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CIT Bank Review: What’s The Real Score About It?

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CIT Bank Review:
What's The Real Score About It?

CIT Bank review

CIT Bank is as online-based, FDIC insured bank that has a money market and high-yield savings accounts.

It's good for those who want to park their money and still earn a decent interest. Not good for those who want a checking account since CIT Bank doesn't have one. That said, these accounts come with a lot of free benefits, which some banks charge.  

Highlight: The bank offers a staggering interest rate that's 6x higher that what other banks offer. It offers $1.85% on its money-market and 1.55% on its high-yield savings account.



In some

cases, as

much as 

25x  higher

than regular

banks' interest

rates. Low



Ease of Use

Easy web



mobile app


lacking in



It's free to


an account.




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Where it shines

  • Interest rates are high for both savings and money-market
  • No monthly maintenance fees
  • Low minimum deposits for both money-market and savings accounts
  • check
    Easy web navigation

Where it can improve on

  • No checking account
  • ban
    Mobile app isn't the best, but there's room for improvement

Just beware of those people who review and just recommend this savings account without really using it. This isn't your typical CIT Bank review. This is based on my personal experience using CIT Bank. Yes, I've used CIT Bank for a very long time.

Majority of us are tired of paying the high fees for banking services that we should be getting for free.

Are you on the same boat as I was? Are you in search of a service that brings a lot for free and still gets the “best interest rates for your online savings?”

If yes, then CIT banking is certainly the best for you.

It has been designed and innovated to meet the needs of people who tend to be sick and tired of the high fees and other parts of online banking services.

cit bank

What is CIT Bank?

Citigroup in any way. CIT is an abbreviation for Commercial Investment Trust. The roots of CIT Banking actually belong to a company that was created back in 1908.

The Calif CIT Bank, located in Pasadena has $50 billion assets or even more. The chain of CIT Bank overall has flourished to have $40 billion assets and more than $30 billion in is deposits.

CIT Bank not only offers amazing online banking services but is also impeccable in providing business services for small and local business owners and has a great variety of home mortgage products as well.

  • Type. Bank
  • Accounts.  Checking, Savings, Money Market, and CDs
  • Access. Website, iOS App, and Android App
  • Promotion. 1.55% APY - Savings & 1.85% APY Money Market
  • Minimum Deposit.  $100 - Savings & $100 - Money Market
  • Number of Banches. None. It's an online-based bank
  • FDIC. Yes
  • Customer Service. Phone: M-F 8A-9P ET, Sat 9A-5P ET, Sun 11A-4P ET; Email
  • Best for. Sky-high interest rates on savings, online depositors, no fees





Minimum Deposit

No. of Branches

FDIC Insured

Customer Service

Best for


Checking, Savings, Money Market, and CDs

Website, iOS App, and Android App

1.55% APY - Savings & 1.85% APY Money Market

$100 - Savings & $100 - Money Market

None. It's an online-based bank


Phone: M-F 8A-9P ET, Sat 9A-5P ET, Sun 11A-4P ET; Email

Sky-high interest rates on savings, online depositors, no fees

Preview of My Own CIT Bank

Here is a snapshot of account with CIT. The interest rate is 1.83% while the last statement APY earned was 1.91%.

CIT Bank CIT Bank


Preview of CIT Bank

Here is a quick overview of what CIT Bank offers. CIT Bank offers a high-yield savings account – one that makes it incomparable. 

1. Online Banking

Real-time access is a necessity these days. Being able to manage your accounts online at any time is a much-needed feature by all the users and CIT bank offers that. You can easily view bank statements online and download them, too. You can also transfer money online from one bank to another.  

2. Mobile Banking

You can easily manage your account via your smartphone, too. The CIT Bank mobile app allows you to do everything. You can transfer money, deposit it, and check your account balance and transaction history as well. The app for CIT bank is accessible via both, IOS and Android users.

 3. Website Sign Up

You can easily create your savings account, by sitting at home. However, you need to provide them with your personal data like social security number, current bank routing, and account numbers.

The account number is basically a source account, which is responsible for funding your CIT bank account.

If you have any joint accounts then the names and ID numbers of the people owning them is also required. You can always go through the terms and policies on the CIT bank website and clarify any doubts that might pop up in your brain.

4. No Transaction Limits

CIT Banks have no limitations as to the number of times you transfer money or it is transferred to your account.

Withdrawing money through the mobile app is also unlimited. However, all of these need to be initiated by mail. If you do not request a check via mail, then, the transfers and withdrawals via the mobile app are limited to six per statement cycle.

You just need to contact the CIT Bank via email or phone to withdraw money.

5. CIT Bank Calculators

The best feature that CIT Bank offers you is its great range of calculators.

These calculators basically help you save money, manage your debt, and even aid you in preparing your retirement plan beforehand. The CIT Bank calculators are accessible for the following purposes; mortgage payoff, emergency savings, college savings, and retirement planning.

6. FDIC Insured Accounts

 All the accounts that sign up at the CIT Banks are insured by FDIC for up to $250,000 per each depositor.

7. Customer Service

Customer service of CIT Bank is impeccable and efficient in all ways.  You can contact the customer service via email or the automated telephone banking system. 

Now that we are aware of all the important features of CIT Bank, we are going to look deeper into the savings account that this amazing banking system has to offer to us.

8. CIT Bank Fees

This is actually the best ever part about CIT Bank it offers almost fee-free accounts. The only fee it charges is a $10 per wire transfer fee on outgoing wire transfers.

cit bank fees cit bank fees

Where it truly shines

  • Low Minimum Deposit. To get the 1.55% APY, only you need to deposit is $100. Some banks even require more deposit for less interest rate.
  • Interest Rate. Interest rate on savings account is 1.55% APY and 1.85% on money market. No other banks have these interest rates. Even CDs from other banks don't come close to these interest rates.
  • Zero fees. No maintenance fees, online transfer, incoming wire transfer, outgoing wire transfer for accounts with $25,000 or more average daily balance, and account closure.
  • People Pay.  People Pay is a free service that allows members to send money from their money market account to almost anywhere with an email address or mobile phone number. It's more like PayPal, but is not just limited to PayPal subscribers.
  • Ease of access. Access your account 24/7 with the CIT Bank mobile app.

Where it can improve on

  • No checking account. CIT Bank doesn't offer a checking account; however, it over compensates with the interest rate it offers to its savings account.
  • No IRA offers. There's no option for an IRA.


If you like a high-interest bearing, fee-free savings accounts, then, CIT Bank is your best choice. 

It's good for those who want to park their money and still earn a decent interest. It's not for those who want a checking account since CIT Bank doesn't have one. That said, these accounts come with a lot of free benefits, which some banks charge.  

CIT Bank is strictly great at premier high-yielding savings and money market accounts.