- Variety of CD choices, including no-penalty CDs.
- ATM reimbursement.
- No monthly maintenance fees.
- Competitive APYs on some savings products.
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Updated April 18, 2024
In a nutshell
CIT is an online bank known for its high-yield savings account and CD products and for offering a yield-bearing checking account.
- CIT Bank is an online banking institution that was acquired by First Citizens BancShares Inc. in 2022.
- CIT also offers home loans and business banking products.
- CIT ranks in the middle of the pack of its peers in customer satisfaction.
CIT Bank overview
Pros:
Cons:
- All accounts have a minimum opening deposit.
- Tiered balance requirements for higher yields.
- Limited product types.
CIT Bank’s banking products
Checking
The eChecking account offered by CIT earns an annual percent yield (APY) of 0.10% on balances under $25,000 and 0.25% on balances above $25,000. This is higher than the FDIC's national average of 0.07% reported in January, 2024.
You can use the CIT mobile app to deposit checks or use electronic transfer or direct deposit to add funds to your account. CIT’s checking product doesn’t come with checks or check-writing privileges.
One attractive feature is that CIT won’t charge you an ATM fee, and you can get reimbursed up to $30 a month for fees charged by other banks.
Customer experience
CIT eChecking
Customer experience
CIT eChecking
APY*
0.25% with a balance of $25,000 or more; 0.10% with a balance of under $25,000
Min. deposit
$100
Monthly fee
$0
Savings
CIT offers three main savings products, each of which requires a $100 opening deposit and compounds interest daily.
- Platinum Savings: As of the time of this writing, this account has a yield of 5.05% on balances above $5,000, while balances below that receive a yield of 0.25%.
- Savings Connect: Daily compounding with a rate of 4.65%.
- Savings Builder: Designed for long-term savings, this account offers up to 1.00% APY by maintaining a balance of $25,000 or more, or by making a deposit of at least $100 per month.
CIT Platinum Savings | CIT Savings Connect | CIT Savings Builder | |
|---|---|---|---|
| APY* | 5.05% | 4.65% | 1.00% |
| Min. deposit | $100 | $100 | $100 |
| Monthly fee | $0 | $0 | $0 |
CDs
It’s possible to open a more traditional CD with CIT, with terms ranging from six months to five years. You need an opening deposit of $1,000 to open a CD. As of this writing, the 13-month CD offers the highest yield of 3.50% APY, while the one-year CD offers a 0.30% APY.
CIT Bank Traditional CD
CIT Bank Traditional CD
APY*
Up to 3.50%
Min. deposit
$1,000
Monthly fee
$0
Term
6 months to 5 years
CIT also offers some less traditional CD products:
- Jumbo CD: Offered in terms of two, three, four or five years, the Jumbo CD requires an opening deposit of at least $100,000. As of this writing, the yield remains fixed at 0.40% or 0.50%.
- No Penalty CD: This 11-month CD offers 3.50% APY, and you can access your funds before maturity without penalty.
CIT Jumbo CD | CIT No-Penalty CD | |
|---|---|---|
| APY* | 0.40% or 0.50% | 3.50% |
| Min. deposit | $100,000 | $1,000 |
| Monthly fee | $0 | $0 |
| Term | Two, three, four and five years. | 11 months |
There’s another offering, the RampUp CD, but it’s not offered to new account holders.
Money Market Account (MMA)
As with other CIT banking products, you might have an opening deposit of $100 to start a money market account. The yield is 1.55%, which is higher than the national average of 0.63% APY. A Money Market Account allows you access to your money more easily than many savings accounts while providing a yield that is usually higher than what you’d see with a traditional yield-bearing checking account.
CIT Money Market
CIT Money Market
APY*
1.55%
Min. deposit
$100
Monthly fee
$0
Other banking products
CIT also offers a limited suite of other banking products:
- Mortgages: CIT offers a variety of fixed-rate loan terms, as well as ARM arrangements that can potentially result in lower monthly payments. Funds are available for purchase or refinance.
- Business banking: You can access a variety of business loans, including equipment loans and other types of financing for business.
Bank’s customer experience
CIT Bank sits just below the segment average of 715 in the J.D. Power & Associates Overall Satisfaction Index Ranking for direct banks. CIT received a score of 686 among checking providers and a 661 (the bottom ranking) among savings providers.
Between November 2020 and November 2023, the Consumer Financial Protection Bureau (CFPB) received 162 complaints about CIT Bank. The largest number of these complaints related to checking and savings accounts.
How does CIT Bank compare?
CIT vs. SoFi
SoFi also offers a range of services that CIT doesn’t offer, including investing and a wider variety of loans. SoFi’s yields are lower on some products, but they also offer a signing bonus that might be attractive to some.
CIT vs. Ally
Ally’s yields are slightly lower than those offered by CIT, but Ally offers their highest yields on some products with lower balances. Additionally, Ally doesn’t have a minimum deposit requirement for CD accounts.
CIT vs. Axos
Axos Bank also offers high-yield checking, and its yield is much higher than that offered by CIT, as long as you meet various requirements. CIT offers much higher yields on savings and CD products as long as the higher minimums are met.
Methodology
By employing this comprehensive review methodology, we aim to empower consumers like you to make informed decisions when choosing a consumer bank that aligns with your financial goals and preferences. We evaluate key factors such as interest rates, fees, minimum balance requirements, access to funds, and more to help you make informed decisions. Please note that our reviews are based on publicly available information, and we recommend verifying the latest details directly from the respective financial institutions.
Frequently asked questions (FAQs)
Is CIT Bank FDIC insured?
Yes, CIT Bank carries FDIC insurance for up to $250,000. However, it’s important to note that deposits held by First Citizens Bank & Trust are combined with CIT Bank deposits and are not considered separate.
Is CIT Bank a good or bad bank?
Whether CIT Bank is good or bad depends on your goals and how you manage your money. Among its peer banks, according to J.D. Power, it ranks near the middle or at the bottom, depending on the account offering.
Is CIT Bank a good bank for beginners?
Some consumers might like CIT as a beginning bank for savings or checking due to the high yields. However, other products and services, like various loan products and investing opportunities, aren’t available.
Who owns CIT Bank?
CIT Bank has merged with First Citizens Bank & Trust Company, which is owned by First Citizen BancShares Inc. First Citizen BancShares is traded on the NASDAQ under the ticker symbol FCNCA but is considered the largest family-controlled bank in the United States.
AP Buyline’s content is created independently of The Associated Press newsroom. Our evaluations and opinions are not influenced by our advertising relationships, but we might earn commissions from our partners’ links in this content. Learn more about our policies and terms here.