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Home / Banking / Bank Reviews / CIT Bank Review 2023 | High-Yield Savings And Money Market Accounts

CIT Bank Review 2023 | High-Yield Savings And Money Market Accounts

Updated: September 6, 2023 By Robert Farrington

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CIT Bank review 2023

With interest rates still terribly low by historical standards, it seems stocks are the only place to get any type of return. But CIT Bank is offering some of the highest interest rates in this market.

The rates offered by large institutions such as Citibank, Chase, and Wells Fargo are much, much worse (the national average deposit rate is currently 0.06%). Plus, many of these megabanks have fairly high initial deposits and often charge a fee if certain deposits aren’t met.

Then there are what’s called high-yield savings accounts. These types of accounts are very different: much better rates, low deposits, and no fees. They;re often banks you've  probably never heard of and keep most of their activity online (i.e., no branch offices). One such bank is CIT bank, not to be confused with Citibank.

Check out our CIT Bank review and see why it's on our list of high-yield savings accounts and is usually in our top 10 money market account list.


CIT Bank Review

Quick Summary

  • Online bank with some of the best yields available
  • Top-notch savings and money market accounts
  • They offer one of our favorite CD products
OPEN AN ACCOUNT

CIT Bank Details

Product Name

CIT Bank Platinum Savings

Min Deposit

$100

APY

Up to 5.05% APY

Promotions

None

CIT Bank
Who Is CIT Bank?
What Does It Offer?
eChecking
CIT Savings Connect
CIT Savings Builder
Money Market Accounts
CD Products
How Does CIT Bank Compare?
Are There Any Fees?
How Do I Open An Account?
Is My Money Safe?
How Do I Contact CIT Bank?
Is It Worth It?
CIT Bank FAQs
CIT Bank Features

Who Is CIT Bank?

CIT Bank was recently acquired by First Citizens Bank, and currently operates as an independent subsidiary.

CIT Bank has been around for quite a while and provides a wide range of services. From their website:

CIT is a division of First Citizens Bank, the largest family-controlled bank in the United States, continuing a unique legacy of strength, stability and long-term thinking that has spanned generations. Parent company, First Citizens BancShares, Inc. (NASDAQ: FCNCA) is a top 20 U.S. financial institution with more than $100 billion in assets. The company’s commercial banking segment brings a wide array of best-in-class lending, leasing and banking services to middle-market companies and small businesses from coast to coast. First Citizens also operates a nationwide direct bank and a network of more than 600 branches in 22 states, many in high-growth markets.

In other words, they’re not a fly-by-night operation by any means. You can feel confident your money will be safe with them.

What Does It Offer?

Whether you're looking to move all of your accounts over to a new bank or you're just wanting to earn a better yield on your savings, CIT Bank can meet your needs. Here's a closer look at the checking and savings products that it offers.

eChecking

eChecking is an online checking account that also pays interest on the amount in your account.

You can use any ATM with an eChecking debit card without paying any CIT fees and receive up to $30 per month to offset other bank’s ATM charges. CIT eChecking also offers online payments from eChecking with Zelle, Bill Pay, Samsung Pay, and Apple Pay.

CIT Bank Review: echecking features

Right now, CIT eChecking earns the following interest:

  • Balance less than $25,000: 0.10% APY
  • Balance of $25,000 or more: 0.25% APY

This makes the account compelling and puts it on par with our best free checking accounts. There is a $100 minimum to open this account.

A another cool feature with eChecking is Savings Connect which we'll discuss next

CIT Platinum Savings

CIT Platinum Savings is the newest account from CIT Bank - a two-tiered savings account that mimics the Savings Builder, but offers a better rate and has easier requirements to earn.

You can earn 5.05% APY with a $5,000 average daily balance in the account. Otherwise you default into a 0.25% APY.

The account does have a $100 minimum to open. And there are no monthly fees!

Open a CIT Platinum Savings account here >>

CIT Savings Connect

With CIT Savings Connect, you can earn even more interest on your money with this amazing savings account.

Savings Connect is a falt-rate interest account. Right now, you can earn the following: 4.65% APY.

There's a minimum of $100 for the Savings Connect account.

There  are no opening or monthly fees on this product. It also consistently makes our list of the best savings accounts!

