CIT Bank Review 2025: An Honest Look at Rates, Fees & Services

Whether you’re searching for higher interest rates or convenient online banking, CIT bank reviews consistently highlight this digital institution’s competitive offerings. In fact, as an online-only bank owned by First Citizens Bank, CIT has carved out its niche by providing attractive rates across savings accounts, CDs, and checking options.

This comprehensive review examines CIT Bank’s complete range of services, specifically focusing on their various account types, current rates, and fee structures. We’ll explore their Platinum Savings, Connect Savings, and Builder accounts, along with their CD options and digital banking features, helping you decide if CIT Bank aligns with your financial goals.

CIT Bank at a Glance: What You Need to Know

CIT Bank stands as a notable player in the digital banking landscape. Founded back in 1908 and headquartered in Pasadena, California, this institution has evolved substantially over the years to become a prominent online-only financial option for modern consumers ¹.

Overview of CIT as an online-only bank

As a direct bank without physical branch locations, CIT operates entirely in the digital space. This online-only model allows the bank to maintain lower overhead costs, consequently passing those savings to customers through higher interest rates compared to traditional brick-and-mortar banks ¹.

CIT functions as a full-service online bank offering a comprehensive suite of financial products including various deposit accounts, mortgages, and financial literacy services ². The institution particularly shines with its diverse account options – three distinct savings accounts (Savings Connect, Savings Builder, and Platinum Savings), an interest-bearing checking account, competitive CDs, and a money market account that delivers above-average APYs ³.

Additionally, CIT Bank offers commercial banking services covering commercial financing, community association banking, middle market banking, equipment financing, factoring, railcar financing, treasury services, and asset management ¹. However, customer reviews tend to be mixed, with ratings of 1 out of 5 stars on Consumer Affairs and 2 out of 5 stars on Trustpilot ². Common complaints center around slow transfer processing times and lengthy customer service wait periods.

FDIC insurance and ownership by First Citizens Bank

A significant development in CIT’s history occurred in January 2022 when it merged with First Citizens Bank, creating a formidable financial institution. This merger formed a top 20 US bank boasting approximately $111 billion in total assets and $90 billion in total deposits ¹. First Citizens Bank, notably the largest family-controlled bank in the United States, brings 125 years of banking experience to the partnership ¹.

Under this arrangement, CIT Bank now operates as a division of First Citizens Bank while maintaining its separate brand identity. For depositors, this means FDIC insurance protection up to $250,000 per depositor, per ownership category ⁴. Importantly, for customers with accounts at both CIT Bank and First Citizens Bank, deposits held under each name are combined for FDIC insurance purposes ¹.

First Citizens itself maintains a substantial physical presence with over 550 branches across 23 states ¹, though CIT continues to function as its online division without physical locations ⁴.

Who CIT Bank is best suited for

CIT Bank particularly appeals to customers seeking:

• Higher-than-average interest rates on savings and certain CD products ⁵
• A fee-conscious banking experience (no monthly service fees, no overdraft fees) ⁵
• Interest-bearing checking options with modern digital features ³
• Convenient ATM access with monthly reimbursements of up to $30 for ATM surcharges ⁵

The bank presents an excellent option for those comfortable managing their finances entirely online and prioritizing competitive yields on their deposits. CIT Bank especially suits savers looking for high APYs on online savings accounts ⁴.

Nevertheless, CIT may not be ideal for everyone. The bank doesn’t offer paper checks at all, even for its checking account ³. Furthermore, the entirely digital experience requires comfort with online banking platforms. Those who value in-person service or need immediate funds transfers might find CIT’s digital-only approach limiting, particularly given customer complaints about transfer delays ².

Overall, CIT Bank positions itself as a compelling option for digitally-savvy consumers seeking competitive rates and minimal fees, provided they can adapt to the constraints of an online-only banking relationship.

Savings Accounts Breakdown: Platinum, Connect, and Builder

CIT Bank offers three distinct savings account options, each catering to different saving styles and financial goals. Let’s examine how these accounts stack up against one another and which might work best for your needs.

Platinum Savings: High APY with balance requirements

The Platinum Savings account stands out for its impressive interest rate—currently 4.10% APY for balances of $5,000 or more ⁶¹. This ranks among the highest rates available from trusted financial institutions in 2025.

