CIT Bank review 2025: An online bank with checking, savings, CDs, and MMAs

Unlike many online banks that may offer a limited product range, CIT Bank provides its customers with a nearly complete package. There are multiple savings account options, a free checking account with an opportunity to earn a higher annual percentage yield (APY) with higher balances, a money market account (MMA), and several certificates of deposit (CDs).

Rates are current as of July 18, 2025 and are subject to change.

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CIT Bank

Who is CIT Bank good for?

CIT Bank might be an excellent fit for anyone seeking a convenient banking experience with the opportunity to earn interest while paying no monthly fees. Its wide selection allows you to have all your accounts in one place with easy access via your computer or mobile app. Moreover, these accounts do not require a minimum balance to avoid fees. 

Who shouldn’t use CIT Bank?

While CIT offers multiple accounts, the Platinum Savings account for balances over $5,000 is the bank’s main standout option. (The Savings Connect account also comes with a strong APY and is worth considering if you aren’t confident you’ll have $5,000 to leave tucked away to earn the best rate with Platinum Savings.) 

Otherwise, the yields on its other deposit accounts are not the most competitive. 

The bank also lacks some additional financial products, such as credit cards and insurance, which means if you need those products, you can’t keep all of your banking under the CIT roof. Lastly, if you prefer a bank with a physical presence, you’re also better off choosing another option than online-only CIT. 

CIT Bank rates and products

CIT offers several banking products, including high-yield savings accounts and multiple CD options to help you maximize your savings. You can open one with as low as $100 ($1,000 for a CD), and there is no need to maintain a minimum balance to keep your account open.

Checking accounts 

Bank details checked July 18, 2025.

As shown in the table above, CIT offers tiered checking accounts—so the higher your balance, the higher the APY you can earn. 

CIT’s checking account does not charge monthly service fees, but you’ll need to deposit at least $100 open one: 

• Minimum opening deposit: $100 
• APY: 0.10%–0.25% 
• Use of non-CIT ATM: $0
• Use of international point-of-sale (POS): 1% of transaction 
• Stop payment fee: $30 
• Wire transfer: $10; free for accounts with $25,000 or more 
• Paper checks: Unavailable 
• Debit card replacement: $10 

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Savings accounts

CIT offers customers four saving account options, and its top APY puts it roughly on par with the best high-yield savings accounts. All you need to open a savings account with this bank is a minimum deposit of at least $100 , and you can earn an APY of at least 0.25%, which is still above the average you’re likely to find with popular banks such as <a href="https://fortune.com/article/bank-of-america-cd-rates/" target="_blank" rel="noreferrer noopener">Bank of America</a> and Chase. 

Bank details checked July 18, 2025.

Your savings account type and balance determine your APY, and CIT offers four different types of accounts:

• CIT Platinum Savings: The best APY rates for accounts with over $5,000
• CIT Savings Connect: A highly competitive unchanging APY regardless of how much is in the account
• CIT Savings Builder: Lowest APY rates, but a tiered account with higher rates for minimum balances over $25,000
• CIT High-Yield Savings: In spite of the name, the account earns a yield below the national average, regardless of the balance amount

Money market accounts 

You can open an MMA with CIT Bank for as little as $100 . While other MMAs may offer better rates, CIT’s APY is still above the national average as of this writing.

Bank details checked July 18, 2025.

CDs

CIT Banks offers several CDs. The terms range from six months to five years, and its no-penalty CD option allows you to withdraw your funds before maturity. However, only a few CIT CDs offer competitive rates. Many of them have low APYs compared to other online banks. See our list of the best certificates of deposit (CDs) for alternatives.

You can open a CD at CIT with as little as $1,000, and CIT Bank will compound your interest daily. Your CDs renew at the same term if you don’t withdraw your money upon maturity, except for the 13-month CD that becomes a one-year CD and the 18-month CD that renews as a two-year CD term.

Bank details checked July 18, 2025.

No-penalty CDs 

CIT offers an 11-month CD without an early withdrawal penalty. You can withdraw your money from this particular CD whenever you want, and even with this flexibility, this CD’s APY is higher than what you might find on some other standard CD accounts. However, note that you can only withdraw funds starting at seven days after depositing money into the account. 

Jumbo CDs

CIT Bank also offers Jumbo CDs with a minimum deposit of $100,000 and lengths ranging from  two to five years. 

Typically, at other institutions, these CDs have higher APYs—but the rates for the CIT Jumbo CDs are currently lower than what you may be able to find elsewhere. 

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Other services CIT Bank offers 

CIT also offers home loans to its customers. You can apply for a purchase or refinance loan to pay back within 10 to 30 years. 

