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CIT Bank


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28 User Reviews


Overall Score

CIT Bank is a "Top 50 U.S. Bank" seeking to provide online banking to consumers with lower fees and rates. From their phones or computers, consumers can easily access their accounts and conduct banking transactions. It is important to note that CIT Bank does not have any physical branch locations or ATMs that consumers can visit, which may not be preferable for all consumers. On a positive note, online-only banks often offer better deals, such as savings accounts with higher than average interest rates and low fees.

Consumers have various banking options available to them, including money market savings accounts, checking accounts, certificates of deposit (CDs), and high-yield savings options. CIT Bank's high-yield savings accounts are a popular choice among consumers and they consistently rank among the best online savings accounts in the industry.

In addition to consumer banking, CIT Bank also provides business and commercial banking options.

Continue reading for CIT Bank pros and cons.


The Good

  • FDIC Insured
  • Variety of Accounts
  • No Monthly Fees
  • Competitive Rates
  • Checking Account
  • On-the-Go Account Access

FDIC Insured

CIT Bank provides deposit insurance through the Federal Deposit Insurance Corporation (FDIC), covering checking and savings accounts, money market accounts, and CDs. In general, almost all banks have FDIC insurance, protecting a consumer's money in the unlikely event of a bank failure.

Variety of Accounts

CIT Bank has multiple savings accounts and savings options available for consumers in addition to an eChecking account, allowing consumers to choose the best bank account for their needs. 

Consumers who are looking for a savings account can choose from the CIT Savings Builder account, similar to a high yield savings account, or CD accounts, or a money market account. Each savings option provides competitive interest rates.

No Monthly Fees

No matter which type of account you choose to open with CIT Bank, there are no monthly fees. This means that you will not be penalized for not meeting specific account requirements, such as maintaining an account balance over a certain threshold. This can provide consumers with peace of mind and flexibility that they will not be charged anything extra on their accounts.

Most online banks do not have monthly fees, but it is important to research any other fees that the bank may charge. Up front, it appears that CIT Bank has no additional fees.

Competitive Rates

CIT Bank has some of the most competitive rates in the industry, with higher than average APY rate on savings accounts — much higher APYs than you will likely find with a traditional savings account at a brick-and-mortar bank.

For example, the CIT Bank Savings Builder account has an interest rate up to 0.55 percent APY, which is nearly 10 times the national average of 0.8 percent APY. From the first day that the account is opened, consumers can earn an interest rate of 0.548 percent APY through the first evaluation day. To continue earning up to the 0.55 percent interest rate, consumers must maintain a balance of $25,000 or more, or make at least one monthly deposit of $100 or more.

The CIT Bank Money Market account also offers a much higher APY than the national average at 0.60 percent APY. Interest rates on CDs are also high, allowing the consumer to save more money over time.

Online banks are generally more likely to offer higher, more competitive APY rates than traditional banks, but CIT Bank has been recognized as one the 10 best online banks two years running (2018 and 2019) by GOBankingRates. Therefore, if you are looking for the best rates possible on your savings accounts, CIT Bank could be a good choice for you.

Checking Account 

In 2019, CIT Bank began offering an eChecking account. The account has an interest rate of 0.10 percent APY for balances under $25,000. If you want a higher APY of 0.25 percent, you must have a minimum balance of $25,000 in your account. 

The eChecking account provides consumer with a debit card, as well as the ability to deposit checks and make unlimited withdrawals and disbursements through the CIT Bank mobile app. Through the app, consumers can access their account at any time and can have the peace of mind that all their banking is available at their fingertips.

Although the checking account has no monthly fee, there is an overdraft fee on insufficient and unavailable funds, both of $30. A consumer will also be charged if they use their card at an ATM, but CIT Bank does provide a monthly ATM fee reimbursement up to $30.

On-the-Go Account Access

As an online-only bank for consumers, CIT Bank has a mobile app consumers can use to manage and conduct bank transactions. This can provide consumers with flexibility and peace of mind, that no matter where they are they will be able to access their banking information.

