Banking » Reviews » CIT Bank Review 2023 – Competitive Savings Rates, Poor Credit Options
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CIT Bank Review 2023 – Competitive Savings Rates, Poor Credit Options

CIT Bank is offers several easy-to-use and low-cost financial products which are designed to suit busy lifestyle and needs.
Author: Baruch Mann (Silvermann)
Baruch Mann (Silvermann)

Writer, Contributor

Experience

Baruch Silvermann is a financial expert, experienced analyst, and founder of The Smart Investor, which helps consumers make better financial decisions.  Silvermann’s areas of expertise include investing, banking, and credit cards. Silvermann has contributed to Yahoo Finance and cited as an authoritative source in financial outlets like Forbes, Business Insider, CNBC Select, CNET, Bankrate, Fox Business, The Street, and more. Aside from being a finance expert, his background includes working as a business and financial analyst. Above all, he is passionate about teaching people how to manage their money and helping millions on their journey to a better financial future.

Review & Fact Check: Baruch Mann (Silvermann)

Baruch Mann (Silvermann)

Financial Expert, The Smart Investor CEO

Experience

Baruch Mann (Silvermann) is a financial expert and founder of The Smart Investor. Above all, he is passionate about teaching people how to manage their money and helping millions on their journey to a better financial future.
Author: Baruch Mann (Silvermann)
Baruch Mann (Silvermann)

Writer, Contributor

Experience

Baruch Silvermann is a financial expert, experienced analyst, and founder of The Smart Investor, which helps consumers make better financial decisions.  Silvermann’s areas of expertise include investing, banking, and credit cards. Silvermann has contributed to Yahoo Finance and cited as an authoritative source in financial outlets like Forbes, Business Insider, CNBC Select, CNET, Bankrate, Fox Business, The Street, and more. Aside from being a finance expert, his background includes working as a business and financial analyst. Above all, he is passionate about teaching people how to manage their money and helping millions on their journey to a better financial future.

Review & Fact Check: Baruch Mann (Silvermann)

Baruch Mann (Silvermann)

Financial Expert, The Smart Investor CEO

Experience

Baruch Mann (Silvermann) is a financial expert and founder of The Smart Investor. Above all, he is passionate about teaching people how to manage their money and helping millions on their journey to a better financial future.

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CIT Bank

CIT-Bank-Logo
CIT-Bank-Logo
On CIT Bank Website

CIT Bank

Fees

$0

Minimum Deposit

$100

Current Promotion

Free year of Amazon Prime when opening CIT money market account Open a Money Market account using the promo code AMZN22 + Fund your account with at least $15,000 within 15 days and keep a minimum balance of at least $15,000 for 60 days following the 15-day funding period

APY Savings

4.20%
On CIT Bank Website

CIT is a national bank founded in 1908 by Henry Ittleson, who wanted to bring banking to his local St. Louis, Missouri, community. 

In the years since, CIT has been on a massive growth trajectory, establishing branches all over the country and as far away as Canada. They have acquired a number of other banking companies during their growth, including the Mutual Bank of Omaha, which was officially integrated into their network in 2020.

Like other banks and credit unions, CIT offers a wide range of financial products, from checking and savings accounts to CDs and money market accounts. They want to make financial products easy to attain for every business and individual.

CIT Bank can be a perfect fit if:

  • You have the funds to qualify for the higher savings rates
  • You want a lower minimum deposit for your CDs
  • You want an interest bearing checking account
  • You already have a credit card from another issuer
  • Affordable Banking
  • Easy To Use Platform
  • Competitive Rates
  • Variety of Options
  • High Account Requirements
  • International Fees
  • Overdraft Fees

What CIT Bank products are inflation-proof?

CIT Bank has a decent product line up, but only its lending products are genuinely inflation proof. While the bank has reasonable savings and CD rates, there is nothing to suggest that these will dramatically rise if the rate of inflation starts to increase.

However, there are fixed rate home loans that allow you to lock in your mortgage rate. This means that even if the rate of inflation and interest rates go up, you don’t need to worry that your monthly mortgage payment will also increase.

Can you buy/invest in gold products via CIT Bank ?

CIT Bank does not offer investment products, including gold stock and other gold products. So, if you are looking for a bank that offers day to day banking facilities and investments, CIT Bank is not likely to be the best option for you. You may be better suited to another bank or use CIT along with a third party investment platform.

Can you close CIT Bank bank account over the phone/online?

You can call the customer support line to close your CIT Bank, but the easiest way is through your account dashboard. You should see an option to close the account under the drop down menu and this will walk you through the process.

You will need to have a zero balance with no outstanding transactions. You will need to confirm that you do want to close the account. CIT Bank will then send you an email verification.

