CIT Bank Review 2023

CIT has a network of more than 600 branches in 22 states. The bank offers savings and checking accounts, lending products, and more. 

All rates and fees are current as of April 18, 2023, and are subject to change. 

CIT Bank offerings 

CIT offers a number of free checking and savings account options for personal and business clients. 

Checking and savings accounts 

• eChecking
  • APY:
    • 0.10% for balances under $25,000
    • 0.25% for balances over $25,000
  • Minimum deposit: $100
  • Fees:
    • Monthly service fee: $0
    • Online transfer/ACH fee: $0
    • Mail check from bank: $0
    • Overdraft/insufficient funds fee: $0
    • Incoming wire transfer fee: $0
    • Outgoing wire transfer fee (domestic only): Free for accounts with a current balance of $25,000 or more
    • Return deposit item: $10
    • Bill pay stop payment: $30 per check
    • Debit card replacement: $10 (1 free card per year) 
    • Debit card rush delivery: $45
    • International point of sale/ATM withdrawal: 1% of transaction amount 
• Savings Builder
  • APY:
    • 0.40% for balances under $25,000 with a monthly deposit of $100 or more
    • 1.00% for balances greater than or equal to $25,000
  • Minimum opening deposit: $100 
  • Fees:
    • Account opening fee: $0 
    • Maintenance fee: $0 
    • Interest compounding frequency: Daily 

High-yield savings account 

CIT bank offers two different high-yield savings account options for customers to choose from. 

• Savings Connect 
  • APY: 4.50%
  • Minimum opening deposit: $100
  • Monthly service fees: $0
  • Interest compounding frequency: Daily
• Platinum Savings 
  • APY:
    • 0.25% with a balance less than $5,000
    • 4.75% with a balance of $5,000 or more 
  • Minimum opening deposit: $100
  • Fees:
    • Account opening fee: $0 
    • Maintenance fee: $0 
  • Interest compounding frequency: Daily 

Money market accounts 

CIT offers one high-yield money market account. 

• Money Market 
  • APY: 1.55%
  • Minimum opening deposit: $100
  • Fees:

Certificates of deposit

CIT offers four different types of CDs including term CDs, a no-penalty CD, jumbo CDs, and RampUp CDs. 

• Term CDs 
  • Minimum opening deposit: $1,000
  • APY:
    • 6-month CD: 5.00%
    • 1-year CD: 0.30%
    • 13-month CD: 4.65%
    • 18-month CD: 4.60%
    • 2-year CD: 0.40%
    • 3-year CD: 0.40%
    • 4-year CD: 0.50%
    • 5-year CD: 0.50%
  • Fees:
    • Account opening fee: $0 
    • Account maintenance fee: $0 
  • Interest compounding frequency: Daily 
• No-Penalty, 11-month CD
  • Minimum opening deposit: $1,000
  • APY: 4.80%
  • Fees:
    • Account opening fee: $0 
    • Account maintenance fee: $0 
  • Interest compounding frequency: Daily 
• Jumbo CDs 
  • Minimum opening deposit: $100,000
  • APY:
    • 2-year CD: 0.40%
    • 3-year CD: 0.40%
    • 4-year CD: 0.50%
    • 5-year CD: 0.50%
  • Fees:
    • Account opening fee: $0
    • Account maintenance fee: $0 
• Ramp Up CDs
  • Minimum opening deposit: $25,000 for 1-,2-, and 3-year terms (4-year RampUp Plus CD requires a minimum opening deposit of $50,000)
  • APY:
    • 1-year RampUp Plus: 0.25% 
    • 2-year RampUp Plus: 0.25%
    • 3-year RampUp Plus: 0.25%
    • 4-year RampUp Plus: 0.25%

Other services CIT Bank offers 

CIT offers a few other products and services, including: 

• Home loans: CIT customers can apply for a purchase or refinance loan with  10-, 15-, 20-, 25- and 30-year loan terms. 
• Business and commercial banking products: CIT offers commercial finance products, treasury and payment products, financing solutions, and a number of other helpful resources for businesses. 

The CIT Bank platform and customer support 

CIT representatives can be reached by phone Monday through Friday from 9:00 a.m. to 9:00 p.m. ET, Saturday 10:00 a.m. to 6:00 p.m. ET. The bank also offers 24/7 automated telephone support at (855) 462-2652, as well as a secure emailing option within the mobile app. 

CIT’s mobile app can be downloaded on both Apple and Android storefronts and has an average rating of 4.6 stars on the App Store and 3.5 stars on Google Play. CIT customers also have the option to bank from their personal computer using CIT’s online platform. 

Pros and cons of CIT Bank

If you’re considering banking with CIT Bank, here are a few of the major perks and drawbacks to note:

Frequently asked questions

Is CIT Bank owned by First Citizens Bank?

CIT Bank is an online-only division of First Citizens Bank. 

Is CIT Bank an online-only bank?

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

Can CIT Bank customers send money through Zelle? 

CIT customers can send and receive money in minutes via the CIT Bank mobile app.