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CIT Bank is a publicly-traded, FDIC insured financial institution offering high-yield savings accounts and other online banking services throughout the United States. Over the past several years, their interest rates have stayed extremely competitive, even while other popular bank chains have lagged.
Right now, our favorite product is the brand new Savings Connect account. This account combines the benefits of an online savings account with an eChecking account. It also offers a top tier rate of 0.50% APY when you make a total of $200 in deposits each month.
The CIT Bank Savings Builder and money market accounts are also solid options. We have personally used the high-yield Savings Builder account for years. Currently, it offers a rate of up to 0.40% APY. The MMA currently offers a slightly better rate — 0.45% APY.
If you want to make more on your savings, CIT Bank can help. Let’s take a closer look at their offerings so you can find the right fit!
CIT Bank at a Glance
- Traded on the New York Stock Exchange (NYSE: CIT)
- Internet banking available throughout U.S.
CIT Bank Products
- Savings Connect Account – Up to 0.50% APY
- Savings Builder Account – Up to 0.40% APY
- Money Market Account – 0.45% APY
- Interest bearing eChecking account
- Multiple CD Options
- Small business and home loans available
CIT Bank: Pros and Cons
|CIT Bank: Things We Like||CIT Bank: Things We Don’t Like|
|Savings Connect conveniently combines savings and checking account while earning a good top tier rate||No physical branch locations|
|Savings Builder and money market accounts offer solid top tier rates||No ATM access to Savings Builder or MMA through ATM (although, it’s easy to transfer online)|
|No monthly fees||$1,000 minimum to open term CDs is a bit high|
|CD options are flexible||Long-term CD rates are just average|
|Small minimum deposit requirements for Savings Builder and MMA|
Who Is CIT Bank?
Although CIT Bank may not be familiar to you, they’ve definitely been around the block. The company trades publicly on the New York Stock Exchange (NYSE: CIT) and operates online banking services throughout the United States. As a member of the Federal Deposit Insurance Corporation (FDIC), eligible accounts held at CIT Bank offer the same FDIC protection offered at other Member FDIC banks.
This CIT Bank review focuses primarily on the company’s online personal banking options, specifically the different savings vehicles they offer. However, the company can also meet other banking needs customers may have. CIT Bank offers a host of loans for homeowners and small businesses, allowing them to fulfill your needs there as well.
CIT Bank Review: Personal Banking Products
Think CIT Bank may be for you? Let’s take a closer look at their personal banking products, including their high yield savings account, money market account, echecking account, and CD rates.
Savings Connect Account (New)
The CIT Bank Savings Connect account is the newest of CIT’s personal banking products, and it is also our favorite!
Released in early 2021, this account combines the earning power of an online savings account with the flexibility of an eChecking account. It also comes with a very competitive top tier rate of 0.50% APY.
To earn the top tier rate, simply make a total of $200 in deposits every month – $100 into your savings account and $100 into your eChecking. The account also comes with an ATM card so you can access your money easily. CIT Bank does not charge any ATM fees of their own, plus they’ll give you $30 in credit each month toward ATM fees at other banks.
Opening a new Savings Connect account requires a deposit of just $100 for each account. There are no monthly maintenance fees and the account is FDIC insured.
Money Market Account
CIT Bank also has one of the most competitive money market accounts you will find in the online market.
This account offers a rate of 0.45% APY and only requires a $100 deposit to open. There are no opening or monthly service fees, and interest compounds daily so you can make the most on your money. It is also insured by the FDIC up to the standard $250,000.
Like all money market accounts, you are limited in the number of monthly transactions you can make. In this case, you’re allowed to make up to six transfers or withdrawals during a statement cycle. So, while you wouldn’t want to use this as an account for your regular bill pay, CIT Bank’s money market account is an excellent spot to keep your emergency fund or travel savings.
Savings Builder Account
The Savings Builder account from CIT Bank is still one of our favorite savings accounts on the market.
The top tier rate easily makes it one of the best high-yield savings accounts available. It is also about 45x higher than you’ll find at many larger competitors.
With two tiers of interest rates, this account actually encourages you to save. By making a deposit of just $100 a month, you’ll earn an interest rate of 0.40% APY. That’s a stupid simple bar to cross and an excellent goal to shoot for if you’re struggling to save. You’re also eligible to earn the top rate if you keep a balance above $25,000, regardless of your monthly deposits.
Personally, we think this is an excellent spot to set money aside for any type of short-term savings goal – like a travel fund, emergency fund, new car fund, etc. Not only does it earn a great rate, it also keeps your money separate from your other cash so you don’t accidentally spend it somewhere else.
CIT Bank Certificates of Deposit (CDs)
CIT Bank offers a handful of CDs, each with their own pros and cons.
For traditional Term CDs, CIT Bank offers a variety of options ranging from 6 months to 5 years in length. All Term CDs come without any account opening or maintenance fees and require a minimum opening deposit of $1,000.
