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CIT Bank Review: Savings, CDs

March 5, 2019
Banking, Banking Basics, Banks & Credit Unions, CDs, Savings Accounts
cit bank review
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4.0 NerdWallet rating

Where CIT Bank shines:

  • No monthly fees.
  • Solid rates on CIT’s money market and high-yield savings accounts.
  • Low minimum deposits for money market accounts and savings.

Where CIT Bank falls short:

  • No checking account.
  • Average rates on most CDs.

Where CIT Bank shines:

  • No monthly fees.
  • Solid rates on CIT’s money market and high-yield savings accounts.
  • Low minimum deposits for money market accounts and savings.

Where CIT Bank falls short:

  • No checking account.
  • Average rates on most CDs.

Where CIT Bank shines:

  • No monthly fees.
  • Solid rates on CIT’s money market and high-yield savings accounts.
  • Low minimum deposits for money market accounts and savings.

Where CIT Bank falls short:

  • No checking account.
  • Average rates on most CDs.

The bottom line

CIT Bank

at CIT Bank,

Member, FDIC

CIT Bank is an online bank with a money market account, high-yield savings accounts and certificates of deposit. The bank can be 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, as it doesn’t offer checking accounts.

Best if you’re looking for a free money market account or high-yield savings that earn great rates.


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

Money market account and savings: 5.0/5.0


Upsides:

  • Easy to open: CIT Bank’s 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.
  • High savings rate: The bank’s latest and popular addition is the Savings Builder account, where you can earn a very impressive 1.85% annual percentage yield. You qualify for that rate if you have a balance of at least $25,000 or you deposit at least $100 each month, building your savings.
  • Other stellar interest rates: The money market account earns a 1.85% APY, and the regular high-yield savings account earns 1.55% APY on all balances. The Savings Builder earns 1.85% if you fulfill either of its requirements; if not, the account rate drops to 1.17% after the first month. These rates soundly beat the national averages for money market accounts and savings rates, which are 0.15% APY and 0.09% 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

Savings Builder

NerdWallet Rating

at CIT Bank,

Member, FDIC

APY

1.85%

Monthly Fees

$0

Bonus features

No Monthly Fee

American Express National Bank

Personal Savings

NerdWallet Rating

at American Express National Bank,

Member, FDIC

APY

1.75%

Monthly Fees

$0

Bonus features

Competitive APY

Live help 24/7

No Monthly Fee

Citizens Access

Online Savings Account

NerdWallet Rating

at Citizens Access,

Member, FDIC

APY

1.85%

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’s Term CDs range from six months to five years. The bank also has a no-penalty 11-month CD, which has no early withdrawal penalty.

Here are some drawbacks:

  • $1,000 minimum CD deposit: The amount is typical for national banks, but some online banks and credit unions have lower minimums.
  • Rates are not top-of-the-line: Three CDs with terms from one year to 18 months have rates above 2% APY, but other rates, even for longer terms, don’t come close to what other online banks earn. For example, CIT’s five-year CD has a 1.70% APY; at Barclays, an online CD with a five-year term has a 2.20% 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: 3.5/5.0

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 Time on weekdays, along with shorter Saturday 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 include several complaints. The most prevalent issues seem to be about crashes, inability to log in and problems making transfers on mobile devices. Reviews for the iOS app have improved significantly in the past year, but Android ratings remain low.

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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