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.*
| PROMOTIONAL LINK | OFFER | REVIEW |
| 13-Month Term | 4.65% APY | Review |
| 18-Month Term | 4.60% APY | Review |
| CIT Bank Platinum Savings | 4.40% APY | Review |
| CIT Bank Savings Connect | 4.20% APY | Review |
| 6-Month Term | 4.15% APY | Review |
| CIT Bank No Penalty CD | 4.15% APY | Review |
| CIT Bank Money Market | 1.55% APY | Review |
| CIT Bank Savings Builder | 1.00% APY | Review |
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.
 With the CIT Bank Savings Builders account: • Earn a top tier, competitive APY on your money—one of the top savings rates in the nation. Earn up to 1.00% APY on your funds - grow your savings faster. • Build a habit of savings. Pay yourself first. Start with $100 per month and build your habit of savings-—all while getting a top rate. • FDIC Insured |
This savings account actively rewards savers while earning a high interest rate. You will need at least $100 to open it.
You can essentially earn an outstanding APY by taking any of these measures:
- Have an overall balance of $25,000
- Open an account with $100 minimum deposit
- Deposit in your account each month
This account earns competitive tired interest rates. You will also need $100 in order to open it.
Interest is compounded daily, so the more you deposit money into this account, the faster it will grow.
There no monthly fees nor minimum balance requirements to worry about afterwards.
Compare Savings Accounts
 With the American Express® High Yield Savings Account: • Earn 3.75% APY as of 3/16/23 on your deposits. Your High Yield Savings account earns interest daily and is posted to your account monthly. • Links easily with your current bank accounts. No need to switch banks. • FDIC Insured. Your account is insured to at least $250,000 per depositor. • 24/7 Account Access |
With the CIT Bank Savings Builders account: • Earn a top tier, competitive APY on your money—one of the top savings rates in the nation. Earn up to 1.00% APY on your funds - grow your savings faster. • Build a habit of savings. Pay yourself first. Start with $100 per month and build your habit of savings-—all while getting a top rate. • FDIC Insured |
 Open a Discover Online Savings Account for all these features: • Earn $200/$150 Bonus with promo code HMB223 by 06/15/2023 • Earn high interest rate of 3.60% APY • No minimum opening deposit, no minimum balance requirement, and now no fees • Interest on Discover Online Savings Accounts is compounded daily and credited monthly • Manage your account online or with the Discover mobile app • FDIC insurance up to $250,000 • See advertiser website for full details To get your $150 or $200 Bonus: What to do: Apply for your first Discover Online Savings Account, online, in the Discover App or by phone. Enter Offer Code HMB223 when applying. Deposit into your account a total of at least $15,000 to earn a $150 Bonus or deposit a total of at least $25,000 to earn a $200 Bonus. Deposit must be posted to account within 30 days of account open date. Maximum bonus eligibility is $200. What to know: Offer not valid for existing or prior Discover savings customers or existing or prior customers with savings accounts that are co-branded, or affinity accounts provided by Discover. Eligibility is based on primary account owner. Account must be open when bonus is credited. Bonus will be credited to the account within 60 days of the account qualifying for the bonus. Bonus is interest and subject to reporting on Form 1099-INT. Offer ends 6/15/2023, 11:59 PM ET. Offer may be modified or withdrawn without notice. |
 • Earn up to 0.61% APY with interest compounded daily and no monthly fees with the Axos Bank High Yield Savings account • No minimum balance requirements • Free ATM card upon request • $250 minimum opening deposit • Free Incoming Wires |
Checking Account Alternatives
 • New Chase checking customers enjoy a $200 bonus when you open a Chase Total Checking® account and set up direct deposit • Access to more than 16,000 Chase ATMs and more than 4,700 branches • Chase Mobile® app - Manage your accounts, deposit checks, transfer money and more -- all from your device. • JPMorgan Chase Bank, N.A. Member FDIC • Open your account online now • Available online nationwide except in Alaska, Hawaii and Puerto Rico. For branch locations, visit locator.chase.com. • Chase Overdraft AssistSM – no overdraft fee if you’re overdrawn by $50 or less at the end of the business day or if you’re overdrawn by more than $50 and bring your account balance to overdrawn by $50 or less at the end of the next business day* *With Chase Overdraft AssistSM, we won't charge an Insufficient Funds Fee if you're overdrawn by $50 or less at the end of the business day OR if you're overdrawn by more than $50 and you bring your account balance to overdrawn by $50 or less at the end of the next business day (you have until 11 PM ET (8 PM PT) to make a deposit or transfer). Chase Overdraft Assist does not require enrollment and comes with eligible Chase checking accounts. |
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.
