CIT Bank has made a name for itself by offering some of the highest interest rates available on savings accounts and CDs—all without charging monthly fees.
As an online-only bank, it keeps overhead costs low and passes those savings on to customers. Backed by First Citizens Bank, a well-established institution with more than $218 billion in assets, CIT Bank provides a secure and reliable way to manage money digitally.
With no physical branches, CIT relies on a user-friendly mobile app, live chat, and phone support to handle customer needs. It also offers ATM fee reimbursements to make up for the lack of in-network machines. But does it have enough features to compete with other online banks? Let’s take a closer look at what CIT Bank has to offer.
CIT Bank Pros and Cons
Before you move forward and open an account with CIT Bank, it’s a good idea to consider the benefits and drawbacks.
Pros
- Competitive rates: Since CIT Bank has less overhead costs than brick and mortar financial institutions, its yields on deposit accounts and several CIT Bank CDs are competitive. It can allow you to make the most out of your hard-earned money.
- No fees: Unlike other bank accounts, CIT deposit accounts do not have any monthly maintenance fees, or other common fees. You can use the money you save on fees to meet your financial goals faster.
- ATM fee reimbursement: CIT Bank reimburses you up to $30 per month for out-of-network ATM fees. This means you can withdraw cash from any ATM without worrying about high costs.
- Small minimum deposit requirements: You don’t need a lot of cash to open up CIT Bank accounts. Many of the accounts only require $100 to start.
- 24/7 customer service: CIT’s live chat and automated phone support is available round-the-clock. If you have a question or concern, you’ll be able to receive assistance right away.
Cons
- No physical branch locations: CIT is an online only bank, meaning there are no branches for an in-person banking experience. If you decide to bank with CIT, you should feel comfortable with online banking and mobile banking.
- Limited product selection: Compared to other financial institutions, CIT’s product line is slim as there are no credit cards, car loans, or IRAs. Fortunately, its lineup of checking accounts, savings accounts, custodial accounts, CDs, and mortgages is still impressive.
- Low rates on select CD accounts: Some CDs have lower rates than you may be able to find elsewhere. The good news is you can calculate your returns in advance and won’t have to worry about fluctuations in the market.
- No checkbooks: CIT’s eChecking accounts do not include checkbooks. However, you can use CIT to pay other individuals and businesses electronically via Zelle, Apple Pay, and Samsung Pay.
CIT Bank Products
CIT Bank offers a range of accounts designed for saving, spending, and growing your money. As an online-only bank, it focuses on high-interest savings and CDs rather than a full suite of banking products. Here’s a breakdown of what CIT currently offers.
Checking Accounts
The CIT eChecking account is CIT Bank’s only checking option. You can open it with just $100, and it earns interest—something many checking accounts don’t offer. However, to get the highest rate, you’ll need to maintain a balance of at least $25,000.
This account comes with:
- A debit card – Chip-enabled for secure transactions
- Mobile check deposit – Deposit checks through the CIT Bank mobile app
- 24/7 account access – Manage your money anytime through online banking or the app
- Digital payment options – Compatible with Zelle, Apple Pay, and Samsung Pay
One drawback is that paper checks aren’t available, so you’ll need to rely on digital payments or your debit card.
Savings Accounts
CIT Bank offers several savings account options, each with different features to fit your needs.
- Platinum Savings – Earns 3.85% APY, but you must maintain a $5,000 balance to get the best APY.
- Savings Connect – Offers a competitive rate with no monthly fees and remote check deposit.
- Savings Builder – A two-tiered account that rewards you with a better rate if you deposit at least $100 per month or keep a $25,000 balance.
All CIT Bank savings accounts come with no monthly fees, daily compounding interest, and FDIC insurance up to $250,000 per depositor, providing both growth and security for your money.
Money Market Account
A money market account can be a suitable option if you want easy access to your savings while earning interest. CIT Bank’s money market account requires a $100 minimum deposit and comes with:
- Higher-than-average APY – Earns more than most traditional banks
- No monthly fees – Keep more of your savings
- Mobile check deposit – Deposit checks directly from your phone
- Limited transactions – Federal regulations may limit certain withdrawals to six per month
CDs
If you’re looking for guaranteed returns, CIT Bank offers several types of certificates of deposit (CDs).
- Term CDs – Fixed rates for terms ranging from six months to five years, requiring a $1,000 minimum deposit.
- No-Penalty CDs – Withdraw your money early without a penalty after seven days. Requires a $1,000 minimum deposit.
