Banking » Bank Review » CIT Bank Review 2021 – Low Cost Products, Competitive Rates
Advertiser Disclosure

This website is an independent, advertising-supported comparison service. The product offers that appear on this site are from companies from which this website receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). This website does not include all card companies or all card offers available in the marketplace. This website may use other proprietary factors to impact card offer listings on the website such as consumer selection or the likelihood of the applicant’s credit approval.

This allows us to maintain a full-time, editorial staff and work with finance experts you know and trust. The compensation we receive from advertisers does not influence the recommendations or advice our editorial team provides in our articles or otherwise impacts any of the editorial content on The Smart Investor. While we work hard to provide accurate and up to date information that we think you will find relevant, The Smart Investor does not and cannot guarantee that any information provided is complete and makes no representations or warranties in connection thereto, nor to the accuracy or applicability thereof.

Learn more about how we review products and read our advertiser disclosure for how we make money. All products are presented without warranty.

CIT Bank Review 2021 – Low Cost Products, Competitive Rates

CIT Bank is offers several easy-to-use and low-cost financial products which are designed to suit busy lifestyle and needs.

We may receive compensation from companies that appear on this page. This may impact how and where products appear on a page (including, for example, the order in which they appear). It doesn’t affect our unbiased editors’ opinions. our opinions are our own.

CIT Bank Review

CIT prides itself on focusing on helping individuals and new businesses save and grow their money in any way possible. They offer a wide range of financial products, with everything from checking and savings accounts to CD’s and money market accounts. They want to make financial products easy to attain for every business and individual.


Not only do they take pride in offering some of the best financial products around, but they take pride in the way they run their business. With CIT you can find a focus on financial and personal empowerment which you can’t find anywhere else. 

They also encourage their employees to spend time volunteering, and they do their best to give back to the Southern California community which has given so much to them.

cit bank logo

On CIT Bank Secure Website

Account Types

– Savings Account
– Checking Account
– Certificate Of Deposits (CDs)
– Money Market Account

Minimum Deposit

$0 – $1,000



CIT is a national bank that was founded in 1908 by Henry Ittleson who wanted to bring banking to his local St. Louis, Missouri community. 

In the years since, CIT has been on a massive growth trajectory, establishing branches all over the country and as far away as Canada. They have acquired a number of other banking companies during their growth, including the Mutual Bank of Omaha which was officially integrated into their network in 2020.

Bank Reputation - Customer Ratings, Financial Strength

  • A- on BBB  BBB assigns ratings from A+ (highest) to F (lowest). BB ratings are based on information in BBB files with respect to factors such as business's complaint history with BBB, type of business, time in business, transparent business practices and more.
  • Fitch: BBB-   Fitch rating scale running from a high of AAA to a low of D.
  •  J.D Power Research – We considered J.D. Power’s national banking satisfaction study 2020.

J.D Power offers the most comprehensive and independent study of customer satisfaction. The study aims to help consumers and issuers to understand user opinions and ratings of the largest bank in the country. It covers customer satisfaction, products,  fee structures, digital customer experience, transparency and more.

JD Power National Banking 2020

Here are the main products CIT bank offers for savers:

Savings Account

cit bank logo

Initial Deposit


Minimum Balance




The CIT Bank Savings Builder savings account has loads of benefits and features which will make saving easy. CIT Bank has one of the highest interest rates in the country, offering 0.4% APY to their customers as long as they maintain a balance of $25,000 or deposit at least $100 per month into their account. And with no account opening or maintenance fees, you can simply sit back and watch your money grow.

Even if you don’t have enough dollars to earn the upper-tier interest rate right away, CIT Bank offers many competitive interest rates to get you started. And no matter how much money you start with, they offer a great introductory interest rate for new customers. All interest earned with CIT Bank compounds daily to maximize your earning potential. You can easily deposit into your CIT Bank savings account using their mobile app, so no need to make a trip to the bank every time you wish to deposit.

There are some limits to their savings account, however, and you will be limited to only 6 withdrawals per billing cycle. So, if you think you will need to access the money in this account more frequently, it’s probably better to consider a checking account instead.

eChecking Account

cit bank logo

Initial Deposit


Minimum Balance



0.10 – 0.25%

CIT Bank offers a solid checking account to fulfill all your needs. First of all, the barrier to entry is low with only a $100 minimum deposit required. And no matter what your account balance, you can earn competitive interest rates on the money in your checking account.

Each holder of a CIT account is issued a debit card with chip technology. And withdrawals are free at all CIT ATMs. If you need to use an ATM outside of the CIT branch, that’s okay too, as they reimburse up to $30 of ATM fees each month, which basically gives you easy access to your money for free.

The convenient CIT mobile app means you can check your balance, send Zelle payments, and deposit checks all from the convenience of your phone. And if you work weird hours, don’t worry as these features are available around the clock. The best part of all? A checking account with CIT has no monthly fees.

Money Market Account

cit bank logo

Initial Deposit


Minimum Balance




For those of you looking to grow your money as efficiently as possible, consider a CIT Money Market Account. This account offers competitive interest rates to help you achieve all your money savings goals, whether this is for an emergency fund or maybe a new home for your family.

There is a $100 minimum opening deposit to open a money market account with CIT, but there are no monthly fees, making it easy to grow your money. All accounts with CIT are FDIC insured, so you can rest assured that your money is in safe hands. And CIT offers competitive interest rates which are 7x the national average.

