CIT Bank Review 2022

Published January 2022 by Karen Bennett

AT A GLANCE
4.6

Bankrate Score

bank-logo

ATM fee refunds

High APYs

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

  • Savings
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    4.6
  • MMAs
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    4.9
  • Checking
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    4.5
  • CDs
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    4.3
  • MORE HIGH-YIELD OPTIONS
    MORE HIGH-YIELD OPTIONS
    LendingClub

    Member FDIC

    Savings account

    0.60 % APY

    $ 2,500

    Min. balance for APY

    Goldman Sachs Bank USA

    Member FDIC

    Savings account

    0.50 % APY

    $ 0

    Min. balance for APY

    Synchrony Bank

    Member FDIC

    Savings account

    0.50 % APY

    $ 0

    Min. balance for APY

    Overall

    4.6

    Bankrate Score

    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.

    What we like

    • CIT offers competitive yields on its savings and CD accounts.

    • There are no monthly fees for savings accounts.

    • The checking account earns interest.

    What we don't

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

    • The bank doesn’t have physical branch locations.

    Savings accounts

    4.6

    Bankrate Score

    OTHER SAVINGS OFFERS YOU MAY LIKE
    LendingClub

    Member FDIC

    Savings account

    0.60 % APY

    $ 2,500

    Min. balance for APY

    CIT Bank’s Savings Builder account offers a competitive APY. However, there are requirements to earn the yield: The top-tier APY 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.

    What we like

    • The account offers a competitive rate.

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

    • There are no monthly fees.

    What we don't

    • 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.

    Money market accounts

    4.9

    Bankrate Score

    The yield on the bank’s money market account is competitive. The account has no monthly fee and the top APY is earned on any balance. It only requires $100 to open, making it a good option for most savers.

    What we like

    • The APY is competitive.

    • There is no monthly fee.

    • There is only a $100 minimum balance.

    What we don't

    • Money market accounts that earn higher APYs are available.

    Checking accounts

    4.5

    Bankrate Score

    OTHER CHECKING OFFERS YOU MAY LIKE
    LendingClub

    Member FDIC

    Checking account

    0.15 % APY

    $ 100

    To open

    $ 0

    To avoid fees

    CIT Bank offers an interest-bearing checking account. As long as you deposit $100 into the account, you will earn interest. But you need to keep a minimum balance of $25,000 to earn the highest APY.

    There is no fee to use out-of-network ATMs.

    What we like

    • It offers a top APY.

    • There are no monthly fees.

    • There is no fee to use out-of-network ATMs.

    What we don't

    • The minimum deposit to open the account is $100; some online banks are free to open an account.

    CD rates

    4.3

    Bankrate Score

    OTHER CD OFFERS YOU MAY LIKE
    Pentagon Federal Credit Union

    Insured by NCUA

    CD

    1.00 % APY

    15mo

    Term

    $ 1,000

    Min. deposit

    New CIT Bank customers have access to standard CDs, jumbo CDs and a no-penalty CD. Standard CDs require minimum opening deposits of $1,000. The yield is higher than the national average, but higher APYs can be found elsewhere.

    What we like

    • The bank offers a wide variety of terms.

    What we don't

    • Other online banks pay higher yields.

    • CDs with lower minimum balance requirements can be found.

    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.

    While you won’t be able to use a branch, CIT’s customer service hours are decent. You can reach the bank by phone from 9 a.m. until 9 p.m. Eastern time weekdays. Customer service 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 is the internet-based bank that is part of CIT Bank NA, the principal banking subsidiary of CIT Group Inc. — a financial holding company founded in 1908. CIT Bank NA was founded in 2009.

    CIT Bank NA and OneWest Bank, which is a division of CIT Bank NA, are under the same FDIC insurance, meaning deposits at each bank count toward the total amount insured by the federal government.

    CIT Bank is known for offering a top-tier APY on its Savings Builder account.

    Karen Bennett Twitter Created with Sketch. @

    Karen Bennett Twitter Created with Sketch. @

    Karen Bennett is a consumer banking reporter at Bankrate. She uses her finance writing background to help readers learn more about savings and checking accounts, CDs, and other financial matters. Karen brings decades of writing and reporting experience to the table, including the roles of credit cards writer for travel website Million Mile Secrets and money and career writer for The Cheat Sheet. Her work has also appeared in USA Today, Illinois Legal Times, and several Chicago, Milwaukee, and Washington, D.C. newspapers. In addition, she’s worked in the areas of marketing and business development, and she was product manager for a consumer money-saving website. When she’s not writing Bankrate articles, she can often be found cheering her kids on at soccer games, cooking and reading up on saving for retirement and other personal finance topics.