Open a CIT Savings Connect Account here >>

CIT Savings Builder

Don't want to switch your checking over to CIT Bank? That's ok, you can still earn a great rate on your savings with the CIT Bank Savings Builder account. Currently, it offers an APY of 1.00%. That's one of the highest interest rates we're seeing right now.

The cool thing with this product is that you can earn that high rate by either depositing $25,000, or by ensuring that you deposit at least $100 per month.

If you can't make that commitment, you still earn a decent rate. However, in this case, you might be better served by one of their other products.

Plus, CIT Bank Savings Builder usually has a great bonus offer.

Check out the CIT Bank Savings Builder here.

Money Market Account (MMA)

CIT Bank also offers one of the most competitive money market accounts (MMAs) out there. They always make our list of the best money market accounts.

Right now, the CIT Bank MMA earns 1.55% APY.

If you can't meet the requirements of the Savings Builder account, their MMA might make the most sense to save your money in. With no commitments required, and rates that are consistently competitive, CIT Bank has a great money market product.

CD Products

Finally, CIT Bank has one of our favorite Certificate of Deposit products available. They offer an 11-month penalty-free CD, which makes our list of the best CD rates available.

This product is awesome because, unlike most CD products that charge a penalty if you withdraw your funds early, this CD product from CIT Bank doesn't charge a penalty after 7 days. Plus, it offers a really competitive interest rate for an 11-month CD.

The current APY on the 11-month penalty free CD is 4.90%. That's awesome. The minimum to open an account is $1,000

They also have a range of other certificate of deposit products that might match your goals. These include Term CDs, Jumbo CDs, and RampUp CDs. 

Open a CIT Bank CD here.

How Does CIT Bank Compare?

We love CIT Bank because they consistently offer some of the best rates on savings products out there. But if you're hoping to earn cash back on your debit card transactions, you'll need to look elsewhere. Here's a quick look at how CIT Bank compares:

Header
CIT Bank Comparison
CIT Bank Comparison: Axos bank
CIT Bank Comparison: Discover Bank

Rating

Top APY

5.05%

0.61%

4.30%

Interest-Earning Checking

Cashback Checking

FDIC Insured

Cell
OPEN ACCOUNT
READ THE REVIEW
READ THE REVIEW

We consistently rate the CIT Platinum Savings as one of the best money market accounts currently available. Check out the CIT Platinum Savings Account here >>

Are There Any Fees?

As mentioned above, there aren’t any monthly fees for maintaining a CIT Bank savings account. There are also no fees for opening an account. The initial deposit for most accounts is only $100; however, it can be higher for some of its CDs. 

CIT Bank doesn't charge domestic ATM fees itself and will reimburse up to $30 of fees that you're charged by ATM providers. That's a good thing too because CIT Bank is one of the few banks today that doesn't have an ATM network. That means you can expect to be charged a third-party fee each time you use an ATM as a CIT Bank customer.

If you use an international ATM, you'll be charged a 1% fee by CIT Bank in addition to whatever fee the ATM provider may charge. Here are a few additional transaction fees that customers may encounter:

  • Debit card replacement: $10 (rush delivery: $45)
  • Returned Deposit: $10
  • Overdraft: $30
  • Outgoing wire transfer: $10 (free for accounts with balances of $25,000 or more)
  • Bill stop payment: $30

The website does not mention anything about fees if the balance drops below $100. But given they prominently print that there are no fees at the top of the savings account page, it’s a good indication that you won’t need to be concerned if the balance falls below $100.

How Do I Open An Account?

To get started with CIT Bank, simply visit their website and click the big green "Open Account" button. The application only takes about 5 minutes to complete and will ask for the following information:

  • Home address
  • Phone number
  • Email address
  • Social Security number

Is My Money Safe?

Security is always a concern with any financial institution, especially one you’ve probably never heard of. Rest assured, CIT Bank is an FDIC member which means its accounts are protected by FDIC insurance up to $250,000 per depositor.

CIT Bank also takes account security very seriously, as it should given all of the federal regulations required of financial intuitions in the U.S. On their security page, they discuss in detail the measures the bank takes to ensure customer data is safe. Some notable features include:

  • Antivirus protection of their computers
  • 128-bit encryption
  • Automatic sign-out

As well, communication with the bank is secure through their message portal. On the same page are links to their policies on privacy and fraud protection.

