Business Insider's personal finance team compared CIT Bank with the high-yield savings account. But it won't be a good fit if you're uncomfortable with digital banking.
CIT Bank Overview
CIT Bank Features
CIT Bank is a division of First Citizens Bank. In January 2022, First Citizens Bank average bank interest rates.
$0 monthly service fees
3.85% (with $5,000 minimum balance)
$100
- Competitive APY
- No monthly service fees
- $100 minimum opening deposit
The CIT Bank Platinum Savings and CIT Bank Savings Connect Account pay great interest rates that are on par with what best high-yield savings accounts offer right now. The CIT Bank Savings Builder Account and CIT Bank Money Market Account pay above-average rates, but they aren't nearly as competitive.
CIT Bank Platinum Savings- No monthly fees
- $100 to open an account, however must maintain $5,000 daily balance to receive top tier
- Member FDIC
CIT Bank Savings Connect Account
CIT Bank Savings Builder Account, but it only pays 0.40% to 1.00% APY.
no monthly service fee
3.75%
$100
- Competitive APY
- No monthly service fees
- No minimum monthly balance requirement
- $100 minimum opening deposit
The CIT Bank Platinum Savings and CIT Bank Savings Connect Account pay great interest rates that are on par with what best high-yield savings accounts offer right now. The CIT Bank Savings Builder Account and CIT Bank Money Market Account pay above-average rates, but they aren't nearly as competitive.
CIT Bank Savings Connect- Interest compounded daily, paid monthly
- FDIC insured
CIT Bank Checking Account
The avoid ATM fees by reimbursing up to $30 a month for fees charged by ATM providers.
no monthly service fee
0.10% to 0.25%
$100
- Reimburses up to $30 in out-of-network ATM fees per month
- No monthly service fees
- Overdraft protection
- Competitive APY
- $100 opening deposit
- No ATM network
- No physical branch locations
- Interest compounded daily, paid monthly
- No ATM network, but CIT Bank reimburses up to $30/month for ATM fees
- FDIC insured
CIT Bank CDs
0.30% to 3.50%
$1,000
- Standard early withdrawal penalties
- Competitive rates for some terms
- $1,000 minimum deposit
- Non-competitive rates for some terms
- Terms ranging from 6 months to 5 years
- Early withdrawal penalties: 3 months simple interest for terms under 1 year, 6 months simple interest for terms of 1 to 3 years, 12 months simple interest for terms over 3 years
- FDIC insured
CIT Bank Money Market Account
The money market account.
no monthly service fee
1.55%
$100
- Competitive APY
- Low opening deposit of $100
- Connect your account to Zelle or PayPal
- No monthly service fee
- No paper checks
- No debit card
- No way to access funds at an ATM
- No physical locations
The CIT Bank Platinum Savings and CIT Bank Savings Connect Account pay great interest rates that are on par with what best high-yield savings accounts offer right now. The CIT Bank Savings Builder Account and CIT Bank Money Market Account pay above-average rates, but they aren't nearly as competitive.
CIT Bank Money Market Account- Connect to Zelle and PayPal
- Interest compounded daily, paid monthly
- FDIC insured
Is CIT Bank Trustworthy?
To highlight customer experiences with this bank as well as its trustworthiness, we include Better Business Bureau ratings. BBB scores look at how effectively a company responds to customer complaints, its transparency about company practices, and whether it's honest in its advertising.
The Better Business Bureau gives CIT Bank an best CD rates. But because the Personal Finance Insider's bank account methodology.
For every account, we evaluate the bank's ethics, security, mobile app, miscellaneous features, and customer service. The other factors we consider depend on the type of account we're rating — for example, we factor in overdraft fees for checking accounts and early withdrawal penalties for CDs.
We give each category a rating between 0 and 5. We use a weighted average to get our star rating, which can be anywhere from one to five stars.
CIT Bank Overall Rating
| Feature | Business Insider's CIT Bank Rating (out of 5) |
| Savings | 4.25 |
| Checking | 4.25 |
| CD | 3.75 |
| Money market account | 4.25 |
| Trustworthiness | 4.75 |
| Total | 4.25 |
CIT Bank FAQs
Is CIT Bank FDIC insured?
Yes, CIT Bank is an FDIC-insured bank. The FDIC insures up to $250,000 per depositor.
Is CIT Bank safe?
Yes, CIT Bank is safe. The bank's accounts are insured by the federal government for up to $250,000 per depositor.
Does CIT Bank have loans or credit cards?
CIT Bank has home loans and mortgage refinancing. It doesn't have any credit cards, though.
Can I open a CIT Bank account from anywhere in the U.S.?
Yes, you can open a CIT Bank account online from anywhere in the United States. To open an account online, you'll provide basic information to verify your identity and make an opening deposit that meets the minimum requirement.
Is CIT Bank legit?
Yes, CIT Bank is legit. The bank is a division of First Citizens Bank, and it's insured by the federal government.
Editorial Note: Any opinions, analyses, reviews, or recommendations expressed in this article are the author’s alone, and have not been reviewed, approved, or otherwise endorsed by any card issuer. Read our editorial standards.
Please note: While the offers mentioned above are accurate at the time of publication, they're subject to change at any time and may have changed, or may no longer be available.
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