CIT Bank Review 2023: Get A 4.05% APY Savings Account

Last Updated on January 10, 2023 by Harrison Brown
8.8/10 (Expert Score)
Product is rated as #7 in category Banking

Looking for a high-yield savings account or a money market account? Look no further than CIT Bank! Founded in 1908, CIT Bank is one of the country's largest and most reputable online banks. They offer some of the highest interest rates on their savings and money market accounts, making them a great choice for consumers looking to grow their money. In this CIT Bank review, we will take a closer look at what the bank offers its customers, where it can improve, and if it's the right fit for you!

CIT Bank Review Hero Image

What is it?

What is CIT Bank?

CIT Bank is a large online bank that offers customers savings and money market accounts. They are one of the oldest online banks, founded in 1908. CIT Bank is FDIC insured, meaning your deposits are safe and secure, up to $250,000. They offer some of the highest interest rates on their savings and money market accounts, making them a great choice for consumers looking to grow their money. CIT Bank is a great choice for anyone looking for a high-yield savings or money market account.

Is it a good bank?

Is CIT Bank a good bank?

CIT Bank is a great bank for many reasons. One of the biggest reasons is that it offers high-yield savings and money market accounts. This means you can earn more interest on your deposits than you would at a traditional bank.

Another reason to love CIT Bank is that there are no fees. That's right – no monthly fees, minimum balance fees, and no ATM fees. This is a huge benefit for anyone who hates paying bank fees.

Pros & Cons

Pros and Cons of CIT Bank

Positive
  • Competitive interest rates
  • No monthly service fees
  • Low opening deposit rates
Negatives
  • No physical branches
  • No check writing
  • Lower CD rates

Competitive interest rates – CIT Bank offers competitive interest rates on its Savings Builder account (1.00% APY), Money Market Account (1.55% APY), and Savings Connect account (4.05% APY).

No monthly service fees – CIT Bank has no service fees, minimum balances, and overdraft fees on its eChecking account.

Low opening deposit rates – CIT Bank has incredibly low opening deposit requirements. You can open a savings or checking account with as little as $100, which is great for those who don't have a lot of money to deposit.

Account types

What Accounts does CIT offer?

Savings accounts

Savings Connect

The CIT Bank Savings Connect account is a high-yield online savings account that offers its customers a competitive interest rate. The account also has no fees and requires a minimum balance of only $100. CIT's Savings Connect account currently offers a 4.05% APY interest rate, which is 13x the national average. CIT will also cover all ATM fees (Up to $30.00) when you use out-of-network ATMs. Like the Money Market and Savings Builder accounts, the Savings Connect account is also FDIC insured up to $250,000.

Savings Builder

A CIT Bank savings builder account is a high-yield savings account that offers its customers a competitive interest rate. The account also has no fees and requires a minimum balance of only $100.

The CIT Bank savings builder account is ideal for those looking to save money for their future. The account offers its customers a competitive interest rate of 1.00%, which is 5x the national average. To ensure you get this rate, you must direct deposit at least once per month or have a balance of $25,000 or more.

If you are looking for a high-yield savings account to help you reach your financial goals, then the CIT Bank savings builder account is a great option.

Money Market Account

CIT Bank is one of the few online banks that offer a money market account. Money market accounts are a type of savings account that usually offer higher interest rates than traditional savings accounts. CIT Bank's money market account offers a competitive interest rate of 1.55% and no fees. Additionally, CIT Bank offers all new members a free year of Amazon Prime when they sign up and deposit $15,000 within the first 15 days of account opening.

CIT Bank's money market account is also FDIC-insured, which means your money is safe in case of a bank failure. This makes CIT Bank a great option for people looking for a safe place to park their money.

Compare savings accounts


Starter
Savings BuilderMoney MarketSavings Connect
Account minimum $100$100$100
APY1.00%1.55%4.05%
ATM reimbursementNoNoYes
FDIC insuredYesYesYes
Monthly feesNoNoNo
Free Amazon PrimeNoYesNo

eChecking

CIT Bank offers a high-yield checking account that pays 0.25% APY on all over $25,000 and 0.10% APY on all below $25,000. The checking account has no fees and only requires $100 to start.

