As one of the longest-standing online banks in the US, CIT Bank offers a slew of mobile banking and free accounts with the assets of a large institution. With various interest-bearing accounts to choose from, it’s a solid online bank to build up your savings. The highest yield savings account offers 5.05% APY on balances of $5,000 or more, which is a pretty low balance requirement compared to other high-yield savings accounts with balance tier requirements. However, as CIT Bank is strictly online, you won’t have access to any physical branches, and all checking and savings accounts require a $100 minimum deposit.
Best for: Those looking for a bank with interest-bearing accounts.
Pros
Interest-bearing checking account
Low balance requirement for 5.05% APY account
Multiple savings accounts
Cons
No physical branches
Is CIT Bank right for you?
CIT Bank is an exclusively online bank, so if having access to physical branches isn’t a priority, then it could pay off if you’re looking for a bank that offers a variety of interest-bearing accounts. With CIT, you can choose from three high-yield savings accounts, a money market savings account and multiple CD options. Plus, you’ll also earn interest on its checking account.
How CIT Bank stacks up
CIT Bank is a division of First-Citizens Bank & Trust Company and is FDIC-insured. It’s an exclusively-online bank offering interest-bearing accounts. As an online bank, CIT Bank naturally comes with a mobile banking app where you can check your account balance, review your transactions, transfer funds and deposit checks.
Where it shines
CIT Bank offers six different types of interest-bearing accounts to choose from, and none come with a monthly maintenance fee, which is a major plus. The highest rate is reserved for its Platinum Savings account, which earns 5.05% APY on balances of $5,000 or more. And its only checking account available, called eChecking, earns up to 0.25% APY when you meet balance requirements.
Where it falls short
Almost all CIT accounts require a minimum opening deposit of $100. Although this is low, it’s a requirement that most online banks and free accounts typically do away with.
When it comes to customer service, reviews aren’t great. Customer service is only available by phone and email, and many customers complain of long wait times to reach support by phone.
CIT Bank eChecking
CIT Bank offers one checking account, called eChecking, and it’s interest-bearing with few fees.
Where it shines
The checking account has no monthly, overdraft and incoming wire transfer fees. There are also no ATM fees, and if you use an out-of-network ATM and incur a fee, CIT covers up to $30 in ATM reimbursements a month.
This checking account is also interest-bearing, offering 0.1% APY on balances under $25,000 and 0.25% APY on balances over $25,000.
Where it falls short
The eChecking account requires an opening deposit of $100. While this is low, most free checking accounts don’t come with a minimum opening deposit. Also, while the interest you earn is higher than the national average for interest-bearing checking accounts, it’s not the highest rate we’ve seen offered by a checking account.
CIT Bank savings accounts
There is a variety of CIT Bank savings accounts to choose from, and each account advertises no monthly maintenance fees,
The highest yielding account is the Platinum Savings account, offering a very competitive 5.05% APY on $5,000 or more. The Savings Connect account comes close with its 4.65% APY with no balance requirements, making it a great option for everyone else without $5,000 at the ready. Each account requires a minimum opening deposit of $100.
Platinum Savings
The highest APY savings account available with CIT Bank, it offers an APY up to 5.05% on balances of $5,000 or more. Balances less than $5,000 earn 0.25% APY. This account offers daily compounding interest and no monthly maintenance fees.
Savings Connect
The Savings Connect account offers up to 4.65% APY, with no minimum balance requirements but still requires an opening deposit of $100.
Savings Builder
This account offers the lowest APY among CIT’s other savings accounts. Its rate currently sits at 1% APY.
Savings Builder also has multiple tiers, and the tier you’re in depends on your account balance and whether you deposit $100 or more each month:
0.4% APY: Less than $25,000 balance.
1% APY: Less than $25,000 balance but with a monthly deposit of $100 or more.
1% APY: Greater than or equal to $25,000 balance.
CIT Bank‘s money market savings account
CIT’s Money Market account offers 1.55% APY, with a $100 minimum opening deposit. There are no monthly service fees and no minimum balance requirements to earn its 1.55% APY.
CIT Bank CDs
CIT Bank offers three types of CDs: Term CDs, Jumbo CDs and an 11-month no-penalty CD.
Term CDs
CIT Bank Term CDs require a $1,000 minimum to open, have daily compounding interest and rates range from 0.3% to 3% APY, depending on the term length. When the CD matures, the CDs are renewed for the same term automatically — except the 13-month and 18-month, which mature either at one or two years.
Like all CDs, there’s a penalty for withdrawing your money before it matures.
No-penalty 11-month CDs
As the name suggests, CIT Bank‘s 11-month no-penalty CD doesn’t have a withdrawal penalty if you need to access your funds before it matures. Interest compounds daily, with an APY up to 3.5%.
Jumbo CDs
The big one, CIT Bank’s Jumbo CDs require a $100,000 minimum deposit. Rates range from 0.4% to 0.5% APY, depending on the term.
Customer service experience
CIT Bank has been in business for over 100 years. Holding an A- rating and a 1.19-star rating with the Better Business Bureau (BBB), its reputation isn’t the worst or the best we’ve seen with an online bank.
Most negative reviews on BBB revolve around lending issues. Others complain about issues contacting customer support. Among the negative reviews around customer support, responses from CIT Bank state they can also be contacted via Facebook. Issues around communication are a common complaint we see among online banks and aren’t unique to CIT Bank. However, most online banks have started to offer live chat through their website.
On Trustpilot, CIT Bank fares a little better, holding a 2.1-star rating out of 5. Most negative reviews on this platform are unique circumstances, but a common thread among the reviews are customers expressing disappointment because they were denied a savings account.
Positive reviews on Trustpilot outrank the negative ones, with happy customers stating the representatives are respective and professional. However, most positive reviews revolve around equipment financing, and there’s little mention of banking experiences.
Bethany Hickey is a personal finance writer at Finder, specializing in banking, lending, insurance, and crypto.
Bethany’s expertise in personal finance has garnered recognition from esteemed media outlets, such as Nasdaq, MSN, Yahoo Finance, GOBankingRates, SuperMoney, AOL and Newsweek. Her articles offer practical financial strategies to Americans, empowering them to make decisions that meet their financial goals. Her past work includes articles on generational spending and saving habits, lending, budgeting and managing debt.
Before joining Finder, she was a content manager where she wrote hundreds of articles and news pieces on auto financing and credit repair for CarsDirect, Auto Credit Express and The Car Connection, among others.
Bethany holds a BA in English from the University of Michigan-Flint, and was poetry editor for the university’s Qua Literary and Fine Arts Magazine.
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