CIT Bank eChecking Review: An Everyday Account that Earns Interest

In this CIT Bank eChecking review, I’ll explain how the account works, explore the best ways to use it, and determine if it is a good fit for your banking needs. Enjoy!

CIT Bank is a fan favorite for online banking, and for good reason. The bank offers some of the best online savings accounts, money market accounts, and CDs available. The CIT Bank Savings Builder, for example, is one of the best high-yield savings accounts around.

One of CIT Bank’s few drawbacks was that they did not offer a checking account. Well, that problem is no more.

In November 2019, CIT Bank announced a new addition to its cache of banking solutions: eChecking, an interest-bearing online checking account. Not only is it perfect for everyday use, but it also earns up to 0.25% APY. With online and mobile access, account holders have several tools that allow them to manage their money from almost anywhere in the world.

Here’s a closer look at how CIT Bank eChecking works!

At a Glance: CIT Bank eChecking

• 0.25% APY on all balances of $25,000 or more
• 0.10% APY on all balances under $25,000
• Minimum opening deposit of $100
• No opening or monthly service fees
• Up to $30 in other banks’ ATM fees reimbursed monthly
• No online transfer fees (ACH)

Earn Interest on Everyday Banking at CIT Bank – Earn up to 0.25% APY with the CIT Bank eChecking account. Pair it with their Savings Builder account to get high yields on your money. Get started here.

What Is CIT Bank eChecking?

CIT Bank’s eChecking is an online checking account with tiered interest rates based on your account balance.

An initial deposit of $100 opens an account, but there are no ongoing balance requirements and no monthly maintenance fees. Customers earn interest on all balances, but can earn even more by keeping a balance of $25,000 or more.

For some customers, that might not be realistic, but you’ll still earn 0.10% APY on balances below that amount, which is far superior to the national average and what most traditional banks offer. However, some other top checking accounts may offer higher rates with lower balance requirements.

There’s no checkbook with an eChecking account, but it does come with a complimentary debit card for you to use at ATMs across the country. You can easily set travel alerts to reduce the risk of your debit card use getting flagged as unusual activity when you’re out of town.

CIT Bank eChecking accounts are only accessible online and through mobile apps. As a strictly online bank, there are no physical CIT Bank branches to visit. Applying for an eChecking account only takes minutes.

What I Love About the eChecking Account

If you’re going to keep money in a bank account, why not earn interest on it, right? My favorite feature of eChecking is that it earns interest. There’s not enough earning potential to replace a high-yield savings account, but it could be an excellent addition to a CIT Savings Builder account.

Interest isn’t the only perk that comes with an eChecking account. CIT has also eliminated ATM fees when you use your debit card. Plus, customers get up to $30 reimbursed each month from ATM fees charged by other banks.

As mentioned before, CIT Bank doesn’t charge monthly maintenance fees for eChecking accounts. They also don’t charge for online or mobile transfers or incoming wire transfers. Outgoing wire transfers are free for accounts with an average daily balance of $25,000 or more.

Additionally, customers have 24/7 access to all CIT Bank accounts through online and mobile banking options. CIT Bank’s mobile app, available for download in the App Store and on Google Play, allows you to manage your eChecking account on-the-go, including mobile check deposits. There’s even an option to check your balance and transaction history on your phone via text.

Don’t forget that the money you keep in CIT Bank accounts is FDIC-insured up to $250,000 per depositor. Your funds are federally protected in the event of a bank failure, so your money is as safe with CIT Bank as it is at your local brick-and-mortar bank.

No Monthly Fees – The CIT Bank eChecking account has no monthly maintenance fees, free online banking, and reimburses up to $30 in other bank ATM fees each month. Get started here.

Where the Account Falls Short

There’s a lot to love about CIT Bank eChecking, but that doesn’t mean it’s right for everyone.

For instance, I love that it earns interest, but only high balances are rewarded with the highest rate. Other interest-bearing checking accounts exist, and many will earn you more money in the long run. But even the best checking accounts don’t offer anywhere near the rates that exist with high-yield savings accounts. You might be better off keeping most of your money in one of the best money market accounts or a savings account that offers a higher rate.

One feature that’s noticeably missing is access to check-writing privileges. This isn’t uncommon among online banks, although there are some that do offer paper checks. A CIT eChecking account comes with online bill pay, which should cover the need for checks for most users. Integration with third-party payment apps like Zelle, Samsung Pay, and Apple Pay helps as well.

As an online bank, CIT Bank has no local bank branches. It doesn’t have its own ATM network, and it doesn’t participate in another fee-free ATM network, either. Luckily, it does cover ATM charges from other banks up to $30 monthly, which should cover most customers’ needs.

While customers have 24/7 access to their funds, the only customer support option available around the clock is automated phone support. To receive live support, you’ll need to call during their regular business hours.

How to Use CIT Bank eChecking

Want to know the best ways to use the new CIT Bank eChecking account? Here are some of my favorites!

• Everyday Banking — Checking accounts are for everyday use, and CIT Bank’s eChecking account is no different. Use it as your go-to checking account to make purchases, pay bills, and other standard banking transactions. An eChecking account is also excellent for direct deposits from your employer or other sources of income.
• Paying Bills Online — Despite the lack of paper checks, it’s simple to pay your bills online through CIT Bank. Whether it’s a recurring bill or a one-time payment, online bill pay is easy to set up and use.
• Funding Savings Accounts – Use your eChecking account to build up savings such as an emergency fund or vacation fund. You can set up automatic deposits from your eChecking account to a Savings Builder account to maximize your savings rate.

CIT Bank eChecking: The Verdict

Do you want to earn interest on an everyday checking account? Count me in.

There’s not much I don’t like about the CIT Bank eChecking account. Sure, having access to in-person services at a local branch would be great, but online and mobile banking has filled that need for most people.

Features like mobile check deposits and online bill pay are becoming more commonplace and make CIT’s eChecking a viable long-term banking solution for most customers.

Other online checking accounts exist that offer comparable — if not better — interest rates, but 0.25% APY is nothing to shake your head at. Most of us are used to not earning anything on our checking accounts, so any interest earned is a plus in my book.While it might not be right for everyone, CIT Bank eChecking seems like the perfect checking account to pair with the bank’s Savings Builder account.

Open Your Account – Get started with CIT Bank’s eChecking account and earn interest on your everyday banking. Get started here.

*Please see CIT Bank website for details and disclosures.