How Do I Contact CIT Bank?

You can reach CIT Bank by phone at 855-462-2652. Their customer service hours are Monday-Friday, 9:00 AM-9:00 PM (ET) and Saturday from 10:00 AM-6:00 PM (ET). Paper forms can be mailed to:

CIT Bank, N.A.  
P.O. Box 7056
Pasadena, CA 91109-9699

CIT Bank currently has a "Great" rating on Trustpilot with an average customer review score of 3.9/5 from over 280 reviews. The bank also has an A- rating with the Better Business Bureau (BBB) although it is not BBB accredited.

Is It Worth It?

Currently, CIT Bank's interest rates are at or near the top for nearly every product that it offers. If the Fed raises interest rates, you're likely to see savings account rates increase as well (although with some lag). 

But banks offering savings rates in the top tier now should continue their trend up and remain right at the top even after the average rate moves up. For this reason, we anticipate that CIT Bank should continue to be one of the best offerings out there for high-yield savings.

If you’d like to open a CIT Bank high-yield savings account, just click here.

CIT Bank FAQs

Here's some of the most common questions we see about CIT Bank.

Is CIT Bank FDIC Insured?

Yes! CIT Bank is FDIC insured. Their FDIC Certificate is shared with their partner bank OneWest Bank. It's FDIC Certificate #58978.

What products and services does CIT Bank offer?

CIT Bank offers checking, savings, money market, and certificates of deposit. They are most well-known for their savings and money market products.

Does CIT Bank offer loans?

CIT Bank does not offer lending products such as home loans or auto loans.

Does CIT Bank have a network of ATMs?

No, CIT Bank does not have any of their own branded ATMs, and they do not participate in any networks. However, their checking account does reimburse ATM fees up to a certain amount.

CIT Bank Features

Account Types

Checking, Savings, Money Market, CDs

Minimum Deposit

$100

Minimum Balance Requirements

None

APY

Up to 5.05%

Maintenance Fees

CIT Bank does not charge monthly maintenance fees.

Overdraft Fee

$30

Branches

None (online-only bank)

ATM Availability

No fee-free ATM network

Customer Service Number

(855) 462-2652

Customer Service Hours

Phone: M-F 9A-9P ET, Sat 10A-6P ET

Web/Desktop Account Access

Yes

Mobile App Availability

iOS and Android

Bill Pay

Yes

FDIC Certificate

58978

Promotions

None

CIT Bank Review
  • Interest Rates
  • Fees and Charges
  • Customer Service
  • Ease Of Use
  • Tools and Resources
  • Products and Services
Overall
4.3

Summary

CIT Bank is a full-service online bank offering a variety of savings products. They are most known for their high yield savings and money market accounts, which are typically always near the top for paying high interest rates.

Pros

  • Top-yielding savings accounts and MMA
  • Competitive CD rates
  • Interest-earning checking
  • Easy to use online bank

Cons

  • Online banking only, no branches
  • No ATM Network
  • Try CIT Bank
Robert Farrington
Robert Farrington

Robert Farrington is America’s Millennial Money Expert® and America’s Student Loan Debt Expert™, and the founder of The College Investor, a personal finance site dedicated to helping millennials escape student loan debt to start investing and building wealth for the future. You can learn more about him on the About Page or on his personal site RobertFarrington.com.

He regularly writes about investing, student loan debt, and general personal finance topics geared toward anyone wanting to earn more, get out of debt, and start building wealth for the future.

He has been quoted in major publications, including the New York Times, Wall Street Journal, Washington Post, ABC, NBC, Today, and more. He is also a regular contributor to Forbes.

Editor: Clint Proctor Reviewed by: Claire Tak

CIT Bank review
Editorial Disclaimer: Opinions expressed here are author’s alone, not those of any bank, credit card issuer, airlines or hotel chain, or other advertiser and have not been reviewed, approved or otherwise endorsed by any of these entities.
Comment Policy: We invite readers to respond with questions or comments. Comments may be held for moderation and are subject to approval. Comments are solely the opinions of their authors'. The responses in the comments below are not provided or commissioned by any advertiser. Responses have not been reviewed, approved or otherwise endorsed by any company. It is not anyone's responsibility to ensure all posts and/or questions are answered.
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