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% |
CIT Bank Online Banking Review
CIT Bank was formed as an internet-based bank in 2009 and has enjoyed a good reputation since. In fact, the reputation was so good that the bank merged with First Citizen Bank in January 2022, becoming a division of the larger banking parent company.
CIT Bank Online Banking Highlights
DEPOSIT AMOUNT
min $100
BALANCE AMOUNT
$100
APY SAVINGS
0.40% - 3.25%
APY CHECKINGS
0.10% - 0.40%
ATM NETWORK
Zero in-network atms
OTHER FEES
Yes
Pros & Cons
- Competitive APYs
- No monthly fees
- FDIC insured
- No physical locations
- No checks for eChecking accounts
Account Type
- Checking
- Savings
- Certificates of Deposit (CD)
- Money Market Deposit Account (MMDA)
- Business
CIT Bank Checking Highlights
DEPOSIT AMOUNT
min $100
APY
0.10% to 0.40%
MIN BALANCE
$100
CIT Bank Savings Highlights
DEPOSIT AMOUNT
min $100
APY
0.40% to 3.25%
MIN BALANCE
$100
Pros & Cons
- High interest rate
- No minimum balance requirement
- FDIC insured
- 24/7 online access
- Limited brick-and-mortar branches
- Low ATM accessibility
APYs
Features Benefits & Rewards
- No monthly fees
- Interest bearing checking account
- Competitive APYs
- FDIC insured
- 24/7 mobile and online access
Account Types
Savings Builder
Account Type | Key Features | Bonuses (if available) |
Savings Builder | ● No fees
● Up to 1% APY ● Only $100 needed to open an account |
Savings Connect
Account Type | Key Features | Bonuses (if available) |
Savings Connect | ● No fees
● 3.25% APY ● Only $100 needed to open an account |
Money Market
Account Type | Key Features | Bonuses (if available) |
Money Market | ● FDIC insured
● 1.55% APY ● Only $100 needed to open an account |
eChecking
Account Type | Key Features | Bonuses (if available) |
eChecking | ● No fees
● Up to 0.25% APY ● Only $1 needed to open an account |
Term CDs
Account Type | Key Features | Bonuses (if available) |
Term DCs | ● No fees
● Up to 4.25% APY ● Daily compounding interest |
No Penalty CD
Account Type | Key Features | Bonuses (if available) |
No Penalty CD | ● No penalties
● 3.30% APY ● Daily compounding interest |
Jumbo CDs
Account Type | Key Features | Bonuses (if available) |
Jumbo CDs | ● No fees
● Up to 0.5% APY ● Daily compounding interest |
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
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.
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.
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.
FAQ
CIT Bank Disclaimer
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 guarantees 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.
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.