- Jumbo CDs – Higher rates for deposits of $100,000 or more, with terms between two and five years.
- RampUp CDs – Allows you to increase your rate once during the term if rates go up.
Custodial Accounts
CIT Bank offers custodial accounts under the Uniform Transfers to Minors Act (UTMA). These are designed for parents or guardians who want to save for a child’s future.
- You control the funds – The custodian manages the account until the child reaches adulthood.
- Flexible contributions – No strict limits on deposits.
- Potential tax benefits – A portion of the earnings may be tax-free.
The money can be used for college, a first car, or other major expenses when the child reaches the age you designate.
Home Loans
CIT Bank offers mortgages, but details are limited online. To explore options, you’ll need to submit a form with:
- Home value
- Desired loan amount
- Zip code
- Credit score range
If you already bank with CIT, you may qualify for relationship discounts that lower your mortgage rate:
- 0.10% discount for keeping 10% of your loan balance in a CIT Bank account.
- 0.20% discount for keeping 25% of your loan balance in a CIT Bank savings account.
Since CIT doesn’t provide full mortgage details online, it’s best to contact them directly for more information.
CIT Bank Fees
As mentioned, CIT Bank doesn’t charge any opening fees or monthly maintenance fees. Also, you can open most accounts with only $100. The bank won’t charge any domestic ATM fees and will reimburse you up to $30 per month for any fees you incur for using other ATMs.
If you use an international ATM, however, CIT Bank will charge a monthly fee of 1% plus the fee imposed by the ATM provider. Other fees you should be aware of include:
- Debit card replacement fee: 100
- Overdraft fee: $30
- Returned deposit fee: $10
- Bill stop payment fee: $30
- Outgoing wire transfer fee: $10
CIT Mobile App
With the CIT mobile banking app, you can bank on the go from just about anywhere. The mobile app is versatile, so you can use it to log into our accounts via a password or fingerprint. You can also transfer funds between CIT accounts and an external bank account and take a photo to deposit checks.
Plus, the app allows you to check your balances and transaction history, send and receive money via Zelle, and make secure payments with Samsung Pay and Apple Pay. If you’d like, you can sign up for text banking, which will give you the chance to check your account balances and transactions through text. Many reviewers state that the CIT mobile app is very intuitive, so you shouldn’t have any trouble using it, even if you don’t consider yourself tech-savvy.
CIT Bank Reputation
Before opening an account with CIT Bank, it’s important to consider its reputation. The Better Business Bureau (BBB) assigns CIT Bank an A- rating; however, the bank is not BBB accredited.
Customer feedback varies. Some users appreciate CIT Bank’s competitive interest rates and convenient online banking services. Others have reported challenges, particularly with customer service and the online interface. For instance, some customers have noted difficulties in account management and accessing funds.
Given these mixed reviews, it’s advisable to thoroughly research and perhaps start with a smaller account to assess whether CIT Bank aligns with your banking preferences and needs.
How to Access Your Money
Even though there are no physical branches, CIT Bank makes it easy to fund your account and withdraw money.
Deposits
You can fund your account through these methods.
- Mobile app: With the mobile app, you can deposit checks and make transfers quickly and conveniently.
- ACH transfer: The simplest way to fund your account is to transfer funds electronically from your external bank accounts. Note that it may take up to two business days for the money to show up.
- Check: You can mail a physical check to CIT Bank.
- Wire transfer: CIT Bank accepts funds via wire transfer.
Withdrawals
Here’s how you can make withdrawals:
- CIT Savings Connect: The CIT Savings Connect allows you to make up to six withdrawals or transfers per statement cycle. Keep in mind that any withdrawal and transfer requests you submit via mail don’t count toward this limit. The same goes for telephone requested withdrawals and transfers.
- ACH transfer: Free ACH transfers between your account and an external bank account are available.
- Check: You can call CIT and ask them to mail you a check without paying a fee.
How to Get Started
To open an account with CIT Bank, visit their website and click the green “Open Account” button on the home page. You can complete the application in 5 minutes or less. Be prepared to provide the following information:
- Your home address
- Your phone number
- Your email address
- Your Social Security number
You’ll also need to fund your new account. You can transfer funds from an external checking or savings account, wire funds to your new account, or mail a check to the following address: CIT Bank, N.A. ATTN: Deposit Services, P.O. Box 7056, Pasadena, CA 91109.