The Bad

  • Difficulty Moving Money
  • No Physical Locations or ATMs
  • High Minimum Deposit for Checking Account
  • No Credit Cards

Difficulty Moving Money

When opening and maintaining a CIT Bank account, you cannot deposit cash into your account. All deposits must be made via funds transfer (ACH), a mobile deposit through the CIT app, a free wire transfer, or by mailing a check to the CIT office. Besides check, these are all electronic transfer methods. Funds cannot be added to the account via direct deposit. 

Transactions can be difficult if you plan on moving your money around. Additionally, this means that setting up an account with CIT may be difficult if you don't have an existing bank account (with a routing number) to transfer the funds from.

No Physical Locations or ATMs

As an online bank, CIT Bank has no physical branch locations or ATMs. This may be problematic for some consumers that prefer being able to visit a branch location as needed.

The fact that CIT Bank offers a checking account but has no ATMs is somewhat inconvenient for consumers, as they will have to pay fees if they ever need to withdraw cash from an ATM. It would be important to be mindful of your ATM usage, as those fees can pile up. CIT Bank does provide a monthly ATM fee reimbursement up to $30, but even then this may not be preferable for all consumers.

High Minimum Deposit for Checking Account 

The minimum opening deposit for the CIT Bank eChecking account is $100. This is quite high within the industry, as some other online banks allow consumers to open checking accounts with a $10 to $25 minimum deposit.

No Credit Cards

Many online banks, including CIT Bank, do not offer credit cards. For consumers looking for credit card options, online banks such as American Express or Discover may be a better option.


The Bottom Line

For consumers looking for high APYs and flexibility, CIT Bank could be a great online banking option. Offering some of the best rates in the industry, CIT Bank surpasses its competitors by offering APY rates that consistently exceed the national average, and it has been recognized as one of the 10 best online banks for both 2018 and 2019.

With the company's new checking account offering, consumers have more banking options available to them, allowing them to manage their money all in one place. With CIT Bank's mobile app, your banking information is available at your fingertips, and you can manage transactions on the go. As an online bank, CIT bank has no physical branch locations or ATMs. This could prove to be an inconvenience if you like to have the traditional bank option of visiting a branch location or speaking with a bank associate when needed. In addition, if you ever use an ATM to withdraw cash from your checking account, you will be charged a fee as CIT Bank does not have any of its own ATMs.

Overall, CIT Bank has competitive services and offerings that will likely prove advantageous for the majority of consumers. CIT Bank reviews are limited, thus we would recommend CIT Bank based on their services, but cannot provide any recommendations based on customer reviews.

If you have, or are currently banking with this financial institution, please leave a CIT Bank review and tell us about your experience.

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28 Reviews

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Mark Stansell Boynton Beach, FL

So CIT Bank's savings accounts do have a higher rate than most banks. HOWEVER there is a catch and here it is. When you deposit money into the account, it isn't "available" for 5 to 7 BUSINESS days per their policy. So what does that mean? They have your money, they invest it to make money off of it, and you can't touch it for that time period. We all know that banks use our money to make loans and investments at a much higher rate (often 200-1000% higher) and they thank us by giving us 0.01% to 0.5% interest. I'm ok with that because I know when I make the deposit that is what is happening, but with every other bank on the planet, when I make a deposit, ESPECIALLY an Automated Clearing House transaction, I have access (can withdraw) that money the next day and often times a few minutes later. CIT Bank takes the "hold" idea to a new level in an unapologetic manner. I am closing my account.

3 months ago

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James Newark, DE

The on line savings bonus, (Feb, 2021) of $300 for a deposit of new money of $50,000 was interesting so I jumped thru the hoops they asked for and wire transferred the funds only then was I told that the bonus offer was withdrawn. Just hope I can transfer funds to another bank that puts the people making the deposits - first.

2 months ago

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Shawn Savage Grapevine, TX

took debt consolidation loan turn out to be fraud. citibank locked my account and would not return my money. told to open new account by their ceo i did and they locked it down and refused to refund my money. even when i told them i have corvid 19 and i was given a month to live and thats when it got worse they wouldn't even talk to me any more. they are unprofessional, un trust worthy, lie to you over the most stupid stuff they are just a bad bank, . if they had a negative rating they would get a negative 20. needless to say i got that fraud check turned it over to Florida police and it was from cash advance . i not sure what to do yet. but i cant go see lawyers about to lose my care and my electricity get turned off tonight. 12/01/20. even the ceo lied to the BBB so if the ceo does what more can you expect from their employees. I half tempted to take this virus up to one of the branches and walk in and see what kind of service i get then. but hell they wouldn't even care i bet. they will tell you they are in Singapore. They just suck stay away or you will have the same or worst problems than me. they are gonna hate it if i die because i could get my money to get my medicine.

