Money Banking
Article updated on Apr 25, 2023
CIT Bank boasts low fees and high interest rates -- but you’ll need to be comfortable banking in an all-digital environment.
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Our Experts
Written by David McMillin David McMillin writes about credit cards, mortgages, banking, taxes and travel. Based in Chicago, he writes with one objective in mind: Help readers figure out how to save more and stress less. He is also a musician, which means he has spent a lot of time worrying about money. He applies the lessons he's learned from that financial balancing act to offer practical advice for personal spending decisions.
Edited by Liliana Hall Associate Writer Liliana Hall is a writer for CNET Money covering banking, credit cards and mortgages. Previously, she wrote about personal credit for Bankrate and CreditCards.com. She is passionate about providing accessible content to enhance financial literacy. She graduated from the University of Texas at Austin with a bachelor's degree in journalism, and has worked in the newsrooms of KUT and the Austin Chronicle. When not working, she is probably paddle boarding, hopping on a flight or reading for her book club.
CNET staff -- not advertisers, partners or business interests -- determine how we review the products and services we cover. If you buy through our links, we may get paid.
Reviews ethics statementOur Experts
Written by David McMillin David McMillin writes about credit cards, mortgages, banking, taxes and travel. Based in Chicago, he writes with one objective in mind: Help readers figure out how to save more and stress less. He is also a musician, which means he has spent a lot of time worrying about money. He applies the lessons he's learned from that financial balancing act to offer practical advice for personal spending decisions.
Edited by Liliana Hall Associate Writer Liliana Hall is a writer for CNET Money covering banking, credit cards and mortgages. Previously, she wrote about personal credit for Bankrate and CreditCards.com. She is passionate about providing accessible content to enhance financial literacy. She graduated from the University of Texas at Austin with a bachelor's degree in journalism, and has worked in the newsrooms of KUT and the Austin Chronicle. When not working, she is probably paddle boarding, hopping on a flight or reading for her book club.
CNET staff -- not advertisers, partners or business interests -- determine how we review the products and services we cover. If you buy through our links, we may get paid.
Reviews ethics statementWhy You Can Trust CNET Money
Our mission is to help you make informed financial decisions, and we hold ourselves to strict. This post may contain links to products from our partners, which may earn us a commission. Here’s a more detailed explanation of .
Table of Contents
- What we like
- What we don’t like
- Who is CIT Bank suited for?
- Overdraft fees
- Other financial products
- Banking experience
- Customer service
CIT Bank
Overview
CIT Bank is an FDIC-insured online bank affiliated with First Citizens Bank & Trust Company that offers a variety of banking products and services, including deposit accounts, mortgages and financial literacy services. While you can conduct many of the same transactions you can at traditional brick-and-mortar banks, be prepared to give up writing physical checks. CIT’s eChecking account is completely digital.
There are relatively low minimum deposit requirements to open a new account with CIT and no monthly service fees to worry about. The savings accounts with the highest annual percentage yields, or APYs, are reserved for those with larger balances. But there are several options with attractive yields to help boost your interest earnings.
The extended customer service hours are another bonus if needed. And you have 24/7 access to your accounts through its online banking platform and mobile app.
What we like
- Competitive APYs on short-term CDs
- Offers the flexibility of a high-yield no-penalty CD
- No overdraft fees
- No monthly account fees
- No ATM fees
- Get up to $30 reimbursed each month from other banks’ ATM fees
What we don’t like
- No physical locations
- Low rates on long-term CDs
- Limited product offerings outside of traditional banking services
Who is CIT Bank suited for?
CIT Bank is a good fit for anyone who wants to earn a competitive yield on their savings and checking accounts, but who wants to bank exclusively online. The bank doesn’t have any physical branch locations, so CIT Bank likely isn’t for you if you regularly need to deal with cash deposits for your work. But if you just need to withdraw cash, it can still meet your needs. The bank doesn’t charge any ATM fees and will reimburse up to $30 a month of ATM charges from other banks.
