CIT Bank Review: Online High Yield Savings Accounts

Last Updated on February 1, 2022 by pf team

To earn more on your savings, take a closer look at CIT Bank. Now, CIT Bank online offers high-yield savings accounts, money market accounts, and CDs.

Because CIT Bank is online only, overhead is low — and they pass the savings on to you. You’ll enjoy no-fee banking for many products.

man receiving money at CIT Bank
copyright: World Image / bigstock

About CIT Bank

  • Founded: CIT has been serving customers for longer than some may realize. Started in 1908 to aid financing for businesses, CIT Bank boasts over 100 years of history.  CIT’s name speaks to the bank’s roots as a commercial bank. CIT was earlier known as Commercial Investment Trust. As part of CIT Group, CIT now also owns OneWest Bank and Mutual of Omaha Bank. Over the past century, products and services continue to expand, keeping pace with modern innovation. Today, the company also services a wide range of consumer banking and loan products.
  • Total assets: At year end 2019, CIT Group reported total assets of nearly $51 billion. This makes CIT one of the top 50 bank holding companies in the US.
  • Trades publicly: Investors can buy shares of CIT through their brokers. The company trades on the New York Stock Exchange (NYSE:CIT). CIT Group recently declared a dividend of 35 cents per share paid quarterly. Based on current stock prices, the dividend represents a yield of over 7%.
  • FDIC insured: FDIC insurance protects depositors with CIT Bank. Individual deposits are insured for up to $250,000. Joint accounts are insured for up to $500,000 per account, assuming a couple owns the account. This ensures that your deposits are safe even if a bank runs into financial trouble. FDIC insurance applies to deposit accounts, such as checking, savings or high-yield savings, money market accounts, and CDs.

How to open an account

Because CIT targets online and mobile banking, you’ll need to apply online. CIT Bank also offers mobile apps for Android and iOS.

  • How to open an account: Start your account application at From here, you can open an account and choose the banking products you want. CIT also offers a helpline at (855) 462-2652.
  • What you need to open an account: You’ll need about 10 minutes and a few pieces of information. CIT needs your primary home address, a valid email address and phone number, and your social security number. You’ll also need to choose which type of account you want. Choices range from high-yield savings to CDs and eChecking.
  • Funding the account: CIT offers several funding options. You can choose to fund your account by electronic transfer, wire transfer, mobile check deposit, or mail-in check. Be aware that wire transfers may incur additional fees from the originating bank. Funds may also be subject to a short holding period to ensure clearance.
  • Customer service: If you have questions while applying for an account, just reach out to CIT at (855) 462-2652. A CIT customer service rep can answer questions related to your application. Home loan customers can call (800) 217-6629 to reach a rep.

CIT Bank personal banking products

For personal accounts, CIT offers several options. Choose from savings accounts, money market accounts, CDs, or eChecking. You can also get home loans through CIT Bank.

Saving accounts

  • CIT Bank Savings Builder: Earn a higher interest rate. With CIT’s Bank Savings Builder, you’ll earn up to 1.55% APY. You can qualify with a $25,000 deposit. However, another option makes this type of account more accessible. With a minimum $100 monthly deposit, you can also earn higher interest rates from CIT’s Savings Builder. There are no fees for opening your account and there are no maintenance fees. Your APY varies according to account balance. Accounts with less than $25,000 and which don’t make monthly deposits of $100 or more earn 1.09% APY.
  • CIT Bank Premier High-Yield Savings: High yields without the commitment. With a 1.25% APY, CIT’s Premier High-Yield Savings offers a strong rate. However, you won’t have to make a big deposit or commit to monthly deposits. Instead, you only need a $100 initial deposit. As with the Savings Builder account, there are no fees for opening or maintaining your account. With CIT’s Premier High-Yield Savings, you can save when it’s convenient for you. If you have some extra money in a given month, put it to work and earn a solid rate.

FDIC insurance protects individual high-yield savings accounts for up to $250,000.

Money market account

There’s a lot to like about CIT Bank’s money market account. With just $100 as an initial deposit, you can earn 1.65% APY. Benefits include FDIC protection and 24-hour online account access.

But CIT Bank’s money market account also brings some benefits you won’t find with the bank’s savings accounts. You’ll be able to pair your account with Zelle or PayPal, opening up new ways to manage or transfer money.

A new bill-pay feature (coming soon) also promises to make your money market account even more useful. As with CIT Bank’s savings accounts, there is no monthly fee for choosing a money market account.


With annual percentage yields (APY) of up to 1.75%, CIT Bank’s CDs offer a more profitable way to save. Choose from term CDs for flexibility or Jumbo CDs to put larger deposits to work.

  • Term CDs: If you have $1,000 or more to deposit, take a closer look at CIT Bank’s term CD choices. Short-term 6-month CDs pay a lower 0.72% APY. However, 1-year and 18-month CDs maximize your yield without making a long commitment. Both choices currently pay 1.7% or higher. CIT Bank also offers longer terms of up to 5 years.
  • No-penalty CDs: CIT Bank’s 11-month no-penalty CD offers a solid rate and you can access your funds if needed. Earn 1.5% APY with a minimum $1,000 deposit.
  • Jumbo CDs: If you have $100,000 or more to put to work, consider CIT Bank’s Jumbo CDs. Rates vary based on term, but choose your term carefully. For example, APY on the 2-year Jumbo CD is currently higher than on the 3-year CD. Rates range from 1.4% to 1.75% APY, depending on term.
  • Ramp Up CDs: While not available for new accounts, existing customers may have access to Ramp Up CDs. Terms range from 1 year up to 4 years. However, yields are lower than those offered with some other CIT Bank CD options.

eChecking account

While most banks charge fees for checking, CIT Bank’s eChecking advertises as a “mostly fee-free” checking account. You won’t pay monthly fees and you only need $100 to start an account.

