CIT Bank Review: Checking, Savings, CDs

CIT Bank’s Platinum Savings account offers a super competitive annual percentage yield of 4.35% for balances of at least $5,000 — that’s a much higher APY than the national average. You can open an account with a deposit of $100 and there’s no monthly fee, but balances under $5,000 earn only 0.25% APY.

If you want to earn a high rate without having to keep a large balance, consider CIT’s Savings Connect account, which offers a high APY with no minimum balance required to earn it.

CIT Bank's Savings Connect account, which we did not factor into the bank’s overall rating, is a highly competitive option. There are no minimum balance requirements to earn its 4.00% APY, but it does require a minimum deposit of $100 to open.

CIT's eChecking account pays 0.10% APY on balances under $25,000 and 0.25% APY for balances of at least $25,000. Other online checking accounts pay more, but they often require spending and deposit qualifications to earn the high rate.

CIT doesn’t have its own free ATM network, but it offers $30 per month in reimbursements of outside ATM fees and doesn’t charge any ATM fees itself. Many other online banks partner with networks that offer tens of thousands of free ATMs nationwide.

There's no monthly fee on CIT's eChecking. Other banks require you to keep a certain minimum balance or complete qualifying activities to avoid monthly surcharges. However, CIT does require $100 to open eChecking. Many of its competitors let you open a checking account without a minimum deposit requirement.

While CIT offers decent rates for its six-, 13- and 18-month terms, its standard CD rates are low. There's a $1,000 minimum deposit requirement to open a CIT CD. That amount can be typical for national banks, but some online banks and credit unions have lower minimums.

The bank also offers an 11-month CD that doesn't charge an early withdrawal penalty. In all, CIT Bank’s Term CDs range from six months to five years.

CIT Bank has an easy-to-navigate website that clearly shows rates, contact information and instructions on how to open an account. The customer service center is reachable by phone from 9 a.m. to 9 p.m. ET on weekdays, along with shorter Saturday hours. In addition, CIT's banking apps earn low ratings from Android users and high ratings from iOS users.

As an online bank, there are no branches to visit, so there’s no way to do your banking in person. CIT Bank has an X (Twitter) account, which offers some customer support. But there’s no live chat on the site or apps.

CIT customers can’t deposit cash. Instead, you can fund and withdraw money from accounts by electronic transfer with another bank account, wire or mail. ATMs are another option for withdrawals, and mobile check deposit is available, too.

CIT Bank has joined the ranks of other financial institutions that no longer charge overdraft fees. If you overspend with a CIT eChecking account, you can easily transfer money from your CIT savings account to cover the shortfall — at no charge.

For customers who haven’t opted in to overdraft protection, transactions that would overdraw their account will generally be declined, but an overdraft fee won’t be charged.