TL;DR
- CIT Bank is an online-only bank offering checking, savings, CDs, and money market accounts.
- It features no monthly service fees and competitive APYs on select savings and no-penalty CD products.
- Ideal for digital-savvy customers, it may not suit those seeking comprehensive banking with credit cards or insurance.
- Minimum deposits are required for most accounts, with higher APYs often tied to larger balances.
CIT Bank offers its clients a comprehensive suite of financial products, distinguishing itself from many online banks with restricted offerings. Customers can choose from various savings accounts, a complimentary checking account that rewards larger balances with a higher APY, a money market account (MMA), and multiple certificate of deposit (CD) options.
Rates are current as of Nov. 14, 2025 and are subject to change.
CIT Bank
CIT Bank
| Checking accounts: | No monthly service fees |
| Savings accounts: | Up to 3.85% APY1 |
| Certificate of deposit (CD) rates: | Includes a no-penalty CD |
at CIT Bank
- Year Founded: 1908
- Company Headquarters: Raleigh, NC
- CEO: Frank Holding, JR.
Who is CIT Bank good for?
For those desiring a user-friendly banking solution that offers interest earnings without monthly charges, CIT Bank could be an ideal choice. You can consolidate all your banking needs into one location, with effortless access through your computer or mobile application, thanks to its extensive product range. Furthermore, these accounts don't necessitate a minimum balance to waive fees.
Who shouldn’t use CIT Bank?
CIT provides various deposit accounts, but its Platinum Savings account, for balances exceeding $5,000, is the bank's most notable offering. The Savings Connect account also features a competitive APY and is a viable choice if you're unsure about maintaining the $5,000 minimum for Platinum Savings' top rate.
Otherwise, the yields on its other deposit accounts are not the most competitive.
CIT also doesn't offer certain other financial services, like credit cards and insurance, meaning you can't consolidate all your banking with CIT if you require those offerings. Finally, if you prefer a bank with brick-and-mortar locations, you should consider a different choice over the online-only CIT.
Pros
- No monthly service fees
- Interest-bearing checking account
- Multiple saving account options
Cons
- No paper checks
- Each domestic wire transfer costs $10
- APYs are low compared to other online bank rates
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CIT Bank rates and products
CIT provides a range of banking solutions, such as high-yield savings accounts and various certificate of deposit (CD) choices designed to boost your savings. You can start an account with just $100 ($1,000 for a CD), and there's no requirement to keep a minimum balance to maintain your account.
e Checking account
Bank details checked Nov. 14, 2025.
The table above illustrates that CIT provides tiered checking accounts, meaning your APY increases with your balance.
CIT’s checking account does not charge monthly service fees, but you’ll need to deposit at least $100 open one:
- Minimum opening deposit: $100
- APY: 0.10%–0.25%
- Use of non-CIT ATM: $0
- Use of international point-of-sale (POS): 1% of transaction
- Stop payment fee: $30
- Wire transfer: $10; free for accounts with $25,000 or more
- Paper checks: Unavailable
- Debit card replacement: $10 (1 free card per year)
Savings accounts
CIT provides clients with three distinct savings account choices, and its leading APY is comparable to the top offerings from high-yield savings accounts. To establish a savings account at this institution, a minimum deposit of $100 is required, allowing you to achieve an APY of at least 0.25%, which surpasses the typical rates offered by major financial institutions like Bank of America and Chase.
Bank details checked Nov. 14, 2025.
The Annual Percentage Yield (APY) you receive is dictated by your savings account's category and its current balance, with CIT providing three distinct account options:
- CIT Platinum Savings: The best APY rates for accounts with over $5,000
- CIT Savings Connect: A highly competitive unchanging APY regardless of how much is in the account
- CIT Savings Builder: Lowest APY rates, but a tiered account with higher rates for minimum balances over $25,000
Money market accounts
CIT Bank permits opening an MMA with a minimum deposit of $100. Although other MMAs might present superior rates, CIT's APY still surpasses the returns typically found in most savings accounts.
Bank details checked Nov. 14, 2025.
CDs
CIT Bank provides a variety of Certificates of Deposit. Maturities span from six months to five years, and their no-penalty CD permits early withdrawal of funds. Nevertheless, only a limited selection of CIT CDs feature competitive interest rates. Their Annual Percentage Yields (APYs) are often lower than those offered by other online financial institutions. Consult our compilation of the best certificates of deposit (CDs) to explore other choices.
CIT Bank allows you to open a CD with a minimum deposit of $1,000, and it compounds your interest daily. Your CDs will automatically renew for the same term unless you withdraw funds at maturity, with the exception of the 13-month CD which converts to a one-year term, and the 18-month CD which renews as a two-year term.
CIT Bank standard CD rates
| 6 months | 2.85% |
| 12 months | 0.30% |
| 13 months | 3.35% |
| 18 months | 2.85% |
| 24 months | 0.40% |
| 36 months | 0.40% |
| 48 months | 0.50% |
| 60 months | 0.50% |
Bank details checked Nov. 14, 2025.
No-penalty CDs
CIT provides an 11-month certificate of deposit that doesn't impose an early withdrawal penalty. This specific CD allows you to access your funds at any time. Despite this flexibility, its annual percentage yield (APY) surpasses that of many conventional CD options. Keep in mind, though, that withdrawals are only permitted seven days after your initial deposit.
| 11 months | 3.35% |
Jumbo CDs
CIT Bank provides Jumbo CDs that require a minimum deposit of $100,000 and have terms from two to five years.