This checking account comes with a Mastercard debit card, online and mobile banking, and access to more than 55,000 fee-free Allpoint ATMs worldwide. The account also covers $30.00 for out-of-network ATM withdraws every month.

CD accounts

No-Penalty, 11-Month CD

CIT's No-Penalty CD allows you to earn 4.10% APY with a $1,000 minimum deposit. There are no opening or maintenance fees, and your money will be compounded daily like the Term CD. The account also ensures there are no penalties to access your funds before the 11-month term is over. If you withdraw your money early, you will still be able to – including any interest already earned.

Term CD

The Term CD allows you to achieve short-term goals starting at 4.55% APY for 13 months and 4.75% APY for 18 months. There is a $1,000 minimum, but no opening or maintenance fees exist. Additionally, your interest will be compounded daily to maximize your earnings potential.

Jumbo CD

The Jumbo CD is for larger accounts with over $100,000 looking to earn guaranteed passive interest. Currently, the account will earn 0.50% APY, and there are no account opening or maintenance fees.

Is it legit?

Is CIT a legitimate bank?

This is a question we get asked a lot, and the answer is Yes! CIT Bank is a legitimate bank that has been FDIC insured since 2000. CIT Bank offers high-yield savings and money market accounts that are some of the best in the industry.

Benefits of banking with CIT include

  • High-yield savings accounts with interest rates up to 13x the national average
  • No monthly fees or minimum balance requirements
  • A wide variety of account options to choose from
  • If you're looking for a high-yield money market or savings account, CIT Bank is a great option

Bonus

Does CIT Bank Offer a Bonus?

Yes! CIT Bank offers a free year of Amazon Prime for new users!

Free year of Amazon Prime

To get your free year of Amazon Prime, fund your new Money Market with $15,000+ within the first 15 days of opening your account!
We may receive compensation for links clicked on this post.
How to claim your free year of Amazon Prime
  • Just open a Money Market account using the promo code AMZN22
  • Fund your account with at least $15,000 within 15 days and keep a minimum balance of at least $15,000 for 60 days following the 15-day funding period
  • Within 30 days following the end of the review period, if you’ve fulfilled the requirements, we’ll send you an email with your Prime membership code

Does it save money?

Will CIT Bank save me money?

CIT Bank offers many accounts that can help you save money. The CIT Savings Builder account offers a 1.00% APY, which is higher than the national average of 0.07%. With CIT's Money Market, you can earn up to 1.55% APY on your deposited funds and 4.05% with the Savings Connect account.

CIT Bank offers a free online financial management tool called My Savings Goals. This tool can help you set and track your savings goals, so you can stay on track to reach your financial goals. With these higher interest rates, you certainly will be saving more money with these higher rates!

How do I access my money?

You can access your money at CIT online bank using their online platform or mobile app. Additionally, you can access your account via phone, where you can call the bank 24/7!

How do I transfer funds?

CIT Bank has a few options when it comes to transferring funds. You can use their online banking platform and mobile app or call them. All of these options are free of charge.

You'll need the receiving bank's routing and account numbers if you're looking to transfer money to another bank account. The process is simple and only takes a few minutes. Some accounts also offer Zelle, which allows you to send money to individuals and businesses in seconds!

CIT Bank also offers a free bill pay service. You can use this to pay your bills online or set up automatic payments. This is a great way to stay on top of your finances and avoid late fees.

How Do I withdraw money?

To withdraw at CIT, you can use your debit card at one of the 55,000+ Allpoint ATMs or an out-of-network ATM where your fees may be reimbursed depending on your account type. You can also use CIT's website or mobile app to transfer funds to other external accounts you may own.

What are the fees associated with CIT Bank?

CIT Bank does not charge any fees for any of its accounts. However, there may be fees associated with other services, such as wire transfers. Be sure to check with CIT Bank before using any of its services to avoid any unexpected fees.

Are there deposit requirements?

CIT Bank requires a $100 minimum opening deposit to create an account for its savings and checking products. However, there are no required monthly deposit amounts or minimums after opening the account. CIT Bank is a great option for those who want to start saving without committing to a large sum of money every month. If you want a bank account with no initial minimum deposit, consider using Fifth Third Bank, which has no minimum deposit and zero monthly fees.

Is it safe?

Is CIT Bank safe?

