CIT Bank Review: Checking, Savings, CDs

CIT Bank has several savings options that offer competitive rates with low fees.
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Senior Writer
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Edited by Tim Manni
Lead Assigning Editor
Fact Checked
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Co-written by Ruth Sarreal
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CIT Bank
Learn more

at CIT Bank, Member FDIC

  • Savings
  • Savings
  • Checking
  • Certificates of deposit
  • Customer experience
  • Overdraft fees

Overall institution rating

4.0

NerdWallet rating 
The bottom line:

Editor's note, July 19, 2024: According to CIT Bank's website, "Online Banking is currently experiencing intermittent availability. We're working to resolve this issue as quickly as possible. Thank you for your patience."

Editor’s note: In a January 2022 merger, CIT Bank became the online division of First Citizens Bank. Some of CIT Bank’s treasury and payment services are now handled by First Citizens Bank, but all other products and services continue to be available through CIT Bank.

CIT Bank is an online bank with a checking account that pays interest, certificates of deposit and high-yield savings options. You won’t pay monthly maintenance fees with CIT, and some of its interest rates are competitive. There’s no free ATM network, though, which is unusual among online banks with checking accounts.

Pros

  • No overdraft fees.
  • No monthly fees.
  • Competitive rates on some savings accounts.
  • ATM fee rebates.

Cons

  • High minimum opening deposits for checking accounts.
  • Low rates on some CDs.
  • No cash deposit.

Full review

Savings

CIT Bank Platinum Savings

Savings

Member FDIC

4.5

/5
 NerdWallet rating 
APY
5.00%
With $5,000 min. balance for APY
Bonus
N/A
Learn more

at CIT Bank

CIT Bank’s Platinum Savings account offers a super competitive annual percentage yield of 5.00% for balances of at least $5,000 — that’s a much higher APY than the national average. You can open an account with a deposit of $100 and there’s no monthly fee, but balances under $5,000 earn only 0.25% APY.

We did not factor this account into the bank’s overall rating. If you want to earn a high rate without having to keep a large balance, consider CIT’s Savings Connect account, which offers a high APY with no minimum balance required to earn it.

» COMPARE: Rates from the best savings accounts

Savings

CIT Bank Savings Connect
CIT Bank Savings Connect

Savings

Member FDIC

4.5

/5
 NerdWallet rating 
APY
4.65%
With $0 min. balance for APY
Bonus
N/A

CIT Bank's Savings Connect account, which factored into the bank’s overall rating, is a highly competitive option. There are no minimum balance requirements to earn its 4.65% APY, but it does require a minimum deposit of $100 to open.

Checking

CIT Bank eChecking
CIT Bank eChecking

Checking

Member FDIC

4.5

/5
 NerdWallet rating 
Monthly fee
$0
APY
0.10%
With $0.01 min. balance for APY
Bonus
N/A

CIT's eChecking account pays 0.10% APY on balances under $25,000 and 0.25% APY for balances of at least $25,000. Other online checking accounts pay more, but they often require spending and deposit qualifications to earn the high rate.

CIT doesn’t have its own free ATM network, but it offers $30 per month in reimbursements of outside ATM fees and doesn’t charge any ATM fees itself. Many other online banks partner with networks that offer tens of thousands of free ATMs nationwide.

There's no monthly fee on CIT's eChecking. Other banks require you to keep a certain minimum balance or complete qualifying activities to avoid monthly surcharges. However, CIT does require $100 to open eChecking. Many of its competitors let you open a checking account without a minimum deposit requirement.

» CONSIDER: NerdWallet’s picks for best online checking accounts

Certificates of deposit

CIT Bank CD
CIT Bank CD

CD

Member FDIC

2.5

/5
 NerdWallet rating 
1-year APY
0.30%
3-year APY
0.40%
5-year APY
0.50%
Minimum deposit
$1,000

While CIT offers decent rates for its six-, 13- and 18-month terms, its standard CD rates are low. There's a $1,000 minimum deposit requirement to open a CIT CD. That amount can be typical for national banks, but some online banks and credit unions have lower minimums.

The bank also offers an 11-month CD that doesn't charge an early withdrawal penalty. In all, CIT Bank’s Term CDs range from six months to five years.

» Check out: Our list of this month's best CD rates

Customer experience

4.0

NerdWallet rating 

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 reachable by phone from 9 a.m. to 9 p.m. ET on weekdays, along with shorter Saturday hours. In addition, CIT's banking apps earn low ratings from Android users and high ratings from iOS users.

As an online bank, there are no branches to visit, so there’s no way to do your banking in person. CIT Bank has an X (Twitter) account, which offers some customer support. But there’s no live chat on the site or apps.

CIT customers can’t deposit cash. Instead, you can fund and withdraw money from accounts by electronic transfer with another bank account, wire or mail. ATMs are another option for withdrawals, and mobile check deposit is available, too.

Overdraft fees

4.5

NerdWallet rating 

CIT Bank has joined the ranks of other financial institutions that no longer charge overdraft fees. If you overspend with a CIT eChecking account, you can easily transfer money from your CIT savings account to cover the shortfall — at no charge.

For customers who haven’t opted in to overdraft protection, transactions that would overdraw their account will generally be declined, but an overdraft fee won’t be charged.

» COMPARE: NerdWallet's picks for best banks for overdrafts

How does CIT Bank compare?

Current Product

NerdWallet rating 

4.5

/5
NerdWallet rating 

4.5

/5

APY 

5.00%

With $5,000 min. balance for APY

APY 

4.60%

With $0 min. balance for APY

Bonus 

N/A

Bonus 

$300

Earn up to $300 with direct deposit. Terms apply.

Learn more

at CIT Bank

Learn more

at SoFi Bank, N.A.

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, banking 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.