CIT Bank Review: Checking, Savings, CDs
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Overall bank rating
at CIT Bank, Member FDIC
Savings
Money market
Savings
Checking
CD rates
Banking experience
Overdraft fees
4.0
The bottom line:
Editor’s note: CIT Bank is now a division of First Citizens Bank as of January 2022. Customers are still able to use their CIT Bank accounts, but CIT Bank will begin converting to First Citizens Bank’s systems and operations in the coming months.
CIT Bank is an online bank with a notable money market savings account, checking account, certificates of deposit and high-yield savings options. You won’t pay monthly maintenance fees with CIT, and many of its interest rates are competitive — but keep in mind that there’s no free ATM network, which is unusual among online banks with checking accounts.
Pros
- No monthly fees for checking and savings accounts.
- Great rates on CIT’s money market and high-yield savings accounts — and checking pays a little interest, too.
- Reasonable minimum deposit for the money market account.
Cons
- No free ATM network, but CIT will reimburse up to $30 in other bank’s fees each month.
- High minimum deposit for checking.
Full review
Savings
Member FDIC
4.5
/5 NerdWallet ratingat CIT Bank
CIT Bank's Savings Connect account is another solid option, though our overall bank rating does not include this account. It pays 1.90% APY.
The Savings Connect account requires a minimum deposit of $100 to open.
Overall, the strong rates and no-fee status earn CIT Bank a mention among NerdWallet’s best high-yield online savings accounts and best money market accounts.
Money market
Member FDIC
5.0
/5 NerdWallet ratingMoney market accounts are a type of savings account. Among CIT Bank's savings options, the money market account is strong, so we chose it to factor into the bank's overall rating. There is no catch to its 1.30% APY. You’ll earn that rate no matter your balance. This is notable because other money market accounts can demand $2,500 or more to earn high rates. There are also no monthly fees, though you will need at least $100 to open a CIT money market account.
Savings
Member FDIC
4.0
/5 NerdWallet ratingCIT Bank offers a Savings Builder account with attractive rates, though our overall bank rating does not include this account. The account pays 0.80% APY, but to get it, you’ll have to maintain a minimum balance of $25,000 or commit to depositing at least $100 each month. Otherwise, you’ll earn 0.34% APY. The account requires $100 to open.
Checking
Member FDIC
4.5
/5 NerdWallet ratingIt’s a bit unusual to earn interest on a standard checking account, so the fact that CIT pays 0.10% APY on balances under $25,000 is a bonus. (The APY is slightly higher for larger balances.) Other online checking accounts pay more, but they often require a series of spending and deposit qualifications to earn the high rate.
Another upside is that CIT offers $30 per month in reimbursements of outside ATM fees, and it doesn’t charge any ATM fees itself. However, the bank doesn’t offer its own free ATM network. If you withdraw cash more than a few times a month, it could be an expensive proposition. Many other online banks partner with networks that offer tens of thousands of free ATMs nationwide.
There is 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, note that CIT requires $100 to open eChecking. Many of its competitors let you open a checking account for free.
» Compare your options with NerdWallet’s best online checking accounts
CD
Member FDIC
2.0
/5 NerdWallet ratingCIT Bank's CD rates are above average. A five-year CD pays 0.50% APY. The bank also has an 11-month CD that doesn't charge an early withdrawal penalty. There is a $1,000 minimum deposit. The amount is typical for national banks, but some online banks and credit unions have lower minimums. In all, CIT Bank’s Term CDs range from six months to five years.
» Want higher interest rates? See our list of best CD rates for the month
Banking experience
3.5
NerdWallet ratingCIT 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. EST on weekdays, along with shorter Saturday hours. In addition, CIT's banking apps earn a 4.6-star rating on iOS and a 4.2-star rating for Android.
As an online bank, however, there are no branches to visit, so there’s no way to do your banking in person. CIT Bank has a Twitter account, which offers some customer support. But there’s no live chat on the site or apps. Consumers can fund and withdraw money from accounts by electronic transfer with another bank account, wire or mail. And ATMs are an option for withdrawals.
