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CIT Bank Review 2022

Updated December 2, 2022
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At a glance

4.6
Rating: 4.6 stars out of 5
Bankrate Score
Caret Down

CDs

Rating: 4.3 stars out of 5

Checking

Rating: 4.5 stars out of 5

Savings

Rating: 4.6 stars out of 5

MMA

Rating: 4.9 stars out of 5

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Overview

CIT Bank is a great choice for customers who are looking for savings accounts and CDs that pay above average yields.

Highlights

  • ATM Fee Refunds
  • High APY
Compare offers
Bank logo
Member FDIC
Savings Account
3.60
%
APY
Rating: 4.6 stars out of 5
$0
Min. balance for APY
View offer Arrow Right
Bank logo
Member FDIC
Savings Account
3.85
%
APY
Rating: 4.6 stars out of 5
$0
Min. balance for APY
View offer Arrow Right
Bank logo
Member FDIC
Savings Account
3.60
%
APY
Rating: 4.6 stars out of 5
$0
Min. balance for APY
View offer Arrow Right

Overall

CIT Bank is an online institution that offers competitive annual percentage yields (APYs) on its savings accounts. It also offers a checking account and a money market account.

Pros

  • Checkmark

    CIT offers competitive yields on its savings and CD accounts.

  • Checkmark

    There are no monthly fees for savings accounts.

  • Checkmark

    The checking account earns interest.

Cons

  • The APYs for CDs are not the best available nationally.

  • The bank doesn’t have physical branch locations.

CIT Bank bank products

4.6
Rating: 4.6 stars out of 5
Bankrate Score

CIT Bank savings overview

CIT Bank’s Savings Builder account offers a competitive APY, but the topmost rate requires maintaining a $25,000 monthly balance or an initial $100 deposit and recurring deposit of $100 or more every month.

There are no monthly fees.

Pros

  • Checkmark

    The account offers a competitive rate.

  • Checkmark

    The Savings Builder can motivate you to save since you need to deposit $100 each month in order to get the top APY.

  • Checkmark

    There are no monthly fees.

Cons

  • To earn the higher APY, either a steep minimum balance is required or you must deposit $100 or more each month.

  • Higher yields can be found at other banks.

Current Savings Rate
Bank logo
Member FDIC
Savings Account
3.60
%
APY
Rating: 4.6 stars out of 5
InfoHover for more
$0
Min balance for APY

Bank experience

The mobile banking app takes care of the basics, such as letting you check your transaction history and transfer funds between your CIT Bank accounts.

CIT has no branches, but customers can reach a customer service representative by phone 9 a.m. to 9 p.m. Eastern time weekdays. Representatives are available Saturday but with reduced hours. Accounts can be accessed 24/7 online or by using CIT's automated telephone banking system.

About CIT Bank

CIT Bank, an internet-based bank that was founded in 2009, became a division of First Citizens Bank when the two merged in January 2022. CIT Bank is known for offering a top-tier APY on its Savings Builder account.

Review methodology

With so many financial institutions to choose from, it can be hard to know who to trust. Bankrate’s ever-growing list of bank and credit union reviews is updated regularly. Our editorial team analyzes and reviews each institution across deposit products such as savings accounts, checking accounts, certificates of deposit (CDs) and money market accounts (MMAs). Banks are rated by important factors such as offered interest rates, fees, minimum balance requirements, access to funds and more.

We assign a score to each type of account and its features, weigh them carefully based on importance to account holders and determine an overall score. Read our full review methodology.