April 13, 2024

CIT Financial institution has grown to develop into one of many best-known digital banks. It gives checking, financial savings, cash market accounts, and certificates of deposit (CDs) with enticing options and charges. It may be a sensible choice to park extra financial savings to earn excessive curiosity.

Is it the kind of on-line establishment that may allow you to finish your relationship along with your native, conventional financial institution? We’ll attempt to reply that query for you.

Who’s CIT Financial institution for?

CIT Financial institution is an effective selection for anybody who is totally comfy with an all-digital banking expertise and doesn’t require entry to native branches. The financial institution gives aggressive checking, financial savings, cash market accounts, and CDs. It has among the best high-yield financial savings accounts accessible, in addition to some enticing shorter-term CDs.

Nonetheless, potential prospects should be conscious that CIT Financial institution doesn’t provide paper checks with its checking accounts, and it limits mortgage merchandise to dwelling loans. It additionally doesn’t present any enterprise banking companies.

Overview of CIT Financial institution merchandise

CIT Financial institution checking

CIT eChecking


0.25% with a steadiness of $25,000 or extra; 0.10% with a steadiness of underneath $25,000


  • Pays curiosity on all balances.
  • No month-to-month upkeep, overdraft, or incoming wire charges.
  • Limitless withdrawals and disbursements.


  • $100 is required to open an account.
  • No paper checks can be found with the account.

CIT Financial institution eChecking pays 0.10% annual proportion yield (APY) on balances under $25,000, and 0.25% on balances equal or above. There aren’t any month-to-month service charges, no overdraft charges, and no charges for incoming wire transfers. CIT Financial institution eChecking doesn’t cost ATM charges, and you may be reimbursed for as much as $30 monthly for ATM charges charged by different banks. A minimal of $100 is required to open an account.

CIT Financial institution eChecking comes with the flexibility to make transfers, funds, and purchases utilizing Zelle, Invoice Pay, Samsung Pay, and Apple Pay. You may make cellular test deposits and luxuriate in limitless withdrawals and disbursements.

Why we advocate it. CIT eChecking isn’t the highest checking account for incomes curiosity, but it surely’s in any other case a very good all-around on-line checking account. It pays curiosity on all balances and has none of the usual checking account charges.

CIT Financial institution checking alternate options

CIT Financial institution financial savings accounts

CIT Financial institution Financial savings

Min. steadiness to earn APY



  • Two of the accounts pay among the many highest rates of interest on balances above $5,000.
  • No month-to-month upkeep charges.


  • Requires at the very least $100 to open an account.

CIT Financial institution gives three totally different financial savings account choices:

  • Financial savings Builder. Financial savings Builder pays 0.40% APY on balances under $25,000, and 1.00% APY on equal or increased balances. No minimal deposit is required to open an account, and there aren’t any month-to-month upkeep charges.

Why we advocate it. Platinum Financial savings is a superb financial savings selection when you have at the very least $5,000. The present price of 5.05% APY paid on balances of $5,000 or extra is among the highest within the business, particularly when mixed with the absence of month-to-month service charges. In case you have lower than $5,000, the higher selection might be Financial savings Join.

CIT Financial institution Financial savings alternate options

CIT Financial institution cash market account

CIT Financial institution MMA

Min. steadiness to earn APY



  • Respectable price paid on all account balances.
  • No month-to-month service charges.


  • Not the best price accessible on cash market accounts.

The CIT Financial institution cash market account is at present paying 1.55% APY on all balances. There’s a $100 minimal opening deposit, however no month-to-month service costs.

Why we advocate it. We’re considerably impartial on this account. We like the truth that it pays an inexpensive price on all account balances and has no month-to-month service charges. Nevertheless, in case you are searching for the best price on cash market accounts, you need to go elsewhere.

CIT Financial institution MMA alternate options

CIT Financial institution CDs


  • Time period CDs pay very enticing charges on six-month, 13-month, and 18-month phrases.
  • The No-Penalty CD pays a beautiful price on all balances and has no early withdrawal penalty.


  • Low charges are paid on Time period CDs with phrases larger than 18 months.
  • $1,000 minimal funding is required.
  • Jumbo CDs pay poor charges on high-balance certificates.

CIT Financial institution gives three CD varieties (its RampUp and RampUp Plus CDs are at present unavailable).

  • Time period CDs. These pay the best charges, together with 5.00% APY on a six-month certificates (see comparability desk under for charges paid on all phrases). Time period CDs could be bought in minimal denominations of $1,000 and haven’t any opening or upkeep charges. They’re accessible in phrases starting from six months to 5 years.
  • No-Penalty CD. This at present pays 4.90 % on all balances and is obtainable in a single time period of 11 months. Just like the Time period CD, the minimal funding is $1,000, and there aren’t any opening or upkeep charges. Because the title implies, there isn’t a penalty if you might want to withdraw funds early.
  • Jumbo CDs. These require a minimal preliminary funding of $100,000 and can be found by way of two, three, 4, and 5 years. The 2- and three-year phrases pay 0.40% APY, whereas the four- and five-year phrases pay 0.50% APY. There aren’t any account opening or upkeep charges for Jumbo CDs.

Why we advocate it. We just like the No-Penalty CD with its very excessive APY and the absence of an early withdrawal penalty. Time period CDs of 18 months or much less are additionally enticing. The place CIT Financial institution misses the mark is that it pays low charges on longer-term CDs.