CIT Bank also offers a Jumbo CD for large deposits. There is a required minimum deposit of $100,000, so these aren’t going to be available to everybody.
On another note, I’m impressed with the flexible nature of the CIT Bank No-Penalty CD. This 11-month CD allows you to withdraw your original deposit – plus interest – before the maturation date without facing any early withdrawal penalties. As far as I can tell, the only stipulation is that you cannot withdraw your funds within 7 days of funding. After that, you’re golden.
In the past, the No-Penalty CD also offered one of the highest interest rates of the bunch. Unfortunately, the rate has dropped considerably to 0.30% APY. Although that rate is still pretty good for CD of that length — and with so much flexibility — in this market, it is still disappointing. Like the Term CDs, the No-Penalty CD requires a minimum opening deposit of $1,000 and comes with zero account opening or maintenance fees.
Like their savings accounts, all CIT Bank CDs are FDIC-insured, and interest is compounded daily.
To help you compare, I’ve listed the current rates of CIT Bank CDs in the table below.
|Product||Rates*||Term||Minimum Opening Deposit||Description|
|Term CDs||Up to 0.50% APY*||Up to 5 Years||$1,000||Low minimum balance, various term lengths|
|No-Penalty CD||Up to 0.30% APY*||11 Months||$1,000||No penalties on early withdrawals (7 days after funding)|
|Jumbo CDs||Up to 0.50% APY*||Up to 5 Years||$100,000||For large deposits|
|*Current as of 04/20/21|
CIT Bank eChecking
For years, one of the CIT Bank’s most glaring weak spots was that they didn’t offer an online checking account. Now they do, and it even earns a little bit of interest.
With the CIT Bank eChecking account, you’ll enjoy “mostly” free checking while still earning interest. Balances under $25,000 earn 0.10% APY while balances above $25,000 earn 0.25% APY.
The account also comes with its own debit card and can be used with mobile pay options like Zelle, Apple Pay, Samsung Pay, and Bill Pay. They do not charge ATM fees, and you’ll be reimbursed for up to $30 a month on ATM fees charged by other banks.
CIT Bank’s eChecking account doesn’t offer a huge interest rate, but — if you’re looking for an interest bearing checking account — this might serve. Consider using this account to pay your bills and using either the MMA or Savings Builder account to stash your savings.
Benefits of Using CIT Bank
- Top Tier Savings Connect Rates — As we’ve discussed, the Savings Connect account offers an excellent top tier rate of up to 0.50% APY. This is well above the national average and about 50x better than rates at some of CIT Bank’s more well-known national competitors. The offer is good even for small balances. Simply make deposits totaling just $200 a month to earn the rate.
- Savings Builder and Money Market Accounts — The Savings Builder and money market accounts are also something to consider. At 0.45% APY for the MMA and a top rate of 0.40% APY for the Savings Builder, these are also two great spots to stash your long-term savings.
- Low Minimum Deposit Requirements — At CIT Bank, you can open a money market or high yield savings account with as little as $100.
- No Fees — Online Banking with CIT Bank is almost completely free. There are no account opening or management fees and just a $1 minimum balance requirement on the high yield savings accounts. (Penalties may apply for withdrawing funds early on certain CD products.)
- Flexible CD Options — Interest rates on the 12 to 18-month Term CDs are fairly competitive, plus CIT Bank offers a very flexible No-Penalty CD that may be worth a look.
- FDIC Insured — All eligible deposit accounts with CIT Bank are FDIC insured to the usual $250,000.
Where CIT Bank Falls Short
I’m not a big fan of the CD rates at CIT Bank, but the No-Penalty CD is an interesting option. There is no penalty to withdraw your money (including interest) after 7 days, but the 0.30% APY rate leaves a lot to be desired.
When it comes to the rest of the CD rates, however, they aren’t anything to get excited about. Most of the CD rates are lower than those offered by the Savings Builder and money market accounts. The $1,000 minimum deposit is also quite steep, especially considering the mediocre rates. Since the savings accounts and MMAs provide far greater access to your money, I’d opt for one of these over the majority of CIT Bank’s CDs at this time.
Not having physical branch locations may turn off some potential customers. No ATM access for the Savings Builder and money market accounts could also be a pain for some, even though transferring money online is extremely easy. You can also opt for the new Savings Connect account which offers an ATM card and up to $30 a month in reimbursement for ATM fees at other banks.
How to Use a CIT Savings Builder or MMA
Wondering why you might want to open the a CIT Bank Savings Connect, Savings Builder, or money market accounts? Here are a few ideas on how to use it:
- Travel Fund / Savings Goals — Keeping a separate savings account to meet specific savings goals — like travel, a new car, etc. — is always a good idea. A special account keeps this money separate from your general funds, helping you to avoid spending it on items it was never meant for.
