Cit bank review is essential reading for anyone looking to earn competitive interest on their savings in 2026. CIT Bank is an online-only bank headquartered in Pasadena, California. It operates as a division of First Citizens Bank, a top-20 U.S. financial institution with over $100 billion in assets.
First Citizens BancShares acquired CIT Group on January 4, 2022. Since then, CIT Bank has continued offering high-yield savings accounts, certificates of deposit, and money market products to customers nationwide. The bank is FDIC-insured under certificate number 58978. Your deposits are protected up to $250,000 per depositor, per account ownership category. With no monthly fees and low minimums, CIT Bank targets savers who want to maximize their returns without visiting a branch.
Cit Bank: Account Types and Features
This cit bank review starts with the product lineup. CIT Bank offers five core account types. These include Savings Connect, Platinum Savings, a Money Market account, term CDs, and an eChecking account. Each product serves a different savings goal. The Savings Connect account is the most popular option. It pays a flat 3.65% APY with just a $100 minimum deposit. There are no balance tiers to worry about.
The Platinum Savings account works differently. Balances under $5,000 earn just 0.25% APY. However, balances of $5,000 or more earn 3.75% APY. CIT Bank also offers a promotional APY boost with promo code CITBOOST. This raises the Platinum Savings rate to 4.10% APY for six months. The promotion runs through May 31, 2026.
| Account Type | APY | Monthly Fee | Minimum to Open |
|---|---|---|---|
| Savings Connect | 3.65% | $0 | $100 |
| Platinum Savings ($5,000+) | 3.75% | $0 | $100 |
| Money Market | 1.55% | $0 | $100 |
| eChecking ($25,000+) | 0.25% | $0 | $100 |
| 6-Month Term CD | 3.75% | $0 | $1,000 |
| 11-Month No-Penalty CD | 3.75% | $0 | $1,000 |
| 13-Month Term CD | 3.25% | $0 | $1,000 |
CDs compound interest daily. The 11-Month No-Penalty CD lets you withdraw your full balance without penalty after six days. As a result, it is a flexible option for short-term savers. Jumbo CDs require a $100,000 minimum deposit and are available in 2-year through 5-year terms.
Cit Bank Review: Fees and Costs
One of the strongest points in this cit bank review is the fee structure. CIT Bank charges no monthly maintenance fees on any account. There are no overdraft fees either. In most cases, you will pay nothing to maintain your account regardless of your balance. This makes CIT Bank one of the most cost-effective online banks available.
Outgoing domestic wire transfers cost $10. However, this fee is waived if your daily average balance is $25,000 or more. Incoming wire transfers are free. CIT Bank does not charge its own ATM fees for eChecking account holders. It also reimburses up to $30 per month in third-party ATM surcharges. For example, if you use an out-of-network ATM and pay a $3 fee, CIT Bank will refund it.
Early withdrawal penalties apply to term CDs. CDs with terms of one year or less carry a 90-day simple interest penalty. CDs with terms over one year carry a 180-day penalty. Typically, the No-Penalty CD is the better choice if you need flexibility. It has no early withdrawal penalty after the first six days.
Cit Bank Sign-Up Bonuses and Promotions
Any thorough cit bank review should cover bonus opportunities. CIT Bank has offered cash bonuses for new Platinum Savings accounts. Depositing $25,000 to $49,999 within 30 days earned a $225 bonus. Depositing $50,000 or more earned a $300 bonus. These promotions typically require funds from an external institution.
The eChecking account has also offered bonuses. Depositing $1,000 or more within 30 days from an outside bank earned a $50 bonus. Depositing $2,500 or more earned a $100 bonus. CIT Bank rotates these offers periodically. As a result, check the bank’s promotions page before opening an account.
The CITBOOST promotion is currently active through May 31, 2026. It adds 0.35% APY on top of the standard Platinum Savings rate. This brings the effective rate to 4.10% APY for six months. No minimum balance is required beyond the standard $5,000 tier threshold.
