CIT Bank Review 2024

Jeremy Biberdorf
By: Jeremy Biberdorf
June 01. 2023
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CIT Bank Logo


3.8 rating based on 5 ratings


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 highly competitive rates with APY up to 5.05% on Savings . Those who want a simple online bank may be very happy with CIT.

FeesService TypePromotion
$0Checking, savings, CDsNone

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
  • No monthly maintenance fees
  • Great high-yield savings interest rates
  • High APY on checking accounts
  • Up to $30 ATM reimbursement
  • No ATM network

Compare to Other Banks

CIT Bank Logo
3.8 rating based on 5 ratings


Service TypeChecking, savings, CDs


Axos Bank Logo
4.9 rating based on 5 ratings


Service TypeChecking, savings, CDs

Promo$20 referral bonus

Full CIT Bank 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.

External CIT Bank Review & Ratings

Apple App Store4.6 from 10,900 reviews
Credit Monkey4.4

Here are some reviews from traders who have experienced the platform firsthand:

“I just opened 3 accounts with Cit and and the process was extremely good. Customer service was very clear minded and helpful. I have accounts with quite a few other banks and my experience with this one was right at the top. Glad I made the decision to open with them.”
“The loan process was very easy to navigate. The online questionnaire extremely easy to navigate and the progress was updated each step of the way so we always new where we were in the process. We were then contacted by Daniel Kilgore who walked us through the closing process. All of this at record pace compared to other financiers. A a couple days instead of weeks, we will certainly look to CIT for future equipment needs.”
“Knowledgeable, professional, courteous, and personable. Everything they told me to expect was exactly as they said it would. There was no endless game of phone tag, chasing more and more documents. They knew exactly what they wanted, asked for that and proceeded with processing of the loan upon receipt. I generally dread the entire loan and loan approval process. I cannot say enough about how pleased I was with the entire process. Kudos to Josh and Christine.”
“The process from start to finish was epic. My agent Jason literally did everything and kept me in the loop several times during the week to gather other docs etc. I’m approaching CIT again for my next couple projects.”

What is CIT Bank?

Service NameCIT Bank
ServicesChecking, savings accounts and CDs.
FeesNo monthly maintenance fees.
Customer SupportPhone support six days a week.

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. They now offer up to $30 in ATM reimbursement as well.

CIT Bank Product Offerings

1. Savings Accounts

  • Platinum Savings: This account offers two different Annual Percentage Yields (APYs) based on the daily balance. For a daily balance of $5,000 or more, the APY is 5.05%, while for a daily balance less than $5,000, the APY is 0.25%. The minimum opening balance for both is $100.
  • Savings Builder: This account has three tiers of APY. For a daily balance less than $25,000, the APY is 0.40%. For a daily balance less than $25,000 but with a monthly deposit of $100 or more, the APY is 1.00%. And for a daily balance of $25,000 or more, the APY is 1.00%. The minimum opening balance for all tiers is $100.
  • Savings Connect: This account offers an APY of 4.65% with a minimum opening balance of $100.

2. Money Market Account

  • Money Market Account: This account offers an APY of 1.55% with a minimum opening deposit of $100.

3. eChecking Account

  • eChecking: This account has two tiers of APY based on the balance. For a balance less than $25,000, the APY is 0.10%. For a balance of $25,000 or more, the APY is 0.25%. The minimum opening deposit for both tiers is $100.

4. Certificates of Deposit (CDs)

  • Term CDs: These CDs offer a variety of terms and APYs, with a minimum opening deposit of $1,000. The APY for a 6-month term is 5.00%, for a 1-year term is 0.30%, for a 13-month term is 4.65%, for an 18-month term is 4.60%, for a 2-year term is 0.40%, for a 3-year term is 0.40%, for a 4-year term is 0.50%, and for a 5-year term is 0.50%.
  • No-Penalty CDs: These 11-month CDs offer an APY of 4.90% with a minimum opening deposit of $1,000.
  • Jumbo CDs: These CDs require a larger initial deposit but offer higher rates. The APY for a 2-year term is 0.40%, for a 3-year term is 0.40%, for a 4-year term is 0.50%, and for a 5-year term is 0.50%. The minimum opening deposit for all terms is $100,000.

