CIT Bank regularly appears in our list of best bank account promotions, and for good reason.
CIT Bank CIT is the online banking arm of Group, a major financial company that has been around for over 100 years. CIT Bank itself has been around since 2000, making it one of the oldest online banks in continuous operation. Like the majority of US-based online banks, CIT Bank’s deposit accounts come with FDIC insurance up to $250,000 per account.
CIT Bank’s focus is firmly on high yield, benefiting from solid high-yield checking accounts and high-yield savings accounts, CDs, and money market accounts. or credit cards. Rather, it specializes in a variety of flexible, attractive savings products, including savings accounts (with good account opening bonuses) and CDS. CIT Bank also offers custodial accounts with multiple home loans for minors and youth under the age of 21, as well as potential home buyers and existing home owners.
Although CIT Bank’s deposit accounts are not ideal for day-to-day use, they are attractive to those looking to earn above-average returns on saved funds. With no administration fees, account holders don’t have to worry that the bank will slowly eat away at the value of their savings. And, CIT’s no-penalty CDs offer exceptional flexibility, allowing holders to withdraw funds before maturity without incurring any penalty charges. However, the high minimum deposit for some accounts means that CIT products are not suitable for everyone.
Key Features of CIT Bank
Take a look at CIT’s top banking products and features here:
Savings add up
Linked to Savings* has an excellent yield (currently 3.75% APY) for account holders who complete these simple qualifying activities.
- Link an Open Savings Account with a minimum opening deposit of $100
- Make a $200 electronic payment (deposit) into your Savings Connect account every month to receive a higher Savings Connect APY
There are no monthly service fees, and some ATM fees assessed by other banks can be as low as $30 per month.
* APY – Annual percentage yield valid until September 23, 2025. The interest rate for the Savings Connect account is variable and may change at any time without notice. The minimum deposit to open a Savings Connect account is $100. Fees may reduce earnings on the account.
Platinum savings
Platinum Savings* has an even better yield than Savings Connect — currently 3.85% APY — but there’s a catch: You must have at least $5,000 (average daily balance) in the account to earn it.
Otherwise, your balance earns 0.25% APY. But either way, you only need $100 to open an account, and you’ll never pay a monthly maintenance fee.
* Platinum Savings is a tiered interest rate account. Interest is paid on the entire account balance based on the interest rate and APY and for the balance level associated with the account’s closing balance at the end of that day. *apys – Annual percentage yield valid through September 23, 2025: 0.01 to 0.25% APY on balances of $4,999.99; .00 3.85% APY on balances of $5,000.00 or more. The interest rate for Platinum Savings Account is variable and may change at any time without notice. The minimum to open a Platinum savings account is $100.
Any pen CD
CIT Bank offers a no-penny CD with an 11-month term and a current yield of 3.35% APY, which fluctuates with prevailing rates.
A CIT No-Penalty CD does not charge an early withdrawal fee-period-period if you need to access your funds before maturity.
The minimum opening deposit is $1,000, but there are no maintenance fees after that.
* APY-Annual percentage yield valid as of September 23, 2025. With a no-penalty CD, you can withdraw the total balance plus interest earned without penalty 7 days after you receive the funds for your CD. No withdrawals are allowed during the first 6 days after receipt of funds.
Savings Builder Account
Savings Builder A savings account with solid returns. The best APY – currently 1.00% APY – is reserved for account holders who can do one of the following:
- Maintain a minimum balance of $25,000 or more
- Make at least 100 or more monthly deposits in the account
Moving forward, there are no account maintenance fees.
Money Market Account
CIT Bank Money Market Account Very good yields on all balances (currently 1.55% APY) with no monthly maintenance or service fees. There is a minimum opening deposit, but no minimum balance thereafter.
The term CDs
CIT Bank has eight term (conventional) CDs, with tenors ranging from 6 months to 60 months. Yields are particularly solid on 18-month CDs. All yields are subject to change with prevailing interest rates and CIT Bank policy.
All CIT Term CDs come with a minimum opening deposit and balance of $1,000. Early withdrawal penalties are 90 days interest for terms less than 12 months, 180 days interest for terms between 12 and 36 months, and 360 days interest for terms longer than 36 months. These penalties also apply to most CIT jumbo CDs.
On the bright side, CITCD (including other variants described below) does not have account opening or recurring maintenance fees.
Jumbo CDs
CIT Bank’s Jumbo CD has a slightly better yield than its conventional counterparts. All are required to accumulate consumption of at least 100,000.
Checking account
CIT Bank’s checking account requires a minimum opening deposit of only $100 and offers a very attractive yield on balances over $25,000 (although the yield isn’t too bad on lower balances either). It’s mostly free, with no monthly maintenance fees and a promise to pay qualifying ATM fees charged by other banks up to $30 per month.