Cit Bank Mobile App and Online Banking
This cit bank review confirms that the mobile experience is strong. The CIT Bank app earns a 4.7-star rating on both the Apple App Store and Google Play. Users can check balances, transfer funds, deposit checks, and pay bills from the app. Zelle is integrated for person-to-person payments. Mobile check deposit makes it easy to add funds without visiting a branch.
Online banking is available 24/7. The interface is clean and straightforward. You can open new accounts, set up external transfers, and manage CD maturities from your dashboard. For example, rolling over a maturing CD takes just a few clicks. The platform supports both desktop and mobile browsers.
Customer service is available by phone at 1-855-462-2652. Phone support hours are Monday through Friday, 9:00 AM to 9:00 PM ET. Saturday hours run from 10:00 AM to 6:00 PM ET. The bank is closed on Sundays. You can also reach support by email at [email protected]. Automated balance inquiries are available 24/7 through the phone system.
Pros and Cons of Cit Bank
Pros:
- Savings Connect pays a competitive 3.65% APY with no balance tiers and only a $100 minimum
- No monthly maintenance fees, no overdraft fees, and up to $30/month in ATM fee reimbursements
- The 11-Month No-Penalty CD offers 3.75% APY with penalty-free withdrawals after six days
- FDIC-insured through First Citizens BancShares, a top-20 U.S. bank with over $100 billion in assets
- Highly rated mobile app (4.7 stars) with Zelle, mobile deposit, and bill pay
Cons:
- No physical branch locations for in-person banking
- Money Market account pays only 1.55% APY, well below the savings account rates
- Platinum Savings requires $5,000 to earn the top-tier APY; balances below that earn just 0.25%
- No Sunday phone support and no confirmed live chat option
Who Is Cit Bank Best For?
This cit bank review points to several ideal customer profiles. CIT Bank is best for savers who want a high-yield account without complicated requirements. The Savings Connect account pays a flat 3.65% APY with just $100 to start. There are no hoops to jump through. If you simply want your money to grow, this is one of the easiest options available.
CIT Bank is also a strong choice for CD investors. The No-Penalty CD stands out in this cit bank review because it combines a competitive 3.75% APY with full withdrawal flexibility. Typically, CDs lock your money for the full term. CIT Bank’s version removes that restriction after just six days. This is ideal for savers who want CD-level rates without commitment.
However, CIT Bank is not the best fit for everyone. If you need branch access or want a high-yield checking account, look elsewhere. The eChecking account pays just 0.25% APY even at the top tier. In most cases, customers who need robust checking features will want to pair CIT Bank savings with a local checking account. Overall, this cit bank review finds it to be an excellent online bank for straightforward, high-yield savings and CDs.
Frequently Asked Questions
Is CIT Bank FDIC insured and safe to use?
Yes, CIT Bank is FDIC-insured under certificate number 58978. Your deposits are protected up to $250,000 per depositor. As a result, your money is just as safe as it would be at any major bank. CIT Bank operates as a division of First Citizens Bank, which holds over $100 billion in total assets.
What is the difference between Savings Connect and Platinum Savings at CIT Bank?
Savings Connect pays a flat 3.65% APY regardless of your balance. Platinum Savings, however, uses a tiered structure. You need $5,000 or more to earn the top rate of 3.75% APY. For example, a $2,000 deposit in Platinum Savings would earn only 0.25% APY. In most cases, Savings Connect is the better choice for smaller balances.
Can you withdraw early from a CIT Bank CD without penalty?
It depends on the CD type. The 11-Month No-Penalty CD allows full withdrawal after six days with no penalty. However, standard term CDs carry early withdrawal penalties. Typically, these range from 90 days of simple interest for short terms to 180 days for longer terms. As a result, choose the No-Penalty CD if flexibility is important to you.
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Official Sources & Resources
For verified information on banking regulations and consumer protection:
- FDIC (Federal Deposit Insurance Corporation): fdic.gov
- CFPB (Consumer Financial Protection Bureau): consumerfinance.gov
- Federal Reserve: federalreserve.gov
- NCUA (National Credit Union Administration): ncua.gov
- SEC (Securities and Exchange Commission): sec.gov
Content last reviewed April 2026. If you notice any outdated information, please contact us.