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CIT Bank Review 2021

CIT Bank is an online bank that specializes in competitive savings accounts. Even their checking account boasts an impressive APY when compared to national averages.


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at CIT Bank, Member FDIC

4.2

MayoFi rating

CIT Bank Summary

CIT Bank is a subsidiary of CIT Group Inc, founded over a century ago in 1908. CIT Group is set to be acquired by First Citizens BancShares Inc. The acquisition is currently pending. CIT Bank offers a range of financial products, all with competitive rates. If you are looking for an online bank to store your money, CIT Bank is worth considering.

Pros
  • Checking, savings, and money market accounts have low minimum deposits
  • Competitive APY on CDs, savings, and even checking accounts
  • No monthly fees on any of their accounts
Cons
  • No physical locations, so you must use an ATM to get cash
  • Does not offer unlimited ATM fee reimbursements

Checking accounts

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at CIT Bank, Member FDIC

CIT Bank eChecking

4.3

MayoFi rating

0.10%

APY

$100

Min. balance for APY

If you are looking for a checking account that pays you interest, CIT Bank’s eChecking account is a great choice. On balances under $25,000, CIT Bank will pay you a 0.10% APY, which is almost 10x the national average, which stays around 0.01%.

On balances over $25,000, CIT Bank will pay 0.25% APY on the funds in your checking account. On top of that, CIT Bank does not charge any ATM fees and gives you up to $30 in fee reimbursements per month for using other bank’s ATMs.

Some other benefits of CIT Bank’s eChecking account include:

  • Debit card with chip technology
  • No monthly service fee
  • No ACH transfer fees
  • No incoming wire transfer fees
  • 24/7 online access (the case with most modern banks)
  • Ability to deposit checks with the CIT bank mobile app
  • Easy integration with Apple Pay, Samsung Pay, Zelle, and more

Savings accounts

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at CIT Bank, Member FDIC

CIT Bank Savings Builder

4.5

MayoFi rating

0.45%

APY

$100

Min. balance for APY

Savings Builder is a savings account by CIT Bank that will pay you up to 0.45% APY. However, there are a few requirements you must maintain to earn this APY. For example, you must have a minimum balance of $25,000 or deposit $100 into the account monthly.

If you fail to meet at least one of these requirements, your account’s APY will drop from 0.45% to 0.29%. However, even 0.29% is still above the national average.

To get started with CIT Bank’s Savings Builder account, you’ll need to deposit a minimum of $100. The account does not have any maintenance fees. Like most savings accounts, you are limited to six transactions per statement cycle.

Money market accounts

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at CIT Bank, Member FDIC

CIT Bank Money Market

4.8

MayoFi rating

0.50%

APY

$100

Min. balance for APY

A CIT Bank Money Market account will earn you an annual percentage yield (APY) of 0.50%. Considering that the national average savings rate sits between 0.01% and 0.06%, this makes CIT Bank’s offer that much sweeter.

A money market account is a type of savings account that has checking account features. For example, it’s not uncommon for a money market account to come with a debit card and checks—both things usually reserved for checking accounts.

Unfortunately, CIT Bank’s Money Market account does not come with check-writing privileges or a debit card. However, you can still deposit checks and make transfers with the CIT Bank app.

Like most online banks, CIT Bank does not charge any monthly service fees for holding an account. Additionally, there are no minimum balance requirements. There is a minimum opening deposit of $100, but that’s only a one-time deposit.

Certificate of deposits (CDs)

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CIT Bank, Member FDIC

CIT Bank CD

3.6

MayoFi rating

0.50%

APY

$1,000

Min. balance for APY

All of CIT Bank’s CDs pay an above-average APY. Like most CDs, the longer the term of the CD, the higher the interest you earn. For example, a 1-year CD by CIT Bank will pay you 0.30% APY, whereas a 5-year CD will pay 0.50% APY.

CIT Bank’s CDs all require a minimum opening deposit of $1,000. This opening deposit is standard among most banks. However, some banks don’t have any CD minimum deposit requirements.

It’s also worth mentioning that CIT Bank offers a No-Penalty CD. If you liquidate or remove your money from the CD early, you won’t be charged an early withdrawal fee. Most CDs do charge a penalty for early withdrawals unless explicitly expressed otherwise.

Banking experience

3.8

MayoFi rating

CIT Bank has a well-built website and a mobile app that gets the job done. Their website is clean and easy to navigate, which can be helpful when dealing with confusing banking products. Although nothing special, their mobile app lets you bank on-the-go or from the comfort of your bed.

Being an internet-only bank, CIT Bank does not have a physical branch location. If you like to build relationships with bank tellers, CIT Bank is not the best bank to do that.

Although CIT Bank doesn’t have any physical branches, they still provide generous customer support. You can call customer support Monday through Friday from 9:00 AM to 9:00 PM ET and Saturday from 10:00 AM to 6:00 PM ET.

Of course, you can access your CIT Bank account online 24/7 or use their automated telephone banking system.

Rating methodology

To give you the most trustworthy and accurate information, MayoFi takes an objective and unbiased approach to the way we rate banks and credit unions. We first take a weighted average of several categories, including checking, savings, CDs, money market, and banking experience. We look at several other factors within each category, including rates and fees, branch and ATM access, technology, customer service, and account features or limits. We average these factors into a star rating between one star (poor) and five stars (excellent). Star ratings are rounded to the nearest half-star.