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CIT Bank Review: Checking, Savings, Money Markets with Top Rates

Earn top interest rates on checking, savings, money market plus no-penalty CD accounts, and free ATMs with CIT Bank.

CIT Bank (BankonCIT) is an FDIC-insured, Internet bank that offers top rates on Money Market Accounts as well as their Savings Connect, Savings Builder, and eChecking accounts.

As an online bank, CIT Bank interest rates are above most traditional brick-and-mortar banks. But if you're wondering does CIT Bank have branches, the answer is yes. CIT Bank has branch locations in 8 states ⏤ Arizona, California, Colorado, Florida, Hawaii, Nebraska, Nevada, and Texas.

Customers that enjoy BankonCIT have a variety of banking products to select from like checking, savings, money market, and certificates of deposit accounts that offer competitive rates with low fees.

Here's a quick look at CIT Bank's most popular products.

CIT Bank Savings Connect
CIT Bank eChecking Account
CIT Bank Savings Builder Account
CIT Money Market Account
CIT Bank Certificate of Deposit

CIT Bank (BankonCIT) Savings Connect Features

The Savings Connect account pays 2.10% APY when it’s linked to the CIT eChecking account. You get a competitive rate with a Savings Connect account and the benefits of easy access to your funds with your linked eChecking account.

  • Bundled digital savings and eChecking account.
  • Minimum opening deposit of $100.
  • No monthly service fees.
  • Online and mobile banking.
  • Reimbursement of up to $30/month for ATM fees at other banks.
Learn More

CIT Bank eChecking Features

The eChecking account has no monthly maintenance charges and pays 0.10% APY interest on balances under $25,000 or 0.25% APY interest on balances of $25,000 or more.

  • No monthly maintenance charges
  • $100 minimum to open
  • Remote check deposit
  • Debit card for spending and cash withdrawals
  • CIT Bank does not charge fees for using ATMs
  • Up to $30 per month in ATM fee rebates
  • Lock your debit card to reduce fraud
  • Payments with Zelle, Apple Pay, and Samsung Pay
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CIT Bank Savings Builder Features

The Savings Builder account pays up to 0.85% APY if you save at least $100 each month or if you maintain a $25,000 or more monthly balance.

  • $100 minimum to open
  • No monthly maintenance charges
  • Mobile check deposit
  • No online transfer fees (ACH)
  • Easy access to your money with Zelle and Bill Pay.Scroll to disclosure
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CIT Bank Money Market Features

CIT Bank's money market account pays more interest on deposits than its Savings Builder Account at 1.40% APY. Additionally, these accounts often have tiered rates, with higher balances earning higher rates. They also allow you to write a limited number of checks each month, although money market accounts are still subject to the same withdrawal limitations as regular savings accounts.

Benefits of CIT Bank's Money Market Account

  • Earn 1.40% APY
  • Quick and easy access to funds
  • No monthly service fees
  • 24/7 secure & award-winning banking
  • FDIC insured
  • A limit of six transactions per statement cycle
  • Deposit checks remotely and make transfers with the CIT Bank mobile app
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Pros vs. Cons of BankonCIT Money Market Account


  • Higher rates. You can earn dividends that pay more than the interest in a standard savings account. You’ll earn 1.40% APY no matter your balance. This is significant because other money market accounts typically require a large balance to earn higher rates.


  • There are no debit cards or checks with the Money Market account. Transactions are available via electronic funds transfer (online banking, Zelle, Bill Pay, and PayPal), wire transfers, and requests via mail or telephone.
  • The account is limited to a total of six (6) preauthorized or automatic transfers or withdrawals, electronic banking transfers between another account, or similar per statement cycle period. An excess activity fee will be charged each time the transaction limits are exceeded.

Money market accounts and savings accounts have a lot in common. Both offer a safe place to store extra cash but money market accounts make it easy to earn more than a basic savings account and still have all the same benefits—including easy access to your money.

Some money market accounts can also be accessed via an ATM or debit card, and the ability to write checks, similar to a checking account. With CIT Bank, the Savings Connect account offers ATM and debit card access to funds at any time plus earns 2.10% APY.

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CIT Bank No-Penalty Certificate of Deposit

A certificate of deposit (CD) is a type of savings account that typically offers higher interest rates in exchange for keeping your money in the account for a set period of time. However, most CD accounts come with a penalty for withdrawing the funds before the CD term ends. CIT Bank offers a No-Penalty 11-month CD where if you need your funds prior to the term ending, you can withdraw them without incurring a penalty.

Benefits of CIT Bank's No-Penalty, 11-Month CD

  • No penalty to access funds if needed before maturity
  • $1,000 minimum opening deposit
  • Earn 2.15% APY
  • No monthly maintenance fees
  • Daily compounding interest to maximize your earning potential
  • FDIC insured
Learn More

For high-rate Certificate of Deposits, check out Quontic Bank CDs that pay up to 2.86% APY.

Best online savings rates

The national savings rate is 0.42% APY. This online bank pays way more.

CIT Bank

Platinum Savings
5.05% APY
Minimum $5,000 balance
No maintenance fees
Mobile & Online Banking
Deposits are FDIC insured

CIT Bank

Savings Connect
4.65% APY
Minimum $100 balance
No maintenance fees
Mobile & Online Banking
Deposits are FDIC insured

CIT Bank

6-Month CD
5.00% APY
Minimum $1,000 balance
No maintenance fees
Mobile & Online Banking
Deposits are FDIC insured
Disclaimer: Our goal is to provide the most relevant and current information. However, the information is for informational purposes only and is not intended to be personal financial advice.

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