CIT Bank products
Compare top checking rates
Overview
CIT’s eChecking account pays interest, which isn’t common in today’s checking landscape. It’s not an incredible amount -- 0.10% annual percentage yield, or APY, if your daily balance is less than $25,000 and 0.25% APY if it’s at least $25,000 -- but every penny adds up. Plus, you won’t have to pay monthly service or overdraft fees.
And while CIT Bank doesn’t have its own ATM locations, it doesn’t charge out-of-network ATM fees. It also reimburses you for up to $30 per month for other banks’ ATM fees.
Checking account features
| APY | 0.10% for balances less than $25,000; 0.25% for balances $25,000 and above |
| Minimum balance | $100 to open; no requirement after that |
| Monthly fee | None |
| Overdraft fee | None |
| Foreign transaction fee | 1% of the transaction amount |
Rates as of Sept. 13, 2024.
Pros
Pays interest: Not many checking accounts offer interest, so it’s a difference-maker for CIT Bank.
No fees: You won’t pay any service or overdraft fees here.
ATM reimbursem*nts: CIT reimburses up to $30 of other banks’ ATM fees per month.
Mobile check deposit: You can deposit checks from anywhere with the mobile app.
Cons
Low Zelle limits: You’re capped at $300 per transaction and $600 per day.
High balance requirement for best APY: You must maintain a balance of at least $25,000 to earn 0.25%; otherwise, your rate drops to 0.10%.
No paper checks: The “e” stands for electronic, so you won’t be able to write any physical checks from the account.
Overview
CIT Bank has three savings accounts: Platinum Savings, Savings Connect and Savings Builder.If you’re confident you’ll always have at least $5,000 in your account, Platinum Savings is the best bet, due to its 4.85% APY. However, if your balance dips below that threshold, you’ll only earn 0.25% APY.
The Savings Connect account may be a better fit because you’ll earn a 4.50% APY, regardless of your balance. The Savings Builder, which only pays a maximum of 1.00% APY, isn’t worth a look.
CIT savings account features
| Account | APY | Minimum balance | Monthly fee |
| CIT Platinum Savings | 4.85% on balances $5,000 and more; 0.25% on balances under $5,000 | $100 to open; no requirement after that | None |
| CIT Savings Connect | 4.50% | $100 to open; no requirement after that | None |
| CIT Savings Builder | 0.40% – 1.00% | $100 to open; must maintain $25,000 balance or make at least one monthly deposit of $100 or more to earn upper-tier interest rate | None |
Rates as of Sept. 13, 2024.
Pros
High rates for select savings accounts: APYs of up to 4.85% are available.
No fees: You won’t need to worry about monthly service charges or overdraft fees on any of CIT’s savings accounts.
Low minimum deposit: You can open an account with just $100.
Cons
Minimum requirement for maximum yield: You’ll need $5,000 to earn the top APY on the Platinum Savings. If your balance is lower, your APY drops dramatically to 0.25%.
Not all savings accounts have high rates: The Savings Builder account only earns up to 1.00% APY if you meet the rate requirements.
Overview
While CIT Bank’s savings account tiers may be hard to follow, its money market account is easy -- all you need is a $100 deposit to earn 1.55% APY on your money. However, while that APY is much higher than the national average, it’s still well below the best money market account rates available.
The other big downside is the lack of a debit card or checkbook -- a key feature most MMAs offer. You can use online transfers, Zelle, Bill Pay, PayPal and wire transfers to make payments, but that’s not nearly as flexible as other money market accounts.
Money market account features
| APY | 1.55% |
| Minimum balance | $100 to open; no ongoing balance requirement |
| Monthly fee | None |
| Overdraft fee | None |
| Foreign transaction fee | N/A (there is no debit card with this product, so no ability to spend outside the U.S.) |
Rates as of Sept. 13, 2024.
