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Compare CIT Bank products: Savings and CDs

Find highly competitive rates across a range of products designed for you, your home and your business.

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As a strictly online bank, CIT Bank offers a slew of savings accounts and CDs with competitive rates to help your money grow. But you’ll need at least $100 to get started.

Compare CIT Bank products

Narrow down top-rated accounts by APY, fees and more to find the best for your budget and financial goals. Select Compare for up to four products to see their benefits side by side.

1 - 4 of 4
$
Name Product Annual Percentage Yield (APY) Minimum balance to earn interest Minimum deposit to open Offer Estimated total balance
CIT Savings Connect
Finder Rating: 5 / 5: ★★★★★
CIT Savings Connect

4.05%

$0
$100
$1,041.33
Secure a 4.05% APY, 12x the national average. Pay $0 in monthly fees and no account opening fee.
CIT Bank Money Market
Finder Rating: 3.9 / 5: ★★★★★
CIT Bank Money Market

1.55%

$0
$100
$1,015.62
A savings account with a higher-than-average rate and minimal fees.
CIT Bank Savings Builder High Yield Savings Account
Finder Rating: 4.3 / 5: ★★★★★
CIT Bank Savings Builder High Yield Savings Account

1.00%

0.40%

$0
$100
$1,010.05
No account opening or maintenance fees. Daily compounding interest. Earn one of the nation's top rates
CIT Bank Premier High Yield Savings Account
Finder Rating: 4.3 / 5: ★★★★★
CIT Bank Premier High Yield Savings Account

0.25%

$0
$100
$1,002.50
Earn a high interest rate with no monthly fees.
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1 - 1 of 1
Name Product Fee Minimum deposit to open Annual Percentage Yield (APY) Offer
CIT eChecking account
Finder Rating: 4.1 / 5: ★★★★★
CIT eChecking account
$0 per month
$100
0.25% on balances of $250,000+
0.10% on balances of $0 to $25,000
The CIT eChecking account boasts a high APY, but only when you keep a high balance in your checking account.
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1 - 2 of 2
Name Product 6-month APY 1-year APY 5-year APY Minimum deposit to open
CIT Bank Term CDs
Finder Rating: 3.5 / 5: ★★★★★
CIT Bank Term CDs
4.15%
0.30%
0.50%
$1,000
Choose from a range of terms with no maintenance fees and $1,000 minimum to open.
CIT Bank Jumbo CDs
Finder Rating: 2.4 / 5: ★★★★★
CIT Bank Jumbo CDs
N/A
N/A
0.50%
$100,000
A Jumbo CD for large balances of $100,000 or more with term options from 2 to 5 years earning up to 0.5% APY.
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What banking products does CIT Bank offer?

Save with competitive APYs and tiered interest rates when you sign up for a CIT Bank checking, savings account or CD.

  • eChecking Account. Earn 0.1% APY on balances under $25,000 and 0.25% on balances of $25,000 or more. Plus, get $15 in non-network ATM rebates a month. But you need at least $100 to get started.
  • Premier High-Yield Savings Account. This account comes with a $100 minimum deposit to open, and you’ll earn 0.25% APY on all balances.
  • Savings Builder High Yield Savings Account. Earn a high 1% 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 0.4%.
  • Money Market Account. With a minimum deposit of $100, receive up to 1.55% APY and make up to six transfers or withdrawals per statement cycle.
  • Savings Connect. Earn up to 4.05% but to enjoy this APY, you must also open a CIT eChecking account with the same account owner.
  • Term CDs. Deposit at least $1,000 for terms of up to five years and APYs of 4.15% to 0.5%.
  • No-Penalty CD. Open an 11-month CIT Bank CD with a minimum $1,000 deposit to earn 4.1% 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 0.25%. 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 0.25%. 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 0.4% to 0.5%. 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.

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 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?

  • One checking account. As a savings-focused bank, you’ll only find one checking account option at CIT Bank.
  • Limited transactions. CIT Bank’s high-yield savings and money market accounts are limited to six transactions a month.
  • No ATM network. As an online bank, CIT Bank doesn’t have any in-network ATMs. But it refunds up to $15 in operator fees a month for checking account customers.
  • 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.

Does CIT offer 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.

What small business services does CIT offer?

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.

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.

Common questions about CIT Bank

What is CIT Bank’s routing number and SWIFT code?

CIT Bank’s routing number is 124084834 and its SWIFT code is CITXUS55.

How does CIT Bank protect my money?

An FDIC-insured bank, CIT Bank 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.

How do I open an account with CIT Bank?

Apply online to open a savings account or CD with CIT Bank.

You’ll need to have the following information ready before you apply:

  • Your Social Security number.
  • Your driver’s license or other valid state ID.
  • A bank routing and account number or a check from an account that you plan to use to fund your CIT Bank account.
  • The personal information of any joint account holders or designated beneficiaries you wish to add.

How do I get in touch with CIT Bank?

Call CIT Bank’s customer service center seven days a week at 855-462-2652 or complete a secure online form to get an email response to your question.

Where is CIT Bank headquartered?

CIT Bank is headquartered at 75 North Fair Oaks Avenue in Pasadena, California.

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