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.
Features:
- $30 in other bank’s ATM fees reimbursed per month
- Recognized for delivering the most humanized experience in banking
- Top Savings Rates over 5.00% APY
- Deposits with CIT Bank are FDIC insured up to $250,000 per individual depositor
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 Bank Savings Connect Account
Earn 4.65% APY on all balances with CIT Bank's Savings Connect Account that can be opened with a minimum $100. Compared to the national average rate of 0.47% APY, whatever you deposit in the Savings Connect Account will grow your money much faster.
Highlights
- $100 minimum opening deposit
- 4.65% Competitive APY
- No monthly service fees
- No minimum monthly balance requirement
CIT Bank Platinum Savings Account
Earn 5.05% APY on a minimum balance requirement of $5,000 with the CIT Bank's Platinum Savings Account. Whatever your savings goals, you'll reach them a lot quicker with the Platinum Savings Account.
Highlights
- $5,000 minimum opening deposit
- 5.05% Competitive APY
- No monthly service fees
- No minimum monthly balance requirement
CIT Bank 6-Month Term Certificate of Deposit
Savers can reap the rewards of higher rates, while benefiting from the flexibility of a shorter withdrawal horizon with CIT Bank's 6-Month Term CD. There are no opening or maintenance fees.
Highlights
- $1,000 minimum opening deposit
- 3.00% APY
- Standard early withdrawal penalties
CIT Bank 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.
Highlights
- $1,000 minimum opening deposit
- 3.50% APY
- Daily compounding interest to maximize your earning potential
CIT Bank No Penalty 13-Month CD
CIT Bank's 13-Month Term CD earns an attractive return on your savings in a short period of time. Upon the maturity of a 13-Month CD, it will automatically be renewed as a 1-Year Term CD at the current APY (Annual Percentage Yield) offered by CIT Bank.
Highlights
- $1,000 minimum opening deposit
- 3.50% APY
- Standard early withdrawal penalties
CIT Bank No Penalty 18-Month CD
CIT Bank's 18-Month Term CD presents an optimal combination: a superior yield compared to a regular savings account, all within a reasonably short timeframe. Your money will earn a predictable rate of return and help you avoid stock market volatility.
Highlights
- $1,000 minimum opening deposit
- 3.00% APY
- Standard early withdrawal penalties
CIT Bank eChecking Account
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.
Highlights
- $100 opening deposit
- No monthly service fees
- Overdraft protection
- 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
CIT Bank Money Market Account
The CIT Bank Money Market Account offers a competitive rate of 1.55% APY. Money market accounts can offer a higher than average yield when compared with high-interest checking accounts. One important fact is withdrawals are limited to 6 per statement cycle due to federal rule Reg D.
Highlights
- $100 opening deposit
- No monthly service fees
- 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
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 person between the hours of 9 am and 9 pm Eastern time on weekdays and from 10 am to 6 pm (Eastern) on Saturdays.
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 (5.05% APY) – $5,000 minimum deposit
- Savings Connect (4.65% APY) – $100 minimum deposit
- No-Penalty CD (3.50% APY) – $1,000 minimum to open the account
- 6-Month CD (3.00% APY) – $1,000 minimum to open the account
- 13-Month CD (3.50% APY) – $1,000 minimum to open the account
- 18-Month CD (3.00% APY) – $1,000 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.
CIT Bank accounts are available to people throughout the United States with the help of a user-friendly mobile banking site and one of the best banking apps to:
- Open new accounts
- Manage accounts online and through the app
- Make real-time payments
- Use digital wallets
- Access wealth management products and tools
Choose how to manage your debit Mastercard
The CIT Banking mobile app offers a debit Mastercard with the eChecking account that gives you control to protect you from fraud. If your card is lost or stolen, you can easily turn it off, plus a few other controls:
- Set where your debit card can be used. You can choose up to three regions where you want to use your debit card. Any card activity outside your chosen regions will be blocked. You can also block international transactions. Disable any region whenever you want.
- Establish threshold limits. You can set a dollar amount limit for card transactions.
- Choose types of transactions. Block transactions like auto-pay or mail/phone order activity by moving the associated toggle switch. You can switch it back at any time.
- Select types of merchants you do business with. Select where you use your card. You can choose to block or allow your card to be used at a variety of merchants such as gas stations or restaurants. You can also restrict use by age.
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.
