CIT Bank Review

Is CIT Bank a Good Bank?

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CIT Bank logo main

CIT Bank logo main

CIT Bank is an online bank offering savings accounts, certificates of deposit (CDs), checking accounts, and more. The bank belongs to one of the 50 largest bank holding companies in the U.S., with a history that goes back over 100 years. Most recently in its growth strategy, it acquired Mutual of Omaha Bank in 2020. 

  • Pros and Cons
  • Company Overview
Pros and Cons
  • Competitive money market account with a $100 minimum to open

  • Person-to-person payments with Zelle

  • Rebates for other banks' ATM fees

  • No check-writing from the checking account

  • No branches for in-person banking

  • $1,000 minimum deposit for CDs

Company Overview
  • Official Website
  • Bank Product Offerings Savings account, money market account, checking account, certificates of deposit
  • Customer Service Phone availability 9am-9pm EST Monday-Friday, 10am-6pm EST Saturday, online and text messaging
  • Year Founded 2000

Who Is CIT Bank Best For?

CIT Bank should appeal to savers who want to earn high rates in deposit accounts. It may be an especially good fit for customers who:

  • Want an online savings account or money market account with no monthly fees
  • Plan to use CDs for long-term savings
  • Enjoy flexible CDs that allow for early withdrawal
  • Do not write checks
  • Don’t need CIT Bank to print and mail checks for bill payments
  • Want ATM rebates and the freedom to get cash from any machine

What Does CIT Bank Offer?

CIT Bank has a range of accounts that cover all basic banking needs.


Savings Account

Savings Builder

The Savings Builder account pays interest on deposits and rewards you for saving regularly. When you don’t have enough money to qualify for great rates at other banks—but you plan to save at least $100 each month—this account can help you maximize your earnings.

  • Pays 0.28% annual percentage yield (APY) on balances under $25,000 without $100 monthly deposits
  • Pays 0.40% APY on balances under $25,000 with monthly $100 deposits, or balances over that amount 
  • $100 minimum to open
  • No monthly maintenance charges
  • Mobile check deposit

To earn the highest APY in this account, you must meet one of the following requirements:

  • Deposit at least $100 per month
  • Keep your balance at $25,000 or more

Many banks set limits on how often you can withdraw from savings accounts, and CIT is among them, limiting customers to six withdrawal transactions per statement cycle. Contact CIT if you have questions about using your cash.

Savings Connect

The Savings Connect account is a standard online savings account with no incentives for automatic saving or large deposits.

  • Pays up to 0.50% APY
  • No monthly maintenance fee
  • $100 minimum to open
  • Remote check deposit
Highest-Paying Savings Accounts

For more savings account ideas, check out the highest-paying savings accounts.

Money Market Account

The Money Market Account pays a very strong rate while keeping your funds accessible. However, as with many savings accounts, you are limited to six withdrawals per month.

  • Pays 0.45% APY
  • Minimum $100 deposit to open
  • Mobile check deposit
  • Recommend by CIT for building an emergency fund or saving for something such as a house

The great thing about money market accounts is that you earn a high rate on cash, and you can spend your money without needing to transfer it to checking like you might need to do with a savings account. Some banks offer even more payment options, including debit cards and checks. CIT Bank does not provide as many payment methods, but the rate is excellent.

This money market account makes it easy to pay from your balance, but there are limitations on how you use it. You only are allowed six withdrawals a month.

eChecking Account

The eChecking account is an online checking account that pays interest. The interest earnings aren’t remarkable, but the fees are low, and the account has some handy features.

  • Pays 0.10% APY on balances under $25,000 
  • Pays 0.25% APY on balances of $25,000 or more
  • No monthly maintenance charges
  • $100 minimum to open
  • Remote check deposit
  • Debit card for spending and cash withdrawals
  • CIT Bank does not charge fees for using ATMs
  • Up to $30 per month in ATM fee rebates
  • Lock your debit card to reduce fraud
  • Payments with Zelle, Apple Pay, and Samsung Pay
  • Bill pay

Unlike most checking accounts, this account does not allow you to write checks. There is online bill pay though. This might not be a dealbreaker, but if you need to pay people and organizations that don’t accept electronic payments, you’ll need to find an alternative way to do so.