CIT Bank is a member of the FDIC, so your money is safe and insured up to $250,000. The bank is also a member of the Securities Investor Protection Corporation (SIPC), which protects against the loss of securities if a broker-dealer fails.

Depositing checks

Can I deposit checks with CIT Bank?

A remote check deposit feature allows you to deposit checks using your mobile phone. Simply log in to your account and select the “Deposit Checks” option to deposit a check. Then, follow the instructions on the screen.

The CIT Mobile App makes it easy to manage your accounts on the go. You can check your balances, make transfers, and more. Plus, there are no fees to use the app.

Contact

How do I contact CIT Bank?

CIT Bank offers several different customer service channels for its consumers. You can reach out to them via telephone, email, or through their online chat system. You can call CIT Bank at 855-462-2652 Monday – Friday from 9:00 AM – 9:00 PM (EST) and Saturday from 10:00 AM-6:00 PM (EST). Any documents can be mailed to:

CIT Bank, N.A.  
P.O. Box 7056
Pasadena, CA 91109-9699

When it comes to customer service, CIT Bank is definitely committed to helping its customers in any way possible. If you have any questions or concerns, don't hesitate to contact them!

Credibility

How did CIT Bank earn its credibility?

CIT Bank is a subsidiary of CIT Group Inc., a leading commercial financing and leasing service provider. The bank has been in operation for over 100 years and offers a variety of banking products and services to its consumers.

The bank has over $50 billion in assets and offers a variety of banking products and services to its consumers, including savings accounts, money market accounts, certificates of deposit (CDs), and credit cards.

CIT Bank has an A+ rating from the Better Business Bureau (BBB) and is a member of the FDIC. The bank offers a variety of banking products and services to its consumers, including savings accounts, money market accounts, certificates of deposit (CDs), and credit cards.

How does it compare?

How does CIT Bank compare to other banks?

CIT Bank offers its customers several advantages over other banks. Perhaps the most notable advantage is its high-yield savings and money market accounts.

CIT currently offers one of the highest interest rates on savings accounts, which means your money will grow faster with CIT than with other banks.

In addition, CIT also offers some of the lowest fees on its accounts. This combination of high interest and low fees makes CIT an excellent choice for growing their savings.

Pros
Cons
CIT Bank Logo
CIT Bank
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Pros
– Competitive interest rates (high overall yield)
– Free Amazon Prime bonus
– Low opening deposit
Cons
– No physical branch
– Lower CD rates
Pros
– FDIC insurance up to $1.5 million
– Unlimited ATM fee refunds
– 1.50% APY on checking & savings account
Cons
– No physical branch
– No 24/7 phone support
Aspiration Logo
Aspiration
READ REVIEW
Pros
– Option for no monthly fees
– ATM reimbursement
– High interest rates (up to 5.00% APY)
Cons
– No physical branch
– Limited cash back

CIT Bank vs. SoFi

If you're looking for a high-yield savings or money market account, you may wonder if CIT Bank or SoFi is the better option. Both banks offer great interest rates and have no monthly fees, but there are some key differences to consider.

Here's a breakdown of CIT Bank and SoFi to help you decide which one is right for you:

Currently, SoFi's checking and savings account offers an interest rate of 3.50% APY, but it does require direct deposit. The Savings Connect account from CIT offers 4.05% APY with no direct deposit.

CIT also has a wider network of ATMs than SoFi does, offering mobile check deposits and bill pay. SoFi offers mobile check deposits but does not offer bill pay.

CIT Bank is the better option if you're looking for higher interest rates on your savings and money market accounts without having to set up direct deposit. However, if you want all your financial products in one place, like credit cards, loans, and checking accounts, we recommend SoFi since they offer all of these financial products.

If you want to learn more about SoFi and its services, consider reading our article below.

9
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CIT Bank vs. Aspiration

One of the biggest benefits of CIT Bank is its high-interest rates. CIT Bank currently offers a 4.05% APY on its Savings Connect account and a 1.55% APY on its Money Market account. Aspiration Bank offers a 3%-5% APY on its savings account, which is limited to the first $10,000. After that, Aspiration only pays 0.10% APY on balances over $10,000.

