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The bottom line: CIT Bank is a good option for people looking for a high-yield savings account. Its Platinum Account pays a great rate on balances over $5,000, and its Savings Connect Account is a strong choice for people who plan to keep lower balances. But it won’t be a good fit if you’re uncomfortable with digital banking.
CIT Bank Review: Overall Rating
FeatureInsider rating (out of 5)Savings4Checking4.25CD3.5Money market account4Trustworthiness4.75Total4
CIT Bank Pros and Cons
ProsCons
High interest rates on savings account and select CDS
Up to $30 per month in reimbursements for ATM fees
No ATM network
No physical branches
Low Google Play mobile app ratings
About CIT Bank
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 2.8 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.
Is CIT Bank Trustworthy?
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.
CIT Bank does not have any recent public controversies or lawsuits.
CIT Bank FAQs
Is CIT Bank a reputable bank?
Yes, CIT Bank is reputable — it has an A- grade from the Better Business Bureau, and your deposits are FDIC insured. This means that even if CIT Bank shut down, your insured money would be safe.
What is the difference between CIT Bank and Citibank?
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.
Does Citibank own CIT Bank?
No, Citibank does not own CIT Bank; First Citizens Bank owns CIT Bank.
CIT Bank Account Reviews
CIT Bank Platinum Savings Account
CIT Bank Platinum Savings – Product Name Only pays CIT Bank Platinum Savings ($5K or MORE) – APY APY on balances of $5,000 or more and CIT Bank Platinum Savings (LESS than $5K) – APY on balances under $5,000. So if you plan to keep significantly more than $5,000 in savings, it’s a great high-yield account.
CIT Bank Savings Connect Account
CIT Bank Savings Connect Account – Editorial Name Only is a solid savings account. It offers a competitive interest rate and doesn’t charge monthly services. Its rate is a little lower than what you can earn with Platinum Savings, but if you plan to keep a lower balance, you’ll ultimately earn more in interest.
CIT also has a CIT Bank Savings Builder High Yield Savings Account – Product Name Only, but it only pays CIT Bank Savings Builder High Yield Savings Account – APY APY.
CIT Bank eChecking Account
The CIT Bank eChecking Account pays 0.10% to 0.25% 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.
CIT Bank CDs
**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. Along with its regular term CDs, it has jumbo CDs and a no-penalty CD. The CIT Bank No Penalty 11-Month CD – Product Name Only pays CIT Bank No Penalty 11-Month CD – APY APY, making it one of the best no-penalty CDs right now.
CIT Bank Money Market Account
The CIT Bank Money Market Account offers a decent rate of 1.20% APY. You’ll need CIT Bank Money Market Account 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 Compares
CIT Bank vs. Marcus by Goldman Sachs
The Marcus High Yield Online Savings Account – Product Name Only pays Marcus High Yield Online Savings Account – APY APY, which is less than what you’ll earn with either the Platinum or Savings Connect accounts from CIT Bank. Marcus CD rates range from Marcus High-Yield CD – APY APY, so you could earn more with Marcus, depending on which CD term you choose.
CIT Bank is the better choice if you want to do all of your banking with one company. Marcus doesn’t offer a checking account, so you have to transfer money to an external checking account to access it. This can take up to a few business days.
CIT Bank vs. Capital One 360
You might like Capital One if you don’t have much money to open accounts. CIT Bank requires CIT Bank Platinum Savings – Minimum Deposit to open most accounts and CIT Bank Term CD – Minimum Deposit to open CDs, but Capital One doesn’t have any minimum opening deposits.
CIT Bank pays better savings rates than Capital One 360, which pays Capital One 360 Performance Savings – APY APY. Capital One CD rates are Capital One 360 CD – APY APY, so you could earn more with Capital One depending on the term.
Why You Should Trust Us: How We Reviewed CIT Bank
To review CIT Bank’s savings, checking, and money market accounts, we used Insider’s bank account methodology. We used the certificate of deposit methodology to review the bank’s CDs.
For every account, we evaluate the bank’s ethics, mobile app, and customer service. The other factors we consider depend on the type of account we’re rating — for example, we factor in overdraft fees for checking accounts and early withdrawal penalties for CDs.
We give each category a rating between 0 and 5. Then we average them together to give each account a rating up to 5.