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CIT Bank Review: High-Interest Savings, Money Market & CD Accounts

  • Banking
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In this CIT Bank review, we focus on its high rate checking, savings, money market, and certificates of deposit accounts.

CIT Bank, N.A. is owned by CIT Group, Inc. (NYSE: CIT) but is often confused with Citibank. CIT Bank was founded in 1908 as a business financing bank and is a completely separate institution from Citibank.

Here’s a look at what CIT Bank offers along with account details and annual percentage yields (APYs) that are accurate as of December 13, 2021.

CIT Bank is available in 50 States

CIT is primarily a digital that began offering a wide array of consumer banking products in 2011 operating online and available to people in all 50 states.

CIT Bank has branch locations in 8 States

  • Arizona
  • California
  • Colorado
  • Florida
  • Hawaii
  • Nevada
  • Nebraska
  • Texas

Click here to get branch location addresses.

CIT Bank Routing Number

CIT Bank’s routing number is 124084834.

CIT Bank eChecking Account

The CIT Bank’s eChecking account pays 0.10% to 0.25% APY, well above the national average of 0.03% APY for high-interest checking accounts. The CIT online checking account can be opened with a $100 minimum opening deposit and accessed 24 hours a day online or through the mobile app.

You’ll receive a complimentary debit card with EMV chip technology when you open a new checking account. CIT Bank doesn’t charge customers to use ATMs plus reimburses up to $30 per month for fees charged by ATM providers. But that’s because CIT Bank doesn’t have an ATM network.

Facts about CIT eChecking Account:

  • Interest is earned on CIT’s eChecking accounts: Balances of $25,000 or more earn 0.25% APY and balances under $25,000 earn 0.10% APY.
  • How to make deposits to CIT Bank: Deposits can be made via funds transfer (ACH), mobile deposit via the mobile app, incoming wire (no fee), or by mailing a check.
  • If you’ve had past banking issues CIT Bank does use ChexSystems to open new accounts so you might want to consider a bank that does not use ChexSystems.
  • Free incoming wire transfers.
  • Transfer, pay and purchase via mobile with Zelle®, Bill Pay, Samsung Pay and Apple Pay.
  • Zelle transaction limit at CIT Bank: $300 per transaction/$600 daily.

CIT Savings Connect Account

The Savings Connect account encourages customers to build their savings by combining the Savings Connect account with CIT Bank’s eChecking for a higher than national savings rate. This account can earn you 0.50% APY¹ if you deposit at least $200 monthly, a rate about eight times the national average of 0.06% APY.

Wherever you are in your financial journey CIT Bank’s combined Savings Connect account and eChecking account offers customers an easy streamlined banking experience that promotes a consistent savings habit.

Facts about CIT Savings Connect Account:

  • Interest up to 0.50% APY¹.
  • Minimum $100 opening deposit.
  • Access to your account 24/7 through the CIT Bank app or online.
  • Ability to withdraw funds from your eChecking account through any ATM in the U.S. with your free eChecking debit card.
  • Up to $30 monthly reimbursement for ATM fees at other banks.
  • Mobile check deposits.
  • Ability to pay bills from your eChecking account through Bill Pay.
  • Enrollment in overdraft protection that automatically transfers money from your Savings Connect to your eChecking account in the case of overdraft.

CIT Savings Builder Account

The Savings Builder account can earn up to 0.40% APY simply by making at least one monthly deposit of $100 or maintaining a balance of $25,000. The Savings Builder account does not pay as much as CIT’s Savings Connect account but it also does not require opening the eChecking account as a combo to earn up to 0.40% APY.

Facts about CIT Savings Builder Account:

  • Earn interest 0.40% APY.
  • Minimum $100 opening deposit.
  • Make at least one monthly deposit of $100 OR maintain a balance of $25,000.
  • No monthly maintenance fees.
  • Deposit checks remotely and make transfers with the CIT Bank mobile app.
  • Mobile check deposits.
  • Ability to pay bills from your eChecking account through Bill Pay.
  • Enrollment in overdraft protection that automatically transfers money from your Savings Connect to your eChecking account in the case of overdraft.