CD ladder
CIT Bank makes it easy to build and customize CD ladders for long-term and emergency savings. The most common configuration is a three-tier ladder consisting of equal-sized 12-, 24-, and 36-month term CDs. When your 12-month CD matures, you can withdraw any funds needed for short-term expenses and reinvest the rest into a 36-month CD. Repeat the process next year, when your 24-month CD will mature, and you’ll then have three 36-month CDs ready to renew at 12-month intervals.
IRA Options
Virtually all CIT Bank accounts can be structured as a traditional or Roth IRA, the only exception being the 6-month CD. All IRA accounts come with the same terms, yields, and restrictions (for example, minimum opening balances) as their non-IRA counterparts.
Custodial accounts
Any CIT bank account other than an IRA product can be set up as a custodial account. Custodial accounts are opened in both the adult custodian’s and the child’s name, but remain under the control of the custodian until the child turns 21.
Fixed Rate Home Purchase Loans
CIT Bank offers a variety of fixed rate home purchase loans (mortgages) for home buyers. Terms range from 10 to 30 years. Jumbo fixed rate loans are also available on 15- and 30-year terms. Interest-only options are available on 30-year loans for very good borrowers.
Adjustable rate home purchase loan
CIT Bank issues Adjustable Rate Mortgages (ARMS) with 5/1, 7/1, and 10/1 configurations. Interest payment is available for all three configurations only.
Value of relationships for mortgage consumers
CIT Bank offers relationship pricing for existing customers who originate home loans from the bank’s lending arm. All home lenders receive 525 cash back on successful closings. Borrowers with sufficient CIT Bank deposits enjoy discounted loan rates:
- 0.10% discount with 10% of loan amount in new deposits
- 0.20% discount on new deposits with 25% of loan amount
In other words, a borrower who puts down 10% of the total loan amount reduces the 5.00% rate loan to 4.90%.
Mobile banking
CIT Bank has Android and iOS mobile apps available for download. These apps have all the main features and functions of a desktop website. That said, CIT’s desktop website looks great on a smartphone and is easy to navigate on any device, so you won’t even need a mobile app.
Customer support
CIT Bank’s customer support apparatus includes a call center with live representatives and an online contact form that typically generates a response within one business day. The call center is open during business hours on weekdays and limited hours on weekends.
Advantages of CIT Bank
CIT Bank has many things to offer. These are the most important reasons why you want to open a bank account here.
- High CD output. CIT Bank has some of the best CD products in the online banking business. If you are looking to raise some funds for the medium term, CIT should be on your shortlist.
- A CD-ROM offers additional flexibility. A no-penalty CD is a flexible long-term savings vehicle for customers who expect to need their funds before maturity. There are no early withdrawal penalties, regardless of how much you deposit or when you withdraw your funds.
- Above average savings yield. CIT Bank’s two savings accounts boast average yields on all balances, although you may need to jump through a few hops to get the full yield on your Savings Builder or Savings Connect accounts. If you’re looking for above-average yields, but don’t want to commit to a long CD tenure, take a closer look at CIT Bank.
- Produces good checks. CIT Bank’s checking account offers an above-average yield for a free online checking account, making it a good place to park more cash than you expect to need sooner.
- Availability of excellent customer service. Although it’s not 24/7, CIT Bank’s customer service team has at least some availability every day of the week, including a long day block every weekday. This is significantly better than many smaller online banks.
- Mobile friendly site. With large text, easy scrolling, and a clear color scheme that looks good on screens of any size, CIT Bank’s main website combines mobile responsiveness and desktop friendliness perfectly. If you don’t have a mobile app but want to access your CIT accounts on your smartphone, visiting the bank’s main site is a seamless experience.
Losses of CIT Bank
CIT Bank has some drawbacks. Consider these below guidelines before opening an account here.
- No business accounts. CIT Bank does not offer any trading accounts or credit options, so it is not ideal for small business owners. Some online banks have merchant deposit accounts and financing departments.
- Some Borrowing Options. Apart from home loans, CIT Bank has little in the way of borrowing options. If you prefer to borrow from the same bank you keep your deposits with, look to alternatives like First Internet Bank, which offers credit cards, mortgages, auto loans, personal loans and business credit products.
- Finding required disclosures is difficult. US-based banks are required to make certain disclosures about account fees and terms. Websites for online banks often have clearly marked “Disclosures” or “Fees and Disclosures” links at the bottom of each page or in account-related pages. CIT is not clearly visible anywhere on its website. There is only one discretionary fee schedule (which does not cover the basics like insufficient funds charges) for each account.
The last word
I am always keen to find online banks that add value to my hard earned money. And I’ve certainly found that at CIT Bank, which has the best savings and CD yields (mostly) left. In my book, banks with above-average yields are always worth a closer look.
Unfortunately, until CIT Bank offers a checking account in the future, you’ll have to look to another online bank for your day-to-day spending needs. Good thing there are so many around these days. Check out our top-rated free checking accounts for more options.
For a full list of account details and fees, see our Personal Account Disclosures.