CIT Bank Review 2025

CIT Bank is an online institution that offers above-average annual percentage yields (APYs) on its savings accounts and money market account. It also offers an interest-earning checking account and a number of certificates of deposit (CDs).

While rates are above average for some of CIT’s CDs, most earn rates below national averages. But customers won’t have to worry often about fees eating into their deposits, since CIT doesn’t charge monthly service fees, overdraft fees or incoming wire transfer fees.

CIT Bank products

CIT Platinum Savings Account

The highest-earning CIT savings account is its Platinum Savings account. There’s a $100 minimum opening deposit, and the top-notch yield only applies to balances of $5,000 or more. Otherwise, you’ll earn a much lower yield. There are no monthly fees for this account or the bank’s other two savings accounts.

CIT Bank’s Savings Connect account has an APY that's nearly as high as the Platinum Savings account, without the hefty minimum balance required to earn the APY. It does still require a $100 minimum opening deposit.

The Savings Builder account has a much lower APY but still yields more than the national average for savings accounts. You’ll need to have at least a $25,000 monthly balance or recurring deposits of $100 or more every month to earn this APY, however.

Rate history for CIT Bank's Savings account

CIT Bank Term CDs

CIT Bank offers standard CDs, jumbo CDs and a no-penalty CD. There are eight standard CD terms available, and each requires minimum opening deposits of $1,000.

As of the time of our review, CD terms of six months, 13 months and 18 months offer solid yields, but higher APYs can be found elsewhere. Other terms have much lower yields that fall below the national average.

The jumbo CD rates are also below the national average. The bank’s 11-month no-penalty CD has a solid rate compared to other no-penalty products and requires $1,000 to open.

Rate history for CIT Bank's CD accounts

CIT Bank Money Market Account

The yield on CIT Bank’s money market account is higher than the national average, yet there are many higher-yielding options available. The bank’s Platinum Savings and Savings Connect accounts earned much higher yields than its money market account during Bankrate’s review.

In addition to having no monthly fee or a high minimum deposit requirement, the account earns the same APY on all balances, unlike some money market accounts with tiered APY structures — so you won’t need to deposit a large amount to earn the highest APY.

Though the account is digital, customers can add funds by mailing in a check, in addition to standard digital payment methods, like electronic transfers. There’s no ATM or debit card available for withdrawals, however, and you can't write checks against the account.

CIT Bank eChecking Account

CIT Bank’s checking account earns some interest, but you’ll need to keep a minimum balance of $25,000 to earn the highest APY. The account is refreshingly free of various fees, with no monthly service fees, unlike some other interest checking accounts that charge these. There are also no fees for out-of-network ATM use — plus some reimbursement of ATM surcharges other banks may hit you with.

No fees are charged for overdrafts or incoming wire transfers, making this account more consumer-friendly than checking accounts offered at many big banks. Outgoing wire transfers are also free for account holders with a minimum balance of $25,000; otherwise, it’s $10 per domestic outgoing transfer. International purchases or international ATM withdrawals are subject to a 1 percent fee.

Compare different account types offered by CIT Bank. Annual percentage yields (APYs) shown were updated between Nov. 27, 2025 and Dec. 3, 2025.

Customer support. CIT has no branches, but customers can reach a customer service representative by phone 9 a.m. to 9 p.m. ET weekdays and Saturday from 10 a.m. to 6 p.m. ET. There’s also an automated telephone service that’s available 24/7. 

Digital experience. CIT Bank’s mobile banking app is highly rated by iOS users but receives slightly lower reviews from Android users. The app takes care of the basics, including transaction history and the ability to transfer funds between your CIT Bank accounts. The app also allows you to make mobile check deposits.

Website is transparent. All of the most important information, such as fees, rates, contact information and answers to frequently asked questions, is easy to find on CIT’s website. It’s easy to open accounts online by clicking on the green “Get started” button offered on each respective product page.

Low satisfaction. Despite a relatively easy-to-use website and an app with high ratings, CIT Bank ranked below average in overall satisfaction among online banks that offer savings accounts, according to JD Power’s 2025 Direct Banking Satisfaction Study. Part of this may be due to the state of its products. 

In reviewing CIT, we find its main downsides to be low CD rates for the majority of its offerings, and high balance requirements for top APYs. What’s more, higher APYs can be found for savings accounts, money market accounts and CDs at other online banks.

For complete list of account details and fees, see our Personal Account disclosures.

Disclosure: To enhance our product reviews, Bankrate employees often open accounts and provide feedback. They may have been compensated for their time and account maintenance, but this does not affect the integrity of their review.