CIT Bank is an online-only bank that is entirely digital and offers competitive deposit products and home loans. It is owned by CIT, whose history dates back to 1908 when it began by offering business financing in St. Louis. CIT Bank was launched in 2011 to offer a wide array of banking products completely online because the bank does not have any branches or ATMs. This in-depth review will help you decide if its online deposit accounts are right for you.

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Pros

  • No monthly fees on deposit accounts

  • Refunds ATM fees up to $15 per month

  • Tiered interest rates to encourage higher balances

Cons

  • No bank branches or ATMs

  • Limited account options

  • Does not offer 24/7 customer support

Pros Explained

No monthly fees on deposit accounts – CIT Bank does not charge monthly fees on its checking, savings, and money market accounts. There are no minimum balance requirements or other hurdles to meet to waive fees.

Refunds ATM fees up to $15 per month – Because the bank does not have its own ATMs, it does not charge customers when using another bank’s ATM. If that bank charges a fee, you are refunded up to $15 per month.

Tiered interest rates to encourage higher balances – As your savings account balances grow, CIT Bank will increase the interest rate that you earn. These interest rate tiers encourage customers to deposit more money to earn a higher rate.

Cons Explained

No bank branches or ATMs – CIT Bank is completely digital and does everything online. If you want to visit a branch, that is not an option. Although CIT Bank refunds up to $15 per month in bank ATM fees, customers who access ATMs more frequently may exceed that amount.

Limited account options – Customers are offered only one checking account, two savings accounts, and one money market account. If those accounts do not meet your needs, CIT Bank does not provide any other options. Additionally, it does not offer investments, personal loans, or home equity loans or lines of credit.

Does not offer 24/7 customer support – As a digital bank, most inquiries are handled online, through its app, or via automated telephone banking. Customer support hours are limited at CIT Bank. Live telephone support is available from 9 a.m. to 9 p.m. Monday through Friday and 10 a.m. to 6 p.m. on Saturday. Customer service is not available on Sundays.

Who Is CIT Bank Best For?

CIT Bank is a good fit for customers who prefer a digital bank offering checking and savings accounts that can be opened online with no fees or minimum balance requirements. It allows digitally savvy customers to:

  • Earn a competitive rate on checking and savings accounts
  • Open a checking account that refunds bank ATM fees
  • Open a savings account with no minimum balance requirement
  • Have access to a no-penalty certificate of deposit (CD)

What Does CIT Bank Offer?

As an online-only bank, CIT Bank offers a limited selection of deposit accounts. Because it is not burdened by the expense of branches and ATMs, it can offer higher rates than traditional bank accounts. CIT Bank also offers relationship pricing on home loans for its customers. On its menu are:

  • Checking accounts
  • Savings accounts
  • Money market accounts
  • CDs

Checking Account

CIT Bank offers only one checking account, called “eChecking.” This account has no monthly fees and can be opened with as little as $100. Accounts receive a debit card with EMV technology. Although CIT Bank does not have any ATMs, customers are refunded up to $15 per month in ATM fees charged by other banks. CIT Bank does not charge customers for using another bank’s ATM.

Customers receive interest on their checking account, with no minimum balance requirements. Deposits up to $25,000 receive one interest rate, while customers who maintain $25,000 or more in their account each month will receive a higher interest rate.

Savings Accounts

Customers have two savings account options with CIT Bank: the Savings Builder or Premier High Yield Savings. Both accounts have no monthly service fees and a minimum deposit requirement of $100.

The Savings Builder account offers a tiered rate of interest to reward those with higher balances. You can earn the top rate by maintaining a minimum balance of $25,000 or by making at least one deposit of $100 or more each month. The Premier High Yield Savings offers a high rate of interest on all balances without any prerequisites.

Money Market Account

There is only one money market account at CIT Bank. The CIT Bank Money Market account has no monthly service fees and requires an opening deposit of $100 or more. CIT Bank will soon release an online bill payment option for its money market account.

Certificates of Deposit (CDs)

CIT Bank offers a number of CD options for customers, including term CDs, jumbo CDs, and no-penalty CDs. Its RampUp CDs are no longer available for new customers.

Term CDs offer terms ranging from six months to five years, while jumbo CDs range from two to five years. The no-penalty CD is an 11-month term, but customers can withdraw funds with no penalty. This feature is available at any time starting seven days after making the initial deposit.

The minimum opening deposit for a term CD or no-penalty CD is $1,000. Jumbo CDs require a minimum opening deposit of $100,000.

Early withdrawal penalties are based on the term of your CD. Terms up to one year have a penalty of three months of simple interest. CDs up to three years have a penalty of six months of interest, while terms of more than three years incur a penalty of 12 months of interest.

CIT BANK TERM CD RATES
Term APY
Six Months 0.72%
13 Months 1.45%
18 Months 1.45%
One Year 1.45%
Two-Years 1.40%
Three Years 1.30%
Four Years 1.50%
Five Years 1.70%
Rates as of May 1, 2020
CIT BANK JUMBO CD RATES
Term APY
Two Years 1.45%
Three Years 1.40%
Four Years 1.60%
Five Years 1.75%
Rates as of May 1, 2020

Credit Card

CIT Bank does not offer credit cards.

Other Financial Products Offered by CIT Bank

In addition to deposit accounts, CIT Bank offers the following other services:

  • Purchase Mortgages
  • Refinance Mortgages
  • Custodial Accounts

CIT Bank Customer Service

Customer service at CIT Bank is available six days a week. Its call center is open Monday through Friday from 9 a.m. to 9 p.m. EST. On Saturday live phone agents are available from 10 a.m. to 6 p.m. EST. The call center is closed on Sundays.

Customers have access to their accounts through telephone banking, the CIT Bank website, or its mobile app.

The CIT mobile app is available on both Apple and Android devices, and has above four-star ratings on both app stores. With the app, users can

  • Check your account balances
  • Deposit checks remotely
  • Pay bills
  • Transfer money between accounts at CIT or external institutions
  • Use Zelle to send money to friends or family
  • Make payments online or in-store with Apple Pay or Samsung Pay

CIT also has a text banking feature which allows you to text an alphanumeric command to a phone number and get a response via SMS for a few basic details. You can get responses for a summary of available account balances, recent transactions per account, and a handful of "help" links.

How to Bank With CIT Bank

To open an account with CIT Bank, apply through its website or mobile app. Because CIT Bank does not have any branches, you cannot walk into a branch to open an account.

Verdict

CIT Bank is ideal for the customer who wants low fees, high rates, and doesn’t need access to a branch. All deposit accounts can be opened online without having to speak with anyone. Although the bank doesn’t have its own ATMs, customers are not charged for using ATMs at other banks and refunded up to $15 in fees those banks may charge each month.

The checking, savings, and money market accounts have no monthly fees and low opening deposit requirements. Once the accounts are opened, there is no minimum balance required to avoid fees. The no-penalty CD is a nice option for customers to earn a higher rate without locking in their money for an extended period of time.

Methodology

Investopedia is dedicated to providing consumers with unbiased, comprehensive reviews of banks. We collected over 20 data points across more than 80 banks—including products available, interest rates, fees and accessibility—to ensure that our content helps users make the right decision for their savings and banking needs.