CIT Bank: An Honest Look

I opened a CIT Bank savings account a few years ago when I was shopping for a better return on my emergency fund. My traditional bank was paying something like 0.06% — essentially nothing. CIT was offering rates that were meaningfully competitive, and the account had no monthly fees. Here’s what my experience has actually been like, along with what the research shows more broadly.

High-Yield Savings

CIT’s high-yield savings accounts are the main reason most people open an account there. The rates have remained consistently above the national average — which is an extremely low bar, admittedly, but CIT’s rates are often competitive with the best online savings accounts available. No monthly fees and only a modest minimum balance requirement make this accessible even if you’re not sitting on large sums.

The rates are variable, tied to market conditions, so they’ve moved around over time. When the Fed was hiking rates in 2022 and 2023, CIT’s yields followed. They’ll come down too when rates fall. That’s the nature of high-yield savings — it’s not a fixed return.

Money Market Accounts

CIT’s money market account (MMA) combines checking and savings features at a competitive interest rate. You can write checks and make standard transactions while still earning interest comparable to a savings account. Federal regulations on savings account withdrawal frequency used to be stricter; the rules have loosened in recent years, but individual banks may still apply their own limits. Read the fine print on any account you open.

CDs

CIT offers a range of CDs across various terms, generally with rates that beat the national average. The minimum deposit varies but is typically accessible. For savers willing to lock funds for a defined period, CDs provide certainty — you know exactly what you’ll earn.

One distinctive option is the RampUp CD, which lets you increase your rate once during the term if rates rise. That’s a nice hedge if you’re committing to a multi-year term and rates are expected to move. Jumbo CD options are available for larger deposits.

Checking (eChecking)

The eChecking account includes competitive interest on balances, a modest monthly fee that can be waived, mobile check deposit, and ATM fee reimbursements. The lack of foreign transaction fees is a useful feature for travelers. It integrates with CIT’s savings accounts, which makes moving money between accounts fast and straightforward.

Online and Mobile Banking

CIT is an online-only bank, so the digital experience matters. The platform is user-friendly — I’ve never had trouble finding what I needed — and the mobile app supports the core functions: deposits, transfers, account monitoring, and push notifications. Security includes two-factor authentication, which is now standard and expected at this point.

Customer Service

This is where CIT gets mixed reviews, and in my experience, that’s fair. Support is available by phone and email, but it’s not 24/7 across all channels, and I’ve encountered wait times that were longer than I’d like. Most of my interactions were resolved satisfactorily, but it wasn’t always fast. If fast, always-available support is a priority for you, CIT isn’t the strongest option in this category.

Security

CIT uses industry-standard encryption, fraud detection systems, and two-factor authentication. Accounts are FDIC insured up to the standard $250,000 per depositor. From a security standpoint, there’s nothing that stands out as a weak point — it’s on par with other reputable online banks.

Fees

Most CIT accounts don’t carry monthly maintenance fees, which is one of the stronger selling points compared to traditional banks. Where fees do apply — overdrafts, wire transfers, certain special services — they’re disclosed in the fee schedule. Most account holders who manage their accounts well don’t encounter many fees. That said, read the schedule before opening to avoid surprises.

Opening an Account

The entire process is online. You’ll need standard personal information and linking details for a funding account. The verification process is generally quick and you can typically start banking within a day or two. Nothing about the process stands out as complicated.

Interest Rates

Consistently above the national average across savings, money market, and CD products. Rate changes are communicated to account holders. For pure yield on safe, liquid savings, CIT is reliably competitive.

Reputation

CIT has been operating since 1908 — CIT Bank the online banking subsidiary has a shorter history, but the parent company has significant longevity. FDIC insurance provides the fundamental protection on deposits. Reviews across platforms are mixed, mostly reflecting variable customer service experiences rather than systemic issues with the accounts themselves.

For someone specifically looking to earn a better return on savings without the complexity of brokerage accounts or CDs at every institution — and who can tolerate online-only banking and occasionally slower service response times — CIT Bank is a solid, legitimate option. I’ve kept my account open and would open one again in the same circumstances.