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The Bottom Line: CIT Bank is an online bank that offers no monthly fee checking accounts, high yield savings accounts, CD's, and money marketing accounts.

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High Rated Online Bank

AT A GLANCE

  • High APY savings accounts
  • No monthly fees for checking or savings accounts
  • Low minimum deposit
  • Won countless rewards from leading financial websites.

Overall Rating

4/5

B- BBB Rating

Rated the best saving account by NerdWallet

Pros & Cons

Pros

  • No monthly maintenance fees
  • Competitive interest rates
  • ATM reimbursements
  • Wide range of products

Cons

  • No branch locations
  • Limited customer service options

Due to the coronavirus pandemic, the Federal Reserve has slashed interest rates to near-zero.

While this is good if you’re looking to borrow money, it’s bad if you’re wanting to save. 

As the Federal Reserve continues to slash rates, many financial institutions are following suit.

Banks that used to have rates around 2% have cut their rates in half — which means your money isn’t growing as fast as it once was. 

If you’re looking for an institution that’s still offering competitive APYs across all its accounts, look no further than CIT Bank.

What Is CIT Bank?

CIT Bank is an online national bank headquartered in Pasadena, California. It’s ranked as the 41st largest bank in the US.

As of December 31, 2019, it manages more than $45 billion in consolidated assets. 

This institution is 100% online, so you won’t find any branch locations nearby. The upside is that low overhead allows CIT Bank to offer higher interest rates and lower fees than traditional banks.

It's mission is to “empower personal savers with the financial agility to navigate their goals.”

They achieve this mission through their straightforward bank accounts that feature high APYs and low fees. 

CIT Bank has won countless awards from Bankrate, Nerdwallet, GoBankingRates, and the Ascent for its bank accounts.

It even won the Human Rights Campaign’s Best Places to Work award for LGBTQ Equality. 

What Services Do They Offer?

You won’t find any business checking or savings accounts at CIT Bank, but you will find a whole slew of options for personal use.

Here’s a brief overview of the features, pros, and cons of each account. 

CIT Bank Services

CIT Bank Checking Accounts

CIT Bank used to only offer savings accounts and CDs, but it launched its very first checking account in November 2019.

If you’re the type of person who likes to keep your checking and savings accounts under one roof, now you can do that with CIT Bank.  

This checking account is a triple-threat.

It’s free to open and maintain, it comes with $15 in non-network ATM fee reimbursements and it earns interest.

You’ll earn 0.1% on balances under $25,000 and 0.25% on balances of $25,000 or more.

APY

0.1% to 0.25%

Monthly Fee

$0

Minimum Deposit

$100

Special Features

Earns interest


Get up to $15 in ATM rebates a month

Where it falls short:

The $100 opening deposit requirement is higher than other online banks. Although not the end of the world, it’s something to look out for. 

Also, CIT Bank doesn’t have an ATM network. While it reimburses up to $15 in operator fees each month, this may not be enough if you withdraw cash often.

CIT Bank Savings Accounts

CIT Bank offers two savings accounts and one money market account.

Let's take a look at each.

This free account helps you build your savings fast with a high rate (hence the name).

It uses a tiered interest system, so the more you save, the more you’ll earn. 

Here’s now the interest breaks down: 

  • Earn 1.15% on balances under $25,000;
  • Earn 1.75% on balances under $25,000 when you make at least $100 in monthly direct deposits; or
  • Earn 1.75% on balances of $25,000 or more 

APY

1.15% to 1.75%

Monthly Fee

$0

Minimum Deposit

$100

Special Features

Tiered interest rates reward you for saving

Where it falls short:

The only drawback is that you can’t make more than six outgoing transactions a month.

But this is due to federal regulation and applies to all savings accounts at every bank. 

Premium High Yield Savings

This straightforward savings account doesn’t make you work for your money; you’ll earn 1.55% APY regardless of how much you keep in the account.

Plus, there are no monthly fees or minimum daily balance requirements. 

APY

1.55%

Monthly Fee

$0

Minimum Deposit

$100

Special Features

No monthly fees

No minimum balance requirements

Where it falls short:

As with all savings accounts, you can’t make more than six outgoing transactions a month. If you do, you’ll pay a $10 fee, charged up to five times a month.

Money Market Account

Chip away at your savings goals with the CIT Bank Money Market Account.

It earns an impressive 1.8% APY, has a low $100 opening deposit requirement, and is free of monthly fees.

