CIT Bank is an online bank that offers some of the highest savings account interest rates.
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.
Promo: Open a CIT Platinum Savings account with promo code CITBoost and you’ll earn 4.10% APY on balances of $5,000 or more for the first six months*. Open an account here >>
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
CIT Bank Details | |
|---|---|
Product Name | CIT Bank Platinum Savings |
Min Deposit | $100 |
APY | Up to 3.75% APY* |
Promotions | None |
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.
eChecking Features. Screenshot by The College Investor
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 3.75% 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!
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: 3.65% 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 days². Plus, it offers a really competitive interest rate for an 11-month CD.
The current APY on the 11-month penalty free CD is 3.90%¹. 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.
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 |  |  |  |
|---|---|---|---|
Rating | |||
Top APY | 3.75% | 0.61% | 4.01% |
Interest-Earning Checking | |||
Cashback Checking | |||
FDIC Insured | |||
Cell |
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:
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.
Contact
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.
Why Should You Trust Us?
The College Investor has been actively tracking the best savings account rates since 2018, with a daily updated list that monitors roughly 50 banks and credit unions that have a history of great rates. But we also are always scouting out other banks that may compete on this list.
That's what led us to CIT Bank years ago, and that's why we've been reviewing and updating them.
Unlike other well-known companies who create "best savings account rate lists", we strive to put out rates in order highest to lowest so that you can know you're actually getting the best rate. And if you don't make the cut, too bad. You can find the full list of our bank review here.
Who Is This For And 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.
Common Questions
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.
Features
Account Types | Checking, Savings, Money Market, CDs |
Minimum Deposit | $100 |
Minimum Balance Requirements | None |
APY | Up to 3.75% |
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 |
For complete list of account details and fees, see our Personal Account disclosures.
Platinum Savings
Platinum Savings is a tiered interest rate account. Interest is paid on the entire account balance based on the interest rate and APY in effect that day for the balance tier associated with the end-ofday account balance. *APYs — Annual Percentage Yields are accurate as of January 9, 2026: 0.25% APY on balances of $0.01 to $4,999.99; 3.75% APY on balances of $5,000.00 or more. InterestRates for the Platinum Savings account are variable and may change at any time without notice.The minimum to open a Platinum Savings account is $100.
* Platinum Savings APY Boost Promotion Terms and Conditions
This is a limited time offer available to New and Existing customers who meet the Platinum Savings APY Boost promotion criteria.
Accounts enrolled in the Platinum Savings Annual Percentage Yield (APY) Boost promotion will receive a 0.35% APY boost on the Platinum Savings current standard APY tiers for 6 months following the opening of a new account or when an existing Platinum Savings account is enrolled in the promotion. The Platinum Savings APY boost will be applied on account balances up to $9,999,999.00. Account balances above $9,999,999.00 will earn the standard APY. If the standard-published APY should change during the promotion period, the APY boost will move with it, offering an account APY above the standard rate.
The Promotion begins on February 13, 2026, and ends August 31, 2026. Customers enrolled in the promotion prior to the end date will receive the APY boost for the 6-month period outlined in the terms and conditions.
The promotion can end at any time without notice.
eChecking
The Annual Percentage Yields (APY) and interest rates are effective as of January 9, 2026. Fees may reduce earnings. Checking APYs and interest rates are variable and may change at any time without prior notice, including after account opening. The minimum opening deposit for eChecking is $100.See Fee Schedule and Agreement for Personal Accounts for details. To obtain the interest rate and APY disclosed, the minimum balance for the applicable balance tier must be maintained.
Must have a bank account in the U.S. to use Zelle.Transactions typically occur in minutes when the recipient’s email address or U.S. mobile number is already enrolled with Zelle.Zelle and the Zelle related marks are wholly owned by Early Warning Services, LLC and are used herein under license.The Apple Pay logo and Apple are registered trademarks of Apple Inc. The Samsung Pay logo and Samsung are registered trademarks of Samsung Electronics Co., Ltd.
Savings Connect
Annual Percentage Yield is accurate as of January 9, 2026. Interest Rates for the SavingsConnect Account are variable and may change at any time without notice. The minimum to open aSavings Connect account is $100. Fees could reduce earnings on the account.
11 Month No-Penalty CD
¹ APY — Annual Percentage Yield is accurate as of July 1, 2026. $1,000 minimum to open the account.
² With a No-Penalty CD, you may withdraw the total balance and interest earned, without penalty, beginning 7 days after funds have been received for your CD. No withdrawals are permitted during the first 6 days following the receipt of funds.
CIT Bank Review
-
Interest Rates
-
Fees and Charges
-
Customer Service
-
Ease Of Use
-
Tools and Resources
-
Products and Services
Overall
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
Editor: Clint Proctor Reviewed by: Ashley Barnett
Robert Farrington is the founder of The College Investor and is widely recognized as one of the nation’s leading voices on student loan debt and saving for college. He holds an MBA from UC San Diego Rady School of Management and has spent over 15 years researching, writing, and advising on student loans, 529 plans, financial aid programs, and saving and investing for young professionals.
Robert has been featured in the The New York Times, The Wall Street Journal, The Washington Post, NBC News, and Forbes, where he has been a regular personal finance contributor for over a decade. His work combines both professional expertise and personal experience – he successfully navigated his own student loan repayment journey and has helped thousands of readers do the same.
He is committed to making the intersection of personal finance and education transparent and accessible. You can learn more about Robert on the About Page or on his personal site RobertFarrington.com.