CIT Bank Review

CIT Bank Review

Are you sick and tired of all the high fees you have to pay for banking services? CIT Bank is your go-to online banking solution to skip those bank fees. They do not go the traditional route and have local branches you can walk into but they do have great perks like low opening deposit requirements.

No more wondering when the bank will open up or if they are affected by the holidays, CIT Bank is open 24 hours a day every day. You can access your bank from anywhere in the world. Online banking is great for people who like using their phones to bank and pay bills.

CIT Bank, N.A. is an auxiliary monetary holding organization CIT Group, Inc. (NYSE: CIT). CIT Bank centers around offering the absolute most cutthroat financing costs available.

This review focuses on the personal banking side of CIT Bank, but the bank also offers business and commercial banking solutions.

Now let’s get to the good part. Let’s take a look at what CIT Bank has to offer as well as how it compares to other banking options. The account details and annual percentage yields (APYs) are accurate as of December 19, 2021.

Account Basics


CIT Bank added eChecking records to its item menu in late 2019. Having a checking choice permits CIT clients admittance to a full exhibit of banking items now. CIT clients can access checking accounts 24 hours daily on the web or through the app. Bank accounts can be opened with a $100 minimum opening deposit.

Interest is acquired on CIT’s eChecking accounts: Balances of $25,000 or more procure 0.25% APY and totals under $25,000 acquire 0.10% APY.

You’ll get a free debit card with EMV chip innovation when you open a new checking account. CIT never charges ATM expenses and will repay customers for up to $30 in other banks’ ATM expenses each month. They don’t have their own ATM organization so they assist with ATM expenses.

On the off chance that you’ve become used to utilizing paper checks, sadly, CIT eChecking accounts don’t accompany paper checks and don’t permit them as a type of installment.


CIT Bank has a two-tiered savings account available to customers called the Savings Builder account.

The Savings Builder account has specific earning requirements, which are either:

  • Maintain a balance of $25,000 or more, OR
  • Make at least one monthly deposit of $100 or more

With a Savings Builder account, customers can earn up to 0.40% APY. And accounts not meeting the requirements above will still earn 0.28% APY.

Savings Builder accounts don’t have any opening or maintenance fees and they only require a $100 minimum opening deposit. Maintaining a balance of $25,000 may not be realistic for everyone, but having the option of $100 monthly deposits makes earning higher rates more than possible for Savings Builder account holders.

A CIT savings account is well suited for building an emergency fund or other savings goal, like a vacation fund or saving for a new car.

Money Market

Another account option is CIT’s Money Market Account, which earns 0.45% APY. There are no balance requirements, so you’ll earn this rate no matter how much you deposit each month. It has a $100 minimum opening deposit and no monthly service fees. Using Bill Pay, a free service, you can make payments to third parties from any CIT Money Market account.

As with the Savings Builder account, the Money Market account is subject to monthly transaction limitations. There’s a limit of six transactions per statement cycle for the CIT Money Market account, and after a $10 excess withdrawal fee applies.


Customers have four options when it comes to CD accounts from CIT Bank.

Term CDs. Money market investments have a $1,000 least opening deposit. The reach for Term CDs is from a half year to 60 months and procure APYs from 0.30% to 0.50%. A term rate CD permits you to secure a rate for a particular timeframe. You’ll procure more interest with longer-term lengths, which seems OK. There are no opening or upkeep charges. Money market investments require a $1,000 least opening deposit.

No-Penalty CDs. These 11-month CDs permit you to get to assets before development without a punishment. The dread when placing cash into a record like a CD isn’t having the option to get to it if there’s a crisis. CIT’s No-Penalty CDs eliminate that dread while as yet offering a nice procuring rate. They have no opening or support charges and acquire 0.30% APY. No-Penalty CDs require a $1,000 least opening deposit. You can get to your assets, if necessary, insofar as it’s seven days later they’ve been gotten.

Jumbo CDs. Gigantic CDs require a $100,000 least opening deposit, so they won’t be a possibility for most clients. There are no record opening or upkeep expenses. Additionally, Jumbo CDs have longer terms, going from two to five years long. Gigantic CDs accompany secured rates between 0.40% APY and 0.50% APY, contingent upon term length.

RampUp CDs. RampUp and RampUp Plus CDs aren’t accessible for new records. With RampUp CDs, clients could raise their rate one time during the CD’s expressions assuming that CIT Bank raises rates on these CDs.

Clients who wish to perceive how much revenue they can procure with a CD record can utilize CIT’s Certificate of Deposit number calculator.

Banking on the Go

Since CIT Bank is completely online you can access your account 24 hours a day. you can use the CIT website or CIT mobile app.

When you get a CIT account you will have access to mobile check deposits since there are no actual bank locations. With their eChecking account, you can make transfers, pay bills and also make purchases through services like Zelle, Apple Pay, Samsung Pay, and Bill Pay.

You can get the mobile app through your Android or iOS. Using the app can make life easier due to the many perks it has like text banking.


  • Competitive APYs
  • No monthly fees
  • Mobile and online access 24/7
  • Mobile check deposits
  • Small minimum deposit requirements
  • FDIC insured


  • There are no physical locations
  • They do not have checkbooks for eChecking accounts
  • No IRAs
  • Do not offer auto loans
  • No credit cards

How CIT Bank Measures Up

CIT Bank is a great option if you are looking for accounts with a higher earning potential. They have competitive rates and low minimum opening deposits, which makes CIT a very good option for online banking.

If you want to be able to have access to a local branch with live help then CIT might not be the right choice for you. Sometimes just having the option to go onto the local branch makes for a better banking experience. Not everyone wants to wait on the phone line for customer service. The difference between regular banks and online banks is that online banks can save a lot of overhead costs. This allows them to provide you with better offers and rates.

You will be happy to know that CITs Money Market accounts earned them a spot on Forbes Advisor’s Best Money Market Accounts Of 2021. You will be able to find CDs that earn higher interest rates compared to others.

Overall our experience with CIT Bank has been great. It is a good alternative to traditional banking that still gives us flexibility, perks, and competitive rates.

Some Frequently Asked Questions (FAQs)

Does CIT Bank offer home loans?

Yes, CIT offers fixed-rate contracts. Credit terms range from 10 to 30 years. They likewise furnish relationship valuing to clients with a Savings Builder account. You can get $525 cashback after starting your new CIT home credit.

Savings Builder account holders can also receive the following mortgage rate reductions:

  • 0.10% with 10% of the loan amount in new deposits
  • 0.20% with 25% of the loan amount in new deposits

Is CIT Bank FDIC insured?

Indeed, CIT Bank is FDIC insured (FDIC# 58978). The national government secures your cash up to $250,000 per investor, for each record possession class, in case of a bank disappointment

Is CIT Bank safe?

Security is the main concern for CIT Bank. Online records are ensured through antivirus insurance, SSL encryption, account observing, firewalls, and other safety efforts.

CIT offers help in conditions of extortion or data fraud. Their extortion counteraction office will work with you to deal with any issues that might happen.

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