If your balance drops below the $5,000 threshold, the rate decreases dramatically to just 0.25% APY ¹⁷. Indeed, this lower tier represents the smallest rate offered among all CIT savings products, making this account primarily beneficial for those maintaining higher balances.

Opening a Platinum Savings account requires just $100 initially ⁶³. After that, maintaining the account involves no monthly fees, maintenance charges, or account opening costs ⁶, allowing your earnings to remain untouched. With daily compounding interest ⁷, your money grows continuously, maximizing your returns over time.

Savings Connect: Consistent rate with no balance tiers

The Savings Connect account delivers a straightforward 4.00% APY regardless of your balance size ²¹. Moreover, this account operates differently from traditional savings products by linking directly to CIT’s eChecking account ².

Getting started requires a modest $100 minimum opening deposit ²⁷. Subsequently, there’s no minimum balance requirement to maintain ², making it accessible for most savers. To receive the full benefits, you’ll need to make a monthly direct deposit or external deposit of at least $100 into your linked eChecking account ².

The primary advantage here lies in the simplicity—you receive a competitive rate without juggling complex requirements. Additionally, the linked checking account provides convenient access to your funds while still earning substantially more than national average savings rates, which hover around 0.41% ⁷.

Savings Builder: Incentivized saving with monthly deposits

The Savings Builder account takes a unique approach by rewarding consistent saving habits. This tiered-rate account offers between 0.40% and 1.00% APY ¹⁷, depending on whether you meet certain conditions.

To qualify for the highest tier (1.00% APY), you must either:

• Maintain a minimum balance of $25,000, or
• Make at least one monthly deposit of $100 or more ³¹

The account includes an introductory period where you automatically earn the top rate until your first “Evaluation Day,” which occurs four business days before the month ends ¹. Accordingly, this gives you time to establish your saving pattern.

Despite offering a lower APY than CIT’s other savings options, the Savings Builder serves a distinct purpose. The bank designed this account specifically to help customers develop consistent saving habits by providing structural incentives for regular deposits ¹. The minimum opening deposit is also $100 ⁷, with no monthly maintenance fees.

Each of these accounts provides FDIC insurance up to $250,000 per depositor ⁷, ensuring your savings remain protected while earning competitive interest rates. The right choice among these three options primarily depends on your typical balance levels and whether you prefer balance-based or activity-based rewards.

Checking and Money Market Accounts Explained

Beyond savings accounts, CIT Bank provides additional options for managing your money with both checking and money market accounts. These accounts offer distinct advantages for different financial needs, from everyday spending to higher-yield savings with some liquidity.

eChecking: Interest-bearing with ATM reimbursements

CIT Bank’s eChecking stands out as an interest-bearing digital checking account that eliminates common banking fees. With a modest $100 minimum opening deposit ⁸, this account offers tiered interest rates based on your balance—0.10% APY for balances under $25,000 and a higher 0.25% APY for balances of $25,000 and above ⁹.

The “e” in eChecking emphasizes its electronic nature, meaning you won’t receive physical paper checks ⁹. Instead, the account focuses on digital payment options, including:

• Apple Pay and Samsung Pay integration
• Electronic bill payment services
• Zelle for peer-to-peer transfers (though with relatively low limits of $300 per transaction and $600 daily) ⁹¹⁰

First and foremost, the account charges no monthly maintenance fees ⁸⁹. Alongside this, you won’t face overdraft fees—a significant advantage compared to traditional banks ⁵. For ATM users, CIT Bank provides generous benefits by not charging its own ATM fees and reimbursing up to $30 per month for fees charged by other banks’ ATMs ³⁸.

Essentially, this checking account combines interest-earning potential with practical features for digital banking. The mobile app allows for convenient management, including mobile check deposits from anywhere ⁹. Meanwhile, the foreign transaction fee is 1% of the total transaction amount when using your debit card internationally ¹¹.

Money Market: Decent APY but limited access features

CIT Bank’s Money Market account currently offers a 1.55% APY regardless of your balance ³⁴. This rate surpasses the national average but falls below some of the most competitive money market rates available elsewhere, which can exceed 4% APY ⁶⁹.

Opening this account requires just a $100 minimum deposit ¹¹, and thereafter, CIT doesn’t impose any ongoing balance requirements or monthly maintenance fees ⁴¹¹. The account follows the standard regulation limiting customers to six transfers or withdrawals per statement cycle ¹¹, similar to most money market accounts.

