CIT Bank (Commercial Investment Trust) is an online bank and a division of First-Citizens Bank & Trust Company (“First Citizens”).
Overview:
CIT Bank is known for its high-interest savings accounts, no-penalty CDs, money markets, and free checking accounts available online across the U.S.
CIT Bank Review
Check out our CIT Bank review to learn about its wide range of banking services, high interest rates on savings products and 24/7 customer service.
CIT Savings Connect
- Earn 10x the national average with a Savings Connect account
- Digital convenience with online banking and the mobile app
- Deposit checks remotely and make transfers easily with the CIT Bank mobile app
- Easy account opening
- FDIC-insured
CIT Platinum Savings
Earn 4.00% APY for balances of $5,000 or more. However, balances lower than this amount earn only 0.25% APY. Whatever your savings goals, CIT Bank's Platinum Savings Account can help you reach them a lot quicker.
- $100 minimum opening deposit
- 4.00% Competitive APY for balances of $5,000 or more, for balances under $5,000 earn 0.25% APY
- No monthly service fees
- No minimum monthly balance requirement
CIT Bank eChecking
CIT's eChecking customers get free checking and earn some interest up to 0.25% APY. When you open a new checking account, you will receive a complimentary debit card with EMV chip technology.
With CIT Bank's eChecking account out-of-network ATM fees are reimbursed up to $30 in per month. However, it's important to note that CIT Bank does not have its own ATM network. Additionally, if you prefer using paper checks, CIT eChecking accounts do not include them as a form of payment.
- $100 opening deposit
- No monthly service fees
- 0.25% APY with $25,000 minimum balance
- 0.10% APY on balances under $25,000
- Quick and easy access to funds
- Transfer, pay and purchase via mobile with Zelle®, Bill Pay, Samsung Pay and Apple Pay
- Deposit checks and make unlimited withdrawal and disbursements with the CIT Bank mobile app
No Penalty 11-Month CD
CIT Bank's No-Penalty 11-Month CD allows you to withdraw your total balance, as well as any earned interest, without penalty beginning seven days after the initial funds have been deposited. No funds can be taken out during the first 6 days following your deposit, other than that requirement, you can access your funds anytme if needed.
- No penalty to access funds if needed before maturity1
- No opening or maintenance fees
- Daily compounding interest to maximize your earning potential
- FDIC insured
Money Market
- Earn over 2x the national average2
- Quick and easy access to funds
- No monthly service fees
- 24/7 secure & award-winning banking
- FDIC insured
- Deposit checks remotely and make transfers with the CIT Bank mobile app
Benefits of Banking at CIT Bank
1. No-Fee checking account
CIT does not charge monthly maintenance fees. But, like most online banks, CIT does not have its own ATM network, however, CIT won’t charge you an ATM fee and will reimburse up to $30 a month in other banks’ fees.
2. Flexible banking app
Deposit checks and make unlimited withdrawals and disbursements with the CIT Bank mobile app. Manage your money where and when you need to.
3. Easily move money around
With eChecking you can transfer, pay, and purchase via mobile with Zelle, Bill Pay, Samsung Pay, and Apple Pay. Online or mobile transfers and incoming wire transfers are free. Outgoing wire transfers are free for accounts with an average daily balance of $25,000 or more.
One of the best features is that you can link any CIT Savings account with the CIT eChecking to gain easy access to your money with a debit card.
4. Earn interest
Earn some of the highest interest in the industry. Because CIT Bank operates primarily online across the United States, they can pay high interest to customers by not operating a large in-person branch network.
5. Customer service
Get 24/7 account access online and mobile, plus an automated telephone system. Reach a live banking representative at:
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 weekends or holidays.
How to open a CIT Bank Account
CIT Bank makes banking easy and all account balances are FDIC insured for up to $250,000 per depositor. Open the CIT account in 4 simple steps:
Step 1: Choose which CIT Account(s) you want to open:
- eChecking Account (0.25% APY) – $100 minimum deposit
- Platinum Savings (4.00% APY) – $5,000 minimum deposit
- Savings Connect (3.90% APY) – $100 minimum deposit
- No-Penalty CD (3.50% APY) – $1,000 minimum to open the account
- Money Market (1.55% APY) – $100 minimum to open the account
Step 2: Provide your address, phone, email, and social security number (or other taxpayer ID).
Step 3: Fund your account with a minimum of $100 to open your account. You can transfer funds with electronic transfer, mail-in check, or wire transfer.
Step 4: CIT Bank will send you a confirmation email.
Final takeaway
CIT Bank offers an easy banking environment through its app along with a user-friendly mobile site. CIT Bank is one of the lowest-cost banks around, that's why they can offer one of the highest savings account rates and interest-earning checking.
If you don’t mind doing your banking online or through the mobile app, you’ll pay fewer fees and earn higher interest rates.
