CIT Bank Reviews 2023: Mortgage, High Yield Savings, Money Market, Customer Reviews & More

To keep the lights on, we receive affiliate commissions via some of our links. Our review process.

Looking for a way to maximize your money without having to invest it in the stock market? Savings accounts are traditional a way to keep cash stashed away. However, most brick-and-mortar banks’ interest rates are so low (around .01%), that it’s not doing much for you. Thanks to online banks, you can earn up to 1-2% annual percentage yields (APY) while having access to liquid assets should you need it.

Online-only banks have less overhead with branches and thus pass the savings on to you in the form of higher interest rates. CIT Bank is the leading online saving account when it comes to APY with several options that are some of the highest in the market. In our CIT Bank review, let’s take a look at their offering and learn why it might be worth moving your rainy day fund to a better bank.

Visit CIT Bank’s Website

Article Overview

CIT Bank

Customer Service 4.5
Interest Rates 10.0
Minimum Balance 9.0
Fees 10.0
Features 8.0


  • Insured and reputiable bank
  • Lots of investment options
  • Low minimum balance requirements
  • No monthly fees or penalty fees
  • High interest rates
  • Wide-variety of finacing options available


  • Long wait times for customer service
  • Limited hours for phone support
  • Some lag time with transfering funds & deposits

12 Key Features Of Cit Bank

  1. A division of First Citizen’s Bank and Member FDIC
  2. 8 times higher than the national average for savings accounts
  3. No ATM fees (up to $30 per month in reimbursements from other banks’ ATM fees)
  4. No monthly fees, no overdraft fees, no fees for checks or incoming wire transfers
  5. Debit card, mobile deposit, electronic transfers, and online bill pay
  6. Low minimum balance requirements to open new accounts
  7. Established in 1908, with more than 100 years of experience
  8. Top 20 U.S. financial institutions with more than $100 billion in assets
  9. Offers business, mortgage loans, commercial & community association banking in addition to personal banking
  10. Provide educational resources and online tools to help you learn about money and meet financial goals
  11. Award-winning bank in several categories from multiple reputable sites
  12. Company takes pride in social and corporate responsibility, sustainability efforts, and diversity

Top 8 Products With Corresponding Interest Rates & Minimum Deposits

  1. Checking: 0.10-0.25% APY ($100 minimum deposit)
  2. Savings Builder: 1.00% APY ($25,000 balance or $100 monthly deposit)
  3. Savings Connect: 2.40% APY ($100 minimum deposit)
  4. Money Market: 1.55% APY ($100 minimum deposit)
  5. Term CDs (6 month to 3 years): 0.30-2.10% ($1,000 minimum deposit)
  6. No-Penalty CD (11 months): 2.5% APY ($1,000 minimum deposit)
  7. Jumbo CDs (2-5 years): 0.04-0.05% APY ($100,000 minimum deposit)
  8. RampUp CDs (1-4 years): 0.25% APY ($25,000 minimum deposit)

Customer Reviews

So what do people think of their savings accounts? Here are some recent CIT bank customer reviews.

Positive Reviews

I moved money from my Bank of America savings account to CIT Bank and started seeing a huge return on my deposit. In the first month alone I recieved a $87+ interest deposit (which is more than I would have made in years with it sitting at BoA). Opening an account was super easy and took a matter of minutes. The approval process took a few weeks to transfer the funds, but I contacted customer service and they were super helpful in walking me through the process and timeline. They even helped me set up my online account to access my checking and savings accounts digitally. I am kicking myself for not moving my money to a higher yeilding savings account years sooner but glad it’s finally in a better place to start getting more bank for my buck. -Sadie, Safe Smart Living 8/18/2022

Couldn’t ask for better service and the interest rate was best online rate I have ever got by 5 points. I don’t think my local credit union would have been able to touch it thanks again for everything. Brad M., TrustPilot, 3/11/2021


I opened a savings account years ago when my son was a minor. I am the custodian. Last winter they contacted me and said we had to close the account. I asked them how. They said send a letter saying we wanted to close the account so I did. Then they said it had to be notarized so this summer when my son was home from college, we both went to my local bank where they know me. and got a letter notarized that we both signed. Then I got an email saying they wanted to verify my identity and to call them. So I did and answered all their questions. Then I received an email saying I needed to call again. So I called and they now say they want an acknowledgement letter from the notary. I asked if they had the form but they said no. I called the notary and she has no idea what it is and neither do I. At this point I think they are just trying to keep my son’s money. Ive never heard of jumping through such hoops to close an account they asked us to close. –  Dee Dee, TrustPilot, August 31, 2021

I am very unhappy with CIT. I had a rather large CD (almost $100,000) come due on July 21. It is now August 2, and I dio not have my money. – Carol A., TrustPilot, 8/4/2020

How Does CIT Bank Compare To Other Online Banks?

Visit CIT Bank’s Website

CIT Bank isn’t the only online bank offering competitive savings interest rates. Check out our review of the best online banks for savings where we compare other top banks including Ally, Discover, Barclays, and more. We even have a comparison table so you can see apples to apples how they stack up in terms of APY, minimum deposit, monthly fees, and features.

Tagged With:

The information provided through this website should not be used to diagnose or treat a health problem or disease; it is not intended to offer any legal opinion or advice or a substitute for professional safety advice or professional care. Please consult your health care provider, attorney, or product manual for professional advice. Products and services reviewed are provided by third parties; we are not responsible in any way for them, nor do we guarantee their functionality, utility, safety, or reliability. Our content is for educational purposes only.

About The Author

Notify of
Inline Feedbacks
View all comments