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CIT Bank Review: Savings, CDs

Banking, Banking Basics, Banks & Credit Unions, CDs, Savings Accounts
cit bank review
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NerdWallet rating: 3.5/5.0

Where CIT Bank shines:

  • No monthly fees
  • Money market account and high-yield savings earn excellent interest rates

Where CIT Bank falls short:

  • No checking account
  • CDs have average rates

Where CIT Bank shines:

  • No monthly fees
  • High-yield savings account earns an excellent interest rate

Where CIT Bank falls short:

  • No checking account
  • CDs have average rates

Where CIT Bank shines:

  • No monthly fees
  • High-yield savings account earns an excellent interest rate

Where CIT Bank falls short:

  • No checking account
  • CDs have average rates

 

The bottom line

CIT Bank

at CIT Bank,

Member, FDIC

CIT Bank has an online money market account, high-yield savings and a variety of certificates of deposit but no checking account. The bank is a good place to park your money and earn interest, but you’ll have to look elsewhere for an account to use for daily spending.Best if you’re looking for a free money market account or high-yield savings that earns great rates.


Read on for details about CIT Bank savings, CDs and more.

money market account and Savings: 5.0/5.0

CIT Bank’s new Money Market Account and Premier High Yield Savings Account are both online and have no monthly fee, though you will need at least $100 to open one.

Upside:

Stellar interest rate: The money market account earns an impressive 1.75% annual percentage yield on all balances, and its high-yield savings account earns 1.55% APY.  These rates soundly beat the national averages for money market accounts and savings rates, which are 0.10% APY and 0.07% APY, respectively. The great rates and no-fee status earn CIT Bank a mention among NerdWallet’s best high-yield online savings accounts and best money market accounts.

Here’s how CIT Bank’s high-yield savings compares










APY

1.55%





Monthly fees

$0





Minimum opening deposit

$100



APY

1.65%





Monthly fees

$0





Minimum opening deposit

$0



APY

1.60%





Monthly fees

$0





Minimum opening deposit

$0



See more high-yield savings accounts

Certificates of deposit: 3.5/5.0

First, the upside:

Variety:  CIT Bank has fixed- and variable-rate CDs with terms from six months to five years. Standard CDs with a six-month term earn 0.72% APY and generally increase for longer periods, up to 1.70% APY for five-year CDs. These rates are better than what you’ll find at some other banks. The national average for six-month CDs is just 0.17% APY.

Here are some drawbacks:

$1,000 minimum CD deposit: The amount is typical for national banks, but other online banks and credit unions have lower minimums.

Rates are not top-of-the-line: The APY is above average, but many banks and credit unions — including those with lower minimums — earn comparable or even better CD rates. For example, a Barclays online CD with a five-year term is 2.80% APY, and you need just $1 to open an account. Compare CD rates across many banks here.

» Want higher interest rates? See our list of best CD rates for the month

Bank experience: 3.0/5.0

The upside:

Online and telephone presence: CIT Bank has an easy-to-navigate website that clearly shows rates, contact information and instructions on how to open an account. The customer service center is open and reachable by phone from 8 a.m. to 9 p.m. Eastern on weekdays, along with shorter Saturday and Sunday hours. You can also access online banking 24/7.

The drawbacks:

Poorly rated apps: CIT Bank has mobile banking apps for iOS and Android devices, but of the few reviews available in the app store, most give poor ratings. The biggest complaints seem to be about glitches and lack of basic banking functions, such as the ability to transfer money from other bank accounts.

No branches: As an online bank, there are no branches to visit, so there’s no way to do your banking in person. Consumers can fund and withdraw money from accounts by electronic transfer with another bank account, wire or mail.

CIT Bank

at CIT Bank,

Member, FDIC

More on mobile banks and free accounts

RATINGS METHODOLOGY

NerdWallet’s overall ratings for banks and credit unions are weighted averages of several categories: checking, savings, certificates of deposit or credit union share certificates, customer experience and overdraft fees. Factors we consider, depending on the category, include rates and fees, ATM and branch access, account features and limits, user-facing technology, customer service and innovation.

The stars represent ratings from poor (one star) to excellent (five stars). Ratings are rounded to the nearest half-star.

Updated Jan. 16, 2018

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