CIT Bank Review 2023
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At a glance

CDs
Checking
Savings
MMA
About Bankrate Score
Overview
CIT Bank is a great choice for customers looking for savings accounts and CDs that pay above-average yields and for people looking for a checking account at an online bank.
Highlights
- ATM Fee Refunds
- Top Saving Rate

Bankrate Savings rating = 0/5
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.

Bankrate Savings rating = 4.9/5
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.

Bankrate Savings rating = 4.7/5
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
Overall
CIT Bank is an online institution that offers competitive annual percentage yields (APYs) on its Savings Connect savings account. It also offers a checking account, a money market account and CDs.
CIT Bank offers a competitive yield with its Savings Connect account. It also offers an assortment of CDs to choose from. But some of these CDs, such as the one-year term, weren’t paying a competitive yield during Bankrate’s review.
Pros
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CIT offers competitive yields on its savings and some of its CD accounts.
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There are no monthly fees for savings accounts.
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The checking account earns interest.
Cons
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Some of the APYs for CDs fall below the national average for their respective terms.
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The bank doesn’t have physical branch locations.
CIT Bank bank products
CIT Bank savings overview
You only need $100 to open this savings account, and it has no monthly maintenance fee.
CIT Bank also offers its Savings Builder account. This account has a much lower APY but still yields more than the national average for savings accounts. Savings Builder is a little more complex, since you need to have at least a $25,000 monthly balance or recurring deposits of $100 or more every month to earn this APY. The account doesn’t have a monthly service fee.
Pros
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The Savings Connect account offers a top-tier yield.
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The Savings Builder can motivate you to save since you need to deposit $100 each month in order to get the top APY.
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There are no monthly fees for either the Savings Connect or the Savings Builder account.
Cons
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To earn the higher APY on the Savings Builder savings account, you need to either maintain a steep minimum balance or deposit $100 or more each month.
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Compared with other savings accounts at online banks, the Savings Builder doesn’t offer a competitive APY.

Bankrate Savings rating = 4.9/5
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
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.
The bank’s app also allows you to make mobile check deposits.
CIT Bank had earned a 4.6 rating on iOS and a 3.3 rating on Google Play from users as of Bankrate’s review of the bank.
CIT has no branches, but customers can reach a customer service representative by phone 9 a.m. to 9 p.m. Eastern time weekdays and Saturday from 10 a.m. to 6 p.m. Eastern.
About CIT Bank
CIT Bank, an internet-based bank founded in 2009, became a division of First Citizens Bank when the two merged in January 2022. CIT Bank offers a top-tier APY on its Savings Connect account.
Review methodology
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.