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CIT Bank Review: Savings, CDs

June 22, 2018
Banking, Banking Basics, Banks & Credit Unions, CDs, Savings Accounts
cit bank review
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We adhere to strict standards of editorial integrity. Some of the products we feature are from our partners. Here’s how we make money.

NerdWallet rating: 3.5/5.0

Where CIT Bank shines:

  • No monthly maintenance charges
  • Money market account and high-yield savings earn excellent interest rates
  • Low minimum deposits for money market accounts and savings

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 a money market account, high-yield savings account and certificates of deposit. 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 because it has no checking account.

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 1.85% 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 0.12% APY and 0.08% 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.

How does CIT Bank compare?

CIT Bank

Premier High Yield Savings Account

NerdWallet Rating

at CIT Bank,

Member, FDIC

APY

1.55%

Monthly Fees

$0

Bonus features

No Monthly Fee

Competitive APY

American Express National Bank

High Yield Savings Account

NerdWallet Rating

at American Express National Bank,

Member, FDIC

APY

1.75%

Monthly Fees

$0

Bonus features

No Monthly Fee

Competitive APY

Synchrony Bank

High Yield Savings Account

NerdWallet Rating

at Synchrony Bank,

Member, FDIC

APY

1.75%

Monthly Fees

$0

Bonus features

No Monthly Fee

Competitive APY

Not for you? Read more bank reviews

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, such as 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 0.23% 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 3.00% APY, and you can open an account with just $1.

» 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.

The drawbacks:

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.

Mobile app complaints: CIT Bank has mobile banking apps for iOS and Android devices, but app store reviews mention several complaints. The biggest issues seem to be about crashes, lack of external transfers on mobile devices and login problems. Reviews for the iOS app have improved significantly in the last few months, but the Android ratings remain low.

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.

 

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