CIT Bank Overview

CIT Bank, member FDIC, is an online bank that offers multiple fee-free savings accounts with rates up to 4.85% Annual Percentage Yield (APY). All CIT Bank savings accounts compound interest daily, increasing the amount you earn.

You can also deposit checks straight to your CIT Bank savings account and transfer money easily. It only takes a few minutes to open a new account, and the minimum deposit for all savings accounts is only $100.

Pros and Cons

CIT Bank at a Glance

Suitable For?

CIT Bank is ideal for a wide variety of individual savers who want above-average interest rates and fee-free accounts. CIT Bank’s top rate, 4.85% APY, is 11x the national average savings account rate.

CIT Bank is especially suitable for individuals who are starting with small balances. You only need $100 to open any of the bank’s savings accounts. You can earn the top 4.85% APY rate by maintaining a minimum $5,000 balance or earn 4.65% APY with no minimum balance. There are also no account fees to eat into your savings.

Importantly, CIT Bank has no physical branches. It will appeal most to savers who feel comfortable opening an account online and using online and mobile banking tools to manage their savings. Support is available by phone and email if you need it.

The bank offers an online checking account and certificates of deposit (CDs), making it suitable as an all-in-one platform for managing your money. You can track all of your accounts through a single online dashboard or using the CIT Bank mobile app.

CIT Bank does not have business savings accounts, so it’s unsuitable for businesses. Savings accounts for individuals are available in all 50 states.

Features/Highlights

Advantages Over Traditional Banks

CIT Bank offers high-interest savings accounts with rates up to 4.85% APY if you maintain a $5,000 minimum balance. You can also earn 4.65% APY with no minimum balance requirement. It only takes $100 to open an account and there are no account or maintenance fees. Plus, you can open a new account with CIT Bank online in minutes.

Cutting-Edge Banking Services

CIT Bank’s online dashboard lets you view your account balances and make fee-free bank transfers. The Money Market account also supports Apple Pay, Samsung Pay, and Zelle. So you can instantly make purchases or send and receive from family and friends.

Traditional Banking Services

In addition to savings accounts, CIT Bank offers an online checking account, CDs, and home loans. Checking accounts are free and only require a $100 minimum deposit. You can earn 0.25% APY on balances over $25,000 or 0.10% APY on balances below $25,000. CDs require a minimum $1,000 deposit to open and offer rates up to 3.50% APY.

The bank doesn’t offer credit cards, retirement accounts, or business bank accounts. Nor does it have any physical branches or ATMs.

Interest Rates and Fees

CIT Bank offers 4 savings accounts with different rates and minimum balance requirements:

• Platinum Savings: Up to 4.85% APY with a minimum $5,000 balance. Otherwise 0.25% APY with no minimum requirement.
• Savings Connect: 4.5% APY on all balances with no minimum requirement.
• Money Market: 1.55% APY on all balances with no minimum requirement.
• Savings Builder: 1.00% APY with a minimum $25,000 balance or $100 monthly deposit. Otherwise 0.40% APY with no minimum requirement.

All of CIT Bank’s savings accounts have no account or maintenance fees and no fees for online transfers. You can open any account with a $100 minimum deposit.

Customer Service and Online Experience

CIT Bank offers customer service by phone and email from 9am-9pm (ET) Monday-Friday and Saturday 10am-6pm. There’s also a 24/7 hotline you can call to check your account balance. An online FAQs page and knowledge base answer common questions about CIT Bank’s savings accounts and balance requirements.

Opening a CIT Bank account is easy, and you can complete the process online in just a few minutes. You must provide your address, phone number, email, and Social Security number. You’ll receive an approval decision instantly and then must deposit at least $100 to finish opening your account.

Customer reviews of CIT Bank are mixed. The bank has a 2.1-star rating on Trustpilot, with many negative reviews noting that CIT Bank processes transfers slower than competitors. Positive reviews pointed to CIT Bank’s excellent rates and responsive customer service.

Mobile app

CIT Bank offers a free mobile app for iOS and Android devices. It lets you view your account balance, initiate bank transfers, and deposit checks with a photo. With a Money Market account, you can also send money instantly to friends and family using Zelle and make payments using Apple Pay and Samsung Pay.

Security

All CIT Bank savings accounts are FDIC-insured for up to $250,000 per individual. Your online account is protected by 128-bit SSL encryption and 2-factor authentication. CIT Bank doesn’t have a dedicated fraud team but does have resources on its website explaining what to do if you suspect fraud on your account.

CIT Bank has an A- rating from the Better Business Bureau, which indicates that the bank is trustworthy and does a good job of responding to customer complaints. The bank has been in business for over 115 years and is owned by First Citizens Bank and Trust Company.

Application Process

You can open a new CIT Bank savings account online in minutes. Here’s how the process works:

• Select the type of savings account you wish to open
• Sign up with your address, phone number, email, and Social Security number
• You’ll receive an instant decision about whether your new account has been approved
• Make an initial deposit of at least $100 with an electronic or wire transfer or by mailing a check

It typically takes less than 5 minutes to open an account.

CIT Bank Summary

CIT Bank offers 4 fee-free savings accounts with rates as high as 4.85% APY. You can earn up to 4.65% APY with no minimum balance requirement. The bank offers a seamless online interface and mobile apps, making your banking experience as easy as possible. You can open a new account online in minutes with only a $100 minimum deposit.

Physical Address

CIT Bank, P.O. Box 7056, Pasadena, CA 91109-9699

Disclaimer

Interest rates and APYs (Annual Percentage Yields) shown are accurate as of May 3, 2024. Fees could reduce earnings on these accounts. See the CIT Bank Fee Schedule. CIT Bank savings and money market accounts are variable-rate accounts. Interest rates and APYs are subject to change without notice. CIT Bank Platinum Savings is a tiered interest rate account. Interest is paid on the entire account balance based on the interest rate and APY in effect that day for the balance tier associated with the end-of-day account balance. Interest rates and APYs are variable and subject to change without notice. Visit the Platinum Savings page for complete terms and conditions. Savings Builder is a variable, tiered interest rate account. Tier levels are subject to change. Interest is paid on the entire end-of-day account balance based on the interest rate and APY in effect for the applicable tier on that day. Interest rates and APYs are subject to change without notice. Based on comparison to the national average Annual Percentage Yield (APY) on savings and money market accounts as published in the FDIC National Rates and Rate Caps, accurate as of May 20, 2024. Must have a bank account in the U.S. to use Zelle. Transactions typically occur in minutes when the recipient’s email address or U.S. mobile number is already enrolled with Zelle. Zelle and the Zelle related marks are wholly owned by Early Warning Services, LLC and are used herein under license.