Notably, CIT’s Money Market account differs from typical money market accounts in one significant way—it doesn’t come with checks, a debit card, or an ATM card ⁴⁹. This limitation makes it less convenient for accessing your funds compared to other institutions’ money market offerings, which typically provide both features ⁶.

Instead, you’ll need to rely on alternative access methods such as:

• Electronic transfers
• Wire transfers
• Online bill pay
• Mobile check deposit through the CIT Bank app ⁴

Primarily, this makes the account easier to manage than tiered-interest money market accounts from other banks ⁴, but admittedly creates a tradeoff in accessibility. The account functions more like a high-yield savings account with slightly different terms rather than a true hybrid checking/savings product that most money market accounts aim to be ⁶.

For those seeking simplicity with a decent yield and who don’t need frequent access to their funds, this account offers a straightforward option without complex requirements or fees.

CD Options: Term, No-Penalty, and Jumbo CDs

For investors seeking fixed-rate returns, CIT Bank presents several certificate of deposit options with varying terms and features. Each CD type serves different financial needs, from short-term savings to long-term growth strategies.

Term CDs: Range of durations and rates

CIT Bank’s Term CDs offer flexibility across multiple timeframes, with options spanning from 6 months to 5 years ³. All Term CDs require a minimum deposit of $1,000 to open ³, making them accessible for most savers. These CDs feature daily compounding interest to maximize your earnings potential ¹².

Interest rates vary significantly across different term lengths:

• 6-month CD: 3.00% APY ²
• 1-year CD: 0.30% APY ²
• 13-month CD: 3.50% APY ²
• 18-month CD: 3.00% APY ²
• 2-year CD: 0.40% APY ²
• 3-year CD: 0.40% APY ²
• 4-year CD: 0.50% APY ²
• 5-year CD: 0.50% APY ²

Interestingly, shorter-term options like the 6-month, 13-month, and 18-month CDs currently offer substantially higher yields than longer-term commitments ¹. Furthermore, CIT Bank doesn’t charge any fees for opening or maintaining these accounts ¹².

No-Penalty CD: Flexibility with competitive yield

CIT Bank’s No-Penalty CD stands out as an exceptional option for those who value liquidity alongside competitive returns. Currently, this 11-month CD offers a 3.50% APY with a minimum opening deposit of $1,000 ².

The primary advantage lies in its flexibility—you can withdraw your entire principal plus earned interest without penalties any time after the first seven days following account funding ¹². This feature provides a safety net for unexpected expenses while still allowing you to benefit from rates higher than typical savings accounts.

Given that standard CDs typically impose significant early withdrawal penalties, this no-penalty option presents a compelling alternative for uncertain economic times ¹. Generally, this account serves as a middle ground between the locked-in nature of traditional CDs and the immediate access of savings accounts.

Jumbo CDs: High deposit requirement, low return

Jumbo CDs at CIT Bank come with a substantial minimum deposit requirement of $100,000 ³, targeting investors with larger cash reserves. Available in terms ranging from 2 to 5 years ³, these premium products offer rates that might surprise potential investors:

• 2-year Jumbo CD: 0.40% APY ²
• 3-year Jumbo CD: 0.40% APY ²
• 4-year Jumbo CD: 0.50% APY ²
• 5-year Jumbo CD: 0.50% APY ²

Despite requiring significantly more capital than standard Term CDs, Jumbo CDs currently offer identical interest rates to their standard counterparts of equivalent terms ¹. This unusual situation means there’s presently no yield advantage for committing larger sums through Jumbo CDs.

Similar to regular Term CDs, Jumbo CDs impose early withdrawal penalties if you access your funds before maturity ¹. Moreover, these penalties potentially affect a much larger principal amount, making careful consideration essential before committing such substantial funds.

Fees, Access, and Digital Tools

Managing your finances with CIT Bank comes with a refreshingly transparent approach to fees, along with modern digital tools that enhance the online banking experience.

No monthly or overdraft fees

CIT Bank distinguishes itself from traditional banking institutions by eliminating common charges that often erode account balances. Primarily, all deposit accounts come with zero monthly service fees ¹³. Even more notable, the bank has adopted a no-overdraft-fee policy across all accounts ⁷. Unlike many competitors, CIT won’t charge you when transactions exceed your available balance—whether they pay the transaction or return it unpaid ⁷.

