CIT Bank Review 2021: The Right Option for Your Money?

Bob HaegeleBy: Bob Haegele

April 5, 2021April 5, 2021

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3.8/5

In a nutshell: As our CIT Bank review will detail, this is an online bank noted for its money market savings options, checking account, and CDs.


There are no monthly maintenance fees and interest rates are highly competitive. Those who want a simple online bank may be happy with CIT.

Fees

$0

Service Type

Checking, savings, CDs

Promotion

None

3.8/5

In a nutshell: As our CIT Bank review will detail, this is an online bank noted for its money market savings options, checking account, and CDs.


There are no monthly maintenance fees and interest rates are highly competitive. Those who want a simple online bank may be happy with CIT.

If you are looking for a simple online bank with very minimal fees, CIT Bank may be a good option. It also has high APYs, but keep in mind its minimums are high, too.

Pros & Cons

Pros

  • No monthly maintenance fees
  • Great high-yield savings interest rates
  • High APY on checking accounts

Cons

  • No ATM network
  • High minimum deposits to get started

Compare to Other Banks

Fees

$0

Service Type

Checking, savings, CDs

Promo

None

Fees

$0

Service Type

Checking, savings, CDs

Promo

$20 referral bonus

Fees

$0

Service Type

Checking, savings, CDs

Promo

Invest for free

Fees

$0

Service Type

Checking, savings, CDs

Promo

$20 referral bonus

Full Review

CIT Bank is one of the longest running online banks, having been founded in California in 2000. With its low fees, this is one of the biggest names in online banking.

CIT Bank is best for:

  • Fee-conscious consumers
  • Those who want high yields on savings
  • Those who prefer phone support

CIT holds more than $50 billion in assets on behalf of its clients and is managed by more than 3,600 employees. Is CIT Bank legit? It’s fully insured under FDIC, which means your first $250,000 is guaranteed by the government in case of bankruptcy.


We believe its money market account is what makes it stand out from other online banks. Its yields are higher than the national average, despite the low-interest banking environment.


Keep reading our review on CIT Bank to find out more.

What is CIT Bank?

Service Name

CIT Bank

Services

Checking, savings accounts, CDs

Fees

No monthly maintenance fees

Customer Support

Phone support six days a week

Promotions

None

Since its founding in 2000, CIT Bank has operated as an online only bank. This means it has no physical branches to do business in. Unlike other online banks, there is no free ATM network, which means ATM withdrawals may come with a fee where it excels is with its high-yield savings accounts and CD options. For savers, CIT Bank is a great option.

CIT Bank Banking Options

Our review on CIT Bank recommends that savers take advantage of their high-yield savings accounts. While less useful for day-to-day use, this is a solid banking option for savers and customers looking for a competitive money market account.


Checking Account


Unlike other online banks, CIT Bank interest rates are applied to their ordinary checking accounts. Due to the low-interest financial landscape, this is less than 1%, but it’s still a bonus other banks don’t offer.


It costs $100 to open an account and the top APY is only available to customers with a minimum balance of $25,000. With most online banks allowing customers to open accounts with a $0 minimum balance, this is a downside.


Certificates of Deposit


If you want to invest your money more conservatively, CIT Bank certificates of deposit (CDs) are a good choice. The bank offers a large range of different CDs you often don’t find with other online banks.


New customers can choose from standard, jumbo, and no-penalty CDs. Minimum deposits on standard CDs are set at $1,000.


CIT Bank yields on CDs are well above the national average. Open your account to take full advantage.


Money Market Accounts


Yields on CIT Bank money market accounts are competitive. Their money market accounts are one of the big attractions for customers.


Unlike its standard checking account, all customers get the highest APY level, regardless of their balance. It costs $100 to open an account and there’s no monthly maintenance fee applied.


Although CIT Bank APY yields are high with their money market accounts, there are higher yields available elsewhere.

Overdraft Fees

Does CIT Bank offer overdrafts?


Yes. The bank charges a $30 overdraft fee up to a maximum of four times per day. However, if you link your CIT savings account to your standard checking account, the bank will allow you to transfer the remaining balance over without incurring an overdraft fee.


This is a great way of avoiding any accidental overdraft fees.

CIT Bank FAQ

Now, let’s answer some of your most common questions about CIT Bank.


Is CIT Bank Legit?


CIT Bank is one of the oldest online banks. It’s also covered by the FDIC program, which means your first $250,000 is protected by the Federal government in the event the bank collapses. These are the same protections as any traditional bank.


How Do I Make Deposits?


Bank deposits can only be made through wire transfer, electronic transfer with another account, or by mail. They also have an automated mobile banking system. ATMs remain an option for withdrawal, but cash deposits cannot be made in this way.


How Do I Contact CIT Bank Customer Service?


Even though CIT Bank lacks a live chat feature, its phone support operates between the hours of 9 am and 9 p.m. EST five days a week. Customer support is available on Saturday but with reduced operating hours.

Is CIT Bank Right for You?

CIT Bank reviews often praise this online bank for its money market accounts. We agree that CIT Bank is the best option for savers. For day-to-day use, we believe there are better alternatives. Its lack of any physical branches and limited customer support means you can do less with this bank.


Its rates are competitive and the fact its money market accounts give the top APY to all account holders is a huge bonus.


Check out CIT Bank and open a high-yield money market account today.

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Bob Haegele

About the Author:

Bob Haegele is a personal finance writer, entrepreneur, and dog walker. Bob has been writing about personal finance for three years and now manages several personal finance sites, including The Frugal Fellow, Modest Money, and Blooming Wealth. You can also find him contributing to popular websites such as Yahoo! Finance, MSN Money, and GOBankingRates. You can see more of his work on Muck Rack and Contently, or connect with him on LinkedIn.

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