CIT Bank Review 2022
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At a glance
CDs
Checking
Savings
MMA
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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
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
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CIT offers competitive yields on its savings and 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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The APYs for CDs are not the best available nationally.
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The bank doesn’t have physical branch locations.
CIT Bank bank products
CIT Bank savings overview
There are no monthly fees.
Pros
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The account offers a competitive rate.
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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.
Cons
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To earn the higher APY, either a steep minimum balance is required or you must deposit $100 or more each month.
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Higher yields can be found at other banks.
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
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.
