CIT stands for Commercial Investment Trust. It was founded in 1908 by Henry Ittleson and financed wholesale purchases for merchants. As the company grew, it added auto, manufacturing, and consumer product financing. By the 1950’s, CIT had focused its profits in the areas of transportation leasing, lending, and investments. Today, its headquarters is in New York, New York. It focuses on high-interest savings account options in the online banking industry. Its banking services and interest rates draw thousands of customers.

 

The Good

  • Flexible CD Options
  • Money Market Accounts
  • Offers Mortgages

Flexible CD Options

CIT Bank offers eight different term certificates of deposit (CDs), one no-penalty CD, and four “jumbo” CDs. The classic term options each require a $1,000 minimum opening deposit and offer various APYs (annual percentage yield, or interest rates) depending on the term length, which range from six months to five years.  

The “no-penalty” CD refers to the fact that this option has no penalty or fee if you access your funds before maturity (before the end of the CD’s term).

The “jumbo” CDs require a minimum opening deposit of $100,000 with terms ranging from 2 to 5 years. These CDs offer an APY between 1.45-1.75 percent.

CIT Bank doesn’t charge any fees for opening an account. There are also no monthly or annual fees.

Money Market Accounts

CIT Bank offers a money market account with a current APY of 1.85 percent. This account is FDIC insured. To open an account, CIT will need some personal information including your address, phone number, email, and social security number (or other taxpayer ID). This account requires a minimum deposit of $100 to open the account.

A money market account is different from a savings account because you can transfer funds out of your account on a limited basis. It’s kind of like a hybrid between a savings and checking account. This is different than a money market fund.

Offers Mortgages

CIT differs from many online banks by offering home loans. Many online banks do not offer any kind of loans. It offers fixed rate loans for 10-30 year loan terms and flexible down payment options.

The Bad

  • Difficulty Moving and Accessing Money
  • Glitchy Website
  • Customer Reviews

Difficulty Moving Cash

When opening and maintaining a CIT 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.

CIT accounts do not have any kind of debit card or credit card. CIT Bank does not have an ATM network.

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.

Glitchy Website

CIT Bank users have complained about the company’s website. There is no search bar option, so finding the information you’re looking for on the site can be tricky. Customers have also complained about the time it takes to actually get the account set up or transfer money into the account. Other customers complained of computer glitches when attempting to log in to their account. However, CIT Bank’s mobile app receives highly positive reviews.

Customer Reviews

Read CIT Bank reviews below. Customers complain about unhelpful customer service, the poor website, and miscommunication about their accounts.

The Bottom Line

CIT Bank offers competitive interest rates for a variety of savings options. Due to the varied options, CIT can be a good place to open a certificate of deposit to save for your emergency fund, a down payment on a home, or other financial goals. If you’re looking for a place to let your cash accrue interest, this could be the bank for you. However, if you will need to frequently withdraw funds or otherwise move your money around, this bank isn’t a good fit.

CIT Bank has fewer fees than other banks. It doesn’t charge monthly maintenance fees on its accounts.

As it is an online-only bank, CIT doesn’t have any branches you can visit like traditional banks have. This results in limited customer service or face-to-face banking assistance.

Check out our reviews section to see what kind of experience people have had with CIT Bank.

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User Reviews

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11 Reviews

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Brenda
July 12th, 2019 Chattanooga, TN DETAILS
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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!!!

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Terri
April 1st, 2019 Riverdale, GA DETAILS
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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!

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James Brown
December 31st, 2018 Rancho Santa Margarita, CA DETAILS
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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.

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Betsy H
December 5th, 2018 Hopewell, NJ DETAILS
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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.

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henry
October 31st, 2018 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.

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L. A. Dougharty
October 2nd, 2018 La Quinta, CA DETAILS
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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.

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Myron O. Everson
September 19th, 2018 Parrish, FL DETAILS
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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.

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Kevin Powers
August 1st, 2018 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

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Laurel Keeley
July 10th, 2018 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.

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David Kohl
May 2nd, 2017

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.

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rbcit
June 13th, 2016 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