Pros
No monthly fee: You don’t need to worry about maintaining a certain balance to avoid charges.
Low deposit requirement: You need only $100 to open this account.
Mobile check deposit: You can deposit checks from anywhere with the mobile app.
Cons
No debit card: While most MMAs are designed to be a hybrid between a checking and a savings account, you won’t receive a debit card for spending with CIT’s.
Better rates elsewhere: You can find money market accounts that pay higher APYs.
Overview
CIT Bank has three short-term CDs with moderately competitive rates, although they’re well below the best CD rates available. However, longer terms -- anything two years and above -- have significantly lower earning potential. You’ll also need a $1,000 minimum deposit to get started. And for traditional CDs, CIT Bank’s early withdrawal penalty structure can be fairly steep:
- Terms less than one year: Three months of interest on the amount withdrawn.
- Terms of one to three years: Six months of interest on the amount withdrawn.
- Terms longer than three years: 12 months of interest on the amount withdrawn.
If you’re worried about needing your funds before the CD matures, CIT Bank’s 11-month no-penalty CD is a good pick. However, the bank’s other specialty CDs won’t make sense for most people. Rates on jumbo CDs -- which require a $100,000 minimum deposit -- are meager, and RampUp CDs aren’t available to new customers.
CD account type
| CD term | APY |
| 6-month | 3.00% |
| 1-year | 0.30% |
| 13-month | 3.50% |
| 18-month | 3.00% |
| 2-year | 0.40% |
| 3-year | 0.40% |
| 4-year | 0.50% |
| 5-year | 0.50% |
Specialty CDs
| CD account features | APY |
| 11-month no-penalty CD | 3.50% |
| Jumbo CD | 0.40% – 0.50% |
| RampUp CD (only available to existing customers) | 0.25% |
Rates as of Sept. 13, 2024.
Pros
Select competitive rates: Some of the bank’s short-term CDs have above-average APYs.
Strong no-penalty offering: The 11-month no-penalty CD pays a 3.50% APY.
Low minimum deposit requirement: You only need $1,000 to open a CD.
Cons
Low long-term rates: For terms beyond two years, you’re better off looking at other CD options.
Laughably low jumbo rates: Locking up $100,000 for 0.40% to 0.50% doesn’t make much sense.
Not all offerings available for new customers: If you don’t already have an account with CIT Bank, you can’t open a RampUp CD.
Overdraft fees
CIT Bank doesn’t charge overdraft fees. In fact, the bank hardly charges any fees for most of the standard services you’ll need to manage your money. There are no monthly account fees and no ATM fees, and you can get up to $30 of reimbursem*nts for other banks’ ATM charges per month.
Other financial products
In addition to its lineup of checking and savings products, CIT Bank offers a range of purchase and refinance mortgage options including, fixed-rate, adjustable-rate and interest-only loans.
Banking experience
The customer experience at CIT is all about online and mobile banking. You can transfer money in and out of your account via ACH, and CIT is also part of the Zelle network, which allows convenient person-to-person transfers. While all your business will be done behind a screen, it’s worth noting that CIT earned the top spot for humanizing the online-only banking experience via a recent study conducted by American Banker. So, digital doesn’t have to feel like talking to a robot.
Customer service
You can reach CIT Bank’s customer service line at 855-462-2652 during the following windows:
Monday to Friday: 9:00 a.m. to 9:00 p.m. ET
Saturday: 10:00 a.m. to 6:00 p.m. ET
The number also has an automated system that can provide assistance, depending on the complexity of your questions.
Written by
David McMillin
Read more from David
David McMillin writes about credit cards, mortgages, banking, taxes and travel. Based in Chicago, he writes with one objective in mind: Help readers figure out how to save more and stress less. He is also a musician, which means he has spent a lot of time worrying about money. He applies the lessons he's learned from that financial balancing act to offer practical advice for personal spending decisions.
