CIT Bank review: Higher rates than brick-and-mortar banks, and refunds up to $30 per month in ATM fees

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Compare CIT Bank products

  • CIT Bank Savings Connect Account

  • CIT Bank eChecking Account

  • CIT Bank Term Certificate of Deposit (CD)

  • CIT Bank No-Penalty Certificate of Deposit (CD)

  • CIT Bank RampUp™ Certificate of Deposit (CD)

  • CIT Bank Jumbo Certificate of Deposit

  • CIT Bank Money Market Account

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Editor's Rating

4.25/5

A five pointed star A five pointed star A five pointed star A five pointed star A five pointed star

Editor's Rating

4.25/5

A five pointed star A five pointed star A five pointed star A five pointed star A five pointed star

Editor's Rating

3.5/5

A five pointed star A five pointed star A five pointed star A five pointed star A five pointed star

Editor's Rating

3.5/5

A five pointed star A five pointed star A five pointed star A five pointed star A five pointed star

Editor's Rating

3/5

A five pointed star A five pointed star A five pointed star A five pointed star A five pointed star

Editor's Rating

3.25/5

A five pointed star A five pointed star A five pointed star A five pointed star A five pointed star

Editor's Rating

4/5

A five pointed star A five pointed star A five pointed star A five pointed star A five pointed star

Overall bank rating

Pros and cons

Savings

Annual Percentage Yield (APY)

2.10% APY

Minimum Deposit Amount

$100

Annual Percentage Yield (APY)

2.10% APY

Minimum Deposit Amount

$100

More Information

  • Interest compounded daily, paid monthly
  • FDIC insured

CIT Bank Savings Connect is a solid savings account. It offers a competitive interest rate and doesn't charge monthly services. 

Checking

Annual Percentage Yield (APY)

0.10% to 0.25% APY

Minimum Deposit Amount

$100

Annual Percentage Yield (APY)

0.10% to 0.25% APY

Minimum Deposit Amount

$100

More Information

  • Interest compounded daily, paid monthly
  • No ATM network, but CIT Bank reimburses up to $30/month for ATM fees
  • FDIC insured

The CIT Bank eChecking Account pays 0.10% to 0.25% APY, well above the national average of 0.03%.

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.

CDs

You'll earn higher rates on CDs than with a brick-and-mortar bank, but many online banks payer higher APYs than CIT Bank right now.

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.

Money market

Annual Percentage Yield (APY)

1.40% APY

Minimum Deposit Amount

$100

Annual Percentage Yield (APY)

1.40% APY

Minimum Deposit Amount

$100

Pros

  • Competitive APY
  • Free year of Amazon Prime subscription if you meet the requirements
  • Low opening deposit of $100
  • Connect your account to Zelle or PayPal
  • No monthly service fee

Cons

  • No paper checks
  • No debit card
  • No way to access funds at an ATM
  • No physical locations
Read Our Review Read Our Review A looong arrow, pointing right

More Information

  • Connect to Zelle and PayPal
  • To get a free year of Amazon Prime you must use the promo code AMZN22 and deposit at least $15,000 during the first 15 days of opening an account; you must also maintain at least $15,000 in your account for 60 days after the initial funding period
  • Interest compounded daily, paid monthly
  • FDIC insured

The CIT Bank Money Market Account offers a competitive rate of 1.40% 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. 

CIT Bank is currently offering a unique promotional offer with the CIT Bank Money Market Account. If you open a new account with at least $15,000 in the first 15 days and maintain that amount in your account for 60 days you could get a one-year subscription to Amazon Prime.

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 will continue to offer distinct bank account options from First Citizens Bank, and current customers will also 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, 9:00 a.m. to 9:00 p.m. ET, or Saturday from 10:00 a.m. to 6:00 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.

Is CIT Bank trustworthy?

The Better Business Bureau gives CIT Bank an B rating. A strong BBB score indicates a company responds effectively to customer complaints, is transparent about company practices, and is honest in its advertising.

In 2019, the Department of Housing and Urban Development sided with the California Reinvestment Coalition in its allegations against a division of CIT Bank called OneWest Bank. The CRC claimed that OneWest discriminated against Latinx and Black people in Los Angeles. Although OneWest never admitted to the discrimination, the bank did agree to pay over $7 million to homeownership programs for racial minorities in LA.

If this issue worries you, you may decide you'd rather bank with another company.

How CIT Bank compares

We compared CIT Bank to two other online banks that pay high rates: Marcus by Goldman Sachs and Capital One 360.

CIT Bank review vs. Marcus by Goldman Sachs review

The CIT Bank Savings Connect Account offers a slightly more competitive interest rate than the Marcus by Goldman Sachs 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.

Laura Grace Tarpley, CEPF

Personal Finance Reviews Editor

Laura Grace Tarpley (she/her) is a personal finance reviews editor at Insider. She edits articles about mortgage rates, refinance rates, lenders, bank accounts, wealth building, and borrowing and savings tips for Personal Finance Insider. She is also a Certified Educator in Personal Finance (CEPF). She has written about personal finance for six years. Before joining the Insider team, she was a freelance finance writer for companies like SoFi and The Penny Hoarder, as well as an editor at FluentU. You can reach Laura Grace at ltarpley@insider.com. See below for some of her work. Today's 30-year mortgage rates Here are the best mortgage lenders right now The pros and cons of paying off your mortgage early The best online high-yield savings accounts Chase checking accounts: Compare all 5 options Learn more about how Personal Finance Insider chooses, rates, and covers financial products and services »

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