Although CIT’s Money Market account has the same transaction limit as their savings account with only six withdrawals allowed per billing cycle, depositing and transferring is kept simple thanks to their amazing mobile app. No need to wait in line at the bank or in the drive-thru, as you can manage your money 24/7 from the comfort of your cellphone.

Certificate Of Deposits (CDs)

cit bank logo

Initial Deposit



6 months – 5 years


0.3 – 0.5%

CIT offers a number of CD options to suit every budget and savings style. Their most famous CD is their 11-month no-penalty CD, which is aptly titled as you will not receive any penalties if you need to pull this money out before the 11-month maturity date. While your money is in there, however, enjoy a competitive 0.30% APY without worrying about the risk.

Whatever CD account you may choose, there is a $1,000 minimum opening balance, with an APY which goes up the longer you can leave your money in the specified account. There are no account opening or maintenance fees, which helps ensure you earn the maximum amount of money. Interest is also compounded daily to allow better returns.

Which CD you select will depend on your individual needs and how long you can do without using the money you will be putting into your CD. These types of accounts are best used for long-term savings such as when you are saving for retirement. Just like all of their other accounts, all funds up to $250,000 are insured by the FDIC so you know that your money is in good hands.

If you are a new customer, you are restricted to the types of CD accounts you can open. If you are a returning customer you have a wider selection of CD accounts available to you, such as a ramp-up CD. Inquire with CIT Bank for more information about all of their CD account types.


Let’s take a look at the benefits of CIT Bank and see if it’s the right bank for your needs:

CIT Bank offers a basic package for customers who want a checking account, without all the bells and whistles.

Although you don’t get paper checks, their app and website make it easy to use your account to pay all your bills digitally. And the best part is, this account is free as long as you have a direct deposit each month into your account.

Besides offering low fee and inexpensive financial options, one of the best things about CIT bank is they offer a wide range of products.

This means if their affordable banking package isn’t for you, you have the freedom to choose an account that is better for you. They currently offer a wide range of accounts to suit any financial need.

Whether you prefer to use an online website or their mobile app, all of their products are easy to navigate.

This means you can easily pay all your bills right from your phone each month without any additional confusion. And if you do need help, their customer service number can easily help you with any issues.

CIT bank offers competitive rates compared to industry average on almost all financial products it offers.

Since it's an online bank, the low cost of operations help the bank stay competitive and offer better rates for its customers


Here are the most important cons you should consider before applying:

Although their accounts can be free, this is often only an option available to those who keep a specified amount of money in their account. And this amount can be very high depending on your lifestyle and spending habits.

If you are the type of individual who frequently overdrafts their account, be aware that CIT Bank does charge overdraft fees, even if you have money in an adjacent account to sufficiently cover your overdraft purchase. Although the fee is only $10 each time, this can quickly add up.

CIT Bank does have several international locations which can be helpful when you travel abroad, however, this doesn’t mean their accounts are without international fees.

Their fees vary based on your account package, so make sure you look into these if you plan to make some withdrawals overseas.

Application Process

step 1: Visit the CIT bank homepage and click “Open an account.”

cit bank application process -2 cit bank application process -3


step 2: Next, indicate if it the account is going to be an individual or a joint one and fill in your personal information, such as your names, and SSN, then click “Continue.”

cit bank application process -4  cit bank application process -5


step 3: Next, fill in your contact info, such as your address, city, state and zip code. Also, you should add some details about your emloyer:

cit bank application process -6cit bank application process -7

step 4: Next, you should review and sign some forms as part of the account agreement as following:


cit bank application process -10 cit bank application process -9

step 5: Next, fund your account and complete account setup.

cit bank application process -11 cit bank application process -12


Is CIT Bank legit and safe?

CIT is an established bank with a long running history. It has created a solid reputation and all accounts are protected with FDIC insurance. So, you can rest assured that this is a legit and safe bank that will keep your funds and details secure.

Is CIT bank a real bank?

While it is primarily online, CIT is certainly a genuine bank. You can access checking accounts, savings accounts, CDs and other money market products. Many of its rates are quite competitive and there are no monthly maintenance fees, but there is a minimal free ATM network.

Is CIT Bank a good bank overall?

CIT is not encumbered with the expense of local branches and a large ATM network, but this does mean that you can enjoy higher rates compared to traditional bank accounts.

It is a good option for those who prefer digital banking where you can access competitive rates and even benefit from ATM fee refunds.

Which is better: CIT Bank or Aspiration?

Like CIT, Aspiration is primarily an online bank, but CIT has a far better reputation. While Aspiration does offer fee free accounts and access to an ATM network, this bank does have a poor reputation with complaints about its customer service.

So, while Aspiration may have some accounts with better rates, CIT is likely to be a better choice for most customers.

Is CIT Bank better than SoFi Money?

While SoFi aims to offer a simple banking solution for most customers, all of your funds are combined into one account. Although this does attract 0.25% interest, it can make it tricky to effectively manage your money.

CIT offers checking, saving and money market accounts, so you can more easily control your finances to ensure the best rates and greatest accessibility to your funds. You can have checking accounts with a debit card for your everyday spending, but easily transfer excess funds into your savings account online or via the app.