Overdraft fees
3.5
NerdWallet ratingIf you overspend with a CIT eChecking account, you can easily transfer money from your CIT savings account to cover the shortfall — at no charge.
Otherwise, CIT charges $30 per overdraft, up to four times a day. So if you don’t have your savings account linked when you go over your balance, you could run up $120 per day in charges.
Savings
Member FDIC
4.5
/5 NerdWallet ratingat CIT Bank
CIT Bank's Savings Connect account is another solid option, though our overall bank rating does not include this account. It pays 1.90% APY.
The Savings Connect account requires a minimum deposit of $100 to open.
Overall, the strong rates and no-fee status earn CIT Bank a mention among NerdWallet’s best high-yield online savings accounts and best money market accounts.
Money market
Member FDIC
5.0
/5 NerdWallet ratingMoney market accounts are a type of savings account. Among CIT Bank's savings options, the money market account is strong, so we chose it to factor into the bank's overall rating. There is no catch to its 1.30% APY. You’ll earn that rate no matter your balance. This is notable because other money market accounts can demand $2,500 or more to earn high rates. There are also no monthly fees, though you will need at least $100 to open a CIT money market account.
Savings
Member FDIC
4.0
/5 NerdWallet ratingCIT Bank offers a Savings Builder account with attractive rates, though our overall bank rating does not include this account. The account pays 0.80% APY, but to get it, you’ll have to maintain a minimum balance of $25,000 or commit to depositing at least $100 each month. Otherwise, you’ll earn 0.34% APY. The account requires $100 to open.
Checking
Member FDIC
4.5
/5 NerdWallet ratingIt’s a bit unusual to earn interest on a standard checking account, so the fact that CIT pays 0.10% APY on balances under $25,000 is a bonus. (The APY is slightly higher for larger balances.) Other online checking accounts pay more, but they often require a series of spending and deposit qualifications to earn the high rate.
Another upside is that CIT offers $30 per month in reimbursements of outside ATM fees, and it doesn’t charge any ATM fees itself. However, the bank doesn’t offer its own free ATM network. If you withdraw cash more than a few times a month, it could be an expensive proposition. Many other online banks partner with networks that offer tens of thousands of free ATMs nationwide.
There is 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, note that CIT requires $100 to open eChecking. Many of its competitors let you open a checking account for free.
» Compare your options with NerdWallet’s best online checking accounts
CD
Member FDIC
2.0
/5 NerdWallet ratingCIT Bank's CD rates are above average. A five-year CD pays 0.50% APY. The bank also has an 11-month CD that doesn't charge an early withdrawal penalty. There is a $1,000 minimum deposit. The amount is typical for national banks, but some online banks and credit unions have lower minimums. In all, CIT Bank’s Term CDs range from six months to five years.
» Want higher interest rates? See our list of best CD rates for the month
3.5
NerdWallet ratingCIT 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. EST on weekdays, along with shorter Saturday hours. In addition, CIT's banking apps earn a 4.6-star rating on iOS and a 4.2-star rating for Android.
As an online bank, however, there are no branches to visit, so there’s no way to do your banking in person. CIT Bank has a Twitter account, which offers some customer support. But there’s no live chat on the site or apps. Consumers can fund and withdraw money from accounts by electronic transfer with another bank account, wire or mail. And ATMs are an option for withdrawals.
3.5
NerdWallet ratingIf you overspend with a CIT eChecking account, you can easily transfer money from your CIT savings account to cover the shortfall — at no charge.
Otherwise, CIT charges $30 per overdraft, up to four times a day. So if you don’t have your savings account linked when you go over your balance, you could run up $120 per day in charges.
How does CIT Bank compare?
Current Product
CIT Bank Savings Connect Member FDIC |  Discover Bank Online Savings Member FDIC |
|---|---|
NerdWallet rating 4.5 /5 | NerdWallet rating 5.0 /5 |
APY 1.90% With $100 min. balance for APY | APY 1.50% With $0 min. balance for APY |
Bonus N/A | Bonus $200 Requirements to qualify |
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.