5 months ago

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Wayne Young Little Rock, AR

CIT bank is a great savings account for us. We picked it because of the good interest rate on our savings account. We are able to easily access and transfer our money anytime also.

8 months ago

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coco Palm Bay, FL

I was apprehensive about transferring a large amount of money to an online only bank I had never heard of. And I did have the panic moment the first week when I realized I did not know my account number, and my password did not work. But when I called, Customer service was great and got all my issues resolved quickly. The high rate of return has been wonderful. I agree with others this is a bank for saving, and I too have another for my daily activities.

1 year ago

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Yao Senyo New York, NY

I like this bank in terms of their high yields and long term benefits. If you are poor and cannot afford to dump large sum of money into savings this bank is NOT for you. This bank (along with others like it) is structured for people with money who want to invest for large gain. The more money you invest in them the more return you will get back. I like this bank with exception to their mobile app. The app is so simple with no sophistication what so ever. Platform is so plain even my 2 year old daughter can maneuver around it. All I'm saying is, CIT is a highly reputable institution, I just want their mobile app to step up to the plate and offer some form of sophistication (fingerprint login, quality interface with modernness). Ally bank's mobile app make CIT's look like something that was created in the 90's, a complete joke!

1 year ago

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Greg Sunnyside, NY

The application process is a little cumbersome and the website has very few bells and whistles, but what I was looking for was a bank with a good savings account rate, and they delivered. I know that I will not have access to the money for 7 days after I deposit the money in my CIT bank account. They say so in their paperwork if you bother to read it. When I go to the website, I can see the balance in my account and the amount of interest I make each month. I don't need too much more than that. I also can ACH transfer the funds to another bank if I need to move funds out. This bank is fine. The complaints from others are unwarranted. Those who want great customer service should open up an account at their local savings bank who will give you lots of customer support and no savings account interest in return.

1 year ago

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Terri Riverdale, GA

Highest rate on my savings, compounded that I can find anywhere. Perfect bank for me because I don’t need to chat, just increase my savings. I have another brick and mortar bank for other financial transactions. Yes, it took a minute to open the account, not a lot of sales people free, but I assumed they were busy opening accounts for others interested in high yield savings. This works great for me!

2 years ago

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Diane Vargo Katy, TX

HOA payment site does not work. No one actually will answer the phone when you call to get help. Customer service is nonexistent. Neither my subdivision accounting management firm nor I could get the bank to fix my account during the past month, over 30 days now, so that I can make my HOA payment. I don’t know what I can do to simply pay my bill !!!

4 months ago

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AJBansen Spokane, WA

Apologies in advance for the length of this review and any stilted language.  I want to share a cautionary tale without exploitable personal details.  We've tried quite a few online banks and thought we'd found a good match with CIT, which was great until a family member passed away.  As the executor / personal representative it took me THREE MONTHS to get the account fully claimed and closed.  All other banks I worked with had much less onerous requirements and it took only days.  CIT required an original death certificate via mail (pretty standard), copies of all beneficiaries' IDs, as well as snail-mailed NOTARIZED requests for what to do with the funds - the only one that required this.  Speaking of beneficiaries, don't designate them unless you have good reason to.  The bank couldn't tell me who they were but also didn't notify them, so if I had not had an Aha! moment and figured it out I'm not sure how long they would have kept money that wasn't theirs, continuing to profit from it and roadblock the heirs.  If it had just gone to the estate the executor would have been the only one having to jump through their hoops.  On top of all this, of the dozen or so customer service reps and supervisors I dealt with only one, Sonja, gave me the impression that she actually wanted to help me.  The rest could only seem to read from their scripts, or in the supervisors' cases act like I was terribly inconveniencing them.  So, questions I've learned to ask when shopping for an online bank.  One, check into their requirements to claim an account if the owner should pass away.  Two, what are the daily & cumulative transfer limits in and out of the account (this was one thing we liked about CIT.)  Three, check into their communication avenues.  CIT had both phone and email support but no chat option, and it took them about 5 days to respond to every email.  Others only have phone, and personally I prefer email for both expediency and having a written trail.  I hope this helps someone else avoid extra stress.  Settling the estate of a loved one is hard enough without bureaucratic aggravations. 

