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CIT Bank Review 2025

Updated January 2, 2025
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At a glance

Overview

CIT Bank is a great choice for customers looking for savings accounts and certificates of deposit (CDs) that pay above-average yields as well as an interest-bearing checking account at an online bank. But you must be comfortable solely banking online to earn those yields.

Highlights:

ATM Fee Refunds Top Savings Rate
4.5
Rating: 4.5 stars out of 5
Bankrate Score

CDs

Rating: 2.8 stars out of 5
2.8 /5

Checking

Rating: 4.6 stars out of 5
4.6 /5

Savings

Rating: 4.6 stars out of 5
4.6 /5

MMA

Rating: 3.9 stars out of 5
3.9 /5
4.5
Rating: 4.5 stars out of 5
Customer Score
See all 44 consumer reviews Arrow Right Icon
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Bank logo
Member FDIC
Savings Account
4.30
%
APY
As of 5/28/2025
Rating: 5 stars out of 5
$0
Min. balance for APY
View offer Arrow Right Icon
Promoted offer: No monthly maintenance fee, $0 to open, easily grow your money
Bank logo
Member FDIC
Savings Account
3.65
%
APY
As of 5/28/2025
Rating: 4.2 stars out of 5
$0
Min. balance for APY
View offer Arrow Right Icon
Promoted offer:
Bank logo
Member FDIC
Savings Account
4.20
%
APY
As of 5/28/2025
Rating: 4.7 stars out of 5
$0
Min. balance for APY
View offer Arrow Right Icon
Promoted offer: No fees. Easy deposits and quick withdrawals.

Overall

CIT Bank is an online institution that offers competitive annual percentage yields (APYs) on its Savings Connect savings account and some of its certificate of deposit accounts (CDs). It also offers an interest-earning checking account and a money market account.

While interest rates are competitive for some CDs, other CDs and the money market accounts have a less competitive rate. But customers won’t have to worry about high fees eating into their deposits, since the bank waives most fees, including monthly service fees, overdraft fees and incoming wire transfer fees.

Pros

  • Checkmark Icon

    CIT offers competitive yields on its savings and some of its CD accounts.

  • Checkmark Icon

    There are no monthly fees for any accounts.

  • Checkmark Icon

    The checking account earns interest.

  • Checkmark Icon

    Customers get up to $30 in ATM surcharges reimbursed per month.

Cons

  • Some of the APYs for CDs fall below the national average for their respective terms.

  • The bank doesn’t have physical branch locations.

CIT Bank products

CIT Platinum Savings Account

4.6
/5
Rating: 4.6 stars out of 5

Pros

  • Checkmark Icon

    The Platinum Savings and Savings Connect accounts offer a top-tier yield.

  • Checkmark Icon

    The Savings Builder can motivate you to save since you need to deposit at least $100 each month in order to get the top APY.

  • Checkmark Icon

    There are no monthly fees for any of the savings accounts.

Cons

  • Compared with other savings accounts at online banks, the Savings Builder doesn’t offer a competitive APY.

  • While the minimum opening deposit of $100 for the Savings Connect account is low, some accounts have lower or no minimum requirements.

Rate history for CIT Bank's Savings account

See how rates for this account have changed over time. Interact with the trend lines to view APY by date.

CIT Bank
APY
National average APY

Display historical averages

Line chart with 2 lines.
The chart has 1 X axis displaying Time. Data ranges from 2024-05-01 04:00:00 to 2025-05-28 00:00:00.
The chart has 1 Y axis displaying values. Data ranges from 0.56 to 5.
End of interactive chart.
How do we get this data?

CIT Bank Term CDs

2.8
/5
Rating: 2.8 stars out of 5

Pros

  • Checkmark Icon

    The bank offers a wide variety of terms.

  • Checkmark Icon

    Competitive yields are offered on some of the terms.

  • Checkmark Icon

    The no-penalty CD offers a solid yield.

Cons

  • Other online banks pay higher yields for terms of one year or longer.

  • CDs with lower minimum balance requirements can be found.

  • CIT Bank’s jumbo CDs have lower yields than some of the regular CDs.

Rate history for CIT Bank's CD accounts

See how rates for this account have changed over time. Select the CD term length from the dropdown and interact with the trend lines to view APY by date.

CIT Bank
APY
National average APY

Display historical averages

Line chart with 2 lines.
The chart has 1 X axis displaying Time. Data ranges from 2024-05-01 04:00:00 to 2025-05-27 00:00:00.
The chart has 1 Y axis displaying values. Data ranges from 1.68 to 3.
End of interactive chart.
Caret Down Icon
How do we get this data?

CIT Bank Money Market Account

3.9
/5
Rating: 3.9 stars out of 5

Pros

  • Checkmark Icon

    The APY is competitive, compared with the national average yield.

  • Checkmark Icon

    There is no monthly maintenance fee.

  • Checkmark Icon

    You only need $100 to open this account.

Cons

  • Money market accounts that earn higher APYs are available.

  • The account doesn’t come with an ATM or debit card or check-writing privileges.

