CIT Bank Review 2025
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At a glance
Overview
CIT Bank is a great choice for customers looking for savings accounts and certificates of deposit (CDs) that pay above-average yields as well as an interest-bearing checking account at an online bank. But you must be comfortable solely banking online to earn those yields.
Highlights:
ATM Fee Refunds Top Savings RateHighlights:
CDs
Checking
Savings
MMA
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These are sponsored offers rated highly by us for competitive rates, fees, and minimums.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
Bankrate Savings rating = 4.6/5
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
Bankrate Savings rating = 5/5
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
Bankrate Savings rating = 4.4/5
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
Offers featured here have been sponsored which impacts how, where, and in what order the products appear. Not all offers are displayed on this page.
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
Overall
CIT Bank is an online institution that offers competitive annual percentage yields (APYs) on its Savings Connect savings account and some of its certificate of deposit accounts (CDs). It also offers an interest-earning checking account and a money market account.
While interest rates are competitive for some CDs, other CDs and the money market accounts have a less competitive rate. But customers won’t have to worry about high fees eating into their deposits, since the bank waives most fees, including monthly service fees, overdraft fees and incoming wire transfer fees.
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 any accounts.
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The checking account earns interest.
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Customers get up to $30 in ATM surcharges reimbursed per month.
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 products
CIT Platinum Savings Account
Pros
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The Platinum Savings and Savings Connect accounts offer a top-tier yield.
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The Savings Builder can motivate you to save since you need to deposit at least $100 each month in order to get the top APY.
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There are no monthly fees for any of the savings accounts.
Cons
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Compared with other savings accounts at online banks, the Savings Builder doesn’t offer a competitive APY.
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While the minimum opening deposit of $100 for the Savings Connect account is low, some accounts have lower or no minimum requirements.
Rate history for CIT Bank's Savings account
See how rates for this account have changed over time. Interact with the trend lines to view APY by date.
CIT Bank Term CDs
Pros
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The bank offers a wide variety of terms.
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Competitive yields are offered on some of the terms.
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The no-penalty CD offers a solid yield.
Cons
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Other online banks pay higher yields for terms of one year or longer.
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CDs with lower minimum balance requirements can be found.
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CIT Bank’s jumbo CDs have lower yields than some of the regular CDs.
Rate history for CIT Bank's CD accounts
See how rates for this account have changed over time. Select the CD term length from the dropdown and interact with the trend lines to view APY by date.
CIT Bank Money Market Account
Pros
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The APY is competitive, compared with the national average yield.
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There is no monthly maintenance fee.
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You only need $100 to open this account.
Cons
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Money market accounts that earn higher APYs are available.
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The account doesn’t come with an ATM or debit card or check-writing privileges.
CIT Bank eChecking Account
Pros
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It offers a decent APY for a checking account.
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There are no monthly fees, overdraft fees or incoming wire transfer fees.
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CIT Bank reimburses $30 worth of out-of-network ATM fees and doesn’t charge you a fee to use out-of-network ATMs.
Cons
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The minimum deposit to open the account is $100; some online banks have no minimum deposit requirement to open an account.
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You need at least $25,000 to earn the highest APY.
How CIT Bank compares to other banks
Compare different account types offered by CIT Bank. Annual percentage yields (APYs) shown were updated between June 11, 2025 and June 17, 2025.
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Selected bank
CIT Bank savings account
Bankrate score
4.6
Bankrate Savings rating = 4.6/5 Bankrate scores are objectively determined by our editorial team. Annual percentage yields (APYs), minimum opening deposit requirements and minimum balances to avoid monthly service fees are some of the things that make up Bankrate’s score. |
Most comparable
Popular Direct savings account
Bankrate score
N/A
Bankrate Savings rating = 0.0/5 Bankrate scores are objectively determined by our editorial team. Annual percentage yields (APYs), minimum opening deposit requirements and minimum balances to avoid monthly service fees are some of the things that make up Bankrate’s score. |
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Bankrate score
Bankrate Savings rating Bankrate scores are objectively determined by our editorial team. Annual percentage yields (APYs), minimum opening deposit requirements and minimum balances to avoid monthly service fees are some of the things that make up Bankrate’s score. |
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APY
APY, or annual percentage yield, is the yearly return on a bank or investment account. APY includes the effects of compounding interest. APYs last updated between June 11, 2025 and June 17, 2025.
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| 4.00% | N/A | |
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Minimum balance for APY
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| $5,000.00 | N/A | |
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Estimated earnings
Interest earned calculation based on a $50,000 deposit amount for a period of 1 year and is rounded to the nearest dollar. Exact earnings are dependent on calendar year, balance, and compounding frequency. Minimum deposit rules may apply.
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| $2,000 | N/A | |
| CIT Bank’s Platinum Savings account earns a competitive yield on balances of $5,000 or more. Lower balances earn an APY that’s below the national average. The account requires a low minimum opening deposit, and it doesn’t charge monthly maintenance fees. | Popular Direct’s high-yield savings account earns a rate that’s tough to beat, and the $100 minimum required opening deposit is manageable. The account allows for mobile check deposit, although an ATM card is not included. | |
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Bankrate does not currently track additional product details for this bank.
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Bankrate does not currently track additional product details for this bank.
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APY, or annual percentage yield, is the yearly return on a bank or investment account. APY includes the effects of compounding interest.
The lowest deposit amount an account must have before it can earn interest.
A monthly charge a financial institution deducts from an account if certain requirements are not met.
The lowest balance an account must maintain in order to avoid a fee.
A procedure that allows an individual or organization to access and manage the funds of another account holder.
Bankrate does not currently track additional product details for this bank.
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Bank fees
| Fee | Charged? |
|---|---|
| Overdraft fee | None |
| Non-sufficient funds fee | None |
| Monthly maintenance fee | None |
| Out-of-network ATM fee | None |
| Excessive transaction fee | None |
Customer experience
Customer support. 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. 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, such as letting you check your transaction history and transfer funds between your CIT Bank accounts. The app also allows you to make mobile check deposits.
Low satisfaction. CIT Bank ranked below average in overall satisfaction among online banks that offer savings accounts, according to J.D. Power’s 2024 Direct Banking Satisfaction Study.
Bankrate staff insights
“I love the high yield CIT Bank offers,” said a Bankrate staff member with a CIT account. Transferring from this account to another bank is simple.”
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.
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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.
CIT Bank customer reviews
CIT Bank has 44 reviews
Dive into community reviews below and see what others think about CIT Bank.
In July 2024, Bankrate collaborated with a third-party vendor to survey 1,200 bank account holders nationwide. Bankrate and our vendor collected and summarized account holder responses to five rating questions on a 5-point scale as well as open-ended reviews of the banking experience. Responses are based on individual account holder product details, and therefore cannot be verified for accuracy. Reviewers received an incentive for their feedback. Their ratings are unedited and have not been reviewed or approved by the associated bank or credit union, nor do these responses reflect Bankrate's own expert review of these banking products.
