CIT Bank Review 2022: Wide Range of Account Options, but Minimum Deposits Required

We want to help you make more informed decisions. Some links on this page — clearly marked — may take you to a partner website and may result in us earning a referral commission. For more information, see How We Make Money.
Good for Larger Deposits
CIT Bank Review
Good for Larger Deposits
CIT Bank Review
  • savings rates icon inactive
    Competitive Rates
  • cd calc icon inactive
    Account Options
  • how to get a personal loan icon inactive
    Minimum Deposits

CIT Bank is a good fit if you want to earn a return on both savings and checking. The bank offers two types of high-yield savings accounts, checking accounts, a money market account, and several types of CDs with competitive rates. Unlike some banks, each CIT account does require a minimum deposit, which varies based on your account type.

NextAdvisor’s Take

  • Competitive interest rates
  • Get reimbursed up to $30 per month for ATM fees
  • No monthly fees
  • Variety of deposit account types
  • $100 minimum deposit for savings accounts
  • $1,000 – $100,000 deposit for CDs
  • Limited to 6 monthly transactions or withdrawals

Additional Details

  • Get up to $30 per month in ATM fees from other banks reimbursed
  • CD options include traditional, no-penalty and jumbo CDs
  • No incoming wire transfer fees
  • Checking account interest rate depends on minimum balance
  • Manage banking transactions and payments using the mobile app
  • Relationship benefits for mortgages: 0.1% off your mortgage interest rate when you deposit 10% of your loan amount in a CIT account
  • Offers mortgage home loans and homeowner assistance to prevent foreclosure
  • Two types of high-yield savings accounts
  • CIT deposits are FDIC insured

Editorial Independence

We analyze and review banks without influence of partnerships or advertising relationships. For more information about our scoring methodology, click here.

CIT Bank Full Review

CIT Bank offers a wide variety of banking products and account types, including savings, checking, and CDs. CIT has two divisions: direct banking (online-only) and branch banks located in a few cities throughout the U.S. CIT’s online division is where you’ll find high-yield accounts with competitive rates. While CIT scores well among the banks we’ve reviewed when it comes to customer service, it lacks the accessibility efforts some other financial institutions are initiating to make banking inclusive. 

Savings Accounts

CIT offers two types of savings accounts. CIT’s Savings Connect is a high-yield savings account with a variable APY. There are no monthly fees, but the account requires a minimum $100 deposit. You can deposit money into the account using the CIT mobile app and interest compounds daily. Savings Connect is the account included on our list of best high-yield savings accounts

The other savings option is Savings Builder, which is a tiered savings account that requires a $100 minimum deposit. This account’s interest rate varies; you’ll have one interest rate when you maintain a balance of at least $25,000 or deposit at least $100 per month, but that rate is lower if you do not meet those account requirements when CIT reviews the account during set evaluation periods throughout the year. 

You can open both accounts online and transfer money online from another bank account, by mail, a wire transfer, or deposit a check via the mobile app. CIT offers unlimited deposits and withdrawals at the bank’s ATMs. 

Certificates of Deposit

CIT Bank has several CD types and terms. Not only can you open traditional CDs with  terms ranging from six months to five years, but there are also jumbo CD options and an 11-month no-penalty CD. A no-penalty CD with a term of less than a year may be appealing as rates continue to increase. You can lock in a competitive rate but still have the flexiblity to move your money elsewhere. 

CIT offers competitive interest rates and compounds interest daily, but opening a CD requires a minimum $1,000 deposit. Jumbo CDs — which are designed for larger deposits — require a $100,000 minimum deposit and have a lower interest rate compared to traditional CDs that CIT offers. 

When your CD matures, it will automatically renew for the same term unless it’s a 13- or 18-month CD. The 13-month CD will become a 1-year term, and the 18-month CD will renew for a two-year CD. 

Money Market Account

CIT’s money market account also has a competitive interest rate and no monthly service fees. Opening an account requires a minimum $100 deposit, and you can deposit money using the mobile app or online electronic transfer from another bank. Or you can mail a check or wire the funds. 

Unlike many money market account’s CIT’s does not come with a debit card or checks to make transfers from your account. Instead, you can transact using electronic funds transfers (via Zelle, PayPal, and others) or wire transfer (thought outgoing wires cost $10 if your account balance is below $25,000).

Checking Accounts

CIT offers an eChecking account, which is a variable interest-earning account based on your balance. There’s no monthly maintenance fee, but you’ll need $100 to open the account.

CIT’s eChecking account doesn’t charge fees for overdrafts, check mailing, online transfers, or incoming wire transfers. You won’t be charged ATM fees from CIT Bank. If other banks charge you ATM fees, CIT will reimburse you up to $30 each month. Plus, you can make unlimited withdrawals and payments when using the mobile app. 

Keep in mind that there are fees for stopping payments, debit card replacement, card rush delivery, international ATM withdrawals, and for outgoing wire transfers if you have a balance less than $25,000.

Other Products

CIT Bank primarily has deposit accounts, but it is also a mortgage lender. The bank offers home loans, and you can get a slight relationship discount if you’re a banking customer. You’ll get 0.1% off your home loan rate when you deposit 10% of the loan amount into a CIT Bank account. 

Lastly, CIT Bank offers homeowner assistance to help prevent foreclosures through loan modification, forbearance, temporary payment reduction, and other programs. 

Customer Experience

Compared to other banks, CIT Bank scores relatively high when it comes to customer service and communication. 

While some app reviews on Google Play and the App Store mention glitches, CIT developers respond to customer app reviews directly. And the bank gets average scores among customer service review sites and studies.

When it comes to communication with the bank, CIT is available through its Contact Center phone line, email, and mail. Representatives also respond to customers via Twitter. 


Compared to other banks, CIT Bank does not have as robust accessibility initiatives. The bank’s website says it is “currently working” to meet usability and design requirements in the Web Content Accessibility Guidelines 2.0 Level AA. 

We reached out to CIT Bank to learn more about the bank’s accessibility standards and will update this review as we receive more information. 

Is CIT Bank Right for You?

CIT has several account types with competitive interest rates that may be useful whether you’re looking to open a checking account or expand your savings strategy with a CD, high-yield savings, or money market account. And if you’re looking to buy a home or need homeowner assistance, CIT may be worth considering, especially if you’re already a customer and can qualify for the 0.1% discount after you deposit 10% of your loan. 

We like that CIT offers several account options and a mobile app to streamline your banking, but the minimum deposits may not be ideal if you don’t already have a large sum to save. Most minimum deposits range from $1,000 to $100,000 depending on the account type. Also, the best interest rates and waived fees on some account types require a minimum $25,000 balance. In many cases, a balance that big may be better off in an investment account where it can grow more substantially. 

If you’re located near a CIT Bank branch, also be aware that the accounts you can open in-branch are not the same as CIT’s direct (online) bank accounts. CIT’s online bank is separate from its branch bank — and the online accounts are the only version with which you’ll earn high interest — so make sure you compare before opening.


Is CIT Bank FDIC insured?

Yes, up to $250,000 of your deposits are insured for each account type.

Is CIT Bank an online-only bank?

CIT Bank has branches in Arizona, California, Colorado, Florida, Kansas, Nebraska, Nevada, and Texas. However, in-branch bank account options are different from CIT online bank accounts. To earn the high-yields and other account details you’ll find online, you should make sure you open your account via CIT Bank’s online division.

Does CIT Bank have debit cards?

Yes, you can get a debit card with a CIT eChecking account. You will not have debit card access with CIT’s money market account.