9 months ago

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Kim Lam Irving, TX

I've have money account with CIT bank. And been request to close the account and draft my money out. I have set up the External Account transfer to transfer the money back to my account. But it's took them a month. email back and forth but it's has not been process. And now my month is stuck with them. I am not sure what is going on. When i have run couples test and see the testing transaction in/out from my bank account. But not a full amount of the request of closing account. and they're reply to my message that my External Transfer has not been setup. please think twice if you really want to invest your cash with CIT BANK.

10 months ago

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Mike Pompano Beach, FL

I opened up a savings builder and transferred $100 over today. I navigated through the website and peeked around with the security . The website is nice on the eyes. ButI am always concerned with online bank security and 2FA has to be working Now I would love to transfer alot of money $100k over to this bank at a 1.75 rate. The problem is their 2fa security is lacking. It works initially but then it never invokes after that. They use cookies and such and normally clearing cookies browsing history etc will Force the 2FA. but even that does not work. Calling them is of no help . they just do not know what they're doing and their reps seem like they don't care. There is no way I can transfer the kind of money I want to transfer to a bank like this. I tried. It's on to MArcus I suppose

1 year ago

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Betsy H Hopewell, NJ

Getting through on customer service phone line a remarkable time suck. I just hung up after a 15 minute wait. This has happened 75% of the few times I have called. Push 1 to have CIT Bank call back instead of waiting? The technology not there: pushing 1 does nothing. The interest rates are good, though, so I think this must be in their model: don’t invest in the customer service side of things. I’d move on to another online bank, but rates are good and it’s a hassle to start over elsewhere. They know this.

2 years ago

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EmundS Olympia, WA

I use Quicken to monitor my financial matters. Especally for checking for fraudlent transactions. I had 12 of them just last week. One sign in with Quicken and I could view everything in one step, make the call and stop the transaction. Control does not come from how hard it is, but how easy it is for the customer to monitor for fraud. CIT interferes with the Quicken one step process. They are aware of this and refuse to change. The banks and the financial software vendors must work as a team for security, and not in opposition as CIT does. Simply arrogant.

1 year ago

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Myron O. Everson Parrish, FL

I opened 5 CD's with over 250K 3 years ago. I have had nothing but trouble with them. Trouble opening and especially getting my money back. Contacted them In June to tell them how I wanted the money forwarded to me at maturity in Sep. Was told I would have to call back again within 30 days to confirm that I still wanted the CD Cashed. Called 10 days prior to maturity and after much difficulty in attempting as to how to obtain my 52+K I finally told them to mail the check. Now 3 days after maturity I called to ensure that the check was mailed. I was told the CD closed and THAT I WOULD HAVE TO WAIT ANYWHERE FROM 7 TO 10 BUSINESS DAYS FOR THE CHECK TO PROCESS. DON'T DEAL WITH THIS BANK THEY ARE NOTHING BUT TROUBLE.

2 years ago

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Kevin Powers Levittown, NY

Worst experience EVER with an on-line bank. Their website inconveniences the customers. Lots of of computer glitches when attempting to set up an account. While attempting to set up an account for a 1 year CD for $25000, there was many glitches along the way making it look like the account was never set up and that the linked account where funds were going to come from were never set up. Some of the pages would not reload causing end user to "try again" only leading to more confusion. Upon calling there customer service they stated that 2 CD accounts were in fact started and that money would be withdrawn from my destination account to fund both accounts to the tune of $50,000 dollars. I made it know to the agent I was attempting to set up only 1 CD account. As we were speaking I was trying to explain to her that I was on web site at that very moment and even then the site was telling me there was no funding account set up for any account. When she told me there was nothing she could do I immediately called my bank to block CIT from withdrawing ANY funds from my account and rest assured I will never be doing business with them again

