CIT Bank Review: Best Account For You

CIT Bank is an online financial institution that aims to earn high yield savings, and has various account options to go about it. To find out if CIT Bank is right for you, continue reading this review below.

Since CIT is an online bank, they don’t offer checking accounts, but they are dedicated to helping you save responsibly. Their site and mobile apps are easily navigable so you can conduct all your banking on the go.

The interest rates are tiered with each savings account, but they also increase significantly each time you deposit more money.

*View the latest CIT Bank promotions here.*

Savings Account Options

CIT Bank offers two savings accounts, but both can earn competitive interest rates. You can even transfer your savings to other CIT accounts or other bank.

Compare Savings Accounts

Checking Account Alternatives

Money Market Account Options

Money Market accounts allow for a higher yield and gives access to your funds with either checks or a bankcard. CIT Bank has a pretty decent money market that earns high interest.

The CIT Money Market account offers much higher interest rates than the High Yield Savings. It is also considered the most flexible option as well.

Offering a competitive APY for every new account opening. To earn the current APY (see table below), all you have to do is open the account with at least $100.

A notable perk that this particular account comes with is the option to send money through People Pay.

There are no monthly fees or minimum balance requirements to maintain as well.

CD Account Options

CIT Bank offers a variety of CDs, and their CDs are known for earning extremely high competitive rates.

Compare CD Accounts

Uniform Transfers to Minors Act Accounts

CIT Bank doesn’t have a separate youth savings account, but any account can be set up as a custodial account for minors.

This means that the account can be in the child’s name, but you as their guardian have control over it until the child becomes 18.

Reasons to Bank with CIT Bank

• All the accounts have a low minimum deposit of $100 to open to compensate for not having to pay monthly fees or keep minimum balance requirements.
• All the accounts earn high interest rates, some earning tiered and each account is compounded daily so you can maximize your earnings.
• Do all your banking online in the comfort of your own home or on-the-go anytime, anywhere.
• They have a variety of CD options and even a no penalty one. Unlike most banks, they might not offer no-penalty CDs. However, CIT Bank offers them and allows you to withdraw money after 7 days of account opening.
• CIT Bank cuts out excessive fees on all their so you don’t have to worry about overdrafts.
• CIT Bank offers rewards to high yield savers depending on which account they open, but the more money they save, the higher interest they will earn.

Reasons Not to Bank with CIT Bank

• There are no checking accounts so spending has to be monitored by your own means. CIT Bank are more focused on helping you save money to put towards your needs and wants.
• Since CIT is an online bank, there are no physical locations so you have to do all your banking online or over the phone.
• There are no IRA accounts so those who want to open a retirement account are better off looking elsewhere.
• There are no Relationship Rewards or Relationship savings accounts so CIT Bank isn’t the best option if you want to keep all your banking in one place.
• If you are transferring money, electronic transfers might take a few days to come in.
• ACH transactions may be on hold up to about 5 business days, and checks deposited into your account could take up to 7 business days to transfer.

CIT Bank Routing Number

The routing number for CIT Bank is 124084834.

Contact Customer Service

CIT Bank is an online nationwide bank so they have two numbers, one in the United States and one outside.

U.S.: 855-462-2652

Outside of U.S.: 626-535-8964

How CIT Bank Compares

• Chase Bank: Chase is one of the biggest banks in the U.S and offers just about almost everything. Compared to its other competitors, Chase offers much more checking account options.
• Discover Bank: Discover Bank is also an online nationwide bank that offers bonuses for their checking and savings accounts! You can earn cash back rewards when you open a checking account and generous bonuses for opening a savings one.
• Ally Bank: Ally Bank is another online only bank that offers various account options, but they have checking accounts. The interest rates they offer are also pretty high as well.
• Capital One 360: Capital One 360, you can bank fee-free with online and mobile checking that actually pays you back. Whether you’re looking for one of their 40,000 fee-free ATMs or a Capital One location–chances are they are right nearby.

Compare to Other Banks

• CIT Bank vs US Bank
• CIT Bank vs Ally Bank
• CIT Bank vs Wells Fargo
• CIT Bank vs KeyBank
• CIT Bank vs Regions Bank
• Ally Bank vs CIT Bank
• Chase vs CIT Bank
• Synchrony Bank vs CIT Bank

Bottom Line

If you are more interested in earning high yield savings than anything else when it comes to banking, then CIT Bank would be right up your ally.

Even though all their accounts require $100 to open, it’s a good investment when you consider how high of an APY each account can earn.

If you open a CD account with CIT, that would be the most ideal decision, but you can also open a Savings Builder or Premier High Yield Savings account to get the most out of your earnings too.

However, keep in mind that when you look for a checking or savings account be sure to look into all the fees charged. Don’t focus on the interest rate alone, but on what the account will cost you overall.

If you’re interested in banking with CIT Bank, see our list of the latest CIT Bank Bonuses! For more options from a variety of banks, see our list of the best bank promotions!

Helpful Tips:

• What Are CIT Bank’s Hours?
• CIT Bank Routing Number
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• How To Use and Find Your CIT Bank Login