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
Related Posts
11/13 - CIT Bank Platinum Savings Down To 4.55% APY
10/10 - New Offer Drop Down While Transferring Funds
9/25 - CIT Bank Lowers the Rate of their Platinum Savings to 4.70%
9/11 - Cit Bank Offering Back To 5.0 APY For Existing Platinum Accounts
9/4 - CIT Bank Platinum Savings Down To 4.85% APY
5/3 - CIT Bank Rates as of 5-3-2024
4/2 - CIT Bank Rates as of 4-2-2024
6/16 - Increased Savings Account To 4.95% Apy
5/9 - CIT Bank Platinum Savings Increased To 4.85% APY For $5,000+
4/1 - CIT Bank No Penalty CD Now At 4.80%
3/31 - Platinum Savings Increase From 4.40% To 4.75%
3/17 - Cit Bank---New Savings Called Platinum At 4.40 APY
3/15 - Savings Connect Account From 4.05% To 4.20% APY,1 Effective On March 15, 2023
1/24 - CIT Bank Lowers Rate For 18-Month CD On 1-24-2023
1/6 - CIT Bank CD Rate Changes For 1-6-2023
1/6 - Cit Just Joined The 4% Club.
10/19 - Rate Hike Milestones for CIT Bank’s Savings Connect and 18-Month CD
9/30 - 11-Month No-Penalty CD Up To 2.75% APY
9/22 - 11-Mo NP CD @ 2.50% & Savings Connect @ 2.40% As Of 9-22-2022
8/25 - Rate Hike Cit Bank
8/25 - 11-Mo NP CD @ 2.15% & Savings Connect @ 2.10% As Of 8-25-2022
7/28 - 11-Mo NP CD @ 2.00% & Savings Connect @ 1.90% As Of 7-28-2022
7/12 - CIT Bank Savings Connect Account And No Penalty CD Rate Increases For 7-12-2022
6/30 - CIT Bank Savings Connect Account And No Penalty CD Rate Increases For 6-30-2022
6/16 - Saving Connect Account Rate Increased To 1.20% On 6-16-2022
4/2 - Rate Increases On Savings Accts
3/24 - CIT Bank Promo (Via Jonathan Ping @My Money Blog) Free 1Yr Amazon Prime Membership
2/10 - Earn 0.96 Percent On Savings (conditions apply).
11/30/20 - Interest Rates Decline At CIT Bank
10/18/20 - CIT Bank To Merge Into First Citizens Bank
9/17/20 - CIT Money Market / CIT Savings Savings Both Drop To .60% / .55% APY Respectively
9/2/20 - CIT Starts The Month With New Rate Drops. Now MM To .75%, SV To .65%
8/21/20 - Another Subtle Rate Drop MM From .85 To .80% APY Savings Unchanged
8/12/20 - CIT Rates Drop Aug 12, 2020
7/4/20 - CIT Drops Rates Again On Last Day In June. MM To 1.00%, SV To .95% APY
6/25/20 - CIT Rate Drop MM To 1.06%, SV To 1.01%
6/9/20 - CIT Sneaks In Another Rate Cut On MM To 1.20%, & Savings To 1.15% APY
5/24/20 - Savings Builder And Money Market Cut Again 1.25%/1.30% Respectively
5/15/20 - Savings Builder Cut Again To 1.30%
5/3/20 - Unpublished Offers?
5/1/20 - CIT Bank Cuts Money Market And Savings Builder Rates
4/21/20 - CIT Bank MM/Savings Rate Drop again since two weeks ago
4/8/20 - CIT MM/Savings Rate Drop
3/25/20 - CIT Bank 11-Month No-Penalty CD A Near Rate Leader
2/28/20 - CIT Bank Unveils $150/$300 Savings Builder Bonus
2/22/20 - Cit Bank $150/$300 Renews Larger Savings Bonus
2/6/20 - CIT Bank Has $100/$200 Bonus On New Savings Builder Account
1/1/20 - CIT Savings Builder Is Now 1.80% While Money Market Is 1.85%?
11/13/19 - $150/$300 Deposit Bonus For New & Existing Customers
11/1/19 - Savings Builder Top Rate Drop AGAIN 1.85%
10/1/19 - And Yet Another .10 % Rate Drop
9/11/19 - Savings Builder Drop To 2.20% APY
6/30/19 - Savings Builder Another Rate Drop.
5/1/19 - Savings Builder Rate Drop
1/5/19 - Has Custodial Accounts
1/3/19 - CIT Bank’s Savings Builder Account Reaches 2.45% APY
1/3/19 - Savings Builder Rate Up To 2.45%
11/21/18 - CIT Bank Ups Rate On Savings Builder Account
11/21/18 - CIT Savings Now At 2.25% APY
10/7/18 - CIT Bank Debuts New Savings Builder Account
10/5/18 - New Savings Builder Account 2.15%
9/13/18 - CIT Bank Raises 11-Month No-Penalty CD Rate
9/12/18 - 11-Month No-Penalty CD, 2.05% APY, $1K Min
7/2/18 - CIT Bank 1-Year Term CD Rate Rises to the Top
6/30/18 - CIT Bank Offering 2.5% 1 -Year CD, $1K Minimum.