Certificates of Deposit

Terms CDs

Term CDs are standard CDs that reward you for locking up your savings with CIT Bank. To use one, you need to start with at least $1,000.

CIT Bank Term CD Rates
Term APY
6-Month 0.30%
1-Year 0.30%
13-Month 0.30%
18-Month 0.30%
2-Year 0.40%
3-Year 0.40%
4-Year 0.50%
5-Year 0.50%

When these CDs mature, they automatically renew with the same term—except for the 13-month and 18-month CDs. A 13-month CD becomes a 1-year CD, while an 18-month CD becomes a 2-year CD. All rates are current as of December 2021.

CIT Bank, like most banks, charges an early withdrawal penalty if you withdraw funds from a CD before maturity.

No-Penalty CD

The No-Penalty CD allows you to lock in a rate while keeping your options open because there is no penalty to withdraw your money before maturity. 

  • Pays 0.30% APY
  • 11-month term
  • Withdraw funds any time after seven days of opening—with no penalty
  • Minimum $1,000 to open

CDs like this work well in an uncertain world. If you’re concerned that you might need your money before maturity, you’ve got an easy out. Likewise, you might wonder what interest rates will do. If interest rates drop in the future, you have a guaranteed rate for at least the term of your CD (and you could potentially earn more than you’d get in a savings account). If rates rise, you can easily switch to a higher rate.

Jumbo CDs

CIT Bank’s Jumbo CDs allow you to earn higher APYs on deposits of at least $100,000. Rates are current as of December 2021.

CIT Bank Jumbo CD Rates
Term APY
2-Year 0.40%
3-Year 0.40%
4-Year 0.50%
5-Year 0.50%

Other Financial Products From CIT Bank

CIT Bank primarily offers consumer bank accounts, but you can also borrow money through:

  • Home purchase loans
  • Mortgage refinancing
  • Business loans

CIT Bank Customer Service

CIT Bank offers live customer support by phone Monday through Friday from 9 a.m. to 9 p.m. Eastern (and Saturdays from 10 a.m. to 6 p.m.). Those hours should be suitable for most people who work standard business hours, but if you need extended service hours, other banks may work better.

You can also manage your accounts online or with their mobile app.

How to Bank With CIT Bank

To open an account, visit or call 1-855-462-2652. As with any financial institution in the U.S., you’ll need to provide personal information when opening an account.

Final Verdict


CIT Bank offers competitive rates for online savings accounts and CDs. Plus, you can enjoy free checking, including ATM rebates that give you the freedom to get cash wherever it’s most convenient. The No-Penalty CD is also a nice perk, because you never know what the future holds, and you can secure a good rate for at least the next 11 months.


CIT Bank works well if you want to earn interest, but it might not be the best bank for making payments or building your credit—it offers no credit cards. You get a debit card, and you can have billers pull funds from your account, but you can’t write checks or have the bank do that for you. It’s rare to need checks these days, but sometimes that’s the quickest and easiest way to pay. If you open a checking account at CIT Bank, it’s a good idea to keep a free checking account open somewhere else.

Article Sources

The Balance requires writers to use primary sources to support their work. These include white papers, government data, original reporting, and interviews with industry experts. We also reference original research from other reputable publishers where appropriate. You can learn more about the standards we follow in producing accurate, unbiased content in our editorial policy .
  1. Federal Reserve Board. "FRB: Large Commercial Banks." Accessed Dec. 29, 2021.

  2. Cit Bank. "Savings Builder." Accessed Dec. 29, 2021.

  3. Cit Bank. "Savings." Accessed Dec. 29, 2021.

  4. Cit Bank. "Money Market." Accessed Dec. 29, 2021.

  5. Cit Bank. "eChecking." Accessed Dec. 29, 2021.

  6. Cit Bank. "No-Penalty CD." Accessed Dec. 29, 2021.