CIT Bank is the online division of First Citizens Bank & Trust Company. It’s a fully online bank, so you should be comfortable with an entirely digital banking experience. The bank’s lack of branches allows it to pay competitive interest rates on select CDs and savings accounts.
However, not all CIT Bank products are created equal. In some cases, you’ll need a higher minimum balance to qualify for the best rates, and some of its longer-term CDs aren’t worth the commitment.
What we like
- Wide range of banking products, some of which pay competitive rates
- No monthly account or overdraft fees
- Low minimum deposit requirements
What we don’t like
- Top savings rate applies only to balances of $5,000 and above
- Maze of different account products and tiers can be confusing
- Poor customer reviews on the bank’s Android app (although Apple Store reviews are much better)
CIT Bank products
CIT’s eChecking account pays interest, which isn’t common in today’s checking landscape. It’s not an incredible amount -- 0.10% if your balance is less than $25,000 and 0.25% if it’s at least $25,000 each day -- but every penny adds up. Plus, you won’t have to pay monthly service or overdraft fees.
And while CIT Bank doesn’t have its own ATM locations, it doesn’t charge out-of-network ATM fees. It also reimburses you for up to $30 per month for other banks’ ATM fees.
Checking account features
| APY | 0.10% for balances less than $25,000; 0.25% for balances $25,000 and above |
| Minimum balance | $100 to open; no requirement after that |
| Monthly fee | None |
| Overdraft fee | None |
| Foreign transaction fee | 1% of the transaction amount |
*Rates as of October 18, 2023.
Pros
Pays interest: Not many checking accounts offer interest, so it’s a difference-maker for CIT Bank.
No fees: You won’t pay any service or overdraft fees here.
ATM reimbursements: CIT reimburses up to $30 of other banks’ ATM fees per month.
Cons
Low Zelle limits: You’re capped at $300 per transaction and $600 per day.
High balance requirement for best APY: You must maintain a balance of at least $25,000 to earn 0.25%; otherwise, your rate drops to 0.10%.
No checks: The “e” stands for electronic, so you won’t be able to write any physical checks from the account.
CIT Bank has three savings accounts: Platinum Savings, Savings Connect and Savings Builder.
CIT savings account features
| Account | APY | Minimum balance | Monthly fee |
| CIT Platinum Savings | 5.05% on balances $5,000 and more; 0.25% on balances under $5,000 | $100 to open; no requirement after that | None |
| CIT Savings Connect | 4.65% | $100 to open; no requirement after that | None |
| CIT Savings Builder | 1.00% | $100 to open
Must maintain $25,000 balance or make at least one monthly deposit of $100 or more |
None |
*Rates as of October 18, 2023.
If you’re confident you’ll always have at least $5,000 in your account, Platinum Savings is the best bet due to its 5.05% APY. However, if your balance dips below that threshold, you’ll only earn 0.25% APY.
The Savings Connect account may be a better bet because you’ll earn a 4.65% APY, regardless of your balance. The Savings Builder, which only pays a maximum of 1.00% APY, isn’t worth a look.
Pros
High rates for select savings accounts: There is potential to earn up to 5.05% APY.
No fees: You won’t need to worry about any monthly service charges or overdraft fees on any of CIT’s savings accounts.
Low minimum deposit: You can open an account with just $100.
Cons
Minimum requirement for maximum yield: You’ll need $5,000 to earn the top APY on the Platinum Savings. If your balance is lower, your APY drops dramatically to 0.25%.
Not all savings accounts have high rates: The Savings Builder account will only earn up to 1.00% APY if you meet the rate requirements.
While CIT Bank’s savings account tiers may be hard to follow, its money market account is easy -- all you need is a $100 deposit to earn 1.55% APY on your money. However, while that APY is much higher than the national average, it’s well below the best money market account rates available.
