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CIT Bank Review 2022

The benefits explained

  • No monthly fees on deposit accounts – CIT Bank does not charge monthly fees on its checking, savings and money market accounts.
  • Reimburses ATM fees up to $30 per month – Since the bank does not have its own ATMs, it does not charge customers when they use another bank’s ATM. If that bank charges a fee, you get reimbursed up to $30 per month.
  • Progressive interest rates to encourage higher balances – As your savings account balances increase, CIT Bank will increase the interest rate you earn. These interest rate levels encourage customers to deposit more money to earn a higher rate.

Disadvantages Explained

  • No bank branches or ATMs – CIT Bank is completely digital and does everything online. If you want to visit a branch, that’s not an option. Although CIT Bank reimburses up to $30 per month in ATM fees, customers who access ATMs more frequently may exceed this amount.
  • Limited account options – Clients are offered one current account, two savings accounts and one money market account.
  • Doesn’t offer 24/7 customer support – As a digital bank, most requests are processed online, through its app or through automated telephone banking. Customer support hours are limited at CIT Bank. Live phone support is available 9 a.m. to 9 p.m. Monday through Friday and 10 a.m. to 6 p.m. Saturday. Customer service is not available on Sundays.

To note

From now until 6/23/22, customers who keep $15,000 or more in their accounts for just over 60 days are eligible for $139 Amazon Prime credit.

Who is CIT Bank for?

CIT Bank is ideal for customers who prefer a digital bank offering checking and savings accounts that can be opened online at no cost. It allows digitally savvy customers to:

  • Get a competitive rate on checking and savings accounts
  • Open a checking account that reimburses ATM fees
  • Have access to a certificate of deposit (CD) without penalty

What does CIT Bank offer?

As an online-only bank, CIT Bank offers a limited selection of deposit accounts. Because it’s not burdened with the expense of branches and ATMs, it can offer higher rates than traditional bank accounts. CIT Bank also offers relational pricing on home loans for its customers. On the menu are:

  • Verify Accounts
  • Savings accounts
  • Money market accounts
  • CD

Current account

CIT Bank offers only one current account, called “eChecking”. This account has no monthly fees and can be opened with as little as $100. Accounts receive a debit card with EMV technology. Although CIT Bank does not have ATMs, customers are reimbursed up to $15 per month in ATM fees charged by other banks. CIT Bank does not charge customers for using another bank’s ATM.

Customers receive interest on their current account. Deposits up to $25,000 receive an interest rate, while customers who maintain $25,000 or more in their account each month will receive a higher interest rate.

Savings accounts

Customers have two savings account options with CIT Bank: the Savings Builder or the Premier High Yield Savings. Both accounts have no monthly service fees and a minimum deposit requirement of $100.

The Savings Builder account offers a progressive interest rate to reward those with higher balances. You can earn the best rate by maintaining a minimum balance of $25,000 or making at least one deposit of $100 or more each month. Premier High Yield Savings offers high interest on all balances with no preconditions.

CIT Bank also offers a Savings Connect option, which offers a fixed-rate savings account combined with an interest-bearing electronic checking account and a Mastercard-branded ATM card. There are no monthly fees, monthly balances, or minimum monthly deposit requirements, and the account comes with up to $30 cash back on ATM fees from other banks. Customers can also deposit checks and manage their accounts through the mobile app.

Money market account

There is only one money market account at CIT Bank. The CIT Bank Money Market account has no monthly service fees and requires an opening deposit of $100 or more. CIT Bank will soon launch an online bill payment option for its money market account.

Certificates of Deposit (CDs)

CIT Bank offers a number of CD options to its customers, including term CDs, jumbo CDs, and penalty-free CDs. Its RampUp CDs are no longer available to new customers.

Term CDs offer terms ranging from six months to five years, while jumbo CDs range from two to five years. The penalty-free CD is for 11 months, but customers can withdraw funds without penalty. This feature is available anytime from seven days after making the initial deposit.

The minimum opening deposit for a term CD or a no-penalty CD is $1,000. Jumbo CDs require a minimum opening deposit of $100,000.

Early withdrawal penalties are based on the duration of your CD. Terms up to one year carry a penalty of three months simple interest. CDs up to three years incur a six month interest penalty, while terms longer than three years incur a 12 month interest penalty.

Term APY
Six months 0.30%
11 months 2.15%
One year 0.30%
13 months 2.20%
18 months 0.30%
Two years 0.40%
Three years 0.40%
Four years 0.50%
Five years 0.50%
Rates as of August 29, 2022

Term APY
Two years 0.40%
Three years 0.40%
Four years 0.50%
Five years 0.50%
Rates as of August 29, 2022

Other financial products offered by CIT Bank

In addition to deposit accounts, CIT Bank offers the following other services:

  • Buy mortgages
  • Refinance mortgages
  • Custody accounts

CIT Bank Customer Service

CIT Bank customer service is available six days a week at 1-855-462-2652. Its call center is open Monday through Friday from 9 a.m. to 9 p.m. EST. On Saturdays, live phone agents are available from 10 a.m. to 6 p.m. EST. The call center is closed on Sundays.

Customers access their accounts through telephone banking, the CIT Bank website or its mobile app.

The CIT mobile app is available on iOS and Android devices, and has strong third-party reviews. With the app, users can

  • Check your account balances
  • Deposit checks remotely
  • Pay the bills
  • Transfer money between accounts with CIT or external institutions
  • Use cell to send money to friends or family
  • Make payments online or in-store with Apple Pay or Samsung Pay

CIT also has a text bank feature that allows you to text an alphanumeric command to a phone number and get a text response for a few basic details. You can get answers for a summary of available account balances, recent transactions by account, and a handful of “help” links.

How to bank with CIT Bank

To open an account with CIT Bank, apply through its website or mobile app. Since CIT Bank has no branches, you cannot enter a branch to open an account.


CIT Bank is ideal for the customer who wants low fees, high rates and does not need access to a branch. All deposit accounts can be opened online without having to speak to anyone. Although the bank does not have its own ATMs, customers are not charged for using other banks’ ATMs and are reimbursed for up to $15 in fees that those banks may charge each month. Chequing, savings and money market accounts have no monthly fees and low opening deposit requirements. Once accounts are opened, no minimum balance is required to avoid fees. The No Penalty CD is a good option for customers who want to earn a higher rate without locking in their money for an extended period of time.


Investopedia is dedicated to providing consumers with unbiased and comprehensive bank reviews. We collected over 20 data points from over 80 banks, including available products, interest rates, fees and affordability, to ensure that our content helps users make the right decision for their savings and banking needs.

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