CIT Bank

CIT Bank Reviews

CIT Bank Reviews
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About CIT Bank

CIT Bank is a leading online bank in the U.S., specializing in high-yield savings accounts and certificates of deposit (CDs). All of its checking and savings accounts have no monthly fees and a $100 minimum opening deposit. CIT Bank is a subsidiary of First Citizens Bank, a financial holding company with over $100 billion in assets.

Pros & Cons

  • Competitive interest rates
  • Low fees
  • Up to $30 in monthly ATM rebates
  • Checking account earns interest
  • No physical branches
  • Few account options

What is CIT Bank?

CIT Bank is an online bank that offers a variety of banking products and services, including checking and savings accounts, money market accounts, CDs and home loans. It’s the online division of First Citizens Bank, which is the one of the largest banks in the U.S., founded in 1898.

While CIT Bank may not have the same brick-and-mortar presence as some of its competitors, its online-only model allows it to offer higher interest rates and lower fees. If you're comfortable with online banking and looking for a bank that puts your money first, CIT Bank is worth considering.

How does CIT Bank work?

CIT Bank's combination of high interest rates, no monthly fees and easy online banking makes it a great choice for those looking to grow their savings and manage their finances digitally.

It offers savings accounts with yield-boosting interest rates, high-yield CDs and even an interest-bearing checking account with no monthly fee. Its banking platform is easy to use and includes features like account alerts and mobile banking. CIT Bank deposits are insured through the Federal Deposit Insurance Corporation (FDIC).

 You can open an account with CIT Bank online. You’ll need to provide your personal information and a valid form of identification. Once your account is opened, you can use CIT Bank’s website and mobile banking app to check your balance, pay bills and transfer funds.

CIT Bank products and services

CIT Bank offers a variety of products and services to meet your banking needs:

CIT Bank’s eChecking account earns 0.10% annual percentage yield (APY) on balances below $25,000 and 0.25% APY on balances of $25,000 or more. It comes with up to $30 in ATM rebates each month and has no monthly fees or overdraft fees. It requires a $100 minimum opening deposit.
Savings accounts
CIT Bank offers three high-yield savings accounts with competitive interest rates: Savings Builder, Savings Connect and Platinum Savings. You can open any savings account with as little as $100, and there are no monthly maintenance fees.
Money market account
CIT Bank's money market account might be a great option if you're looking for a savings account with added flexibility, such as the option to deposit checks or use Zelle. It has no monthly maintenance fees and a low $100 opening deposit. However, it has a lower interest rate than CIT Bank’s Savings Connect and Platinum Savings accounts.
Certificates of deposit
With CIT Bank, you’ll find three types of CDs:
  • Term CDs range from six months to five years and have rates as high as 5% for a six-month term. The minimum opening deposit is $1,000.
  • CIT Bank’s No-Penalty CD is an 11-month CD and earns 4.80% at publishing. With this CD, you can withdraw your money any time after seven days of account opening without penalty. The minimum opening deposit is $1,000.
  • Jumbo CDs have $100,000 minimum opening deposits and come in two-year, three-year, four-year and five-year term options.

CIT Bank also offers RampUp and RampUp Plus CDs, but they’re not available for new account holders at this time.

Home loans
In addition to checking and savings accounts, CIT Bank provides customers with home loans. These include fixed-rate and adjustable-rate mortgages with flexible terms.

CIT Bank fees

One of the biggest advantages of CIT Bank is its lack of fees. It doesn’t charge for overdrafts, monthly maintenance, nonnetwork ATMs or incoming wire transfers. So you won't have to worry about paying to keep your account open or meeting minimum balance requirements.

However, there are a few CIT Bank fees to be aware of:

  • $10 outgoing wire transfer fee (for eChecking balances below $25,000)
  • $30 stop payment request fee
  • $10 returned deposit item fee
  • 1% fee for international point of sale or ATM withdrawals
  • $45 debit card rush delivery fee
  • $10 debit card replacement fee (one free card per year)


Does CIT Bank use Zelle?

Yes, CIT Bank does offer Zelle for its customers. With Zelle, you can send and receive money quickly and easily with friends and family who have a U.S. bank account. You can enroll in Zelle through the CIT Bank app.

Where is CIT Bank available?

CIT Bank is available nationwide. You can open and manage your account from anywhere within the U.S. with an internet connection.

What is the minimum deposit required to open an account with CIT Bank?

The minimum deposit required to open a CIT Bank account depends on the type of account you choose. For example, the minimum deposit for an eChecking or savings account is $100, while the minimum deposit for a CD is $1,000. Jumbo CDs require $100,000 or more.

Does CIT Bank charge monthly maintenance fees?

CIT Bank does not charge any monthly maintenance fees for its accounts.

Is CIT Bank FDIC-insured?

Yes, CIT Bank is FDIC-insured, which means your deposits are insured up to the maximum allowed by law ($250,000 per depositor).

Does CIT Bank offer mobile banking?

Yes, CIT Bank offers a mobile app that allows you to manage your accounts, deposit checks and transfer money on the go. You can download the CIT Bank app on the App Store and Google Play.

Is CIT Bank legit?

CIT Bank is a solid choice for those looking for an online bank that offers competitive interest rates and a variety of banking products, including high-yield savings accounts, CDs and money market accounts.

One standout feature of CIT Bank is its lack of fees. With no monthly maintenance fees, overdraft fees or ATM fees, you can rest assured that your money is working for you, not being eaten up by unnecessary charges.

CIT Bank Reviews

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    How do I know I can trust these reviews about CIT Bank?
    • 4,479,104 reviews on ConsumerAffairs are verified.
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    • Our moderators read all reviews to verify quality and helpfulness.
    Page 1 Reviews 0 - 10
    Customer ServiceEase of Use

    Reviewed July 15, 2024

    I have had a quite negative experience with CIT Bank. The bank is not customer oriented and its customer service is really poor and rude. Transactions are difficult and the bank site is difficult to navigate and almost impossible to make transactions. If closing your CD at maturity you have to call them for assistance--good luck--! The menu choices for the customer are limited and counterintuitive. I am closing the account ASAP when my CD transfer to savings is effective but the problem is you do not know in real time if your transaction is happening! Do not use this bank because of its advertised rates and save yourself a headache. There are much better bans with even better rates and good service.

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      Customer Service

      Reviewed May 1, 2024

      One of the worst and incompetent customer service experience I’ve ever had - they hold your own money that belongs to you for an absurd amount of time before the funds are released - yes, the funds you OWN.

      Customer ServiceStaff

      Reviewed Dec. 14, 2023

      Sorry, these are the dumbest people I've ever done business with. I'm not interested in wasting my time providing details. I've wasted plenty of time trying to teach them how to answer a simple question. Just take my word for it. I'll be closing my account.

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      Customer Service

      Reviewed Dec. 3, 2023

      It is impossible to access my account, which forces me to keep calling monthly to change the password. The ONLY way to communicate with them is by calling, and they do not provide customer service on the weekends. I have a very uneasy feeling about this place and hopefully can take my savings to place elsewhere! Advice: Do not use CIT Bank! They should be closed!

      Customer ServicePunctuality & SpeedStaff

      Reviewed Sept. 16, 2023

      I’m a new credit card holder. I was interested in a balance transfer. It is offered right after you get approved when you don’t know your credit limit yet but when you register and have an access to all that information that option disappears. Customer service was not able to help with that either. Customer service representative admitted that I’m right but nothing can be done at this moment. Such a waste of time due to bank error.

      Reviewed May 30, 2023

      I opened a Platinum Savings account with CIT and transferred a decent amount of money to the account from another savings account I have with another bank. This was done approximately two weeks ago. CIT took the money out of my other account within one day; however, as of today my money is still not showing on my account as available balance. This should be against the law. They are holding on to my money for almost two weeks now. I was planning on transferring more money to this account, but there is no way I will do that now. It is unacceptable. Do not open an account with CIT Bank.

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      CIT Bank Company Information

      Company Name:
      CIT Bank