The other big downside is the lack of a debit card or checkbook -- a key feature most other MMA accounts offer. You can use online transfers, Zelle, Bill Pay, PayPal and wire transfers to make payments, but that’s not nearly as flexible as other money market accounts.
Money market account features
| APY | 1.55% |
| Minimum balance | $100 to open; no ongoing balance requirement |
| Monthly fee | None |
| Overdraft fee | None |
| Foreign transaction fee | N/A (there is no debit card with this product, so no ability to spend outside the U.S.) |
Rates as of October 18, 2023.
Pros
No monthly fee: You don’t need to worry about maintaining a certain balance to avoid charges.
Low deposit requirement: You need only $100 to open this account.
Decent earning potential: CIT Bank’s rates are well above the national average.
Cons
No debit card: While most money market accounts are designed to be a hybrid between a checking and a savings account, you won’t receive a debit card for any spending with CIT’s.
Better rates elsewhere: You can find money market accounts that pay higher APYs.
Some of CIT Bank’s short-term CDs pay competitive rates. However, longer terms -- anything two years and above -- carry significantly lower earning potential. You’ll also need a $1,000 minimum deposit to get started. And for traditional CDs, CIT Bank’s early withdrawal penalty structure can be fairly steep:
- Terms less than one year: three months of interest on the amount withdrawn
- Terms of one to three years: six months of interest on the amount withdrawn
- Terms longer than three years: 12 months of interest on the amount withdrawn
If you’re worried about needing your funds before the CD matures, CIT Bank’s 11-month no-penalty CD is a good pick. However, the bank’s other specialty CDs won’t make sense for most people. Rates on jumbo CDs -- which require a $100,000 minimum deposit -- are meager, and RampUp CDs aren’t available to new customers.
CD account features
| CD account features | APY |
| 6-month | 5.00% |
| 1-year | 0.30% |
| 13-month | 4.65% |
| 18-month | 4.60% |
| 2-year | 0.40% |
| 3-year | 0.40% |
| 4-year | 0.50% |
| 5-year | 0.50% |
Specialty CDs
| CD account features | APY |
| 11-month no-penalty CD | 4.90% |
| Jumbo CD | 0.40% – 0.50% |
| RampUp CD (currently only available to existing customers) | 0.25% |
*Rates as of October 18, 2023.
Pros
Select competitive rates: Some of the bank’s short-term CDs pay high APYs.
Strong no-penalty offering: The 11-month no-penalty CD pays a 4.90% APY.
Low minimum deposit requirement: You only need $1,000 to open a CD here.
Cons
Low long-term rates: Once you reach the two-year mark, you’re better off looking at other CD options.
Laughably low jumbo rates: Locking up $100,000 for 0.50% doesn’t make much sense.
Not all offerings available for new customers: If you don’t already have an account with CIT Bank, you won’t be able to consider its RampUp CD.
Who is CIT Bank suited for?
CIT Bank is worth a look if you want to avoid fees, earn a competitive rate on your savings or checking accounts, and feel comfortable with an all-online experience. The bank’s CDs can be a good fit too, but only if you’re looking for a short-term place to park your cash. If you’re building a ladder with longer-term CDs -- any account two years or longer -- CIT Bank doesn’t offer a competitive return.
Banking experience
Customer reviews of CIT Bank are on the low side -- one star out of five on ConsumerAffairs and 2.2 stars out of five on Trustpilot. The main complaints are that transfers can take several days to clear and customer service wait times can be long. In addition, the bank’s Android app can be buggy, which can be especially frustrating when your banking experience is entirely digital.
Overdraft fees
CIT Bank doesn’t charge overdraft fees.
Customer service
You can contact CIT Bank customer service 24/7 by sending a secure message through your online or mobile banking platform. If you want to talk to a customer service representative, you can call 855-462-2652 during the following hours for assistance:
Monday – Friday: 9 a.m. – 9 p.m. ET
Saturday: 10 a.m. – 6 p.m. ET
Sunday: Closed