CIT Bank Review [2022] – Get A 2.70% APY Savings Account

Last Updated on September 30, 2022 by Harrison Brown
8.8/10 (Expert Score)
Product is rated as #4 in category Banking

Looking for a high-yield savings account or money market account? Look no further than CIT Bank! Founded in 1908, CIT Bank is one of the largest and most reputable online banks in the country. They offer some of the highest interest rates on both 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 has to offer 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 savings and money market accounts to its customers. They are one of the oldest online banks, having been 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 both 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 account 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 that 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, no 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 (2.70% APY).

No monthly service fees – CIT Bank has no service fees, no minimum balances, and no 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. Currently, CIT's Savings Connect account offers a 2.70% APY interest rate, which is 14x the national average. Additionally, 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 who are 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 that can help you reach your financial goals, then the CIT Bank savings builder account is a great option for you.

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 is offering 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 the event of a bank failure. This makes CIT Bank a great option for people who are 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%2.70%
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 balances over $25,000 and 0.10% APY on all balances 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 2.75% APY with a $1,000 minimum deposit. There are no opening or maintenance fees, and like the Term CD, your money will be compounded daily. The account also ensures there are no penalties to access your funds before the 11-month term is over. If you decide to withdraw your money early, you still will be able to – including any interest already earned.

Term CD

The Term CD allows you to achieve short-term goals with a guaranteed 0.50% APY. There is a $1,000 minimum, but there are no opening or maintenance fees. 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 that 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 accounts 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 16x 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 2.70% with the Savings Connect account.

CIT Bank also 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 by 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, mobile app, or give them a call. All of these options are free of charge.

If you're looking to transfer money to another bank account, you'll need the routing number and account number for the receiving bank. 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 make a withdrawal at CIT, you can use your debit card at one of the 55,000+ Allpoint ATMs or use an out-of-network ATM where your fees may be reimbursed depending on your account type. You can also you CIT's website or mobile app to transfer funds to other external accounts you may own as well.

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 all of its savings and checking products. However, there is no required monthly deposit amounts or minimums after the account has been opened. This makes CIT Bank a great option for those who want to start saving without having to commit 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, zero monthly fees, and a $375 sign-up bonus.

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 in the event that a broker-dealer fails.

Depositing checks

Can I deposit checks with CIT Bank?

There is a remote check deposit feature that allows you to deposit checks using your mobile phone. To deposit a check, simply log in to your account and select the “Deposit Checks” option. 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 at 9:00 AM – 9:00 PM (EST) and Saturday from 10:00 AM-6:00 PM (EST). Any documents can me 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 reach out to them!

Credibility

How did CIT Bank earn its credibility?

CIT Bank is a subsidiary of CIT Group Inc., a leading provider of commercial financing and leasing services. 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 a number of 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 that 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 anyone looking to grow 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 account or money market account, you may be wondering 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 2.00% APY, but it does require direct deposit. The Savings Connect account from CIT offers 2.70% APY with no direct deposit.

CIT also has a wider network of ATMs than SoFi does while still 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 the services it offers, 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 2.70% APY on its Savings Connect account and a 1.55% APY on its Money Market account. In comparison, Aspiration Bank offers a 3%-5% APY on its savings account, but this 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.

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

If you want to learn more about Aspiration and the services it offers, consider reading our article here or click below.

8
Aspiration Bank Review [2022]: Earn Up To 5.00% APY

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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 there are some key differences to consider when deciding which one 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 does not have any overdraft, maintenance, or transfer fees while Citibank does,

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

If you’re looking for a high-yield savings account or money market account, CIT Bank is a good option. 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 take a 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 really 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 a number of 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

If you’re looking for an online-only bank that has a variety of features and benefits, CIT Bank should be at the top of your list. With no monthly fees or minimum balance requirements, it’s easy to get started 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 right away. Plus, their customer service team is available 24/7 to help with any questions or concerns you may have.

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. This means that your money is protected up to $250,000 in the event that 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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