At most other financial institutions, these certificates of deposit (CDs) usually offer better annual percentage yields (APYs). However, the current rates for CIT Jumbo CDs are less competitive than those available from other providers.
| 24 months | 0.40% |
| 36 months | 0.40% |
| 48 months | 0.50% |
| 60 months | 0.50% |
Other services CIT Bank offers
CIT provides home financing options for its clientele. Customers can seek a loan for purchasing property or refinancing existing debt, with repayment terms ranging from 10 to 30 years.
CIT Bank offers clients round-the-clock account management through its mobile application and website's online banking service. Users have the ability to move money, make deposits, and settle bills using their devices. Additionally, they can configure and get notifications, track transaction progress and past activity, and retrieve statements and tax documents remotely.
The CIT Bank platform and customer support
You can contact CIT representatives by calling them Monday to Friday between 9 AM and 9 PM Eastern Time (ET), and on Saturdays from 10 AM to 6 PM ET. Additionally, the bank provides round-the-clock automated phone assistance, a postal mail service, and a secure email option through [email protected].
CIT's mobile application can be found on Apple and Android app stores, boasting an average rating of 4.8 stars on the App Store and 4.3 stars on Google Play. Additionally, CIT clients can manage their accounts via their computers through CIT's web-based service.
Compare CIT Bank vs. Alternatives
SoFi is another popular online bank that will likely appeal to customers seeking high APYs on their checking and savings accounts. Read our full SoFi review here.
While Amex is widely recognized for its credit card services, it also provides strong banking options. These include a savings account with a high yield and a checking account that allows users to accumulate Membership Rewards points on qualifying debit card transactions. See our full American Express review here.
 CIT Bank |  SoFi® Member FDIC |  American Express |
|---|---|---|
| Top savings APY | Top savings APY | Top savings APY |
| 3.85%1 | Get up to 3.60%.1 Get a 0.70% Boost on Savings APY to up to 4.30% for up to 6 months on new accounts with eligible Direct Deposit. Terms apply.2 | 3.50% |
| Top checking APY | Top checking APY | Top checking APY |
| Up to 0.25% | 0.50% | 1% |
| Top CD APY | Top CD APY | Top CD APY |
| 3.35%2 on a 13-month CD | N/A | 4.00% on a 14-month CD |
| Learn more | Learn more | Learn more |
| View offer at CIT Bank | View offer at SoFi | View offer at MoneyLion |
Terms apply. Bank details checked Nov. 14, 2025.
Is CIT Bank right for you?
CIT Bank presents a solid choice for individuals desiring an online banking platform, provided they can maintain a minimum savings balance of $5,000. Furthermore, it stands out as a superior selection for those in pursuit of a no-penalty CD boasting a competitive APY, given that this particular deposit account isn't universally available.
If you're looking for a substantial return on your checking account balance or a savings account that offers a great annual percentage yield without demanding a minimum deposit of $5,000+, you'll probably need to explore other banking options.
Frequently asked questions
No, CIT Bank is not owned by First Citizens Bank.
CIT Bank operates as an online-only financial institution.
CIT Bank operates exclusively online, lacking any brick-and-mortar locations. Customers can access its services around the clock through its website and mobile applications, which are reportedly user-friendly for setup.
CIT Bank customers can use Zelle to send money.
CIT customers can send and receive money through Zelle from their CIT Bank mobile app. However, the limit as of this writing is $300 per transaction and a maximum of $600 per day.
Is CIT Bank a reputable bank?
Yes. As a division of First Citizens, CIT Bank is part of a banking tradition that extends over 125 years. Additionally, the online-only bank earned an award in 2022 for delivering the most humanized banking experience by American Banker. CIT Bank is a member of the Federal Deposit Insurance Corp. (FDIC), meaning that your deposits are insured up to $250,000, per depositor for each account category.
SoFi disclaimer
1:
The annual percentage yield (APY) can fluctuate and is subject to modification without notice. Current rates are effective as of 1/24/25. No minimum balance is necessary to open an account. Any applicable fees might decrease your earnings. You can find further rate details and information at https://www.sofi.com/legal/banking-rate-sheet
2: 0.70% Savings APY Boost
Receive a maximum of 4.30% Annual Percentage Yield (APY) on your SoFi Savings, which includes a 0.70% APY increase (added to the 3.60% APY as of 11/12/25) for a duration of up to six months. This offer is available when you open a new SoFi Checking & Savings account and set up Eligible Direct Deposit by 1/31/26. The rates are variable and may change. Conditions apply at sofi.com/banking#2. SoFi Bank, N.A. Is a Member FDIC.
CIT Bank Disclaimer
Platinum Savings offers a tiered interest rate structure. The interest applied to your entire account balance is determined by the daily interest rate and APY corresponding to the balance tier your end-of-day balance falls into. APYs, which represent Annual Percentage Yields, are current as of September 23, 2025: 0.25% APY for balances ranging from $0.01 to $4,999.99, and 3.85% APY for balances of $5,000.00 or higher. The Platinum Savings account features variable interest rates that can be altered at any time without prior notification. To establish a Platinum Savings account, a minimum deposit of $100 is required.
2: APY — Annual Percentage Yield is correct as of September 23, 2025. To open the account, a $1,000 minimum deposit is necessary. Early withdrawal of principal may incur a penalty, and any early withdrawal (of principal or interest) will decrease earnings. At maturity, the 13-Month CD will automatically renew as a 1-Year Term CD at the APY published at that time.