CIT Bank provides customers with 24/7 account management access via its mobile app and online banking platform available on its website. Customers can transfer funds, deposit into their accounts, and pay their bills from their devices. They can also set up and receive alerts, monitor transaction statuses and history, and download statements and tax forms from anywhere.

The CIT Bank platform and customer support 

CIT representatives can be reached by phone Monday through Friday from 9 a.m. to 9 p.m. Eastern Time (ET) and Saturday 10 a.m. to 6 p.m. ET. The bank also offers 24/7 automated telephone support, a mailing option, and a secure emailing option via contact@cit.com.

CIT’s mobile app is available on Apple and Android storefronts with an average rating of 4.8 stars on the App Store and 4.6 stars on Google Play. CIT customers also have the option to bank from their personal computers using CIT’s online platform. 

Compare CIT Bank vs. alternatives

SoFi is another popular online bank that will likely appeal to customers seeking high APYs on their checking and savings accounts. Read our full SoFi review here.

Amex is a household name as an issuer of credit cards, but it also has competitive offerings in the banking space—including a high-yield savings account and a checking account that offers the opportunity to earn Membership Rewards points on eligible debit purchases. Read our full American Express review here.

CIT Bank	SoFi® Member FDIC	American Express
Top savings APY	Top savings APY	Top savings APY
4.00%	Up to up to 3.80%%.1 Get a 0.70% Boost on Savings APY to up to 4.50% for up to 6 months on new accounts with eligible Direct Deposit. Terms apply.2	3.50%
Top checking APY	Top checking APY	Top checking APY
Up to 0.25%	0.50%	1%
Top CD APY	Top CD APY	Top CD APY
3.50% on a 13-month CD	N/A	4.00% on a 14-month CD
Learn more	Learn more	Learn more
View offer at CIT Bank	View offer at SoFi	View offer at MoneyLion

Terms apply. Bank details checked July 18, 2025.

Is CIT Bank right for you?

Overall, CIT Bank can be a good option for those who are seeking an online banking experience and can afford to keep at least $5,000 in a savings account. It can also be an excellent choice if you’re seeking a no-penalty CD with a strong APY, as not all institutions offer this deposit account type. 

However, if you’re seeking a high yield on your checking funds or a high-yield savings account that doesn’t require you to keep $5,000+ socked away for the top APY, you’ll likely want to consider a different bank.

Frequently asked questions

Is CIT Bank owned by First Citizens Bank?

Is CIT Bank an online-only bank?

CIT Bank is an online-only bank without physical branches. It offers a 24/7 digital banking experience via its website and mobile apps, which customers say are easy to set up.

Can CIT Bank customers send money through Zelle?

CIT customers can send and receive money through Zelle from their CIT Bank mobile app. However, the limit as of this writing is $300 per transaction and a maximum of $600 per day.

Is CIT Bank a reputable bank?

Yes. As a division of First Citizens, CIT Bank is part of a banking tradition that extends over 125 years. Additionally, the online-only bank earned an award in 2022 for delivering the most humanized banking experience by American Banker. CIT Bank is a member of the Federal Deposit Insurance Corp. (FDIC), meaning that your deposits are insured up to $250,000, per depositor for each account category. 

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SoFi disclaimer

1:

SoFi members who enroll in SoFi Plus with Eligible Direct Deposit or by paying the SoFi Plus Subscription Fee every 30 days or SoFi members with $5,000 or more in Qualifying Deposits during the 30-Day Evaluation Period can earn 3.80% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Eligible Direct Deposit amount required to qualify for the stated interest rate. Members without either SoFi Plus or Qualifying Deposits, during the 30-Day Evaluation Period will earn 1.00% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Interest rates are variable and subject to change at any time. These rates are current as of 1/24/25. There is no minimum balance requirement. If you have satisfied Eligible Direct Deposit requirements for our highest APY but do not see 3.80% APY on your APY Details page the day after your Eligible Direct Deposit arrives, please contact us at 855-456-7634. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet. See the SoFi Plus Terms and Conditions at https://www.sofi.com/terms-of-use/#plus.

2: 0.70% Savings APY Boost

Earn up to 4.50% Annual Percentage Yield (APY) on SoFi Savings with a 0.70% APY Boost (added to the 3.80% APY as of 8/5/25) for up to 6 months. Open a new SoFi Checking & Savings account with Eligible Direct Deposit by 1/31/26. Rates variable, subject to change. Terms apply at sofi.com/banking#2. SoFi Bank, N.A. Member FDIC.