Does CIT Bank work for Joint Accounts?

CIT Bank does allow co-ownership of various accounts. You will need to go through the ID verification phase for both parties in order for the names to appear on the account. Once the joint account is open, either party will be able to action requests.

This is a great feature as many banks make it difficult to open a joint account, so if you are looking to combine finances with your partner, CIT Bank is certainly worthy of consideration.

CIT Bank Review

Banking Services
Credit Options
Savings Accounts
Mortgage
Checking Accounts
Government Mortgage
CDs
Credit Cards
Money Market Account
Debit Card
Investing Capabilities
Personal Loans

Bank Account Pros & Cons

Let’s take a look at the benefits and drawbacks of CIT Bank and see if it’s the right bank for your needs:

CIT Bank offers a basic package for customers who search for a checking account, without all the bells and whistles.

Although you don’t get paper checks, their app and website make it easy to use your account to pay all your bills digitally. And the best part is, this account is free as long as you have a direct deposit each month into your account.

Besides offering low fees and inexpensive financial options, one of the best things about CIT bank is they provide a wide range of products.

This means if their affordable banking package isn’t for you, you have the freedom to choose an account that is better for you. They currently offer a wide range of accounts to suit any financial need.

Whether you prefer to use an online website or their mobile app, all of their products are easy to navigate.

This means you can easily pay all your bills right from your phone each month without any additional confusion. And if you do need help, their customer service number can easily help you with any issues.

CIT bank offers competitive rates compared to the industry average on almost all financial products. The CIT savings connect offers 4.20% APY, , and this is one of the highest savings account rates.

Since it's an online bank, the low cost of operations helps the bank stay competitive and offer better rates for its customers. This is still a good rate compared to other banks. For example, the Discover savings account offers 3.60%.

Although their accounts can be free, this is often only an option available to those who keep a specified amount of money in their account. And this amount can be very high depending on your lifestyle and spending habits.

If you are the type of individual who frequently overdrafts their account, be aware that CIT Bank does charge overdraft fees, even if you have money in an adjacent account to sufficiently cover your overdraft purchase. Although the fee is only $10 each time, this can quickly add up.

CIT Bank does have several international locations, which can be helpful when you travel abroad. However, this doesn’t mean their accounts are without international fees.

Their fees vary based on your account package, so make sure you look into these if you plan to make some withdrawals overseas.

Don't forget to compare banking fees before you apply if such a fee is something you will be charged regularly.

CIT Bank Savings

APY Savings

4.20%

Minimum Deposit

$100

Promotion

None

Fees

$0

CIT Bank Savings Account

APY Savings

4.20%

Minimum Deposit

$100

Promotion

None

Fees

$0

The CIT Bank Savings Connect account has loads of benefits and features which will make saving easy. CIT Bank has one of the highest interest rates in the country, offering 4.20% APY on its savings connect account. 

All interest earned with CIT Bank compounds daily to maximize your earning potential. You can easily deposit into your CIT Bank savings account using their mobile app, so no need to make a trip to the bank every time you wish to deposit.

There are some limits to their savings account, however, and you will be limited to only 6 withdrawals per billing cycle. So, if you think you will need to access the money in this account more frequently, it’s probably better to consider a checking account instead. At any point, you can close your account online if you need to do that for any reason.

CIT Bank Checking Account

Fees

$0

Minimum Deposit

$100

Promotion

None

APY Checking

0.10% – 0.25%

CIT Bank Checking Account

Fees

$0

Minimum Deposit

$100

Promotion

None

APY Checking

0.10% – 0.25%

CIT Bank offers a solid checking account to fulfill all your needs. First, the entry barrier is low, with only a $100 minimum deposit required. And no matter what your account balance, you can earn interest rates on the money in your checking account.

Each holder of a CIT account is issued a debit card with chip technology. And withdrawals are free at all CIT ATMs. If you need to use an ATM outside the CIT branch, that’s okay too, as they reimburse up to $30 of ATM fees each month, giving you easy access to your money for free.

The convenient CIT mobile app means you can check your balance and make transfers, send Zelle payments, and deposit checks from your phone's convenience. And if you work weird hours, don’t worry, as these features are available around the clock. The best part of all? A checking account with CIT has no monthly fees.

Money Market Account

For those of you looking to grow your money as efficiently as possible, consider a CIT Money Market Account. This account offers competitive interest rates to help you achieve all your money savings goals, whether this is for starting an emergency fund or maybe a new home for your family.

There is a $100 minimum opening deposit to open a money market account with CIT, but there are no monthly fees, making it easy to grow your money. All accounts with CIT are FDIC insured, so you can rest assured that your money is in safe hands. And CIT offers competitive interest rates which are 7x the national average.