Lastly, CIT will make two test micro-deposits to your account. You’ll receive an email within three business days that asks you to verify them. The bank will process your transaction as soon as you do.
CIT Bank Alternatives
While CIT Bank offers numerous benefits, it’s not right for everyone. If you decide CIT isn’t the best choice for your unique needs and preferences, consider these alternative options. Some are online banks, while others are traditional financial institutions with brick and mortar locations.
SoFi
SoFi combines checking and savings into one high-yield account with no monthly fees and early direct deposit. Customers earn 0.50% APY on checking and up to 3.80% APY on savings with qualifying deposits. Perks include overdraft protection up to $50, 55,000+ fee-free ATMs, and a $300 sign-up bonus for new members.
Chime
Chime isn’t a traditional bank or online bank like CIT. It’s a mobile banking app that provides banking services through Bancorp Bank, N.A. and Stride Bank. The Chime checking account comes with exciting perks like automated savings tools, early direct deposits and free access to over 47,000 fee free ATMs across the country.
The Chime high yield savings account is also a solid choice thanks to its competitive interest rate and lack of monthly fees as well as minimum balance requirements.
Ally Bank
Like CIT Bank, Ally Bank is an online only bank that offers low fees and high rates. Its product lineup includes checking accounts, savings accounts, CDs, credit cards, mortgages, car loans, personal loans, and retirement accounts. Perhaps the greatest benefit of Ally Bank is that it doesn’t charge any fees.
Capital One
Capital One has approximately 300 branches in select states and more than 50 Capital One Cafes that allow customers to open accounts, deposit cash and checks, and hang out. It also offers no-fee access to more than 70,000 ATMs and attractive rates on savings accounts and CDs.
This bank might make sense if you want competitive rates but prefer the option of an in-person banking experience that is not available with CIT.
Discover Bank
When most people think of Discover, credit cards come to mind first. But Discover is actually an online bank that’s similar to CIT Bank. Its plethora of products include checking and savings accounts, personal loans, student loans, home equity loans, and mortgage refinancing. Discover also offers cash back on debit card purchases and, of course, credit cards with various rewards.
PNC Bank
PNC Bank is a traditional bank with brick and mortar locations. Some of its most popular products are the PNC Standard Savings account and Virtual Wallet, which combines a traditional checking and savings account. PNC also offers numerous CDs and free budgeting tools. It offers online banking, like CIT Bank, plus a robust mobile app.
Huntington Bank
Huntington Bank is a leading bank in the Midwest with branches in states like Ohio, Michigan, and Indiana. It provides checking and savings accounts, personal loans, auto loans, mortgages, credit cards, insurance, and investment options. Other perks include a 24-hour grace period, all day deposits, and online bill pay. You can download the Huntington app and bank on the go, like you’d be able to with CIT.
Bank of America
Known as one of the largest banks in the country, Bank of America has more than 6,000 locations throughout the U.S. Just like CIT Bank, it has a highly rated mobile banking app. In addition to checking and savings accounts, it has a Preferred Rewards program, which comes with perks like higher interest rates, waived fees, and cash back for certain transactions.
Bottom Line
CIT Bank stands out for its high-yield savings accounts and CDs with no monthly fees, making it a strong option for savers who don’t mind banking entirely online. Its simple account setup, low opening deposits, and ATM fee reimbursements add to its appeal.
That said, if you want a broader set of features—such as credit cards, loans, or integrated investing—you may find more value with alternatives like SoFi or Ally. For customers focused purely on maximizing savings rates with minimal costs, CIT Bank remains a competitive choice.
Frequently Asked Questions
Does CIT Bank have physical branches?
CIT Bank is fully digital and does not operate physical branches. All banking is handled online or through the mobile app, which offers tools like mobile check deposit, bill pay, and account transfers.
Is CIT Bank compatible with Zelle?
Yes. CIT Bank works with Zelle, allowing you to send and receive money instantly through the mobile app. There are no additional fees for using Zelle.
What is the minimum deposit to open an account?
Most CIT Bank accounts can be opened with as little as $100. CDs require a $1,000 deposit, while jumbo CDs need at least $100,000.
Does CIT Bank reimburse ATM fees?
Yes. Since there are no in-network ATMs, CIT Bank reimburses up to $30 per month in out-of-network ATM fees, making it easier to access cash anywhere.
How does CIT Bank compare to traditional banks?
CIT Bank typically offers higher interest rates and lower fees than traditional banks, but it doesn’t have in-person service. If you’re comfortable with online-only banking, it can be a better value.
