4.25%
No Penalty CD (11-month) 3.30%    
Jumbo CDs (2 and 3 year) 0.40%    
Jumbo CDs (4 and 5 year) 0.50%    

Features Benefits & Rewards

  • No monthly fees
  • Interest bearing checking account
  • Competitive APYs
  • FDIC insured
  • 24/7 mobile and online access

Opening an Account With CIT Bank

CIT Bank advertises that accounts can be opened as quickly as 5 minutes, so we set out to see if it was true or not.

Our first step was 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’re on your way to a high-yielding account. It takes you to a page where you can start a new application as a new customer, start a new application as an existing customer, or resume an incomplete application. We clicked “Open Account Now”.

Next you 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 some personal information, such as your name, date of birth, email address, social security number, and your mothers 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. We went ahead to the next page, where it asks for citizenship and employment information.

After clicking to continue here 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 wonder for your account, and after making your choice you’ll be taken to the account set-up section of the application.

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 for most will be their social security number. Another box to tick and you’re taken to a page where you can create your online login credentials.

State Availability

- Available in all states

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.



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 monthly fees for the checking and savings accounts at CIT Bank.

Customer Support

As is the case with most banks and large companies, the first hurdle you’ll encounter when trying to contact customer support is the phone menu. Fortunately the menu for CIT Bank is fairly short and clear. Once I chose an option it placed me in the queue, which was a 20 minute wait to speak to a representative. I was not offered the option for a call back. When I was connected I found the representative to be quite friendly, and knowledgeable enough to answer my simple questions. Overall I would rate it as a positive experience.

Privacy & Security

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.

In Conclusion

If you are most concerned with having a high APY for your savings account, then CIT Bank might be a good fit for you. Just understand that all of your account functions will need to be done either online or through the bank’s mobile app. There are no physical branches to visit. And while my own experience with customer service included a fairly short wait of 20 minutes, it is possible that wait times could be much longer at times. As an online bank CIT Bank has a good reputation, seems trustworthy, and offers excellent service and rates.

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