Although CIT’s Money Market account has the same transaction limit as their savings account with only six withdrawals allowed per billing cycle, depositing and transferring is kept simple thanks to their amazing mobile app. No need to wait in line at the bank or in the drive-thru, as you can manage your money 24/7 from the comfort of your cellphone.

CIT Bank CDs

APY Range

0.30% – 4.65%

Minimum Deposit

$1,000

Terms

6 months – 5 years

Fees

$0
CIT Bank CDs

APY Range

0.30% – 4.65%

Minimum Deposit

$1,000

Terms

6 months – 5 years

Fees

$0

CIT offers a number of CD options to suit every budget and savings style. Their most famous CD is their 11-month no-penalty CD, which is aptly titled as you will not receive any penalties if you need to pull this money out before the 11-month maturity date. While your money is in there, however, enjoy a competitive 0.30% APY without worrying about the risk.

Whatever CD account you may choose, there is a $1,000 minimum opening balance, with an APY which goes up the longer you can leave your money in the specified account. There are no account opening or maintenance fees, which helps ensure you earn the maximum amount of money. Interest is also compounded daily to allow better returns.

Which CD you select will depend on your individual needs and how long you can do without using the money you will be putting into your CD. These types of accounts are best used for long-term savings such as when you are saving for retirement. Just like all of their other accounts, all funds up to $250,000 are insured by the FDIC so you know that your money is in good hands.

If you are a new customer, you are restricted to the types of CD accounts you can open. If you are a returning customer you have a wider selection of CD accounts available to you, such as a ramp-up CD. Inquire with CIT Bank for more information about all of their CD account types.

Mortgage Options

CIT offers a number of mortgage products. Fixed-rate mortgages with terms of up to 30 years are available, as are portfolio interest-only loans. In addition, qualified borrowers can obtain a 30-year fixed-interest loan. CIT has an added incentive. When you close your new home loan, you will receive $525 cash back. Relationship discounts of up to 0.20 percent are also available.

Customer Experience

CIT Bank provides customer service online or through its automated telephone banking system, which is available 24 hours a day, seven days a week. If you do need to speak with a customer service representative, the lines are only open from 9 a.m. to 9 p.m. Monday through Friday and from 10 a.m. to 6 p.m. on Saturdays.

CIT Bank's websites are simple to use, allowing you to explore the products and the help center for various financial topics. Even if you are unfamiliar with which banking services are best for you, this provides an excellent user experience. The CIT app has received ratings of 4.6/5 on Apple and 4.2/5 on Google.

CIT Bank
App Rating (iOS)
4.6
App Rating (Android)
4.2
BBB Rating (A-F)
B
WalletHub (+1,000 reviews)
4.2
Consumer Affairs (+1,000 reviews)
3.4
Contect Options
phone/mail
Availability
9 am — 9 pm

How to Open a Bank Account on CIT Bank?

Step 1:

Visit the CIT bank homepage and click “Open an account.”

cit bank application process -2

Step 2: 

Next, indicate if it the account is going to be an individual or a joint one and fill in your personal information, such as your names, and SSN, then click “Continue.”

cit bank application process -4  

Step 3: 

Next, fill in your contact info, such as your address, city, state and zip code. Also, you should add some details about your emloyer:

cit bank application process -6

Step 4: 

Next, you should review and sign some forms as part of the account agreement as following:

cit bank application process -10

Step 5: 

Next, fund your account and complete account setup.

cit bank application process -11

CIT Bank FAQs

Yes, there is a promotions on CIT money market – you can get Free year of Amazon Prime when opening CIT money market account. Open a Money Market account using the promo code AMZN22 + Fund your account with at least $15,000 within 15 days and keep a minimum balance of at least $15,000 for 60 days following the 15-day funding period.

However, unlike other banks, there are no promotions on savings or checking account openings.

CIT is an established bank with a long running history. It has created a solid reputation and all accounts are protected with FDIC insurance. So, you can rest assured that this is a legit and safe bank that will keep your funds and details secure.

While it is primarily online, CIT is certainly a genuine bank. You can access checking accounts, savings accounts, CDs and other money market products. Many of its rates are quite competitive and there are no monthly maintenance fees, but there is a minimal free ATM network.

CIT is not encumbered with the expense of local branches and a large ATM network, but this does mean that you can enjoy higher rates compared to traditional bank accounts.

CIT is one of the best high interest saving accounts and it is a good option for those who prefer digital banking where you can access competitive rates and even benefit from ATM fee refunds.

Like CIT, the Aspiration bank account is primarily an online bank, but CIT has a far better reputation. While Aspiration offers fee-free accounts and access to an ATM network, this bank has a poor reputation with complaints about its customer service.