Compare Money Market Accounts
• Earn 0.25% APY with the Axos Bank High Yield Money Market • FDIC Insured • Check writing privileges • No monthly maintenance fees • No minimum balance requirements • Debit card transactions • Minimum Balance Required to Open the Account: $ 1000.00 |
With the CIT Bank Money Market Account, you can earn a competitive interest rate and access your money easily. • Earn 1.55% APY on your funds • One of the nation's top rates — several times the national average. • Get up to 6 digital transfers/withdrawals per statement cycle • Save smart and get more for your money • Higher rates than traditional banks • Get 24/7 Account Access • Secure banking features • Open with as little as $100 • FDIC insured |
 • Get started and open a Discover Money Market Account in 3 easy steps. • Available nationwide online • Earn high yields with flexible access to your cash. • Earn 3.55% APY balances $100,000 and over • Earn 3.50% APY balances under $100,000 • Open with as little as $2,500. • No hidden fees. No surprises. • Easy cash access via debit or check, or via ATM at over 60,000 no-fee ATMs |
CD Account Options
CIT Bank offers a variety of CDs, and their CDs are known for earning extremely high competitive rates.
This type of CD ranges from 6 months to 5 years. You will need $1,000 to open this account.
 • Available online nationwide • Earn up to 4.65% APY • $1,000 minimum to open • Selection of terms to meet your needs • A range of choices. Low minimum deposits. • No fees to open or maintain the account • Available as Custodial • Open a CIT Bank Certificate of Deposit Account today! |
This CD is only for 11 months, but you won’t get penalized for withdrawing your funds.
You can start withdrawing your funds after 7 days of account opening.
You will also need $1,000 to open this account.
With the CIT Bank No-Penalty 11-Month CD: • Earn 4.15% APY on your funds with just a $1,000 minimum deposit. • The perfect balance between a great fixed rate and flexible money access. • Access funds, if needed. No penalty. • No opening or maintenance fees • Shorter 11-month timeframe and a great APY • If you need your funds prior to the maturity date, you can withdraw your money — including any interest earned — beginning seven days after the funds have been received. No penalty. No problem. It's the security of a CD with the flexibility to access your funds early if you need them. |
Jumbo CDs usually earns a slightly higher APY than any other CD if you manage to maintain a high enough balance.
For CIT Bank’s, these terms range from 2 years to 5 years.
You will need a $100,000 deposit in order to open this account.
Compare CD Accounts
• Available online nationwide • Earn up to 4.65% APY • $1,000 minimum to open • Selection of terms to meet your needs • A range of choices. Low minimum deposits. • No fees to open or maintain the account • Available as Custodial • Open a CIT Bank Certificate of Deposit Account today! |
With the CIT Bank No-Penalty 11-Month CD: • Earn 4.15% APY on your funds with just a $1,000 minimum deposit. • The perfect balance between a great fixed rate and flexible money access. • Access funds, if needed. No penalty. • No opening or maintenance fees • Shorter 11-month timeframe and a great APY • If you need your funds prior to the maturity date, you can withdraw your money — including any interest earned — beginning seven days after the funds have been received. No penalty. No problem. It's the security of a CD with the flexibility to access your funds early if you need them. |
• Available nationwide online, Discover offers CDs with some of the highest & most competitive rates! with select terms as short as 3 months up to 120 months • Rates ranging from 2.00% APY up to 4.75% APY. • Opening a Discover Bank Certificate of Deposit is extremely quick and easy. • Funds on deposit are FDIC-insured up to the maximum allowed by law. • Start today with a minimum deposit of $2,500! • Get started and open a Discover CD in 3 easy steps. |
Alternate Checking Account Options
• New Chase checking customers enjoy a $200 bonus when you open a Chase Total Checking® account and set up direct deposit • Access to more than 16,000 Chase ATMs and more than 4,700 branches • Chase Mobile® app - Manage your accounts, deposit checks, transfer money and more -- all from your device. • JPMorgan Chase Bank, N.A. Member FDIC • Open your account online now • Available online nationwide except in Alaska, Hawaii and Puerto Rico. For branch locations, visit locator.chase.com. • Chase Overdraft AssistSM – no overdraft fee if you’re overdrawn by $50 or less at the end of the business day or if you’re overdrawn by more than $50 and bring your account balance to overdrawn by $50 or less at the end of the next business day* *With Chase Overdraft AssistSM, we won't charge an Insufficient Funds Fee if you're overdrawn by $50 or less at the end of the business day OR if you're overdrawn by more than $50 and you bring your account balance to overdrawn by $50 or less at the end of the next business day (you have until 11 PM ET (8 PM PT) to make a deposit or transfer). Chase Overdraft Assist does not require enrollment and comes with eligible Chase checking 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!
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I read that they don’t automatically increase interest rates. You have to call them and transfer funds to a new account with the higher rate. Other banks will automatically increase rates as they rise.