CIT Bank Money Market

CIT Bank’s Money Market account earns 0.45% APY which is doesn’t sound like much except when compared to Wells Fargo’s money market account that earns 0.01% APY. With no balance requirements, customers earn this rate no matter how much is deposited each month. Reach your savings goals with a CIT Bank High-Yield Money Market account. It has a $100 minimum opening deposit.

Facts about CIT Money Market Account:

  • Earn interest 0.45% APY on all balances.
  • Minimum $100 opening deposit.
  • Access your money easily with Zelle® & Bill Pay.
  • No monthly maintenance fees.
  • Deposit checks remotely and make transfers with the CIT Bank mobile app.

CIT Bank CDs

Customers have four options with CD accounts from CIT Bank. The minimum opening deposit for a term CD or no-penalty CD is $1,000. Jumbo CDs require a minimum opening deposit of $100,000.

No-Penalty CDsTerm CDsJumbo CDsRampUp CDs
APY 0.30% APY 0.30% to 0.50% APY 0.40% to 0.50% APY 0.25% APY
Term Length 11 months 6 months to 5 years 2 to 5 years 1 to 4 years
Minimum Opening Deposit $1,000 $1,000 $100,000 $25,000 to $50,000
  • Term CDs. A term rate CD allows you to lock in a rate for a specific period of time.
  • No-Penalty CDs. These 11-month CDs allow you to access funds before maturity without a penalty.
  • Jumbo CDs. Jumbo CDs require a $100,000 minimum opening deposit and have longer terms, ranging from two to five years in length.
  • RampUp CDs. RampUp and RampUp Plus CDs are only available for existing CIT customers that wish to raise their CD rate one time during the CD’s terms if CIT Bank raises rates on these CDs.

CIT Online Banking

Online banking has come a long way over the years. When first introduced, most bank customers were hesitant to use online and mobile banking services.

More customers are turning to technology for their banking needs and CIT online banking offers their customers everything they need in one place.

CIT online banking customers can deposit checks, check account balances, view transactions, download monthly statements, track linked accounts, make payments and transfers. Customers can also request stop payments, print financial documents, and apply for new accounts.

What makes CIT Online Banking different

Online banking customers want a convenient way to deposit checks, free ATMs, and access to live financial service representatives — CIT online banking offers that and more. Keep more of your money with CIT online banking. Get the savings of not having brick-in-mortar branches in every city passed onto you.

Customers can seamlessly bank online or through automated teller machines (ATMs) because you have access to everything you need in one place. Check account balances, view transactions, download monthly statements, track accounts you have linked from other banks, easily make payments and transfers, and more — all quickly and conveniently.

You can also use the Online Banking Service Center to update your contact information, request stop payments, print financial documents, and apply for new accounts.

CIT Bank, N.A. is a member of the Federal Deposit Insurance Corporation (FDIC), which means your deposit accounts are insured up to $250,000 per depositor, for each account ownership category.Scroll to disclosure:2

How CIT Bank could improve

No ATM access: CIT Bank does not offer dedicated ATMs for customers. ATM fees are deducted from your account at the time of the ATM transaction but your account will be reimbursed up to $30 at the end of every monthly statement period.

Customer service: CIT’s customer service options could be better. Customers can reach out to customer service with questions via phone. There are no email or online chat options available.

CIT Bank is a good place to park your money but it does not offer 24/7 customer support – As a digital bank, customers can reach out to customer service with questions via phone but there are no email or online chat options available. Customer support hours are limited at CIT Bank. Live telephone support is available from 9 a.m. to 9 p.m. Monday through Friday and 10 a.m. to 6 p.m. on Saturday. Customer service is not available on Sundays.

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