CIT Bank Review 2022: CDs, Accounts, and What We Like

Written by Kim PinnelliUpdated: 30th Dec 2021
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Banking online seems so futuristic, yet it’s our reality today. More banks are jumping on the bandwagon, and CIT Bank does it in a big way. With no physical branches to visit, is CIT Bank worth the risk?

Find out in my CIT Bank review below.

CIT Bank Overview

Minimum Deposit:$0
High Yield Savings APY:0.50%
Checking APY:0.10%
CD Term Lengths:6-Months to 5-Year
Products Offered:CDs, Money Market, eChecking, Savings Accounts
Year Founded:2000

What is CIT Bank?

CIT Bank is an online-only bank account. You won’t find physical branches, but you won’t miss them either. CIT Bank offers everything customers need online.

Because they are online-only, they have lower overhead, which means they can offer lower fees and higher interest rates.

What Does CIT Bank Offer?

CIT Bank offers all the typical bank products, including checking, saving, CDs, and money market accounts.

They also offer lending products, including mortgage loans. You apply for and fund the accounts online but have access to thousands of ATMs too.

#1. CIT Bank eChecking Account

  • APY: 0.10% for balances less than $25,000 and 0.25% for balances over $25,000
  • Minimum Deposit: $100
  • Monthly Fee: $0

The eChecking account is a great account for people who don’t keep a large balance. CIT Bank doesn’t charge a monthly service fee, and they’ll reimburse up to $30 in non-network ATM fees per month.

It includes many mobile payments options, and you can make an unlimited number of mobile deposits via the CIT Bank app.

You have 24/7 access to your account via the mobile app, online, or phone.

#2. CIT Savings Connect (High Yield Savings Account)

  • Account Minimum: $100
  • APY: 0.50%

CIT Bank rewards customers who have an eChecking account and Savings Connect account by paying top-tier interest rates.

Like most CIT Bank accounts, there aren’t any service fees. You can boost your interest earnings by linking your checking account AND transferring funds from an external account to your eChecking account.

#3. CIT Savings Builder

  • Minimum Opening Deposit: $100
  • APY: 0.40%

Your savings can’t grow if you don’t regularly contribute, so the Savings Builder account rewards you for contributions. With just $100, you can open the account and earn 0.399% right away.

On your first evaluation day, you can continue to earn 0.40% if you have a balance of $25,000 OR deposit at least $100 a month into your Savings Builder account.

>> More: Best High-Yield Savings Accounts

#3. Money Market Account

  • APY: 0.45%
  • Minimum Deposit: $100

The CIT Money Market Account is a great place to build an emergency fund, save for a home, or any other financial goal while earning 7x the national average interest rate.

There are no monthly service fees, and you can access the funds as needed (up to 6 times a month).

#4. CIT Bank Certificate of Deposits

CIT Bank offers consumer competitive rates and favorable terms. This is a great opportunity if you are interested in building long-term wealth.

CIT Bank CD Rates

6 Months:0.30%
13 Months:0.30%
18 Months:0.30%
2 Years:0.40%
3 Years:0.40%
4 Years:0.50%
5 Years:0.50%

You need $1,000 to open a CIT Bank CD and to keep the account open until maturity, or you’ll pay a penalty fee. There’s no maintenance fee, and interest is compounded daily for the highest returns.

>> More: Explore the Best CD Rates

Additional Financial Products Offered by CIT Bank

  • Mortgages: CIT Bank offers competitive rates on its mortgage products with terms from 10 – 30 years with fixed rates. They also provide interest-only loans if you want lower payments for the start of your loan.

CIT Bank also offers relationship pricing if you have other CIT bank accounts. They’ll pay you $525 cashback into your account with your loan, and if you deposit an amount equal to 10% or 25% of your loan amount, they’ll reduce your rate to 0.10% or 0.20%, respectively.

CIT Bank Review: Fees, Customer Support, & Experience

Banking Experience

CIT Bank makes it easy to open a bank account online and navigate its website. Since you’ll bank online-only, this is an important feature, and they do it well. It’s easy to access your funds at ATMs or through the mobile app and electronic transfers 24/7.

Customer Support

Customer service is available from 9 AM to 9 PM ET Monday – Friday. They don’t have live chat or branches to visit.

Overdraft Fees

CIT Bank charges $30 per overdraft up to 4 per day.

CIT Bank Pros and Cons


  • Pays higher interest rates because of the low overhead
  • No monthly maintenance fees
  • Can conduct all banking transactions online or on the mobile app
  • Refunds ATM fees (up to $30 per month)
  • FDIC-insured


  • No brick and mortar branches
  • No paper checks
  • All transactions take place online
  • Need $100 to open an account

How Does CIT Bank Compare to Other Banks?

#1. CIT Bank vs. Chime Bank

Chime Bank is a financial technology company that offers a credit building credit card, a no-fee checking account, and an interest bearing savings account.

Partnering with The Bankcorp and Stride Bank, members FDIC, Chime is revolutionizing the financial industry one-day at a time.

>> More:Full Chime Bank Review

#2. Axos Bank vs. CIT Bank

Axos Bank offers a rewards checking account, savings accounts, money market accounts, and various loan products. As an online only bank, Axos offers customers low fees, great customer service, and a solid mobile experience.

>> More:Full Axos Bank Review

#3. CIT Bank vs. Chase Bank

Chase Bank offers customers a one-stop shop. Offering investment products, credit cards, checking accounts, and savings account, you can do all of your banking in one spot.

Additionally, Chase Bank has the most physical locations that spread all throughout the United States. However, Chase Bank does have unavoidable and high fees.

>> More:Chase Bank Review


Is CIT Bank Legit?

CIT Bank may seem too good to be true with no monthly fees and high-interest rates, but they’re the real deal. They operate just like any other bank, just without the branches, so everything you do must be online or at the ATM.

Is CIT Bank FDIC Insured?

Yes, CIT Bank is FDIC insured. This means each depositor has $250,000 coverage for an account in each banking category. If CIT Bank closed, you wouldn’t lose your money.

Does CIT Bank Have Local Branches?

No, CIT Bank is strictly an online bank. They don’t have any branches.

How Do I Contact CIT Bank?

You can call CIT Bank at 855-462-2652 9 AM – 9 PM ET Monday – Friday and 10 AM – 6 PM ET Saturday.

Is CIT Bank Trustworthy?

Yes, even though its APYs seem too good to be true, CIT Bank is trustworthy, and you have the FDIC insurance to back you up.

Bottom Line: CIT Bank Review

If you don’t mind banking online, CIT Bank is a great option. You’ll save money on fees and will earn some of the top interest rates available anywhere today.

While you have to give up the convenience of going to a physical branch, you may find you love banking from home 24/7!

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Kim Pinnelli
Kim Pinnelli

Kim Pinnelli is a Senior Writer, Editor, & Product Analyst with a Bachelor’s Degree in Finance from the University of Illinois at Chicago. She has been a professional financial writer for over 15 years, and has appeared in a myriad of industry leading financial media outlets. Leveraging her personal experience, Kim is committed to helping people take charge of their personal finances and make simple financial decisions.