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 savings review 4x3



CIT Bank; Alyssa Powell/Business Insider


  • CIT Bank (Member FDIC) is an online-only bank that offers savings, checking, and money market accounts, as well as CDs.
  • CIT Bank pays better rates than brick-and-mortar banks, but you may be able to find higher rates at other online banks.
  • You’ll need at least $100 to open a checking, saving, or money market account, and at least $1,000 to open a CD with CIT Bank.
  • The bank 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 »

CIT Bank is an online-only bank that provides a variety of bank accounts and pays relatively high rates. The bank’s strongest products are the CIT Bank Savings Builder High Yield Savings Account and CIT Bank Money Market Account, but its CDs and checking account are also worth consideration.

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
  • Want to do all your banking at one institution
  • Are happy chatting digitally with customer service 24/7
  • Are searching for the highest interest rates
  • Can’t afford the minimum opening deposits
  • Aren’t comfortable banking digitally
  • Want 24/7 phone access to a live customer service representative

The bottom: CIT Bank is a good bank for people who can afford the minimum deposits and qualify to earn the highest APY on its savings account.

  • Details
  • Pros & Cons

    • Earn up to a 0.55% APY by: Maintaining a balance of $25,000 or more OR Making at least one monthly deposit of $100 or more
    • No account opening or maintenance fees
    • Daily compounding interest to maximize your earning potential
    • A limit of six transactions per statement cycle
    • Deposit checks remotely and make transfers with the CIT Bank mobile app
    Pros
    • Competitive APY
    • Higher APY for saving automatically
    • Easy-to-use mobile app
    • 24/7 live chat
    • No monthly service fee
    Cons
    • Required opening deposit of $100
    • Either a balance of $25,000 or a recurring monthly deposit of $100 to earn the highest APY
    • $10 excess transaction fee
    • Limited live customer service via phone


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    CIT Bank requires at least $100 to open a savings account. While this is similar to what many brick-and-mortar banks require, you can find online banks that don’t ask for an initial deposit at all.

    You’ll earn a higher APY on your CIT Bank Savings Builder account if you either a) maintain a $25,000 balance, or b) deposit at least $100 into the account each month. The higher rate is a nice incentive to save regularly. But if you can’t meet either requirement, then you’re stick with the lower rate — in which case, you’re probably better off finding an online bank that pays a higher APY.

  • Details
  • Pros & Cons

    • 24/7 live chat
    • 24/7 automated phone customer service
    • Your money earns money with interested compounded daily
    • Deposit checks from your smartphone
    • No monthly maintenance fee
    • No ATM network
    • CIT Bank reimburses up to $30/month for ATM fees
    Pros
    • Reimburses up to $30 in out-of-network ATM fees per month
    • No monthly service fees
    • Overdraft protection
    • 24/7 live chat
    • Easy-to-use mobile app
    • Competitive APY
    Cons
    • $100 opening deposit
    • No ATM network
    • No physical branch locations
    • Limited access to live help via phone


    Read Our Review
    Read Our ReviewA looong arrow, pointing right

    The CIT Bank eChecking Account pays 0.10% to 0.25% APY, well above the national average of 0.04%.

    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.

    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.

  • Details
  • Pros & Cons

    • 24/7 live chat
    • 24/7 automated phone customer service
    • Your money earns money with interested compounded daily
    • Limit of 6 transactions per statement cycle
    • Connect to Zelle and PayPal
    Pros
    • Competitive APY
    • Low opening deposit of $100
    • Connect your account to Zelle or PayPal
    • No monthly service fee
    • 24/7 live chat
    • Easy-to-use mobile app
    Cons
    • No paper checks
    • No debit card
    • No way to access funds at an ATM
    • $10 excess transaction fee
    • No physical locations
    • Limited live customer support via phone


    Read Our Review
    Read Our ReviewA looong arrow, pointing right

    The CIT Bank Money Market Account offers a competitive rate of 0.60% APY. You’ll need $100 to open an account, but many banks require between a few hundred and a few thousand dollars to open a 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.

    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 4.1 out of 5 stars in the Google Play store.

    The bank offers convenient 24/7 live chat on its site and through the app. Unfortunately, it only offers 24/7 automated assistance over the phone. However, 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.

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

    cit bank logo



    CIT Savings Builder


    marcus logo



    Goldman Sachs


    capital one logo



    Capital One 360


    Account types

    Checking, savings, money market account, CD

    Account types

    Savings, CD

    Account types

    Checking, savings, CD

    Savings APY

    0.31% to 0.55% APY

    Savings APY

    0.60% APY

    Savings APY

    0.50% 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 account Open an account Open 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’s likely 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.

    This post was reviewed and updated on October 13, 2020.

    Disclosure: This post is brought to you by the Personal Finance Insider team. We occasionally highlight financial products and services that can help you make smarter decisions with your money. We do not give investment advice or encourage you to adopt a certain investment strategy. What you decide to do with your money is up to you. If you take action based on one of our recommendations, we get a small share of the revenue from our commerce partners. This does not influence whether we feature a financial product or service. We operate independently from our advertising sales team.

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