So, while Aspiration may have some accounts with better rates, CIT is likely to be a better choice for most customers.

While SoFi aims to offer a simple banking solution for most customers, all of your funds are combined into one account. Although SoFi Bank rates are high, it can make it tricky to effectively manage your money.

CIT offers checking, saving, and money market accounts, so you can more easily control your finances to ensure the best rates and greatest accessibility to your funds. You can have to check accounts with a debit card for your everyday spending, but easily transfer excess funds into your savings account online or via the app

Online Banking Alternatives

aspiration bank logo
Chime
APY Savings The annual percentage yield (APY) is a percentage that represents the amount of money or interest earned on your savings account over the course of a year. The APY factored in compound interest. A savings calculator can help you quickly determine how much you'll earn with a given APY.
1.00% – 3.00%
2.00%
Up to 0.61%
Checking Account Fee The monthly fee on checking account
$0
$0
$0
Checking Minimum Deposit
$0
$0
$50
Mobile App Rating
4.7/5 on iOS, 4/5 on Android
4.8/5 on iOS, 4.6/5 on Android
4.7/5 on iOS, 4.6/5 on Android
BBB Rating
A+
F
A+

Review Online Banks

Banking Reviews

Compare Alternative Banks

CIT Bank has a banking product line that rivals that of traditional banks. Savings accounts, CDs, an eChecking account, home loans, and mortgages are all available. The main shortfalls in this lineup are the lack of personal loans and a credit card option.

Citibank has a credit card background, but that doesn't mean it has a limited banking product line. Citi offers home loans, personal loans, lines of credit, wealth management options, and investments, as well as everyday and premium banking services.

Read Full Comparison: CIT Bank vs Citi: Which Bank Account Suits You Best?

CIT Bank offers a variety of savings accounts. Savings Connect has two tiers, with the first offering a higher rate if you make qualifying deposits and link your checking account. Savings Builder, on the other hand, offers 3.99 percent if you keep a balance of $25,000 or make monthly deposits of at least $100. There are no account maintenance fees, but you can only make six transactions per statement cycle.

Capital One offers a high yield savings account with a slightly lower rate than CIT Bank's top rate. However, you are not required to jump through any hoops. The account allows six withdrawals per calendar month, but there is no minimum deposit or balance requirement to keep your account open.

Read Full Comparison: CIT Bank vs Capital One: Which Bank Account Is Better?

CIT Bank provides a variety of savings account options. If you link your checking account and make qualifying deposits, you can earn a higher rate on the two-tiered Savings Connect. The other savings option is the Savings Builder, which offers 0.399 percent if you keep a balance of $25k or more, or make at least $100 in monthly deposits. There is a six-transaction limit per statement cycle, but there are no account maintenance fees.

Marcus provides an impressive 0.50 percent without the CIT hoops. There is no required minimum deposit or balance. You can also make same-day transfers to and from the account of up to $100,000.

Read Full Comparison: CIT Bank vs Marcus: Compare Banking Options

CIT Bank is similar to a traditional high street bank in that it offers a variety of savings accounts, an eChecking account, CDs, mortgages, and home loans. The only obvious gaps in the product line are the absence of a credit card or personal loan option.

American Express began as a credit card company, but in recent years, it has expanded into a broader range of banking products. You can access savings accounts and personal loans in addition to its numerous credit card options. However, if you're looking for a full-service bank, American Express doesn't offer a checking account or mortgage options.

Read Full Comparison: CIT Bank vs American Express: Which Bank Account Is Better For You?

The CIT Bank eChecking account pays 0.10 percent to 0.25 percent interest. The account also has almost no fees. Only if you have a stopped payment, a returned item, or want to make a wire transfer will you be charged a fee. There is also free ATM access, with up to $30 in ATM fee reimbursements per month if you incur fees when using another bank's machine.

While Discover's checking account does not pay interest, you can earn 1% cash back on debit card purchases. There are no fees, as with eChecking. If you need a replacement debit card, have insufficient funds, or have a deposit returned, you will not be charged a fee.

Read Full Comparison: CIT Bank vs Discover: Which Bank Account Wins?

Baruch Mann (Silvermann)

Baruch Mann (Silvermann)

Baruch Silvermann is a financial expert, experienced analyst, and founder of The Smart Investor, which helps consumers make better financial decisions.  Silvermann's areas of expertise include investing, banking, and credit cards. Silvermann has contributed to Yahoo Finance and cited as an authoritative source in financial outlets like Forbes, Business Insider, CNBC Select, CNET, Bankrate, Fox Business, The Street, and more. Aside from being a finance expert, his background includes working as a business and financial analyst. Above all, he is passionate about teaching people how to manage their money and helping millions on their journey to a better financial future.