- Emergency Fund — An emergency fund is one of the main pillars of financial health. A fully-furnished emergency fund should hold at least 3 to 6 months’ worth of expenses that can be used in case of a financial crisis. Like saving for a goal, a high-yield savings account is a great way to keep your e-fund safe and separate from your general accounts.
- Savings Protection — Spreading your money around to a few different banks is never a bad idea. This is especially true if you keep more than $250,000 in savings. By keeping accounts at multiple banks, more of your money is insured by the FDIC in the event that one (or multiple) banks go under.
Is CIT Bank Right for You?
Online banking is more popular than ever, and it’s clear that consumers are moving more and more toward banking online rather than visiting brick and mortar branch locations. That’s a huge shift from even just a few years ago, but it goes to show you that the times have changed.
When interest rates plummeted at traditional banks during the Great Recession, online banks picked up the slack. Due to the coronavirus pandemic, rates at traditional banks have cratered again while rates at online banks have stayed relatively strong. Although some brick and mortar banks have slowly increased their interest rates over the last several years, in many cases, the best savings and CD rates can still be found at online banks like CIT Bank.
If you need a place to store your emergency fund while still earning a decent interest rate, CIT Bank is a good option. Likewise, stashing your cash with CIT Bank is a good idea for things like a travel fund or other savings goals.
With a top tier rate of 0.50% APY on their Savings Connect account, 0.40% APY on their Savings Builder account, and 0.45% APY for money market accounts, CIT Bank is highly competitive with other online savings products. So, if you’re looking for a place where you can still make a little bit of money off of your savings, CIT Bank may be it.
How to Open a CIT Bank Account
Opening an account at CIT Bank is super simple and takes roughly 10 minutes. Be sure to have your driver’s license and Social Security number handy. Here’s how to get started:
- Open a Savings Connect account, Savings Builder account, money market account, eChecking account, or a new CD here.
- Complete the application.
- Fund your new account.
To fund your account, you’ll also need to provide information for the financial institution from which you are transferring the funds. You can fund your new account in one of three ways:
- Electronic Funds Transfer (EFT) – free of charge
- Personal Check – free of charge
- Wire Transfer – free of charge
CIT Bank FAQs
Yes. Each deposit account at CIT Bank is insured by the FDIC to the typical $250,000 per depositor.
CIT Bank offers a whole host of personal and business banking options to meet customers needs – including savings accounts, CDs, money market accounts, echecking, mortgages, and more.
CIT Bank does not charge account opening fees or monthly service fees on savings, money market, or CD accounts.
CIT Bank Savings Connect and eChecking accounts come with an ATM card you can use to access your funds. They do not charge any ATM fees, and you’ll also receive up to $30 a month in credit toward ATM fees from other banks.
To access money in your Savings Builder or money market accounts, you can request an electronic funds transfer (ACH) or paper check free of charge. Wire transfers are also available for a small fee. Keep in mind that certain accounts may be limited to the number of transactions you can make per month. Additionally, early withdrawal from CD accounts may result in fees.
CIT Bank Review: The Bottom Line
Overall, I think CIT Bank is an excellent choice for online banking customers.
The CIT Bank Savings Connect account is currently our favorite product. Combining the power of an online savings account with the flexibility of eChecking, this account offers a very comptetitive top tier rate of 0.50% APY when you make deposits totaling $200 each month.
The Savings Builder Account is also one of our favorite savings accounts on the market right now. Boasting an impressive top-tier rate of 0.40% APY, this savings account is hard to beat. Plus, the rate is super easy to obtain. Just make a monthly deposit of $100, and you’re good to go. It is a perfect place to store money for your emergency fund, travel fund, and other specialty savings goals.
CIT Bank’s Money Market Account is another great spot for storing your emergency fund or travel fund. Again, the account offers a rate of 0.45% APY and requires just $100 to open. Sure, transactions are limited, but – when used for long-term savings – that really shouldn’t matter.
Unfortunately, I still find the CD rates underwhelming. Personally, I plan to avoid CDs for the foreseeable future.
If you’ve made it this far, thanks so much for reading our complete CIT Bank review! Please leave your thoughts in the comments section below.
Earn More on Your Savings – Get up to 0.50% APY when you open a new Savings Connect account at CIT Bank. That’s easily one of the best rates available in the current environment. Follow the link to get started.
CIT Bank Review
Savings Connect Account
Money Market Account
Savings Builder Account
Ease of Use
Range of Product Offerings
CIT Bank Review Summary
The CIT Bank Savings Connect account is simply our favorite savings account on the market right now. Boasting an impressive top tier rate that is easy to obtain, this savings account is hard to beat. It’s also the perfect place to store your emergency fund, travel fund, and other specialty savings goals.
CIT Bank’s Savings Builder and Money Market Accounts are also great spots for savings. Again, the account offers an impressive rate and has a low threshold for opening. However, their CD rates are somewhat underwhelming. That aside, CIT Bank is a fantastic bank with no monthly fees and top-tier rates.