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

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CIT Bank is the online division of First Citizens Bank, which has a legacy of over 125 years in banking. CIT Bank aims to offer the stability of a traditional bank with the competitive edge of a digital bank. As a result, CIT Bank offers value and convenience through higher interest rates and no fees.

We'll look in-depth at CIT Bank’s offerings, including their savings, checking, money market, and CD options. We’ll also look at fees, accessibility, customer service, and overall value as an online bank.

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 savings account

CIT Bank offers three savings accounts you can open based on your goals. 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.

While APYs may fluctuate over time, CIT Bank often offers the highest APYs on its savings accounts.

All three accounts have no monthly maintenance fees and a low initial deposit. Some accounts may require a certain balance to earn the highest interest rate. You can easily deposit checks and transfer funds within CIT’s mobile banking app.

These fee-free savings accounts are all great options if you’re seeking simplicity and yield on your emergency fund or other cash reserves. The lack of physical bank branches is far less important on a basic savings account intended to earn interest safely.

CIT Bank checking account

CIT offers a fee-free checking account that’s less focused on earning interest and more on offering features that give you easy access to your money. This checking account also has no minimum balance requirement or monthly maintenance fees.

There’s a minimum $100 deposit to open a checking account. Other features include:

• 0.25% APY for balances above $25,000
• 0.10% APY for balances below $25,000
• Mobile check deposit
• Up to $30 in monthly out-of-network ATM fees
• Integration with Zelle, Apple Pay, Google Pay, Samsung Pay

It’s important to note that while they have a solid digital banking platform and ATM access, CIT Bank doesn’t support cash deposits. So, this leaves out one functionality some traditional bank customers rely on.

You can make a deposit via ACH transfer, check, mobile deposit, or incoming wire transfer.

CIT Bank CDs

CDs offer higher interest rates in exchange for committing your money for a set period of time.

CIT Bank offers top-tier CD rates to complement their savings products. The various CD terms can enhance your earnings potential on money you don’t need immediate access to. All CDs have a $1,000 minimum deposit, and early withdrawal penalties may apply.

As you can see, the CDs with the highest APYs have relatively shorter terms.

CIT Bank also offers one of the best no-penalty CDs on the market. This 11-month CD offers 4.90% APY and allows you to withdraw your money before the term is up without penalty.

For those with large cash deposits above $100,000, CIT Bank offers Jumbo CDs with terms ranging from 2-5 years. The APY on these accounts is fairly low, between 0.4%-0.5% APY, making them not the best option.

CIT money market account

While CIT Bank does offer a money market account, it doesn’t stand out as competitive compared to CIT’s other accounts. Not only is the APY low, but accessibility to your money is poor without ATM access or check-writing privileges (features that most money market accounts offer).

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

If you’re looking for more flexibility, you may want to consider a money market account from another bank.

Is CIT a good bank to bank with?

CIT Bank is an attractive online bank due to its high rates — which is a good enough reason for some customers to sign up.

As an online bank, CIT Bank’s digital experience drives its offerings. Their website and mobile app also make tracking your money across accounts easy. Keeping up with your balances, interest earned, and statements is easy.

Plus, you’ll still get stability via FDIC insurance (up to $250,000 per person, per account) and the connection to First Citizens Bank.

That said, branch and ATM access are essentially non-existent with CIT Bank. And unlike large brick-and-mortar banks, you cannot walk into physical locations for personalized service.

If speaking to a banker face-to-face is important to you, CIT Bank will leave something to be desired. But if you already do most of your banking online, CIT may offer everything you need.

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.

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.

How we rated this bank

Every bank review we publish has undergone a rigorous editorial process to ensure accuracy and objectivity.

We rate all banks on a 10-point system, with 10 being the highest possible score and 1 being the lowest possible score. We assess each card across several key factors, weighted based on what our research shows matters most to readers like you. 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's fee structure is generally favorable, with no monthly maintenance or opening fees on any accounts. The up to $30 in monthly out-of-network ATM fee reimbursements on the checking account is 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, 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 impact customers' ability to access their funds.

The bottom line

CIT Bank brings a lot to the table, with solid interest rates and almost zero fees. The constraints around access to physical branches are the main trade-off. 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.