CIT Bank review: Higher rates than brick-and-mortar banks, and refunds up to $30 per month in ATM fees

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  • CIT Bank has two high-yield savings accounts with tiered interest rates.
  • You’ll need at least $100 to open a checking, saving, or money market account, and $1,000 for a CD.
  • CIT doesn’t have an ATM network, but it does reimburse up to $30 per month for out-of-network fees.
  • See Business Insider’s picks for the best high-yield savings accounts »

Updated on 2/19/2021: We updated this review with a new section on CIT Bank’s Better Business Bureau rating and reputation as a company. We’re currently adding information on trustworthiness to all of Personal Finance Insider’s reviews.

Should you use CIT Bank?

You might like CIT Bank if you…You might not like CIT Bank if you…
  • Can afford the minimum opening deposits
  • Don’t mind (or prefer) banking online
  • Qualify for the top savings account rate tiers
  • Can’t afford the minimum opening deposits
  • Aren’t comfortable banking digitally
  • Are looking for the highest CD rates
  • Don’t qualify for the highest savings account rate tiers

The bottom line: CIT Bank is a good option for people who are eligible for the best interest rates on one of its two high-yield savings accounts.

CIT Bank Savings Connect Account review

CIT Bank Savings Connect Account

CIT Bank CIT Bank Savings Connect Account

If you can’t swing the $200, you may prefer the CIT Bank Savings Builder High Yield Savings Account. This account’s interest rates aren’t quite as competitive, but they’re still better than what you’d earn with many banks. You’ll earn the higher rate if you either keep $25,000 or more in the account or deposit $100 monthly.

CIT Bank eChecking Account review

CIT Bank eChecking Account

CIT Bank CIT Bank eChecking Account

Unlike many banks, CIT Bank doesn’t have an ATM network. However, it doesn’t charge you to use ATMs, and it reimburses up to $30 per month for fees charged by ATM providers. If you use ATMs so often that you’d pay more than $30 monthly for ATM fees, CIT Bank probably isn’t your best match.

CIT Bank Certificate of Deposits (CD) review

 CIT Bank Term CDCIT Bank No-Penalty CDCIT Bank RampUp CDCIT Bank Jumbo Certificate of Deposit
APY0.30% to 0.50% APY0.30% APY0.25% APY0.40% to 0.50% APY
Term length6 months to 5 years11 months1 year to 4 years2 years to 5 years
Minimum opening deposit$1,000$1,000$25,000 to $50,000$100,000

You’ll earn higher rates on CDs than with a brick-and-mortar bank, but many online banks payer higher APYs than CIT Bank right now.

CIT Bank offers a wide range of CD options. If you withdraw funds before your CD matures, CIT Bank will charge an early withdrawal penalty of between three and 12 months interest, which is fairly standard for CDs.

CIT Bank Money Market Account review

CIT Bank Money Market Account

CIT Bank CIT Bank Money Market Account

Money market accounts are known for paying high rates like savings accounts, but also for providing easy access to your money like checking accounts. You can connect your CIT Bank Money Market Account to Zelle and PayPal, but unlike some competitors, CIT Bank doesn’t give you paper checks or a debit card. This means you can’t withdraw money from an ATM as you would with other banks.

Features of CIT Bank

CIT Bank is an online-only institution, so there are no physical branch locations. Its website is easy to navigate, and its mobile app has received 4.6 out of 5 stars in the Apple store, and 4.2 out of 5 stars in the Google Play store.

The bank offers convenient 24/7 live chat on its site and through the app, and automated phone assistance 24/7. You can speak with a live representative if you call Monday through Friday, 9:00 a.m. to 9:00 p.m. ET, or Saturday from 10:00 a.m. to 6:00 p.m. ET. Live representatives aren’t available on Sundays.

Unlike most banks, CIT Bank doesn’t have an ATM network. It does reimburse up to $30 of out-of-network ATM fees per month, though. ATM reimbursements will only affect customers with a checking account, because CIT Bank doesn’t provide a debit card for its money market account.

Your deposits are FDIC insured for up to $250,000, or $500,000 for joint accounts.

Is CIT Bank trustworthy?

The Better Business Bureau gives CIT Bank an A- in trustworthiness. A strong BBB score indicates a company responds effectively to customer complaints, is transparent about company practices, and is honest in its advertising.

In 2019, the Department of Housing and Urban Development sided with the California Reinvestment Coalition in its allegations against a division of CIT Bank called OneWest Bank. The CRC claimed that OneWest discriminated against Latinx and Black people in Los Angeles. Although OneWest never admitted to the discrimination, the bank did agree to pay over $7 million to homeownership programs for racial minorities in LA.

If this issue worries you, you may decide you’d rather bank with another company.

How CIT Bank compares

We compared CIT Bank to two other online banks that pay high rates: Marcus by Goldman Sachs and Capital One 360.

CIT Bank
Goldman Sachs
Capital One 360

Account types

Checking, savings, money market account, CD

Account types

Savings, CD

Account types

Checking, savings, CD

Savings APY

0.42% to 0.50% APY or 0.29% to 0.45% APY

Savings APY

0.50% APY

Savings APY

0.40% APY

Minimum opening deposits

$100, or $1,000 for CDs

Minimum opening deposits

$0, or $500 for CDs

Minimum opening deposits

$0

ATM network

None; refunds $30/month

ATM network

None

ATM network

Network; no refunds

Open an accountOpen an accountOpen an account

CIT Bank review vs. Marcus by Goldman Sachs review

The two banks pay similar interest rates on savings. Marcus pays the same rate on all balances, though, so it might the better choice if you can’t qualify to earn CIT Bank’s higher savings APY.

You’ll probably prefer CIT Bank to Marcus if you want to do all your banking with one institution, or if you want quick access to your savings. Marcus doesn’t have a checking account. To tap into your savings, you’d have to transfer money to an external bank account, which could take a couple business days.

CIT Bank review vs. Capital One 360 review

CIT Bank and Capital One pay similar rates. But you might like Capital One if you don’t have much money to open accounts. CIT Bank requires $100 to open most accounts and $1,000 to open CDs, but Capital One doesn’t require any opening deposits.

The two banks have opposing approaches to ATMs. CIT Bank doesn’t have an ATM network, but it reimburses up to $30 per month for out-of-network ATM fees. Capital One 360 does have an ATM network, but it won’t reimburse any out-of-network fees. If you have easy access to the Capital One ATM network (or the AllPoint® network, where you can also use your card), you may prefer to bank with Capital One. Otherwise, you could save money on ATM fees with CIT Bank.

Laura Grace Tarpley is the associate editor of banking and mortgages at Personal Finance Insider, covering mortgages, refinancing, bank accounts, and bank reviews. She is also a Certified Educator in Personal Finance (CEPF). Over her four years of covering personal finance, she has written extensively about ways to save, invest, and navigate loans.

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