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CIT Bank Platinum Savings -
CIT Bank Savings Connect Account
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CIT Bank No Penalty 11-Month CD
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CIT Bank 1 Year Term CD
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CIT Bank eChecking Account
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CIT Bank Money Market Account
Overall CIT Bank rating
| Feature | Insider rating (out of 5) |
| Savings | 4.25 |
| Checking | 4.25 |
| CD | 3.75 |
| Money market account | 4 |
| Total | 4 |
CIT Bank pros and cons
| Pros | Cons |
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CIT Bank Savings Connect Account Rates
CIT Bank Savings Connect is a solid savings account. It offers a competitive interest rate and doesn't charge monthly services.
If you plan on keeping more than $5,000 in your account you might consider CIT Bank Platinum Savings. CIT Bank Platinum Savings pays 5.05% APY if you have a balance of $5,000 or more (you'll earn 0.25% APY on balances under $5,000.)
CIT Bank eChecking Account Rates
The CIT Bank eChecking Account pays 0.10% to 0.25%, well above the national average of 0.04% APY.
Unlike many banks, CIT Bank doesn't have an ATM network. However, it doesn't charge you to use ATMs, and it reimburses up to $30 per month for fees charged by ATM providers. If you use ATMs so often that you'd pay more than $30 monthly for ATM fees, CIT Bank probably isn't your best match.
CIT Bank Certificate of Deposit (CD) Rates
| CIT Bank Term CD | CIT Bank No Penalty 11-Month CD | CIT Bank RampUp CD** | CIT Bank Jumbo CD | |
| APY | 0.30% to 5.00% | 4.90% | 0.25% | 0.40% to 0.50% |
| Term length | 6 months to 5 years | 11 months | 1 year to 4 years | 2 years to 5 years |
| Minimum opening deposit | $1,000 | $1,000 | $25,000 to $50,000 | $100,000 |
**RampUp™ CDs are not available for new accounts.
CIT Bank CD rates are competitive on select CDs.
CIT Bank offers a wide range of CD options. If you withdraw funds before your CD matures, CIT Bank will charge an early withdrawal penalty of between three and 12 months interest, which is fairly standard for CDs.
CIT Bank Money Market Account Rates
The CIT Bank Money Market Account offers a competitive rate of 1.55% APY. You'll need $100 to open an account, but many banks require between a few hundred and a few thousand dollars to open a money market account.
How CIT Bank works
CIT Bank is a division of First Citizens Bank. In January 2022, First Citizens Bank announced that is completed its merger with CIT Bank. CIT Bank has continued to offer distinct bank account options from First Citizens Bank, and existing customers continued to have the same products and services.
Its website is easy to navigate, and its mobile app has received 4.6 out of 5 stars in the Apple store, and 4.3 out of 5 stars in the Google Play store.
The bank offers convenient 24/7 live chat on its site and through the app, and automated phone assistance 24/7. You can speak with a live representative if you call Monday through Friday, 9 a.m. to 9 p.m. ET, or Saturday from 10 a.m. to 6 p.m. ET.
Unlike most banks, CIT Bank doesn't have an ATM network. It does reimburse up to $30 of out-of-network ATM fees per month, though. ATM reimbursements will only affect customers with a checking account, because CIT Bank doesn't provide a debit card for its money market account.
Your deposits are FDIC insured for up to $250,000, or $500,000 for joint accounts.
CIT Bank review vs. Marcus by Goldman Sachs review
The CIT Bank Savings Connect Account offers a more competitive interest rate than the Marcus High Yield Online Savings Account. However, keep in mind, interest rates can fluctuate, so this can change in the future.
You'll probably prefer CIT Bank to Marcus if you want to do all your banking with one institution, or if you want quick access to your savings. Marcus doesn't have a checking account. To tap into your savings, you'd have to transfer money to an external bank account, which could take a couple business days.
CIT Bank review vs. Capital One 360 review
You might like Capital One if you don't have much money to open accounts. CIT Bank requires $100 to open most accounts and $1,000 to open CDs, but Capital One doesn't require any opening deposits.
The two banks have opposing approaches to ATMs. CIT Bank doesn't have an ATM network, but it reimburses up to $30 per month for out-of-network ATM fees. Capital One 360 does have an ATM network, but it won't reimburse any out-of-network fees. If you have easy access to the Capital One ATM network (or the AllPoint® network, where you can also use your card), you may prefer to bank with Capital One. Otherwise, you could save money on ATM fees with CIT Bank.
CIT Bank FAQs
The Better Business Bureau gives CIT Bank an A- rating. A strong BBB score indicates a company responds effectively to customer complaints, is transparent about company practices, and is honest in its advertising.
Citibank (or Citi) has no relation to CIT Bank. Citibank is a brick-and-mortar insitution with over 650 branches in 10 US states and Washington, DC. CIT Bank is the online subsidiary of First Citizens Bank, which is headquartered in North Carolina. CIT Bank only offers online bank accounts.
No, Citibank does not own CIT Bank; First Citizens Bank owns CIT Bank.
Editorial Note: Any opinions, analyses, reviews or recommendations expressed in this article are those of 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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