2 years ago

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David Kohl

Horrible experience with their service. Terrible, disorganized website. Tried to open an online savings account for $100,000, instead they opened two (2) savings accounts for $100,000 each -- without my knowledge, of course. More than that, they attempted to ACH $200,000 from my funding external bank account, instead of $100,000. The customer service is totally incompetent, they are not able to comprehend basic things. The customer service manager is unprofessional. All in all, there were not able correct the situation (I simply asked them to delete the second account I never requested to open in the first place, but they could not do that) and they seemingly got prepared to rip off my external bank account by withdrawing $200,000. I had to urgently drive to my non-CiT bank involved in this to put stop payment on any attempt by CiT bank to withdraw funds. This bank is a joke, a sad joke.

4 years ago

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Brenda Chattanooga, TN

My CD matured on 7/8. I called to have the money transferred to my checking account and was told I had to send an email requesting closure which I did. 2 days later I called as the money was not transferred. I was told that I had to submit a "closure form" and provide a routing and account number which they already had! 7/12 and I am still waiting for the transfer of funds. This delay caused me to miss out on another attractive CD rate. CIT is great until you want to access your OWN money!!!

1 year ago

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James Brown Rancho Santa Margarita, CA

Do not use this bank, the website and online services are beyond horrendous and any skilled user will find themselves immediately agitated and horrified. I'm pulling all of my money out ASAP and I suggest anyone else do the same and/or NEVER open an account here. I would rather take the .01 percent lower APR with a Bank that this competent then have my money with CIT. RUN RUN RUN RUN RUN RUN..I can't stress that enough.

2 years ago

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L. A. Dougharty La Quinta, CA

I had CDs with this bank. When they rolled over, CIT Bank never gave the best rate. For example, I had a Bump CD paying 1.25%. (it never bumped during the 1 year term even though interests rates were rising). CIT Bank renewed it at 1.25%! When I said this wasn't sufficient, the Bank upped the rate to 2.50%. I declined saying I did not want to do business with the Bank. I asked my funds be sent by external transfer. The Bank said I had to go through several steps to get my money so it can hold my funds and pay no interest. Stay away from CIT Bank.

2 years ago

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rbcit Bismarck, ND

Recieved a letter from CIT, said they lost my e-mail address, and I should call them . I spent 56 minutes with a representative, who gtold me she could not figure out how to get me online to view my balance, and could not tell me if I had a balance!. She told me to call back 2 hours later, which I did and spent another 18 minutes on hold before finnaly reaching someone who said they will send me a statement! I'll be surprised if I get it! BANK LOCAL

4 years ago

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Go Plan Las Vegas, NV

Company is super slow. Terrible mortgage process ask for a ton of paperwork and can’t determine approval early need months and months and can’t process information quickly. Avoid them it’s a waste of time

11 months ago

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Sanni C Kansas City, MO

Run away from this bank when you see this review. It will save your time and money. Don't deal with IT. The core value of this bank is taking full advantage of you from the contract. They work with other small business and get other small business's money. Trust but verify.

1 year ago

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Buck Steere Shreveport, LA

I wish I could give this "Bank" zero stars. The process is horrific, and the hold times are beyond abnormal. It has been 7 days and they still have not released my funds nor do they have any record of the promotional bonus they promised to pay. I will bank local after this and gladly take a slightly lower return.

1 year ago

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henry Lynnfield, MA

Is there a zero star rating? They respond to on line customer service request via your account with an automated message to call customer service- every time no matter what the request. Worse customer service on lie - they could care less. Not sue how this bank keeps any customers.

2 years ago

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Laurel Keeley Washington, DC

I spent 3 hours trying to operant account with Cit Bank today. Almost all of this time was on hold trying to get answers to mistakes THEY made online. Just gave up and told them to cancel the account , if one really existed.

2 years ago

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Kelly911 Central Point, OR

They pay the highest interest rates that I've found online.

1 year ago

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Dmk Waukesha, WI

It has been over a week and I cannot get access to my money after I opened a new account

1 year ago

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