CIT Bank eChecking Account

4.6
/5
Rating: 4.6 stars out of 5

Pros

  • Checkmark Icon

    It offers a decent APY for a checking account.

  • Checkmark Icon

    There are no monthly fees, overdraft fees or incoming wire transfer fees.

  • Checkmark Icon

    CIT Bank reimburses $30 worth of out-of-network ATM fees and doesn’t charge you a fee to use out-of-network ATMs.

Cons

  • The minimum deposit to open the account is $100; some online banks have no minimum deposit requirement to open an account.

  • You need at least $25,000 to earn the highest APY.

How CIT Bank compares to other banks

Compare different account types offered by CIT Bank. Annual percentage yields (APYs) shown were updated between May 21, 2025 and May 27, 2025.

Selected bank
CIT Bank savings account
CIT Bank Logo
Member FDIC
Bankrate score
Rating: 4.6 stars out of 5
4.6
Most comparable
Popular Direct savings account
Popular Direct Logo
Bankrate score
Rating: 0 stars out of 5
N/A
Read review
Search for or select a bank:
Caret Down Icon
Bread Savings savings account
Bread Savings logo
Member FDIC
Bankrate score
4.9
Read review
APY
4.10% N/A 4.30%
Minimum balance for APY
$5,000.00 N/A $0.00
Estimated earnings
$2,050 N/A $2,150
CIT Bank’s Platinum Savings account earns a competitive yield on balances of $5,000 or more. Lower balances earn an APY that’s below the national average. The account requires a low minimum opening deposit, and it doesn’t charge monthly maintenance fees. Popular Direct’s high-yield savings account earns a rate that’s tough to beat, and the $100 minimum required opening deposit is manageable. The account allows for mobile check deposit, although an ATM card is not included. Bread offers a high-yield savings account that’s true to its name. The account can be opened with just $100. Though there are no monthly maintenance fees, customers should note the miscellaneous fees associated with the account.
  • The Platinum Savings account earns a competitive rate on balances of $5,000 or more.
  • There’s no monthly maintenance fee.
  • Popular Direct’s savings account earns a top-notch APY.
  • There’s no monthly service fee.
  • Bread’s high-yield savings account offers a very competitive APY.
  • The account comes with no monthly maintenance fees.
  • The account can be opened with just $100.
  • With a balance under $5,000, you’ll earn an APY below the national average.
  • The account doesn’t come with ATM access.
  • The account does not come with an ATM card.
  • Many online banks don’t require a minimum deposit.
  • An early account closing fee of $25 is charged when you close the account within 180 days of opening it.
  • Bread Savings doesn’t offer ATM access.
  • There are some fees associated with the account, including a $5 fee per paper statement and a $25 fee per outgoing wire transfer.
Bankrate does not currently track additional product details for this bank.
Bankrate does not currently track additional product details for this bank.
APY offering:
4.30%
5/5
Minimum balance for APY:
$0.00
5/5
Monthly service fee:
$0.00
5/5
Minimum balance to avoid fee:
$0.00
5/5
Access to funds:
Good
4/5

Bank fees

Fee Charged?
Overdraft fee None
Non-sufficient funds fee None
Monthly maintenance fee None
Out-of-network ATM fee None
Excessive transaction fee None

Customer experience

Customer support. CIT has no branches, but customers can reach a customer service representative by phone 9 a.m. to 9 p.m. Eastern time weekdays and Saturday from 10 a.m. to 6 p.m. Eastern. There’s also an automated telephone service that’s available 24/7. 

Digital experience. CIT Bank’s mobile banking app is highly rated by iOS users but receives slightly lower reviews from Android users. The app takes care of the basics, such as letting you check your transaction history and transfer funds between your CIT Bank accounts. The app also allows you to make mobile check deposits.

Low satisfaction. CIT Bank ranked below average in overall satisfaction among online banks that offer savings accounts, according to J.D. Power’s 2024 Direct Banking Satisfaction Study.

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Bankrate staff insights

“I love the high yield CIT Bank offers,” said a Bankrate staff member with a CIT account. Transferring from this account to another bank is simple.”

Disclosure: To enhance our product reviews, Bankrate employees often open accounts and provide feedback. They may have been compensated for their time and account maintenance, but this does not affect the integrity of their review.

CTA We want to know what you think about CIT Bank

We want to know what you think about CIT Bank

Do you have experience with CIT Bank? Let us know your thoughts.

Review methodology

With so many financial institutions to choose from, it can be hard to know who to trust. Bankrate’s ever-growing list of bank and credit union reviews is updated regularly. Our editorial team analyzes and reviews each institution across deposit products such as savings accounts, checking accounts, certificates of deposit (CDs) and money market accounts (MMAs). Banks are rated by important factors such as offered interest rates, fees, minimum balance requirements, access to funds and more.

We assign a score to each type of account and its features, weigh them carefully based on importance to account holders and determine an overall score. Read our full review methodology.

CIT Bank customer reviews

CTA CIT Bank has 44 reviews

CIT Bank has 44 reviews

Dive into community reviews below and see what others think about CIT Bank.