Another benefit of CIT Bank is its lack of fees. CIT Bank doesn't charge any monthly maintenance fees, and it also doesn't charge any ATM fees. In contrast, Aspiration Bank charges a $5.99 monthly maintenance fee for its Aspiration Plus plan.

CIT Bank is a great choice if you're looking for a high-yield savings or money market account with no monthly fees. With its high-interest rates and lack of fees, CIT Bank offers value to its consumers.

If you want to learn more about Aspiration and its services, consider reading our article or clicking below.

8
Aspiration Bank Review 2023: Earn Up To 5.00% APY

Aspiration Bank Review 2023: Earn Up To 5.00% APY

If you're looking for a checking account with a high APY and no ATM fees, check out the Aspiration, which puts a …

CIT Bank vs. Citibank

CIT Bank is an online bank that offers high-yield savings and money market accounts. Citibank is a brick-and-mortar bank with branches nationwide. Both banks offer similar products and services, but some key differences exist when deciding which is right for you.

Here’s a closer look at CIT Bank and Citibank to help you decide which one is right for your banking needs:

CIT Bank offers a higher interest rate on its savings account than Citibank. CIT Bank’s money market account also has a higher interest rate than Citibank’s. Both banks offer checking accounts, but CIT Bank has no overdraft, maintenance, or transfer fees, while Citibank does.

Citibank has branches nationwide, while CIT Bank is an online bank with no physical branches. Citibank offers more services than CIT Bank, such as investment products and credit cards.

CIT Bank is a good option if you’re looking for a high-yield savings or money market account. If you prefer the convenience of banking with a brick-and-mortar bank or need additional services beyond savings and checking accounts, Citibank may be a better choice for you.

CIT Bank vs. Capital One

CIT Bank and Capital One 360 are two popular online banks. They both offer high-yield savings and money market accounts. So, which one is better?

To decide, let's look at the key differences between these two banks. CIT Bank offers a higher interest rate on its savings accounts. It also has no monthly fees. Capital One 360, on the other hand, has a lower interest rate, but it does have monthly fees for some of its accounts when balance or direct deposit minimums are not met.

When it comes to money market accounts, CIT Bank offers a higher interest rate and no monthly fees. Capital One 360 has a lower interest rate and monthly fees.

So, which bank is better?

It depends on what you're looking for. If you want the highest interest rate, go with CIT Bank. If you're okay with a lower interest rate and don't mind paying monthly fees since you'll get access to physical branches and more products like auto loans, credit cards, and home refinancing, Capital One 360 is a good option.

Whatever you decide, be sure to do your research and compare different banks before opening an account.

Other CIT products

Other financial products offered by CIT Bank

CIT Bank also offers several other financial products that can benefit consumers. These products include:

  • Home equity lines of credit This product can help you access the equity in your home to make improvements or pay for other expenses
  • Personal loans CIT Bank offers personal loans with competitive rates and terms to suit your needs
  • Student loans – CIT Bank can help you finance your education with competitively-priced student loans
  • Business loans – If you're looking to finance your business, CIT Bank offers a variety of business loan options

Bottom line

Why CIT Bank?

8.7Expert Score
A great option for a competitive yield

CIT Bank should be at the top of your list if you’re looking for an online-only bank with various features and benefits. With no monthly fees or minimum balance requirements, it’s easy to start with CIT Bank. And, if you sign up for one of their high-yield savings accounts, you can start earning interest on your deposited funds immediately. Their customer service team is also available 24/7 to help with any questions or concerns.

Customer support
8.3
Accessibility
9.2
Interest rates
8.9
Pros
  • Competitive Interest Rates
  • No Additional Fees
  • High yield and return
Cons
  • No Physical Location
  • No Physical Checks

FAQ

CIT Bank FAQ

Is CIT Bank FDIC insured?

Yes, CIT Bank is FDIC-insured. Your money is protected up to $250,000 if the bank defaults.

Where is CIT Bank located?

CIT Bank is an online-only bank with no physical branches.

What does CIT Bank stand for?

Commercial Investment Trust (CIT) Bank.

Does CIT Bank have branches?

CIT Bank operates online and has no other branches.

Is CIT Bank part of Citibank?

No, CIT Bank is not part of Citibank. CIT Bank is a direct bank that offers high-yield savings and money market accounts.

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