CIT Bank is a good option for people looking for a high-yield savings account. Its Platinum Account pays a great rate on balances over $5,000, and its Savings Connect Account is a strong choice for people who plan to keep lower balances. But it won't be a good fit if you're uncomfortable with digital banking.
Overview of CIT Bank
CIT Bank is a division of First Citizens Bank. In January 2022, First Citizens Bank announced that is completed its merger with CIT Bank. CIT Bank has continued to offer distinct bank account options from First Citizens Bank, and existing customers continued to have the same products and services.
CIT Bank has several high-yield savings accounts, a checking account, a money market account, and a variety of CDs. The online bank also has home loans and mortgage refinancing.
Your deposits are insured by the FDIC for up to $250,000, or $500,000 for joint accounts.
CIT Bank Savings Accounts
CIT Bank Platinum Savings
CIT Bank Platinum Savings pays 4.10% APY on balances of $5,000 or more and 0.25% on balances under $5,000. So if you plan to keep significantly more than $5,000 in savings, it's a great high-yield account.
You can also get a cash bonus up to $300 if you meet certain requirements.
$0 monthly service fees
4.10% (with $5,000 minimum balance)
$100
up to $300
- Competitive APY
- No monthly service fees
- $100 minimum opening deposit
The CIT Bank Platinum Savings and CIT Bank Savings Connect Account pay great interest rates that are on par with what best high-yield savings accounts offer right now. The CIT Bank Savings Builder Account and CIT Bank Money Market Account pay above-average rates, but they aren't nearly as competitive.
CIT Bank Platinum Savings- No monthly fees
- $100 to open an account, however must maintain $5,000 daily balance to receive top tier
- Member FDIC
CIT Bank Savings Connect Account
CIT Bank Savings Connect is a solid savings account. It offers a competitive interest rate and doesn't charge monthly bank maintenance fees. Its rate is a little lower than what you can earn with Platinum Savings, but if you plan to keep a lower balance, you'll ultimately earn more in interest.
CIT also has a CIT Bank Savings Builder Account, but it only pays 0.40% to 1.00% APY.
no monthly service fee
4.00%
$100
- Competitive APY
- No monthly service fees
- No minimum monthly balance requirement
- $100 minimum opening deposit
The CIT Bank Platinum Savings and CIT Bank Savings Connect Account pay great interest rates that are on par with what best high-yield savings accounts offer right now. The CIT Bank Savings Builder Account and CIT Bank Money Market Account pay above-average rates, but they aren't nearly as competitive.
CIT Bank Savings Connect- Interest compounded daily, paid monthly
- FDIC insured
CIT Bank Checking Account
The CIT Bank eChecking Account pays 0.10% to 0.25% APY. Unlike many banks, CIT Bank doesn't have an ATM network. However, it doesn't charge you to use ATMs, and it reimburses up to $30 per month for fees charged by ATM providers.
no monthly service fee
0.10% to 0.25%
$100
- Reimburses up to $30 in out-of-network ATM fees per month
- No monthly service fees
- Overdraft protection
- Competitive APY
- $100 opening deposit
- No ATM network
- No physical branch locations
- Interest compounded daily, paid monthly
- No ATM network, but CIT Bank reimburses up to $30/month for ATM fees
- FDIC insured
CIT Bank CDs
**RampUp™ CDs are not available for new accounts.
CIT Bank CD rates are higher than the average CD rate but not as competitive as the best CDs.
CIT Bank offers a wide range of CD options. Along with its regular term CDs, it has jumbo CDs and a no-penalty CD. The CIT Bank No Penalty 11-Month CD pays 3.50% APY.
0.30% to 3.50%
$1,000
- Standard early withdrawal penalties
- Competitive rates for some terms
- $1,000 minimum deposit
- Non-competitive rates for some terms
- Terms ranging from 6 months to 5 years
- Early withdrawal penalties: 3 months simple interest for terms under 1 year, 6 months simple interest for terms of 1 to 3 years, 12 months simple interest for terms over 3 years
- FDIC insured
CIT Bank Money Market Account
The CIT Bank Money Market Account offers a decent rate of 1.55% APY. You'll need $100 to open an account, but many banks require between a few hundred and a few thousand dollars to open a money market account.
no monthly service fee
1.55%
$100
- Competitive APY
- Low opening deposit of $100
- Connect your account to Zelle or PayPal
- No monthly service fee
- No paper checks
- No debit card
- No way to access funds at an ATM
- No physical locations
The CIT Bank Platinum Savings and CIT Bank Savings Connect Account pay great interest rates that are on par with what best high-yield savings accounts offer right now. The CIT Bank Savings Builder Account and CIT Bank Money Market Account pay above-average rates, but they aren't nearly as competitive.
CIT Bank Money Market Account- Connect to Zelle and PayPal
- Interest compounded daily, paid monthly
- FDIC insured
CIT Bank Online Banking Experience
CIT Bank is an online-only bank. You won't be able to visit any branches, and you'll have to be comfortable managing your account primarily through online and mobile banking.
Its website is easy to navigate, and its mobile app has received 4.6 out of 5 stars in the Apple store and 2.9 out of 5 stars in the Google Play store.
