Written by Ali Cybulski, Published on July 19, 2024
CIT Bank, a division of First Citizens Bank, is an online bank serving customers nationwide. This institution offers certificates of deposit (CDs) and savings accounts as well as an eChecking account that relies on online and mobile banking rather than paper checks.
If your balance is at least $5,000, the Platinum Savings account offers an annual percentage yield (APY) of 5.00%. The minimum initial deposit is $100, with no account opening or maintenance fees. Deposit checks remotely and make transfers with the CIT Bank mobile app.
Savings Connect has an APY of 4.65% and no minimum balance requirement. The Savings Builder account, on the other hand, aims to reward you with a higher interest rate as you develop a consistent savings habit. Earn up to 1.00% APY by maintaining a balance of at least $25,000 or making at least one monthly deposit of $100 or more.
CIT Bank’s money market account gets an APY of 1.55% and provides quick and easy access to funds as needed. You can use Zelle to send and receive money, plus you can deposit checks remotely and make transfers with the bank’s mobile app.
Open an eChecking account with a deposit of at least $100 and earn up to 0.25% APY, depending on your balance. CIT Bank does not charge ATM fees and reimburses up to $30 for other banks’ ATM fees monthly.
The bank also offers term and jumbo CDs as well as a no-penalty 11-month CD. Terms range from six months to five years, and the minimum opening deposit for all term CDs is $1,000. Both the no-penalty and 13-month CDs earn 3.50% APY.
Unless you choose the no-penalty CD, a fee may apply if you cash out your term CD early. The no-penalty CD allows you to withdraw your money without penalty starting seven days after the bank has received your funds.
Jumbo CDs call for a minimum deposit of $100,000, and terms vary from two to five years. Two- and three-year CDs earn 0.40% APY. Four- and five-year CDs earn 0.50% APY. You may face penalties for early withdrawal of principal.
If you require CIT Bank customer service for a deposit product, you can reach live help Monday through Friday 9 a.m. to 9 p.m. and Saturday 10 a.m. to 6 p.m. EST. Service is unavailable on Sunday. Alternatively, you can sign in to your account online and send a secure email or access mobile banking 24/7.
CIT Bank pros and cons
Pros:
• Minimal account fees
• Checking account earns interest
• ATM fee rebates
Cons:
• Low rates on some CDs
• Customer support unavailable seven days a week
• No ATM network or branches
I really don't understand all the negative reviews. Transfers took me two days max. I kept my emergency fund with CIT Bank for over a year. Customer service was always quick and excellent and they connected you with a real person in 10 minutes. I was helped after 10 mins of calling in and the person was competant and kind. I was initially scared about keeping my money in an online branch - but I had a fantastic experience with CIT. Good rates and I did not have a fee due to having a platinum savings. It was always easy to transfer money out when I needed it, again with no fees. They sent a 1099 to my house during tax season. These guys are awesome. Cannot reccomend them enough. I had to transfer money out and close my account a year and a half later cuz I got married and it took me less than five minutes and they made it so easy. They were very gracious and kind about me leaving. Awesome customer service and great bank.
Currently have very good savings rates but phone customer support is abysmal. Wait time message has ranged from 2 hours to a record setting 3 hours wait. So if you need to get something accomplished quickly or can't sit by a phone pending a call back 3 hours later, forget it.
In case it needs to be stated -- when any company's CS recording states "due to unexpected high call volumes you may experience longer than usual call wait times", it really means: this company has chosen not to pay CS reps enough to attract a reasonable number of employees. So customers will have to put up with unreasonable hold times.
Brand new customer. I just opened a platinum savings account and did the micro transactions to get the initial deposit made. I followed the instructions and verified the transactions and everything went well. Now 4 days later still waiting for them to fund the account. Never had this issue at Marcus. Do they want my business or what. Was planning to invest over 250k, but now hesitant and starting to lose confidence in them.
CIT bank is horrible to deal with. Easy to put your money in, but they play games with you when you try to take it out. When you call customer service they are either unhelpful and dishonest or rude and dishonest. They lie and play games with you as well to try to hang on to every penny of your money for a few more days.
I have another high yield online savings with Discover and everything works seamlessly. I am opening one with Barklays bank and they are easy to work with always pleasant and do not have the scammy policies that CIT bank employs.
SKIP THIs BANK THERE ARE BETTER OPTIONS.
Overall | |
---|---|
FDIC Certificate # | 11063 |
Year Established | 1898 |
Employees | 17121 |
Primary Regulator | FDIC |
Profit Margin | |
---|---|
Return on Assets - YTD | 1.29% |
Return on Equity - YTD | 12.85% |
Annual Interest Income | $9.36B |
Assets and Liabilities | ||
---|---|---|
Assets | Q3 2024vs Q3 2023 | $220.4B$213.6B |
Loans | Q3 2024vs Q3 2023 | $137.1B$131.6B |
Deposits | Q3 2024vs Q3 2023 | $151.9B$146.4B |
Equity Capital | Q3 2024vs Q3 2023 | $22B$20.41B |
Loan Loss Allowance | Q3 2024vs Q3 2023 | $1.68B$1.67B |
Unbacked Noncurrent Loans | Q3 2024vs Q3 2023 | $1.35B$997.1MM |
Real Estate Owned | Q3 2024vs Q3 2023 | $53MM$60MM |
Always verify rates and promotions with the bank or credit union. We are not CIT Bank; we are a rate comparison website and cannot provide official rates or promotions.
* The APY shown varies based on the deposit amount. Expand the listing to see APYs for other deposit amounts.
APY | MIN | MAX | ACCOUNT NAME | VIEW DETAILS |
---|---|---|---|---|
1.55% | $0 | - | Money Market Account |
APY | MIN | MAX | ACCOUNT NAME | VIEW DETAILS | |
---|---|---|---|---|---|
0.25%* | $25k* | - | eChecking | ||
OTHER TIERS: 0.10% → $0 - $25k |
CIT Bank is an Internet only bank and does not have branch locations. Its headquarters is located at 75 N. Fair Oaks Ave. - Pasadena, CA 91103