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CIT Bank Review 2025: High-Interest Savings, CDs and Checking

CIT Bank is an online bank known for paying high interest rates on savings accounts, CD accounts and free checking.
CIT-Bank

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 3.90% 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 0.40% APY, whatever you deposit in the Savings Connect Account will grow your money much faster.
Disclosures

APY — Annual Percentage Yield is accurate as of June 12, 2025. Interest Rates for the Savings Connect Account are variable and may change at any time without notice. The minimum to open a Savings Connect account is $100. Fees could reduce earnings on the account.

For complete list of account details and fees, see our Personal Account disclosures.
  • 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.

Disclosures

Platinum Savings is a tiered interest rate account. Interest is paid on the entire account balance based on the interest rate and APY in effect that day for the balance tier associated with the end-of-day account balance. APYs — Annual Percentage Yields are accurate as of June 12, 2025: 0.25% APY on balances of $0.01 to $4,999.99; 4.00% APY on balances of $5,000.00 or more. Interest Rates for the Platinum Savings account are variable and may change at any time without notice. The minimum to open a Platinum Savings account is $100.

For complete list of account details and fees, see our Personal Account disclosures.
  • $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.

Disclosures

1 The Annual Percentage Yields (APY) and interest rates are effective as of June 12, 2025. Fees may reduce earnings. Checking APYs and interest rates are variable and may change at any time without prior notice, including after account opening. The minimum opening deposit for eChecking is $100. See Fee Schedule and Agreement for Personal Accounts for details. To obtain the interest rate and APY disclosed, the minimum balance for the applicable balance tier must be maintained.

2 Must have a bank account in the U.S. to use Zelle. Transactions typically occur in minutes when the recipient’s email address or U.S. mobile number is already enrolled with Zelle. Zelle and the Zelle related marks are wholly owned by Early Warning Services, LLC and are used herein under license. The Apple Pay logo and Apple are registered trademarks of Apple Inc. The Samsung Pay logo and Samsung are registered trademarks of Samsung Electronics Co., Ltd.

For complete list of account details and fees, see our Personal Account disclosures.

  • $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.

Disclosures
¹APY — Annual Percentage Yield is accurate as of June 12, 2025. $1,000 minimum to open the account. *With a No-Penalty CD, you may withdraw the total balance and interest earned, without penalty, beginning 7 days after funds have been received for your CD. No withdrawals are permitted during the first 6 days following the receipt of funds. For complete list of account details and fees, see our Personal Account disclosures.
  • 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

The CIT Bank Money Market Account offers a rate of 1.55% APY. This rate is higher than the national average; however, for comparison, some of the best money market accounts offer over 4.00% APY.
Disclosures
1APY — Annual Percentage Yield is accurate as of June 12, 2025. Interest Rates for the Money Market account are variable and may change at any time without prior notice. Fees may reduce earnings. 2 Based on comparison to the national average Annual Percentage Yield (APY) on money market accounts as published in the FDIC National Rates and Rate Caps, accurate as of August 18, 2025. For complete list of account details and fees, see our Personal Account disclosures.
  • 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:

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.

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Best online savings rates

The national savings rate is 0.38% APY. This online bank pays way more.

CIT Bank

SAVINGS CONNECT ACCOUNT
3.90% APY
/Month
Minimum $100 balance
No maintenance fees
Mobile & Online Banking
Member FDIC

Upgrade

PREMIER SAVINGS
4.02% APY
/Month
Minimum $1,000 balance
No maintenance fees
Mobile & Online Banking
Deposits are FDIC insured

Quontic Bank

HIGH-YIELD SAVINGS
3.85% APY
/Month
Minimum $100 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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