CIT Bank Review 2021 – High Yield Savings Accounts and CDs

by Samara
CIT Bank

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If you’re looking for a bank to handle all of your personal finance needs or want to open a high yield savings account, CIT Bank might be the bank for you. CIT Bank is an online bank with competitive interest rates on savings accounts and provides an easy way to manage your finances.

Although CIT bank offers business and commercial products, this review will focus on the personal banking side. For a more detailed look at what they have to offer, continue reading below.

CIT Bank is a national bank that’s been around since 1908. It is the principal bank subsidiary of CIT Group Inc., a financial holding company with over $65 billion in assets. They provide financing, leasing, and advisory services and are also an FDIC Member (Federal Deposit Insurance Corporation). In other words, your money is safe with CIT Bank

Types of Accounts Offered

Checking Accounts

CIT Bank offers eChecking accounts with 24/7 account access online and through its mobile apps. There are no monthly maintenance fees and you also get a free debit card with EMV chip technology when you open an eChecking account. Checking accounts can be opened with a minimum deposit of at least $100.

Their eChecking account also comes with a variety of other features such as check deposits, money transfers via Zelle, Bill Pay, Samsung Pay, and Apple Pay. 

In addition to these features, their checking accounts also earn interest. A balance up to $25,000 earns 0.10% APY and balances of $25,000 and more earns 0.25% APY. However, these APYs are variable and can change at any time. 

Savings Accounts

One of the popular products CIT Bank offers is a tiered savings account called Savings Builder. Each tier has different earning requirements depending on the minimum balance maintained or the number of monthly deposits.  All of their savings accounts requires a $100 opening minimum deposit.

  • Base Tier earns 0.29 % APY* on balances up to $25,000.
  • Upper Tier requires making at least one monthly deposit of $100 or more or maintain a daily balance of $25,000 or more to earn 0.45% APY*
* APY is accurate as of November 24, 2020, and is subject to change at any time.

CIT Bank’s money market account earns 0.50% APY regardless of the balance and also requires a minimum opening deposit of $100. There are no monthly service fees and check deposits and transfers can be made with the CIT Bank mobile app. Also, there is a limit of six transactions per statement cycle which is standard for savings accounts across most banks.

CIT Bank’s money market account earns competitive interest rates compared to other banks and might be a more favorable option to most who want a higher APY but can’t afford the $25,000 minimum balance of the upper tier savings builder.   

CDs (Certificate of Deposit)

Term CDs range from six months to 60 months, earn APYs of 0.30% to 0.50%, and require a minimum opening deposit of $1000. Term CDs do not require opening or maintenance fees and longer-term CDs earn higher interest.

No-Penalty CDs is an 11-month CD with no penalty for withdrawals before maturity. This type of account may give someone peace of mind that they’ll always have early access to the funds if needed. There are no opening or maintenance fees and require a minimum opening deposit of $1000.

Jumbo CDs require a minimum deposit of $100,000. These CDs range from 2 years up to 5 years and earn APYs of 0.40% to 0.50%. Jumbo CDs do not require opening and maintenance fees.

RampUp Plus and RampUp CDs are not available to new customers but allow current CIT Bank customers to make a one-time rate change should interest rates go up.

Savings Connect (New as of February 2021)

The all new Savings Connect is their bundled savings/checking accounts that offers the ability to earn a competitive high-yield savings rate along with the access and convenience features of an eChecking account. In order to earn the top APY you will have to make automated monthly payments of at least $200 per month. The minimum opening deposit is $100 and there are no monthly service fees. 

Final Thoughts

Overall, CIT Bank has some of the best offerings for high yield savings accounts, low minimum opening deposits, competitive rates and is a good option for anyone looking for accounts with no fees and higher earning potential.

If you’re looking for a bank that has local bank branches, CIT Bank may not be the right choice for you. However, you can withdraw cash at most ATMs and CIT will reimburse the ATM fees. 

Although CIT Bank is not a full service bank, its Savings Builder account is an attractive option for those looking for a high yield savings bank. 



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Chloe Choe January 14, 2021 - 9:52 pm

This is awesome! I’ve been in the market for a high interest savings account and will definitely be keeping this one in mind. 🙂

Samara January 14, 2021 - 11:44 pm

CIT Bank is one of the best!


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