Fees are limited to overdraft or stop payment requests for bill pay. As an important note, CIT Bank’s eChecking does not support paper checks. Instead, plan to use your account for electronic bill pay rather than writing checks.

CIT Bank’s eChecking also supports Apple Pay, Samsung Pay, Bill Pay, and Zelle. Account balances below $25,000 earn 0.10% APY. Higher balances, however, earn 0.25% APY. Deposits are protected by FDIC insurance.

Home loans

With CIT Bank, you can get a home loan from your online bank. As a bonus, CIT Bank even pays you over $500 as a savings deposit when your home loan funds.

The bank also offers reduced rates on your mortgage if you deposit 10% or more of the loan amount. Save as much as 0.2% on your home loan while also earning strong rates on your savings.

Fixed-rate loans come with 10-year to 30-year terms, with 5-year increments in between. Well-qualified borrowers can also choose interest-only 30-year loans.

Custodial accounts

If you’re looking for a way to help your young savers get started, consider a CIT Bank custodial account. Nearly all CIT Bank products are available as custodial accounts.

Custodians control the account until the minor reaches age 18. You can also choose a later age, up to age 25. Teaching kids about savings and interest can be tough with standard savings accounts that pay miniscule interest rates.

A high-yield savings account, money market account, or CD through CIT Bank allows your kids to see their money grow. Custodial account deposits are protected by FDIC insurance.

Business banking products

CIT Bank isn’t just a bank for high-yield savings. CIT Group built its business by helping other businesses. You’ll find a wide range of lending products to benefit your business.

Business financing

From SBA loans to equipment or franchise financing, CIT Bank can help you start your business — or help keep it going.

  • Equipment financing: CIT can help take the sting out of large equipment purchases.
  • Working capital: Borrow up to $250,000 to maintain cash flow. Term lengths of up to 18 months and same day funding availability give your business access to fast cash.
  • SBA loans: Get easier access to capital through CIT Bank. CIT offers SBA 7(a) loans, SBA 504 loans, and owner-occupied commercial real estate loans.
  • Franchise financing: Get the money you need for retrofits, upgrades, equipment, and operating cash requirements. Running a franchise business can be cash intensive. With CIT, you can get the money your franchise business needs to grow. Borrow in amounts from $2,000 to $3 million.

Commercial banking products

Specialized commercial businesses need lending products designed for their industry. CIT Bank offers a myriad of finance options.

Commercial financing

From aerospace to Air Jordans, CIT offers innovative finance solutions for businesses in a wide range of industries. Real estate loans give your business a place to call home. Factoring loans offer a way to smooth cash flow while you’re waiting for payments.

Here are some of the commercial products and services CIT offers:

  • Commercial financing
  • Real estate financing
  • Factoring
  • Capital equipment loans and leases
  • Railcar financing
  • Capital markets services
  • Treasury and payment services

Banking access

While you won’t find a CIT Bank branch in your neighborhood, managing our account online is a breeze. Of course, you can also bank on the go.

  • Online: CIT Bank online offers all the features you’d expect and a few you might not. Move money around, get access to funds, set up bill pay, or even learn about banking products. Activity monitoring helps you keep an eye on transactions while 128-bit encryption keeps your online transactions secure.
  • Mobile App: Do your banking on the go with your phone or tablet. CIT Bank offers an app for iOS or Android. View all your accounts in one place, pay bills, send money with Zelle, and more.

Banking fees

While CIT Bank doesn’t charge maintenance fees, there are still some fees you’ll want to avoid.

  • Overdraft fees: Overdrafts cost $30, whether for incoming funds or returned transactions.
  • Excessive transaction fees: You’ll pay $10 per violation for excessive transactions on money market accounts. This fee has a $50 monthly cap.
  • Wire transfer fees: Incoming wires are fee free. However, you’ll pay $10 if your account has less than $25,000.
  • Stop payment: Expect to pay $30 to put a stop payment on a bill payment check.
  • Debit card replacement: CIT Bank gives you one free debit card per year. Replacement cards cost $10.

Pros and Cons

Here’s what we like about CIT Bank — and a few things that might be less than perfect.


  • No monthly fees: Few things sting more than paying fees that reduce your balance. But with CIT Bank, you won’t pay any monthly maintenance fees. Most other fees, such as insufficient funds or excessive transactions, can be avoided.
  • Great rates on savings: Finding a savings account with a yield of over 1% isn’t difficult these days. However, CIT Bank offers several high-yield options, some of which only require a $100 minimum deposit. CIT brings you high-yield earnings without the obstacles.
  • Low minimum deposits: If you’re a little light on cash, you can get started with just $100. For example, CIT Bank’s money market account offers 1.65% APY with just $100 to get started.


  • Online only: Because CIT Bank is online only, you’re limited to remote help if you have a question or problem.
  • High minimum for CDs: You’ll have to pony up $1,000 to buy a CD at CIT Bank. By comparison, some competitors offer $500 CDs with similar rates.
  • Lower rates on some CDs: Rates are lower on many of CIT Bank’s CDs when compared with other products. You might be better off with high-yield savings or a money market account.


If you weren’t yet familiar with CIT Bank, this online bank merits a closer look. All things considered, rates compare well for savings products.

Additionally, CIT’s no-fee structure helps ensure smaller balances can grow without the headwind of maintenance fees. Low minimums also make high yields accessible to nearly everyone.

Although CIT Bank is online only, both web access and mobile apps make transactions a piece of cake. You deserve more for your savings. CIT Bank puts higher earnings within reach.

You may also like: