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CIT Bank review (2024)

Ivana Pino · Senior Writer

Fri, Sep 13, 2024 4 min read

Summary: A division of First Citizens Bank, CIT Bank operates exclusively online. It offers a variety of personal and commercial banking products and services.

CIT Bank products and services

CIT Bank offers the following banking products and services:

Platinum Savings: CIT’s Platinum Savings account currently offers 0.25% APY on balances of less than $5,000, and 4.85% APY on balances of $5,000 or more. The minimum opening deposit for this account is $100 and interest compounds daily. There are no monthly account fees.
Savings Connect: The Savings Connect account offers a generous 4.50% APY with a minimum opening deposit of $100. Interest is compounded daily and credited to the account monthly.
Savings Builder: CIT’s Savings Builder account offers up to 1.00% APY with a minimum balance of $25,000 or a $100 monthly deposit. Interest compounds daily. The minimum amount needed to open this account is $100 and there are no monthly account fees.
eChecking: The eChecking account requires a minimum deposit of $100 to open and earns 0.10% APY on balances under $25,000. Balances $25,000 and over earn 0.25% APY. There are no monthly fees or overdraft fees associated with this account.
Money market account: The CIT Money Market account offers a 1.55% APY with a minimum opening deposit of $100. There are no monthly account fees.
Certificates of deposit (CDs): CIT offers a few different types of CDs, including:
- Term CDs: These CDs offer terms ranging from six months to five years with a minimum opening depositof $1,000. Interest compounds daily.
- No-penalty CDs: CIT currently offers one no-penalty CD with an 11-month term.
- Jumbo CDs: Savers with larger account balances can take advantage of CIT’s Jumbo CDs, which come in 2-year, 3-year, 4-year, and 5-year terms. The minimum opening deposit is $100,000 and interest compounds daily.
- RampUp CDs: CIT’s RampUp CDs come in terms ranging from 1 to 4 years with a minimum opening deposit of $25,000.
Home loans: CIT Bank offers a variety of purchase and refinance mortgage loans.

See our picks for the 10 best online banks in 2024>>

CIT Bank fees

CIT Bank does not charge monthly maintenance fees on its accounts, but there are a few other fees you could incur as a customer:

CIT Bank pros and cons

Here’s a closer look at some of the pros and cons of banking with CIT Bank:

Pros:

No monthly account fees: CIT Bank does not charge any monthly fees for account maintenance or most account services.
Competitive interest rates: Some of CIT’s deposit account rates are as high as 4.85% APY, which is well above national averages.
ATM fee reimbursement: CIT customers can get up to $30 in ATM fee reimbursements per month.

Cons:

No physical branches: CIT is strictly an online bank with no physical branch locations for customers to visit.
Low rates offered on lower account balances: CIT has tiered rates for certain accounts, which can be a drawback for customers with lower account balances.
High opening deposit for CDs: The minimum opening deposit for a CIT Bank CD is $1,000, which may be too much for savers who are just starting out.

Customer service and mobile banking experience

CIT banking representatives can be reached via secure email or automated telephone 24/7. To speak with a live banking representative, you can call 855-462-2652 during the following hours:

Monday through Friday from 9 a.m. to 9 p.m. ET
Saturday from 10 a.m. to 6 p.m. ET

CIT Bank is closed Sundays and holidays.

Home loan customers can reach a representative at 800-217-6629, Monday through Friday from 9 a.m. to 8 p.m. ET. Representatives are not available on the weekends or holidays.

The CIT Bank mobile app is available for download on Google Play and the App Store and has a rating of 4.7 stars on both storefronts. Customers can use the app to manage their accounts, check balances, transfer funds between accounts, send and receive money via Zelle, and more.

Social and environmental impact

CIT has made a commitment to its environmental and social goals in a few key ways.

In response to natural disasters in California and Florida, CIT planted more than 100,000 trees in those states through a partnership with nonprofit One Tree Planted. CIT has also partnered with Carbonfund.org to reduce its carbon footprint related to air travel and building electricity consumption.

Many of CIT’s employees have donated their own time back to the communities CIT serves. CIT’s volunteer cyclists in New York, New Jersey, and California participated in Cycle for Survival events, raising thousands of dollars for the Memorial Sloan Kettering Cancer Center.

In 2019, CIT created the Be You Diversity & Inclusion program, which offers a host of employee resource groups in an effort to promote an engaged and more inclusive workplace environment.

Read more: What is sustainable banking?

Frequently asked questions

Is CIT Bank FDIC-insured?

CIT Bank is a division of First-Citizens Bank & Trust Company, which is an FDIC-insured institution. Deposits are insured up to $250,000 per depositor, per account ownership category.