Up to 0.40% APY — With the CIT Bank Savings Builder, you’ll earn up to 0.40% APY on your savings. Learn more here.
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 options are their Savings Builder and money market accounts. 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.
CIT Bank’s One-Year CD is also a decent product. This account currently earns 0.30% APY on all balances. The minimum to open is $1,000, making this option competitive with other term CDs you’ll find.
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!
Our Top Picks
Money Market Account — CIT Bank’s MMA is a great place to build your vacation fund, emergency fund, or save for any large purchase. Currently, you’ll earn 0.45% APY on your savings — which is a good rate in this market. Plus, your money will still be accessible when you need it. Read the review | Open an account here.
Savings Builder Account — This is one of our favorite savings account on the market right now. Earn a whopping 0.40% APY when you make a monthly deposit of $100 or more! We use it, we love it, and we think you will too. Read the review | Open an account
CIT Bank at a Glance
- Traded on the New York Stock Exchange (NYSE: CIT)
- Internet banking available throughout U.S.
CIT Bank Products
- Savings Builder Account – Up to 0.40% APY
- Money Market Account – 0.45% APY
- Multiple CD Options
- Small business and home loans available
- Rates current as of June 29, 2020
CIT Bank: Pros and Cons
|CIT Bank: Things We Like||CIT Bank: Things We Don’t Like|
|Savings Builder account offers excellent top-tier rate||No physical branch locations|
|Above average interest rate on money market||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, they’ve definitely been around the block. The company trades publicly on the New York Stock Exchange (NYSE: CIT), 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.
Money Market Account
CIT Bank 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 our favorite savings account on the market.
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. The top-tier rate is over 100x more than you’ll find at many larger competitors, and 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.
We use it ourselves and we think you’ll love it too!
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 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 11/19/20|
CIT Bank eChecking (New)
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 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 $15 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.
Earn More on Your Savings — Open a Savings Builder account with CIT Bank and earn an interest rate of 0.40% APY when you make a deposit of at least $100 a month. Learn more here.
How to Use a CIT Savings Builder or MMA
Wondering why you might want to open the a CIT Bank Savings Builder or money market account? 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 3 to 6 months’ worth of expenses to 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.
Benefits of Using CIT Bank
- Excellent Savings Builder Rate — As we’ve discussed, the Savings Builder account offers an excellent top-tier rate of up to 0.40% APY. This is well above the national average and over 100x better than rates at some of CIT Bank’s more well-known national competitors. The offer is good even for small balances. Simply make a deposit of just $100 a month to earn the rate.
- Money Market Account — The money market account is also something to consider. At 0.45% APY, this is a great spot 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 deposits 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 high-yield savings 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.
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 still 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 0.40% 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 Builder account, money market 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. Deposits at CIT Bank are 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, mortgages, and more.
CIT Bank does not charge account opening fees or monthly fees on savings, money market, or CD accounts.
To access your money, 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, due to federal regulations, certain accounts may be limited to only six transactions 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 Builder Account is 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 0.40% APY when you open a new Savings Builder account at CIT Bank. That’s well over the national average and 100x higher than you’ll find at many competitors. Follow the link to get started.
CIT Bank Review
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CIT Bank Review
The CIT Bank Savings Builder Account is simply our favorite savings account on the market right now. Boasting an impressive top-tier rate, this savings account is hard to beat. Plus, the rate is super easy to obtain. It’s the perfect place to store your emergency fund, travel fund, and other specialty savings goals.
CIT Bank’s Money Market Account is another great spot 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.