APY

1.8%

Monthly Fee

$0

Minimum Deposit

$100

Special Features

Comes with Bill Pay

Supports person-to-person payments through People Pay and PayPal

Where it falls short:

Unlike most money market accounts, this one doesn’t come with a debit card or checks. You’re limited to electronic transfers, phone transfers, and wire transfers only.

Although you can send up to $2 million a day in ACH transfers, you can’t send more than $50 a day to friends and family using PayPal or People Pay.

CD's

CIT Bank offers three types of CDs: term CDs, no-penalty CDs, and jumbo CDs.  

Usually banks reward you with a higher interest rate when you choose a longer term, but that’s not the case with CIT Bank. You’ll actually earn the highest rate when you lock your money away for one year. 

Here’s how the APYs break down: 

  • 6-Month CD: 0.72% 
  • 1-Year CD: 1.86% 
  • 13-Month CD: 1.83% 
  • 18-Month CD: 1.85% 
  • 2-Year CD: 1.4% 
  • 3-Year CD: 1.3% 
  • 4-Year CD: 1.5% 
  • 5-Year CD: 1.7%

Term CD's

APY

0.72% to 1.7%

Terms

6-months to five-years

Monthly Fee

$0

Minimum deposit:

$1,000

Early withdrawal penalty:

90 days’ interest for terms up to 12 months


180 days’ interest for terms of 13 to 36 months


365 days’ interest for terms of 37+ months

Where it falls short:

Our only qualm is that the 6-month CD has a rate below 1%. In this case, you’d earn a better rate if you opened one of CIT Bank’s high-yield savings accounts.

No Penalty CD

Most people shy away from CDs because you’re charged a hefty penalty if you need to access your money early.

But that’s not the case with CIT Bank’s No-Penalty CD.

You can make a free withdrawal as soon as seven days after you fund the account.

Plus, it earns a competitive 1.7% APY. 

APY

1.7%

Terms

11-months

Monthly Fee

$0

Minimum deposit:

$1,000

Early withdrawal penalty:

None

Where it falls short:

You’ll earn a slightly lower interest than you would with a 1-year term CD, but you get the added peace of mind of withdrawing your money when you wish. This trade-off may be worth it depending on your situation.

Jumbo CD

If you have at least $100,000 lying around, you could lock in a high interest rate with a Jumbo CD.

It’s free to open and maintain, and you can withdraw your interest for free at any time.

Here’s how the APYs breakdown: 

  • 2-Year Jumbo CD: 1.45%
  • 3-Year Jumbo CD: 1.4%
  • 4-Year Jumbo CD: 1.6%
  • 5-Year Jumbo CD: 1.75%

APY

1.4% to 1.75%

Terms

2-years to 5-years

Monthly Fee

$0

Minimum deposit:

$100,000

Early withdrawal penalty:

90 days’ interest for terms up to 12 months


180 days’ interest for terms of 13 to 36 months


360 days’ interest for terms of 37+ months

Where it falls short:

Jumbo CDs typically reward you with higher APYs, but that’s not necessarily the case with CIT Bank. Based on the current rates, you could earn a higher rate if you opt for a Term or a Jumbo CD — depending on which term you choose. 

That said, you may want to compare rates across both CD types to make sure you’re getting the most bang for your buck.

Custodial Accounts

If you want to save for your child’s future, consider opening a CIT Bank custodial account.

As of March 2020, any CIT Bank account can be set up as a Uniform Transfers to Minors Act (UTMA) — except for the Savings Builder High Yield Savings Account and the Premier High Yield Savings Account.

Home Loans 

In addition to its lengthy list of bank accounts, CIT Bank also offers fixed-rate home loans for consumers. These mortgages come in 10-, 15-, 20-, 25-, and 30-year terms.

Current CIT Bank customers may qualify for special relationship pricing and a one-time $525 cash back bonus when they close on their home loan. 

Make the smart choice for your savings

Let CIT Bank help you reach your goals faster.

CIT Bank Fees

CIT Bank doesn’t charge monthly or ATM fees for any of its accounts. (Can I get an amen?!)

But there are still a few fees you should be aware of if you plan on opening an account. 

Debit card replacement

$10 (1 free card a year)

Expedited ATM or debit card

$45

Daily overdraft fee

$30

Excessive transaction fee (applies to savings and money market accounts only)

$10 (capped at $50 a month)

Stop payment request

$30

Incoming wire transfer

Free

Outgoing wire transfer (domestic only)

Free for accounts with at least $25,000


$10 for accounts with accounts with less than $25,000


Take note of these fees now, and you’ll know what to expect if you need any of these services down the road. 

