CIT Bank Review Is It Worth Opening an Account

I moved a chunk of my emergency fund to CIT Bank about two years ago, mostly because my brick-and-mortar bank was paying an embarrassing 0.01% on savings. CIT’s high-yield account was offering something in the range of 20-30x that at the time. I’ve had a pretty good run with them since — though my experience isn’t without some nuance.

Here’s an honest look at what CIT Bank actually offers, based on my own experience plus a deeper look at what other customers report.

High-Yield Savings Accounts

This is the main reason most people end up at CIT Bank, and it’s a legitimate draw. Their Platinum Savings account has offered some of the most competitive rates in the online banking space. Rates fluctuate with the federal funds rate, but CIT has generally stayed above the national average by a meaningful margin — we’re talking 10x to 20x what traditional banks pay.

There’s no monthly fee. You do need a minimum balance (it’s been $5,000 to earn the top-tier rate on the Platinum account, though they have a lower-tier option for smaller balances). That minimum isn’t a dealbreaker for most people using it as an emergency fund or short-term savings vehicle, but it’s worth knowing upfront.

Money Market Accounts

CIT’s money market account blends some checking functionality with savings rates. You can write checks, which makes it more flexible than a standard savings account. The rate has been competitive — not always as high as their dedicated savings products, but close enough to make it an attractive option if you want check-writing capability without sacrificing much yield.

Like most money market accounts, there are limits on certain transaction types under federal Reg D rules (though the Fed suspended those limits, many banks still enforce their own versions). Check the specific terms if you anticipate frequent withdrawals.

Certificates of Deposit

CIT offers a solid range of CDs — standard terms from 6 months to 5 years, plus a few more creative structures. The RampUp CD is worth knowing about: it allows you to request one rate increase during the term if CIT raises their rates. That’s a genuinely useful feature in a rising rate environment and not something every bank offers.

Jumbo CDs (minimum $100,000) earn higher rates. Term CD rates have consistently been above average. One thing to note: early withdrawal penalties apply, so don’t lock up money you might need before maturity.

Checking Accounts

CIT’s eChecking account offers a modest interest rate on balances plus unlimited ATM fee reimbursements, which is legitimately useful if you travel or live somewhere without convenient in-network ATMs. There’s a small monthly fee that’s easy to waive with a regular direct deposit.

The mobile check deposit works well in my experience. Bill pay is standard. For a fully online bank, the day-to-day functionality is what you’d expect — solid but nothing flashy.

Online and Mobile Banking

The app has improved over the years. It’s not quite as polished as what you’d get from a bank like Ally, but it’s functional and reliable. Mobile check deposit, transfers between linked accounts, and account monitoring all work well. The security setup includes multi-factor authentication, and I haven’t had any issues on that front.

One limitation: CIT Bank is online-only. There are no branches. If you prefer being able to walk into a physical location with a problem, this isn’t your bank. Everything is handled by phone, email, or the app — which works fine for me but might frustrate people who prefer face-to-face banking.

Customer Service

This is the area with the most mixed reviews, and I’ll be honest: my own experience has been inconsistent. Phone hold times can be long. Most issues get resolved eventually, but it might take two or three contacts to sort out something that should be straightforward. Their email support is slower than I’d like.

For the bread-and-butter stuff — checking balances, initiating transfers, setting up accounts — the self-service tools handle everything just fine. Problems arise when you need a human, and that’s where CIT has room to improve.

Fees and Charges

The core accounts are essentially fee-free if you’re managing them reasonably. No monthly maintenance fees on the savings products. Wire transfer fees apply (around $10 outbound in my experience). Overdraft fees exist but are easy to avoid with basic account management. The fee transparency is genuinely better than most traditional banks — there’s no labyrinth of potential charges hiding in the fine print.

Opening an Account

The online application is quick — 10 minutes, standard identity verification, link a funding account. Funds are generally available within a few business days. The process is about as painless as online account opening gets.

Interest Rates

CIT’s rates fluctuate, so whatever number I cite here might be different by the time you read this. The important thing is that they’ve consistently been a competitive option in the online bank space. Compare them to Ally, Marcus by Goldman Sachs, and Marcus by Capital One before deciding — the landscape shifts, and it’s worth 15 minutes to see who’s offering the best rate at the moment you’re shopping.

All deposits are FDIC-insured up to the standard $250,000 limit, which is the baseline you should require from any bank you use.

My bottom line: CIT Bank is a solid choice if you’re motivated by rates and don’t need branch access. The savings products are legitimately competitive, the fees are low, and the platform works well for routine banking. Customer service isn’t their strongest suit, so if you anticipate needing a lot of hand-holding or have a complicated situation, factor that into your decision.