CIT Bank review 2024: Competitive rates and zero fees on savings, CDs, and checking

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CIT Bank, the online division of First Citizens Bank, aims to offer the best of both worlds — the competitive rates and low fees of an online bank with the stability of a long-standing institution. 

With an intuitive digital platform and a focus on savings products, CIT Bank is best for tech-savvy consumers who prioritize earning high interest on their savings with minimal fees.

About CIT Bank

CIT Bank merged with First Citizens Bank in 2022 and is now one of the largest online-only banks, with a combined $100 billion in assets. Because CIT Bank has no physical branches, they can offer higher rates than brick-and-mortar banks. Their accounts tend to have low or no fees and competitive APYs across savings, money markets, and CDs.

These accounts are designed for various financial goals, says Ravi Kumar, Head of CIT Bank.

“Whether the goal is saving for emergencies, a new home, a child’s education, or retirement, we have a diverse range of accounts that provide flexibility to meet our customers’ unique financial objectives,” he says.

CIT Bank accounts

CIT Bank savings accounts 

CIT Bank shines when it comes to savings accounts, offering three options with competitive rates.

 The Platinum Savings and Savings Connect accounts are ideal if you’re looking for the most bang for your buck — or, in banking terms, the highest APY.

The Savings Builder account is focused on building savings habits through regular deposits.

Here's a breakdown of each account.

Across all three accounts, you'll enjoy no fees, easy mobile account management, and FDIC insurance.

To decide between accounts, consider the following:

• The Platinum Savings account is ideal if you have a larger sum to deposit and want to maximize your interest earnings with a top-tier rate. The lack of fees means every dollar earns interest.
• This Savings Connect account incentivizes using CIT for both checking and savings, rewarding you with a very competitive rate for keeping active accounts. It's a great option if you want to manage your daily finances and save with one institution.
• The Savings Builder focuses on building savings discipline, offering a solid rate for automating your savings each month. It's a good fit for those still building their savings who want a higher rate as motivation.

The high rates make CIT's savings offerings stand out, but the lack of an ATM card could be a downside if you need quick cash access.

CIT Bank checking account

CIT's checking account, called eChecking, offers the convenience of check-writing and debit card use with the high interest of a savings account. It's less focused on earning interest and more on offering features that give you easy access to your money. 

This fee-free checking account earns 0.25% APY on balances over $25,000 and 0.10% APY on lower balances.  

This account has no maintenance fees and up to $30 per month in ATM fee reimbursements. Keep in mind there's a $100 minimum opening deposit. 

Other account features include mobile check deposit and compatibility with Zelle, Apple Pay, and Samsung Pay. 

This account functions as a hybrid checking-savings account. You get the higher interest of an online savings account with the flexibility of a checking account. The no-fee model extends to ATM fee rebates, a standout feature.

However, CIT doesn't support cash deposits, a potential inconvenience. You also need a high balance to earn the most competitive rate. 

But if you primarily transact digitally, this account provides easy access to your money with the bonus of interest earnings.

CIT Bank CDs

CIT Bank offers a range of CD options, from short-term to long-term, with competitive rates:

• Terms range from 6 months to 5 years
• Rates up to 3.50% APY on some terms
• $1,000 minimum deposit to open
• No opening or maintenance fees 

The standout CD is the 11-month no-penalty CD at 4.90% APY, allowing you to withdraw funds anytime after 7 days without the typical early withdrawal penalty. This offers a great blend of high yield and flexibility.

The other CDs require a more balanced balance between your desired term and interest rate. Shorter terms like 6 and 13 months currently offer the highest rates, while longer terms see a significant rate drop. 

While the $1,000 minimum is fairly standard, some online competitors offer lower minimums. Overall though, CIT's CD rates are consistently among the highest available, especially on shorter terms, making them a solid option to earn guaranteed returns on your savings.

CIT money market account

CIT Bank's money market account doesn't stand out among its other offerings:

• APY: 1.55%
• Minimum opening deposit: $100
• Maintenance fees: None

While this rate is decent, it's easily beaten by CIT's own savings accounts and many competitor money market accounts. The account also lacks check-writing and debit card flexibility, which are typical money market features.

Unless you strongly prefer a money market account, CIT's savings accounts offer much more competitive rates with similar easy access to your money. 

For those looking for check-writing, CIT's eChecking is a better bet. The money market account feels like an afterthought in CIT's otherwise strong account lineup.

CIT Bank fees 

CIT Bank's competitive advantage over other online banks is its fee-free approach to banking, explains Kumar.

“Accounts are free of opening and maintenance fees, so our customers can focus on growing their savings,” he says.

One of CIT Bank's biggest selling points is its minimal fees. Across all accounts, you'll pay no:

• Monthly maintenance fees
• Online transfer fees
• Incoming wire transfer fees
• Overdraft transfer fees

CIT Bank’s schedule of fees will show you all the fees that they waive. However, there are a few rare exceptions, including fees for outgoing wire transfers (if your account balance is below $25,000), debit card replacement (one free per year), and international transactions.

CIT Bank customer experience

While they don’t have local branches for in-person help, CIT Bank does provide customer support across the channels you’d expect from a digital bank.

Unlike some other online banks, CIT Bank doesn’t offer 24/7 customer service. Support is available by phone at (855)-462-2652, Monday through Friday from 9 a.m. to 9 p.m. EST., and Saturday from 10 a.m. to 6 p.m. EST.

CIT Bank has 61% five-star reviews and 27% one-star reviews on Trustpilot, a consumer ratings platform. Many complaints are about lack of communication around rate changes and inconsistent response times.

The CIT Bank mobile app has a 4.6/5 rating on the Apple Store and a 3/5 rating on Google Play. Many of the low reviews discuss sign-in problems and a clunky user interface.

Kumar confirmed that the mobile app has been “recently enhanced,” which seems true considering that more up-to-date reviews have been positive.

Is CIT Bank a good bank to bank with?

CIT Bank is a solid choice for consumers comfortable with online-only banking who want to maximize their savings earning potential. 

The bank's high-yield savings accounts consistently offer some of the top rates on the markets All CIT Bank accounts shine for their high rates and lack of fees.

The checking account is also a strong offering, providing competitive interest, ATM fee reimbursements, and essential checking features. You can easily manage all accounts through the user-friendly mobile app.

However, CIT Bank has limitations as a full-service banking option. There are no physical branches, limiting your ability to get in-person help or deposit cash. The product lineup lacks additional services like credit cards, loans, or investment accounts. And while customer service is available by phone, hours are limited and some customers report slow response times.

Overall, CIT Bank is a great fit if your primary goals are growing your savings and managing everyday spending online with minimal fees. But if you prefer in-person banking or need a wider array of financial products, you may need to supplement CIT with another institution.

How we rated this bank

Every bank review we publish has undergone a rigorous editorial process to ensure accuracy and objectivity. Learn more about our methodology here.

Here are some of the factors that influenced this bank’s overall score: 

• Interest rates: CIT Bank stands out for its competitive interest rates on savings accounts and CDs, making it an attractive option for customers looking to maximize their savings. However, the rates on checking and money market accounts are less impressive, and some accounts have balance requirements to earn the highest yields.
• Fees: The bank charges no monthly maintenance or opening fees on any accounts. Up to $30 in monthly out-of-network ATM fee reimbursements on the checking account are a nice perk. 
• Requirements: CIT Bank has low minimum opening deposits for most accounts, making them accessible to a wide range of customers. The $1,000 minimum deposit for CDs is reasonable, but the balance requirements to earn the highest APY on some savings accounts may be a drawback for some.
• Product mix: CIT Bank's product mix includes essential account types like savings, checking, money market, and CDs, with various CD terms available. However, the bank lacks additional products like credit cards, loans, or investment services. 
• Customer service: Customer service is an area where CIT Bank has room for improvement, with mixed customer reviews on Trustpilot and complaints about communication and response times. The lack of 24/7 customer support may also be an inconvenience. 
• Digital experience: The bank's digital experience has strengths, such as a user-friendly website, a recently enhanced mobile app, and features like mobile check deposit and account tracking. However, the mixed mobile app ratings and reported user interface and sign-in issues suggest that there is still work to be done.
• ATM & branch access: CIT Bank's lack of physical branches and cash deposit options significantly impacts customers' ability to access their funds.

The bottom line

CIT Bank offers solid interest rates and almost zero fees. The main trade-off is the constraints around access to physical branches. Despite this, CIT Bank delivers significant advantages, especially in key scenarios. CIT Bank makes sense for those who want to earn more interest on their money without complexity.

Editorial Disclaimer: Opinions expressed are author's alone, not those of any bank, credit card issuer, or other entity. This content has not been reviewed, approved, or otherwise endorsed by any of the entities included in the post.