Who Is CIT Bank Best For?

CIT Bank is known for its high-yield accounts. Pair these high rates with low fees, and this financial institution has a competitive edge above the rest. 

You may want to consider CIT Bank if you’re in the market for any of these perks:  

  • A bank account with no monthly maintenance fees, ever
  • An interest-bearing checking account with ATM refunds
  • A savings account, money market, or CD with competitive interest rates

What We Love About CIT Bank

CIT Bank has all the common features you’d find at any trustworthy institution — FDIC-insured deposits and a user-friendly mobile app that allows you to manage transactions, e-deposit checks, and control your debit card. 

But here are a few more reasons why we think CIT Bank stands out from the pack: 

Quick Online Applications

Most traditional banks make you carve out time in your hectic schedule to open an account in-person. Sure, you may be able to open a couple of basic accounts online. But good luck trying to open a CD without having to visit a local branch. 

But that won’t ever happen with CIT Bank. Not only can you open every single one of its bank accounts online, but you can do it in less than 10 minutes. Does it get any better than that?

Every Account Earns Interest

You won’t find a single bank account at CIT Bank that doesn’t earn you money.

Whether you’re looking for a checking, savings, money market, or CD, you can have peace of mind knowing your money is growing faster than it would at a traditional bank.

Absolutely No Monthly Fees

Sure, some banks may have a small handful of free accounts. Others may waive monthly fees when you meet certain direct deposit or account balance requirements. 

But CIT Bank doesn’t charge monthly fees for any of its accounts. 

That means you’ll have even more money to put toward your financial goals each month because you won’t have to worry about setting aside a portion of your hard-earned dollars for the bank.

What Could Be Improved

CIT Bank is chockful of attractive features that make it a great banking option for a range of customers.

But here are a few minor things that could be improved: 

No Free ATM Network

On the bright side, CIT Bank doesn’t charge any ATM fees.

You can use any ATM in the world without worrying about racking up charges from your bank. But that doesn’t mean the ATM owner won’t charge you. 

CIT Bank reimburses up to $15 in ATM operator fees a month, but this may not be enough if you find yourself withdrawing cash on the regular.

Opening Deposits Can Be High Depending On The Product

Let’s get one thing straight — a $100 minimum deposit for a money market account is almost unheard of.

Most banks require you to have at least $500 to open one of these accounts, so this is a good deal. 

But a $100 opening deposit for a checking or savings account isn’t quite as good considering other online banks let you get started with as little as $0. I know, I know.

$100 isn’t a deal-breaker. But it could be a large chunk of change depending on your financial situation.

Limited Customer Service Options

Many online banks tout several ways to get in touch — email, phone, live chat, social media.

But CIT Bank only has two customer service options: phone and social media. 

To make this solid bank even better, we’d like to see CIT Bank add a few more support options for its customers — especially since you can’t visit a local branch.

CIT Bank Pros & Cons

How Do I Get Started With CIT Bank?

You can open any CIT Bank account online in five to ten minutes. Here’s how:

Step 1:

Go to the official CIT Bank website and click Open Account

Get Started with CIT Bank
Step 2:

Select whether you’re a new or existing customer and click Next.

Open CIT Bank Account
Step 3.

Use the dropdown menus to select the account type (personal or custodial) and the product type (checking, savings, CD, and so on) and click Next

CIT Bank Account Types
Step 4:

Go to the official CIT Bank website and click Open Account

Get Started with CIT Bank
Step 5:

Enter your basic information, including your name, date of birth, Social Security number, citizenship, and your mother’s maiden name. Click Next.

CIT Bank Account
Step 6:

Follow the prompts to e-sign your documents, make your deposit, and fund your account.

Final Verdict

CIT Bank is a competitive online bank with a slew of bank account options.

Whether you’re looking for a checking account, savings account, or CD, this financial institution has the high rates and low fees you’re looking for. 

The best part? It only takes five to ten minutes to open an account online. 

That means you can get started while you chill on the couch watching your favorite Netflix series — without ever having to pop by a local branch. Easy-peasy. 

Just keep in mind that you need at least $100 to open checking and savings accounts and $1,000 to open CDs.

If you can swing that deposit and you’re comfortable banking online, give CIT Bank a try and let us know what you think. 

Have questions about CIT Bank we didn’t answer? Drop them in the comments below.

CIT Bank

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  • Editor Rating
  • Rated 4 stars
  • 80%

  • CIT Bank
  • Reviewed by:
  • Published on:
  • Last modified: May 5, 2021


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