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CIT Bank is a good option for people looking for a high-yield savings account. Its Platinum Account pays a great rate on balances over $5,000, and its Savings Connect Account is a strong choice for people who plan to keep lower balances. But it won't be a good fit if you're uncomfortable with digital banking.
| Account | Annual Percentage Yield (APY) |
CIT Bank Review
CIT Bank is a division of First Citizens Bank. In January 2022, First Citizens Bank announced that is completed its merger with CIT Bank. CIT Bank has continued to offer distinct bank account options from First Citizens Bank, and existing customers continued to have the same products and services.
Its website is easy to navigate, and its mobile app has received 4.6 out of 5 stars in the Apple store, and 2.8 out of 5 stars in the Google Play store.
The bank offers convenient 24/7 live chat on its site and through the app, and automated phone assistance 24/7. You can speak with a live representative if you call Monday through Friday, 9 a.m. to 9 p.m. ET, or Saturday from 10 a.m. to 6 p.m. ET.
Unlike most banks, CIT Bank doesn't have an ATM network. It does reimburse up to $30 of out-of-network ATM fees per month, though. ATM reimbursements will only affect customers with a checking account, because CIT Bank doesn't provide a debit card for its money market account.
Your deposits are FDIC insured for up to $250,000, or $500,000 for joint accounts.
CIT Bank Overall Rating
| Feature | Insider rating (out of 5) |
| Savings | 4 |
| Checking | 4.25 |
| CD | 3.5 |
| Money market account | 4 |
| Trustworthiness | 4.75 |
| Total | 4 |
CIT Bank Pros and Cons
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Is CIT Bank Trustworthy?
The Better Business Bureau gives CIT Bank an A- rating. A strong BBB score indicates a company responds effectively to customer complaints, is transparent about company practices, and is honest in its advertising.
CIT Bank does not have any recent public controversies or lawsuits.
CIT Bank FAQs
Is CIT Bank a reputable bank?
Yes, CIT Bank is reputable — it has an A- grade from the Better Business Bureau, and your deposits are FDIC insured. This means that even if CIT Bank shut down, your insured money would be safe.
What is the difference between CIT Bank and Citibank?
Citibank (or Citi) has no relation to CIT Bank. Citibank is a brick-and-mortar insitution with over 650 branches in 10 US states and Washington, DC. CIT Bank is the online subsidiary of First Citizens Bank, which is headquartered in North Carolina. CIT Bank only offers online bank accounts.
Does Citibank own CIT Bank?
No, Citibank does not own CIT Bank; First Citizens Bank owns CIT Bank.
CIT Bank Accounts
CIT Bank Savings Accounts
CIT Bank Platinum Savings
CIT Bank Savings Connect Account
CIT also has a
CIT Bank Checking Account
The
CIT Bank CDs
**RampUp™ CDs are not available for new accounts.
CIT Bank CD rates are competitive on select CDs.
CIT Bank offers a wide range of CD options. Along with its regular term CDs, it has jumbo CDs and a no-penalty CD. The
CIT Bank Money Market Account
The
CIT Bank Comparison
CIT Bank vs. Marcus by Goldman Sachs
The
CIT Bank is the better choice if you want to do all of your banking with one company. Marcus doesn't offer a checking account, so you have to transfer money to an external checking account to access it. This can take up to a few business days.
CIT Bank vs. Capital One 360
You might like Capital One if you don't have much money to open accounts. CIT Bank requires
CIT Bank pays better savings rates than Capital One 360, which pays
Why You Should Trust Us: How We Reviewed CIT Bank
To review CIT Bank's savings, checking, and money market accounts, we used Insider's bank account methodology. We used the certificate of deposit methodology to review the bank's CDs.
For every account, we evaluate the bank's ethics, mobile app, and customer service. The other factors we consider depend on the type of account we're rating — for example, we factor in overdraft fees for checking accounts and early withdrawal penalties for CDs.
We give each category a rating between 0 and 5. Then we average them together to give each account a rating up to 5.