For outgoing domestic wire transfers, a modest fee structure applies: transactions are free for accounts maintaining balances of $25,000 or more, while accounts below this threshold incur a $10 fee per transfer ¹³. For incoming wire transfers, CIT charges absolutely nothing ¹³.

ATM fee reimbursements and transaction limits

In terms of ATM access, CIT Bank never charges its own ATM fees and goes a step further by reimbursing up to $30 per month for fees charged by other banks’ ATMs ¹¹. This policy effectively converts virtually any ATM into a free-use machine, provided you stay within the monthly reimbursement limit.

Besides this, CIT Bank follows standard regulatory guidelines limiting certain accounts to six transfers or withdrawals per statement cycle ¹⁴. For accessing funds, options include electronic withdrawals, wire transfers, and check requests ¹⁴. First and foremost, the bank emphasizes that customers are responsible for monitoring their available balances before making withdrawals or transfers ⁷.

Mobile app features and online banking tools

CIT Bank’s digital platform received a significant upgrade in late 2023, with both the mobile app and web interface redesigned to enhance user experience ¹⁵. The mobile app boasts impressive ratings—4.8 out of 5 stars in the Apple store and 4.6 out of 5 stars in Google Play ⁴.

Key features of the mobile banking experience include:

• Account management with enhanced balance and transfer capabilities
• Mobile check deposits and bill payment functions
• Zelle integration for peer-to-peer transfers
• Biometric login options for security
• Debit card management for eChecking accounts ¹⁶

Customer support remains accessible through multiple channels—phone, email, or directly through the mobile app, with live representatives available weekdays from 9 a.m. to 9 p.m. ET and Saturdays from 10 a.m. to 6 p.m. ET ⁴. Above all, CIT emphasizes data security, noting that banking information is never stored on your mobile device ¹⁶.

Conclusion

Overall, CIT Bank stands out as a solid choice for digitally-savvy customers who prioritize high yields and minimal fees over branch access. Their competitive rates across savings accounts, CDs, and checking options make them particularly attractive for those building their savings.

The bank’s recent merger with First Citizens Bank adds stability to their already robust online platform. Though some customers report transfer delays and extended service wait times, the absence of monthly fees and generous ATM reimbursements balance these drawbacks.

Above all, CIT Bank serves customers who feel comfortable managing their finances entirely online. Their straightforward account structures, paired with modern banking tools, create an efficient digital banking experience. Therefore, savers seeking competitive returns without complex requirements will find CIT Bank’s offerings particularly valuable, especially through their high-yield Platinum Savings and No-Penalty CD options.

References

[1] – https://www.businessinsider.com/personal-finance/banking/cit-bank-cd-rates
[2] – https://www.bankrate.com/banking/cds/cit-cd-rates/
[3] – https://www.depositaccounts.com/banks/cit-bank.html
[4] – https://www.businessinsider.com/personal-finance/banking/cit-bank-high-yield-savings
[5] – https://www.bankrate.com/banking/reviews/cit-bank/
[6] – https://www.bankrate.com/banking/mma/money-market-account-guide/
[7] – https://www.cit.com/resources/CIT-Bank-Agreement-for-Personal-Accounts.pdf
[8] – https://www.supermoney.com/reviews/checking-accounts/cit-bank-checking-account
[9] – https://www.cnet.com/personal-finance/banking/cit-bank-banking-review/
[10] – https://www.atmmarketplace.com/news/cit-direct-bank-launches-digital-checking-with-no-monthly-fee-atm-reimbursement/
[11] – https://www.usnews.com/banking/reviews/cit-bank
[12] – https://www.gobankingrates.com/banking/cd-rates/cit-bank-cd-rates/
[13] – https://www.cit.com/resources/CIT-Bank-fee-schedule.pdf
[14] – https://smartasset.com/checking-account/cit-banking-review
[15] – https://newsroom.firstcitizens.com/2023-12-20-CIT-Bank-Unveils-Redesigned-Mobile-App-and-Web-Interface-to-Improve-Customer-Experience
[16] – https://apps.apple.com/us/app/cit-bank/id1079211065

More on Afrishervi