CIT Bank Review 2023

CIT Bank offers competitive rates and low fees on its deposit products. See if it’s the right fit for you.

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As the online division of First Citizens Bank, CIT Bank offers several online-only banking products including savings accounts, CDs and their eChecking account. Most of their products offer competitive interest rates, no monthly maintenance fees, and third-party ATM fee reimbursements. 

CIT Bank review

Pros and Cons of CIT Bank

Pros

  • Competitive interest rates on some CD terms and savings accounts 
  • No monthly maintenance fees 
  • No minimum balance requirements 
  • ATM fee reimbursements

Cons

  • No brick and mortar locations
  • No checks with eChecking account
  • Inability to deposit cash
  • Not all CD rates are competitive

CIT Bank account offerings

Savings account

CIT Bank offers two savings accounts: Savings Connect and Platinum Savings. Both offer competitive interest rates and have no monthly fees. However, each account has several differences:

  • Savings Connect: Account holders don’t need to meet minimum balance requirements to earn the current annual percentage rate (APY). However, you won’t receive an ATM card and you will need to meet the $100 minimum opening deposit requirement. 
  • Platinum Savings: This account potentially offers a much higher APY, though you’ll need a $5,000 minimum balance to earn it. Otherwise, you can still earn 0.25% APY if you have a balance that’s under $5,000. You will need to deposit at least $100 to open an account. 

CDs

CIT Bank offers CDs with terms ranging from 18 months to five years. Currently, the six-month CD offers the highest rate, with rates going down the longer the term. The $1,000 minimum opening deposit requirement is on par with many of the best banks, but some online-only financial institutions have lower requirements. For all CDs, interest compounds daily, but you may be subject to an early withdrawal penalty if you take out funds before the maturity date. 

Money market account

CIT Bank’s high-yield money market account offers a decent APY with no monthly fees. You will earn the same APY no matter how much your balance may be. You only need to deposit a minimum of $100 to open an account. Although you won’t get check writing access, you can deposit checks through the bank’s mobile app and electronic transfer. 

eChecking

CIT Bank’s eChecking account earns account holder’s interest, though those with balances $25,000 and over earn the highest APY. While you won’t earn the best rates compared to other online checking accounts, you won’t need to meet any deposit or spending requirements to earn interest. There are also no monthly maintenance fees. 

Although there aren’t paper checks provided (or offered as a form of payment), you do receive a debit card. Plus, you will receive up to $30 in fee reimbursements for using out-of-network ATMs. 

Additional offerings

Home loans

CIT also offers mortgages and mortgage refinancing. Depending on your needs, you can also choose from interest-only, fixed-rate or variable rate loans. To find out what you may qualify for, you can fill out the form provided on CIT’s website or call their loan consultants during business hours.

Customer service

As CIT is an online-only bank, you can contact customer service by secure message once you log into your account, or through their mobile app. Account holders can also call CIT Bank from 9 a.m. to 9 p.m. ET on weekdays and from 10 a.m. to 6 p.m. ET on Saturdays. 

CIT Bank fees

CIT is one of the best online banks because it charges no to low fees. Like some competitors, the bank no longer charges overdraft fees — instead you can connect your eChecking with your savings account to cover any transactions for free. Otherwise, if you overdraw your account, your transaction will be denied.

Some fees CIT Bank charges include:

  • Bill pay stop payment: $30 
  • Debit card replacement: $10
  • International ATM withdrawal or debit card payment: 1% of the transaction amount
  • Outgoing wire transfer: $10 (for account holders who have a balance less than $25,000)
  • Returned deposit item: $10

Accessing Your Money

CIT Bank doesn’t have physical branches, but you can access your money through several methods. You can make transfers online or through the bank’s mobile app, as well as use services such as bill pay, Apple Pay, Samsung Pay and Zelle. Another option is to use your debit card to withdraw money from ATMs. You could also perform a wire transfer, for a fee.

Who CIT Bank is a good fit for

CIT Bank’s products are a great fit for those who are looking for competitive interest rates on online savings accounts and certain CD terms. It’s also a great fit for people who use ATMs fairly often, especially if there aren’t any in-network machines in the area. 

Who should look elsewhere 

Since paper checks aren’t offered with CIT’s online accounts, it’s not a good fit for anyone that wants to use them as a form of payment. Plus, not all of CIT Bank’s rates are competitive, so it’s best to see what CD rates are for the term you want — several are much lower than other banks. 

Bottom line

CIT Bank offers some decent products, in particular their online savings account and some of their CDs. WIth no monthly fees and ATM reimbursements, it’s a great choice for those looking to save on banking costs. However, the lack of check writing privileges and higher balance requirements for some accounts may be a turn off. 

Editorial Disclosure: All articles are prepared by editorial staff and contributors. Opinions expressed therein are solely those of the editorial team and have not been reviewed or approved by any advertiser. The information, including rates and fees, presented in this article is accurate as of the date of the publish. Check the lender’s website for the most current information.

This article was originally published on SFGate.com and reviewed by Lauren Williamson, who serves as Financial and Home Services Editor for the Hearst E-Commerce team. Email her at [email protected].

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