4.5 Star Icon
44 ratings
Score breakdown
5 stars
59%
4 stars
34%
3 stars
7%
2 stars
0%
1 star
0%
Score by category
Overall Rating 4.5 / 5
Competitiveness of APY 4.4 / 5
Amount of fees 4.5 / 5
Customer support 4.5 / 5
Website / Mobile app 4.5 / 5
Verified Badge Icon Bankrate methodology disclosure

In July 2024, Bankrate collaborated with a third-party vendor to survey 1,200 bank account holders nationwide. Bankrate and our vendor collected and summarized account holder responses to five rating questions on a 5-point scale as well as open-ended reviews of the banking experience. Responses are based on individual account holder product details, and therefore cannot be verified for accuracy. Reviewers received an incentive for their feedback. Their ratings are unedited and have not been reviewed or approved by the associated bank or credit union, nor do these responses reflect Bankrate's own expert review of these banking products.

Community Reviews

See what users like you are saying about CIT Bank.
Search Icon
Caret Down Icon
Anonymous account holder
March 22, 2025
CIT Bank's online platform and mobile app allow me to easily manage my accounts, set up automatic transfers, and monitor my savings progress. They are a great bank to do banking with.
Score by category
Amount of fees 4 / 5
Competitiveness of APY 4 / 5
Customer support 3 / 5
Website / Mobile app 4 / 5
Accounts held by this user
Certificate of Deposit (CD) Yes
Money Market Account (MMA) Yes
Savings Account Yes
Checking Account No
Anonymous account holder
February 27, 2025
In my experience, CIT Bank's online banking platform is the best due to its modern and feature-rich design.
Score by category
Amount of fees 5 / 5
Competitiveness of APY 4 / 5
Customer support 5 / 5
Website / Mobile app 3 / 5
Accounts held by this user
Certificate of Deposit (CD) No
Money Market Account (MMA) Yes
Savings Account Yes
Checking Account Yes
Anonymous account holder
February 27, 2025
It is very easy to access and to deposit money.
Score by category
Amount of fees 5 / 5
Competitiveness of APY 5 / 5
Customer support 5 / 5
Website / Mobile app 4 / 5
Accounts held by this user
Certificate of Deposit (CD) Yes
Money Market Account (MMA) Yes
Savings Account No
Checking Account No
Anonymous account holder
February 27, 2025
It's great, highly would recommend this bank to someone, great services and customer services, support team work very well.
Score by category
Amount of fees 5 / 5
Competitiveness of APY 5 / 5
Customer support 5 / 5
Website / Mobile app 5 / 5
Accounts held by this user
Certificate of Deposit (CD) No
Money Market Account (MMA) No
Savings Account Yes
Checking Account Yes
Anonymous account holder
February 27, 2025
Citi Bank is a great bank to bank with they don't charge too many fees when banking wth them.
Score by category
Amount of fees 5 / 5
Competitiveness of APY 5 / 5
Customer support 5 / 5
Website / Mobile app 5 / 5
Accounts held by this user
Certificate of Deposit (CD) No
Money Market Account (MMA) No
Savings Account Yes
Checking Account Yes
Anonymous account holder
February 27, 2025
It's a great bank and has great features and good customer service.
Score by category
Amount of fees 5 / 5
Competitiveness of APY 5 / 5
Customer support 5 / 5
Website / Mobile app 5 / 5
Accounts held by this user
Certificate of Deposit (CD) Yes
Money Market Account (MMA) Yes
Savings Account Yes
Checking Account Yes
Anonymous account holder
February 27, 2025
The no-penalty CD is a great feature that gives me the flexibility I need while still earning interest.
Score by category
Amount of fees 5 / 5
Competitiveness of APY 4 / 5
Customer support 4 / 5
Website / Mobile app 5 / 5
Accounts held by this user
Certificate of Deposit (CD) No
Money Market Account (MMA) No
Savings Account Yes
Checking Account No
Anonymous account holder
February 27, 2025
My experience with CIT Bank’s high-yield Yes - Savings has been great, the interest rates are much better than those of my old bank.
Score by category
Amount of fees 4 / 5
Competitiveness of APY 5 / 5
Customer support 5 / 5
Website / Mobile app 5 / 5
Accounts held by this user
Certificate of Deposit (CD) No
Money Market Account (MMA) No
Savings Account Yes
Checking Account No
Anonymous account holder
February 27, 2025
Opening my personal account at CIT Bank was easy and straightforward. The process was smooth, and I had a positive experience.
Score by category
Amount of fees 5 / 5
Competitiveness of APY 4 / 5
Customer support 5 / 5
Website / Mobile app 4 / 5
Accounts held by this user
Certificate of Deposit (CD) No
Money Market Account (MMA) No
Savings Account Yes
Checking Account Yes
Anonymous account holder
February 27, 2025
The website is easy to use, but sometimes it seems a bit outdated compared to other online banks.
Score by category
Amount of fees 4 / 5
Competitiveness of APY 5 / 5
Customer support 4 / 5
Website / Mobile app 4 / 5
Accounts held by this user
Certificate of Deposit (CD) No
Money Market Account (MMA) No
Savings Account Yes
Checking Account Yes