Unlike most banks, CIT Bank doesn't have an ATM network. It does reimburse up to $30 of out-of-network ATM fees per month, though. ATM reimbursements will only affect customers with a checking account because CIT Bank doesn't provide a debit card for its money market account.
CIT Bank Customer Service and Support
CIT Bank offers convenient 24/7 live chat on its site and through the app, and automated phone assistance 24/7. You can speak with a live representative if you call Monday through Friday, 9 a.m. to 9 p.m. ET, or Saturday from 10 a.m. to 6 p.m. ET.
Is CIT Bank Trustworthy?
To highlight customer experiences with CIT Bank as well as its trustworthiness, we include Better Business Bureau ratings. BBB scores look at how effectively a company responds to customer complaints, its transparency about company practices, and whether its honest in its advertising.
The Better Business Bureau gives CIT Bank an A- rating because it has failed to respond to 2 customer complaints.CIT Bank does not have any recent public controversies or lawsuits.
Pros and Cons of Banking with CIT Bank
CIT Bank Pros
CIT Bank's strongest bank products are its savings accounts. CIT Bank savings account interest rates are significantly higher than average bank interest rates at traditional brick-and-mortar banks. You'll also have more savings account options than other online banks. CIT Bank has multiple savings accounts and a money market account. You can also open traditional CDs, jumbo CDs, or a no-penalty CD.
CIT Bank is also a good option if you want to avoid common bank fees. Its savings accounts, checking accounts, and money market accounts do not charge monthly service fees, overdraft fees, or incoming wire transfer fees.
CIT Bank Cons
While CIT Bank has numerous positive banking features, it also has some disadvantages. For one, CIT Bank does not have any physical branches or ATM network. If you prefer in-person banking and a robust ATM network, a brick-and-mortar bank may be more suitable.
CIT Bank mobile app functionality may also be another downside. The bank's mobile app has received a lackluster 2.9 out of 5-star rating in the Google Play store. If you're an avid mobile app user with an Android, banks with the best mobile banking apps may be more appealing.
CIT Bank FAQs
Is CIT Bank FDIC insured?
Yes, CIT Bank is an FDIC-insured bank. The FDIC insures up to $250,000 per depositor in CIT Bank accounts.
Does CIT Bank have loans or credit cards?
CIT Bank has home loans and mortgage refinancing. CIT bank doesn't have any credit cards, though.
Can I open a CIT Bank account from anywhere in the U.S.?
Yes, you can open a CIT Bank account online from anywhere in the United States. To open a CIT bank account online, you'll provide basic information to verify your identity and make an opening deposit that meets the minimum requirement.
What are the requirements to open a CIT Bank account?
CIT Bank checking, savings, and money market accounts require at least $100 to open an account. Most CIT Bank CDs have a $1,000 minimum deposit requirement (the only exception is jumbo CDs which require at least $100,000 to open).
How does CIT Bank compare to other online banks?
CIT Bank has more savings accounts and CD variety than other online banks. The bank's savings and CD interest rates are higher than traditional brick-and-mortar banks, it falls in the middle of the pack if you're comparing it to other online banks.
CIT Bank Alternatives
CIT Bank vs. Marcus by Goldman Sachs
The Marcus High Yield Online Savings Account pays 3.75% APY, which is less than what you'll earn with either the Platinum or Savings Connect accounts from CIT Bank. Marcus CD rates range from 3.75% to 4.25% APY, so you could earn more with Marcus, depending on which CD term you choose.
CIT Bank is the better choice if you want to do all of your banking with one company. Marcus doesn't offer a checking account, so you have to transfer money to an external checking account to access it. This can take up to a few business days.
CIT Bank vs. Capital One 360
You might like Capital One if you don't have much money to open accounts. CIT Bank requires $100 to open most accounts and $1,000 to open CDs, but Capital One doesn't have any minimum opening deposits.
CIT Bank pays better savings rates than Capital One 360, which pays 3.60% (rate as of 04/08/25) APY. Capital One CD rates are 3.50% to 4.00% APY, so you could earn more with Capital One depending on the term.
Why You Should Trust Us: How We Reviewed CIT Bank
To review CIT Bank's savings, checking, CDs, and money market accounts, we used Personal Finance Insider's bank account methodology.
For every account, we evaluate the bank's ethics, security, mobile app, miscellaneous features, and customer service. The other factors we consider depend on the type of account we're rating — for example, we factor in overdraft fees for checking accounts and early withdrawal penalties for CDs.
We give each category a rating between 0 and 5. We use a weighted average to get our star rating, which can be anywhere from one to five stars.
CIT Bank Overall Rating
| Feature | Business Insider's CIT Bank Rating (out of 5) |
| Savings | 4.25 |
| Checking | 4.25 |
| CD | 3.75 |
| Money market account | 4.25 |
| Trustworthiness | 4.75 |
| Total | 4.25 |
Editorial Note: Any opinions, analyses, reviews, or recommendations expressed in this article are the author’s alone, and have not been reviewed, approved, or otherwise endorsed by any card issuer. Read our editorial standards.
Please note: While the offers mentioned above are accurate at the time of publication, they're subject to change at any time and may have changed, or may no longer be available.
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