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 Mobile and Online Banking

One of the main advantages of CIT Bank is the accessibility and convenience it provides through its online and mobile banking services. The bank’s platform enables account holders to manage their finances from anywhere, at any time.

The CIT Bank website and mobile application allow customers to carry out a variety of banking functions including:

  • Checking account balances
  • Reviewing transaction history
  • Transferring funds between CIT Bank accounts and external accounts
  • Depositing checks remotely through the mobile app’s check deposit feature
  • Bill payment services
  • Setting up alerts for account activities

The user interface of both the website and mobile app is intuitive and easy to navigate. This simplicity of use is particularly beneficial for those who are new to online banking.

CIT Bank’s mobile app is available on both iOS and Android platforms. While the bank doesn’t have a network of physical branches or ATMs, its mobile banking service does provide up to $30 ATM reimbursement per month.

This means that any ATM fees you accrue within a month, up to $30, will be refunded to your account. This added benefit makes it more convenient for CIT Bank customers to access cash when necessary.

It’s important to note that online and mobile banking services require internet access. If you live in an area with limited internet connectivity, this could potentially pose challenges.

If you prefer banking digitally and place high importance on convenience, CIT Bank’s online and mobile banking features could be a good fit for you. Its robust platform provides a seamless banking experience, making it easier to manage your money without the need to visit a physical branch.

Security Measures at CIT Bank

As with any financial institution, security is a primary concern at CIT Bank. To ensure the safety and privacy of its customers, the bank employs a multitude of security measures and technologies.

  • Encryption: CIT Bank uses strong encryption technology to safeguard your personal information and financial transactions. When you access your account online or through the mobile app, your data is encrypted to prevent unauthorized access or interception.
  • Secure Access: The bank requires multi-factor authentication when you access your account. This often involves a combination of something you know (like a password), something you have (such as a mobile device), and sometimes, something you are (like a fingerprint). This additional layer of security helps to ensure that only you can access your account.
  • Fraud Detection: CIT Bank continuously monitors accounts and transactions for suspicious activity. If anything unusual is detected, the bank will alert you and take necessary actions to protect your account.
  • FDIC Insurance: As mentioned previously, CIT Bank is an FDIC-insured institution. This means that even in the unlikely event of the bank’s failure, your deposits are insured up to $250,000.
  • Online and Mobile Banking Security: The bank’s online and mobile platforms are designed with security in mind. They include features such as automatic logout after a period of inactivity and the ability to notify the bank immediately in case of lost or stolen mobile devices.
  • Education and Awareness: CIT Bank also helps its customers stay secure by providing information and tips on common scams, how to spot them, and what to do if you suspect fraudulent activity on your account.


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.

Final Thoughts – Is CIT Bank Worth It?

Our verdict: Yes, CIT Bank is indeed worth considering, particularly if you are seeking a robust online banking experience with minimal fees and competitive interest rates.

The benefits of CIT Bank are numerous. Firstly, its no monthly maintenance fee policy across all accounts makes it an affordable choice. It’s not often you find an online bank offering such high-yield savings accounts with interest rates up to 4.85%, making it an excellent option for savers. Its checking accounts, money market accounts, and CDs are equally appealing with high APYs.

CIT Bank also stands out for its easy-to-use mobile and online banking platform, enabling you to manage your finances from wherever you are, whenever you want. With added benefits like up to $30 ATM reimbursement per month, managing cash has been made simpler and more affordable.

Although the bank does have its limitations, notably its high minimum deposit requirements and absence of a free ATM network, these are offset by its strong product offerings. Its security measures are also impressive, providing customers with the necessary protection and peace of mind they need when banking online.

To put it simply, CIT Bank is a compelling choice for those who are comfortable with online banking and are looking for a high-yield, low-fee banking option. For those individuals, CIT Bank is not just a worthwhile choice, but potentially an excellent one.

Click here to get started with CIT Bank, and start earning the yield on savings that you deserve.

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Jeremy Biberdorf

About the Author:

Jeremy Biberdorf is the founder of Modest Money. He’s a father of 2 beautiful girls, a dog owner, a long-time online entrepreneur and an investing enthusiast.