CIT Financial institution CDs alternate options

Different CIT Financial institution merchandise

CIT Financial institution gives solely dwelling loans. There’s at present no availability of auto loans, scholar loans, private loans, bank cards, or enterprise companies and financing.

Overview of CIT Financial institution options

ATM community

CIT Financial institution offers a debit Mastercard with an eChecking account, however the financial institution doesn’t present an ATM community. You should use your debit card at any ATM, and CIT will reimburse you as much as $30 every month for any charges charged by ATM house owners.


Total, CIT Financial institution could be very mild on charges, together with charging $0 for overdraft and inadequate funds, and for incoming wire transfers. The one relevant charges are as follows:

  • Outgoing wire transfers: $10, however free for account balances of $25,000 or extra.
  • Return deposited merchandise: $10 per merchandise.
  • Invoice Pay, cease cost: $30.
  • Worldwide point-of-sale/ATM withdrawal: 1% of the transaction quantity.

Early withdrawal penalties on CDs are as follows:

  • Phrases as much as one yr: three months’ curiosity.
  • Multiple yr by way of three years: six months’ curiosity.
  • Phrases larger than three years: 12 months’ curiosity.


CIT Financial institution offers a safe messaging portal with communications encryption, ongoing transaction and exercise monitoring, layered safety to restrict entry to data, antivirus safety, firewalls, 128-bit safe socket layer (SSL) encryption to create a safe browser connection, and computerized sign-out of your account after a interval of inactivity. Deposits are protected by Federal Deposit Insurance coverage Company (FDIC) insurance coverage for as much as $250,000 per depositor.

Customer support

Customer support is accessible by toll-free cellphone at 855-462-2652, 24 hours a day, seven days per week. It’s also possible to contact the financial institution by way of its on-line platform or cellular app, utilizing electronic mail in both case.


CIT Financial institution prospects can reap the benefits of each on-line and cellular banking. The cellular banking app is accessible for each Android and iOS units and can be utilized to test account balances, monitor transactions, switch funds between accounts, and pay payments. It’s also possible to use Zelle, Invoice Pay, Samsung Pay, and Apple Pay to make funds, purchases, and transfers.

Extra about CIT Financial institution

Who owns CIT Financial institution?

CIT Financial institution is a division of First Residents Financial institution, which describes itself as “one of many largest household managed banks within the nation.” Nevertheless, the mother or father firm of First Residents Financial institution is First Residents BancShares, Inc., a publicly held firm buying and selling on the NASDAQ trade underneath the ticker FCNCA. First Residents BancShares has greater than $100 billion in belongings, whereas First Residents Financial institution operates greater than 600 branches in 22 states.

Historical past and popularity

CIT Financial institution was based in St. Louis in 1908. Although the financial institution began as a standard native brick-and-mortar establishment, it will definitely advanced into the digital banking platform it’s right now. It turned part of First Residents in 2022.

CIT Financial institution has an A- score with the Higher Enterprise Bureau, although it’s not accredited by way of the BBB. Trustpilot charges CIT at 2.2 out of 5 stars (poor), based mostly on 391 critiques as of Sept. 18, 2023.

As of Sept. 18, 2023, Android customers give the cellular app a score of two.8 out of 5 stars, based mostly on critiques of greater than 2,900 customers on Google Play. Its app scores from Mac customers are a extra spectacular 4.6 out of 5 stars by roughly 11,400 iOS customers on the App Retailer.

World presence

CIT Financial institution is a digital banking platform accessible by way of on-line and cellular banking. The financial institution doesn’t have bodily financial institution branches, nor does it take part in an ATM community.

How does CIT Financial institution examine?

CIT Financial institution Financial savings pays the best curiosity on financial savings as much as $5,000 among the many banks listed under. The cash market account pays a lot lower than Uncover® Financial institution on all balances, and properly under U.S. Financial institution on balances under $25,000. With CDs, CIT is the star performer amongst six-month phrases, and it’s aggressive with different phrases. Amongst checking accounts, CIT trails solely Nationwide. Total, CIT is very aggressive on the speed entrance, although it’s not the chief in each class.

TIME Stamp: CIT Financial institution is within the ballpark with most of its merchandise and finest for its No-Penalty CD and Financial savings Join accounts.

CIT Financial institution gives an inexpensive product lineup, together with checking, financial savings, cash market, and choose CDs. Many of the accounts have sensible worth, at the very least when put next with typical brick-and-mortar financial institution choices, although none of these merchandise essentially stand out.

It’s additionally vital to know that CIT Financial institution isn’t a full-service financial institution. Its checking accounts don’t provide paper checks, and the financial institution doesn’t present widespread banking companies corresponding to bank cards and loans.

The 2 stand-out merchandise within the CIT Financial institution quiver are its No-Penalty CD, with its very excessive price and no early withdrawal penalty, and its Financial savings Join account, paying 4.65% APY on all account balances with no month-to-month charges.

It will be properly value your time to open both account with CIT Financial institution.

Continuously requested questions (FAQs)

How do you shut a CIT Checking account?

CIT Financial institution doesn’t present steerage on its web site as to tips on how to shut an account, however as it’s a totally digital financial institution, you’ll must contact a consultant to provoke an account closure.

How protected is CIT Financial institution?

Like most on-line banks, CIT Financial institution maintains a community of safety to reduce the potential for account or id theft. That features encryption of information transmission, storing private data behind firewalls, and implementing numerous procedures to restrict entry to particular person accounts.

Is CIT Financial institution insured by the FDIC?

Sure. CIT Financial institution is insured by the FDIC for as much as $250,000 per depositor.