Find highly competitive rates across a range of products designed for you, your home and your business.
You work hard for your money, and the bank you entrust it with should, too. As a strictly online bank, CIT Bank offers a slew of savings accounts and CDs with competitive rates to help your money grow. You’ll also find home loan products with fixed and adjustable rates, as well as financing for your business. You’ll need to look elsewhere if you’re interested in opening a checking account, however, and you won’t be able to access your funds through a debit card or ATM.
Compare CIT Bank products
What banking products does CIT Bank offer?
Personal banking
Save with competitive APYs and tiered interest rates when you sign up for a CIT Bank savings account or CD.
- Premier High-Yield Savings Account. This account comes with a $100 minimum deposit to open, and you’ll earn 1.55% APY on all balances.
- Savings Builder High Yield Savings Account. Earn a high 2.15% APY if you set up a direct deposit of at least $100 per month. Otherwise you’ll need a balance of $25,000 or your APY will drop to 1.14%.
- Money Market Account. With a minimum deposit of $100, receive up to 1.85% APY and make up to six transfers or withdrawals per statement cycle.
- Term CDs. Deposit at least $1,000 for terms of up to five years and APYs of 0.72% to 1.7%.
- No-Penalty CD. Open an 11-month CIT Bank CD with a minimum $1,000 deposit to earn 1.85% APY. The perk? Withdraw your funds with interest earned beginning seven days after your initial deposit at no cost or penalty.
- RampUp CD. Terms range from three to four years, with APYs of 1.2% to 1.38%. Deposit at least $25,000 for a three-year term or at least $50,000 for a four-year term. If CIT Bank’s rates increase over your term, you’re given one chance to increase your rate to match it.
- RampUp Plus CD. Available in one- or two-year terms with APYs of 1.26% or 1.27%. A minimum deposit of $25,000 is required. You can increase your rate once during the term of this CD, should CIT Bank’s rates go up, or add to your original deposit one time during the term of this CD.
- Jumbo CDs. CIT Bank’s largest CDs are accompanied by competitive APYs. Terms range from two to five years with APYs of 1.45% to 1.75%. A minimum deposit of $100,000 is required.
- Custodial UTMA. Open a CD, Money Market Account or High-Yield Savings Account for a child under the age of 18 with APYs of 0.72% to 2.5%.
Home loans
Finance your home with fixed or adjustable rates.
- Fixed-rate mortgage. Get predictable monthly payments and competitive rates starting at 4.355% APR for up to 30 years.
- Adjustable-rate mortgage. Pay a low initial APR starting at 4.619% that adjusts after a specified time.
- Jumbo loans. Loans of up to $2 million available for ARM loans with interest-only payment options.
Small business services
Invest in your small business or augment its cash flow with business loans and equipment financing through CIT Bank’s business division, Direct Capital.
- Business loan. Offers loans of up to $150,000 with terms that range from six to 18 months at rates starting at 9.9% for almost any business expense, including purchasing inventory, equipment upgrades, staff needs and more.
- Equipment financing. Get the machines you need now and pay them off over time with up to $1 million in financing and terms that range from 12 to 72 months. Rates start at 5.49% with monthly, seasonal and deferred payment options available.
How does CIT compare to other banks?
CIT Group, the parent company of CIT Bank, cracks the list of the top 10 bank-holding companies in the US. As its principal bank subsidiary, CIT Bank holds over $30 billion of customer deposits across its 71 branches and more than $40 billion in assets.
Why should I open an account with CIT?
- High rates on savings products. If you want a bank that can help you save, CIT Bank offers respectable APYs of up to 2.5% on its savings products.
- No monthly maintenance fees. All of CIT Bank’s personal accounts come with no monthly maintenance fees.
- Mobile banking available. With the CIT Bank mobile banking app, you can check your account balance, review your transactions, transfer funds and deposit checks.
What should I look out for?
- No checking accounts. As a savings-focused bank, you won’t find any checking account options with CIT Bank.
- Limited transactions. CIT Bank’s high-yield savings and money market accounts are limited to six transactions a month.
- No ATM access to funds. As an online bank, CIT Bank doesn’t offer accounts with debit cards or ATM access.
- Limited support. CIT Bank’s customer service is only available by phone and email, and many of its customers complain of long wait times to reach support by phone.
What do regulators and customers say?
CIT Bank undertakes extensive measures to safeguard your information and hard-earned money. As an FDIC-insured bank, CIT uses antivirus protection and 128-bit SSL encryption to ensure a secure browser connection and monitors transactions and other financial activity to protect your personal and financial information.
CIT Bank is not accredited with the Better Business Bureau, though it earns a B- rating due to four complaints filed against it. It only has one customer review on the Bureau website, which is negative. The long-time customer was upset that the advertised rates online were only for new accounts and not existing CIT bankers.
A majority of complaints on the Consumer Financial Protection Bureau against CIT Bank were about its home loans, but some customers also complained about long wait times to have their online applications approved.
The FDIC gives CIT Bank a satisfactory CRA rating.
Bottom line
As one of the longest-standing online banks in the US, CIT Bank offers mobile banking and fee-free accounts with the assets of a large institution. If you’re looking for a savings product with high APYs and tiered interest rates, you may be happy with one of CIT Bank’s options. However, as a strictly online bank, you won’t be able to access your accounts through a debit card or ATM.