5/24/18 - CIT Bank Ups Money Market Account Rate To Very Competitive Level
5/24/18 - CIT MM Is Now 1.85%
5/7/18 - CIT Savings Rate Is Now 1.75%
3/13/18 - CIT Bank Debuts New Money Market Account
3/3/18 - Large Rate Hike On CIT Bank’s 11-Month No-Penalty CD
3/2/18 - CIT Bank 11 Mo No Penalty CD Is No 1.85% APY
1/3/18 - CIT Bank Raises Premier High Yield Savings Rate
1/3/18 - CIT Bank HY Savings Now 1.55% APY
11/8/17 - Another Rate Increase on CIT Bank’s 11-Month No-Penalty CD
11/8/17 - 11-Month No Penalty CD Now 1.55% APY
10/25/17 - Premier High Yield Savings Rate
10/6/17 - CIT Bank's Premier High Yield Savings Rate Raised
9/11/17 - CIT Bank Raises Premier High Yield Savings Rate
9/8/17 - CIT Bank Ups Its Premier High Yield Savings To 1.35% For Up To $100K
8/18/17 - CIT Bank Increases Rate on 11-Month No-Penalty CD
7/11/17 - CIT Bank Debuts New Savings Account with Bonus and New No-Penalty CD
5/5/17 - CIT Bank’s New Savings Account Offers Up To $400 Bonus
5/5/17 - New 1.15% and a Bonus, But Concerning Practice
4/5/17 - CIT Bank Ups Bonus To $400 On High Yield Savings
2/3/17 - CIT Bank Extends $200 Bonus For New High Yield Savings Account
1/24/17 - CIT Bank Raises Rates On Shorter Term CDs
1/12/17 - CIT Bank Raises High Yield Savings APY By 10 Basis Points
1/3/17 - CIT Bank’s Limited-Time High Yield Savings Account Bonus - Up to $200
11/17/16 - CIT Bank Savings Account Promo - Up To $200 Plus 0.95% APY
10/26/16 - CIT Bank Gives Some CD Customers Option of Penalty-Free Early Withdrawal
7/6/16 - CIT Drops CD Rates Again
3/9/16 - 5-Year CD Rate Reduction
2/23/16 - CIT Drops Rates
9/23/15 - New Top 1-Year Rate on CIT Bank’s RampUp Plus and Term CD
9/9/15 - The New CIT Bank, N.A. with Some Higher Rates
6/25/15 - CIT Bank Raised Rate On High Yield Savings
6/22/15 - CD Bonus Boosts CIT Bank Customers
5/21/15 - CIT Bank Increases Rates on 1-, 2- and 3-Year CDs and IRA CDs
5/9/15 - CIT Imposing Rate Caps On Rampup Cds
2/20/15 - CIT Bank’s Rate Changes - Higher 1-Year RampUp Plus CD Rate
1/23/15 - CIT 5 Year CD Rate Drop
1/19/15 - CIT Begins Year With IRA CD Promotion
1/2/15 - CIT Bank Premium APY For CD Renewals
12/5/14 - CIT Bank’s Jumbo 5-Year CD Is the New Rate Leader
11/12/14 - My Interview with the CIT Bank President
10/17/14 - CIT Bank Increases Savings Account and CD Rates
10/14/14 - Groups Urge U.S. To Reject CIT Takeover Of OneWest Bank
10/10/14 - Are Regulators About To Let Another Bank Get Too Big To Fail?
9/19/14 - CIT Bank Increases 1-Year and 5-Year CD Rates to Very Competitive Levels
7/3/14 - CIT Bank Increases Rates on Its RampUp CDs
6/23/14 - CIT Bank Keeps The Great Deals Coming
6/11/14 - CIT Bank Launches New RampUp CDs
6/10/14 - Rampup Cds
5/14/14 - Are “Raise Your Rate” Type of CDs a Good Deal?
5/8/14 - Customer Loyalty CD Promotions At CIT Bank
3/20/14 - CIT Bank Takes Back the Top Spot for 5-Year CD Rates
2/13/14 - CIT Bank Savings Account Rate Hike
1/29/14 - CIT Bank - New 5-Year CD Rate Leader for Internet Banks
11/6/13 - Higher CD and IRA CD Rates at CIT Bank
10/28/13 - Review of Today’s Bump-Up CDs - Is the Bump-Up Feature Useful?
4/18/13 - CIT Bank Now Offers IRAs with CDs and the Savings Account
12/4/12 - CIT Bank Cuts Savings Account and Achiever CD Rates
7/9/12 - New Competitive 5-Year CDs at CIT Bank
6/11/12 - Online Transfer Service Now Available to CIT Bank Savings Account Customers
5/15/12 - CIT Bank Raises Savings Account and CD Rates
4/3/12 - CIT Bank Launches an Internet Savings Account
1/9/12 - CIT Bank Launches New 2-Year Achiever CD with Add-On & Rate Bump Features
10/17/11 - CIT Bank Launches Internet CDs with Unique Features & Top Rates
Excellent Experience And Awesome Customer Service
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.
Your Wait Time Will Be 190 Minutes
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.
Slow Transfers
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.
Not Worth The Tiny Bit Of Extra Interest
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.
Data as of Q3 2024
Health Grade Components
| 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 |