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CIT Bank is a well-known online bank offering competitive interest rates, low fees, and digital-first banking services. In this detailed review, we’ll explore everything you need to know about CIT Bank, including its high-yield savings accounts, certificates of deposit (CDs), money market offerings, mobile banking experience, and customer feedback.

🏦 About CIT Bank

Founded in 1908, CIT Bank is a division of First Citizens Bank, one of the largest family-controlled banks in the United States. Operating entirely online, CIT Bank provides a range of personal banking products with an emphasis on high-yield savings and low-cost options for savers looking to grow their money faster than with traditional brick-and-mortar banks.

💰 CIT Bank Savings Builder Account

The Savings Builder is CIT Bank’s flagship savings product. It rewards account holders with higher interest rates when they maintain a qualifying balance or monthly deposit.

• APY: Up to 1.00% (as of 2025)
• Minimum deposit: $100
• Monthly requirement: Maintain $25,000 balance or $100 monthly deposit
• Fees: No monthly maintenance fees

Pros: Competitive rates, automated savings encouragement, and no monthly fees.

Cons: The highest APY requires consistent deposits or a high balance.

📈 CIT Bank Certificate of Deposit (CD) Rates

CIT Bank offers a variety of CDs with competitive interest rates and term options. These are ideal for savers who want guaranteed returns over a fixed period.

• Term CD: Ranges from 6 months to 5 years
• APY: Up to 4.50% depending on the term
• Minimum deposit: $1,000

Highlights: CIT also offers Jumbo CDs and a No-Penalty CD, which allows withdrawal without fees after the first 7 days.

Pros: High APY, flexible options

Cons: Early withdrawal penalties (except for No-Penalty CD)

💳 CIT Bank Money Market Account

CIT Bank’s Money Market Account is a hybrid between checking and savings, offering the flexibility to write checks while still earning a higher interest rate.

• APY: 1.55% (as of 2025)
• Minimum deposit: $100
• Check-writing: Available (limited)

This account is great for users who want to earn while maintaining access to their funds.

📱 Online & Mobile Banking Experience

Since CIT Bank is online-only, its mobile and desktop platforms are critical for customer satisfaction. Fortunately, the bank provides a clean and user-friendly digital experience.

• Mobile App: Available for iOS and Android
• Features: Mobile check deposit, transfers, bill pay, biometric login
• Ratings: 4.3+ stars on major app stores

Pros: Reliable and secure online platform with great mobile usability

Cons: No physical branches for in-person banking

📞 Customer Service & Support

CIT Bank offers several channels of support, although availability is limited compared to full-service banks.

• Phone: 855-462-2652 (Mon–Fri: 9am–9pm ET)
• Email & Secure Messaging: Available through online banking portal
• Live Chat: Available during business hours

Customer reviews often praise the helpfulness of agents but note that wait times can vary during peak hours.

🧾 Fees and Charges

CIT Bank is known for its low-fee structure. Here's what you won’t see:

• No monthly maintenance fees
• No overdraft fees (no checking account option)
• No incoming wire fees
• Out-of-network ATM access is not supported, as CIT doesn’t offer checking accounts with debit cards

📊 Comparison with Other Online Banks

Compared to other online banks like Ally, Marcus by Goldman Sachs, and Discover, CIT Bank stands out in a few areas:

• Higher APY: Especially on savings and CDs
• Flexible savings tiers: Encourages monthly deposits
• Mobile experience: Competent, but less robust than competitors with full checking accounts

👍 CIT Bank Pros

• Excellent interest rates on savings and CDs
• No monthly maintenance fees
• Easy online access and intuitive mobile app
• Strong financial backing (First Citizens Bank)
• Multiple account options tailored to savers

👎 CIT Bank Cons

• No physical branches
• No checking accounts or debit cards
• Limited customer service hours
• High balance requirements for top APY rates

🤔 Is CIT Bank Right for You?

If you’re looking for a low-fee, high-interest savings experience and don’t need a full-service checking account, CIT Bank is an excellent choice. It’s especially good for:

• Emergency funds
• Long-term savings goals
• CD laddering strategies

However, if you prefer ATM access, integrated checking, or in-person banking, you may want to consider other online banks or credit unions.

📌 Final Verdict

CIT Bank remains a top pick in 2025 for online savings and CD accounts. Its rates are competitive, the fees are nearly non-existent, and it delivers a secure, modern user experience. While it's not a one-stop shop for all banking needs, it excels at helping you earn more from your savings.

Learn more or open an account by visiting the official website: www.cit.com