July 15, 2024

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

Is it the kind of on-line establishment that can 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 efficient selection for anybody who is totally snug with an all-digital banking expertise and doesn’t require entry to native branches. The financial institution provides aggressive checking, financial savings, cash market accounts, and CDs. It has among the finest high-yield financial savings accounts obtainable, in addition to some enticing shorter-term CDs.

Nonetheless, potential clients 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 providers. 

Evaluate of CIT Financial institution merchandise 

CIT Financial institution checking

CIT eChecking


0.25% with a stability of $25,000 or extra; 0.10% with a stability of below $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 beneath $25,000, and 0.25% on balances equal or above. There are not 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’ll be reimbursed for as much as $30 per thirty days for ATM charges charged by different banks. A minimal of $100 is required to open an account.

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

Why we advocate it. CIT eChecking isn’t the highest checking account for incomes curiosity, however it’s in any other case a superb 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. stability 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 a minimum of $100 to open an account.

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

  • Financial savings Builder. Financial savings Builder pays 0.40% APY on balances beneath $25,000, and 1.00% APY on equal or greater balances. No minimal deposit is required to open an account, and there are not any month-to-month upkeep charges. 

Why we advocate it. Platinum Financial savings is a superb financial savings selection you probably have a minimum of $5,000. The present charge of 5.05% APY paid on balances of $5,000 or extra is among the highest within the trade, particularly when mixed with the absence of month-to-month service charges. When you’ve got 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. stability to earn APY



  • First rate charge paid on all account balances.
  • No month-to-month service charges.


  • Not the very best charge obtainable on cash market accounts.

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

Why we advocate it. We’re considerably impartial on this account. We like the truth that it pays an inexpensive charge on all account balances and has no month-to-month service charges. Nevertheless, if you’re searching for the very best charge 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 horny charge on all balances and has no early withdrawal penalty.


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

CIT Financial institution provides three CD varieties (its RampUp and RampUp Plus CDs are presently unavailable).

  • Time period CDs. These pay the very best charges, together with 5.00% APY on a six-month certificates (see comparability desk beneath for charges paid on all phrases). Time period CDs may be bought in minimal denominations of $1,000 and haven’t any opening or upkeep charges. They’re obtainable in phrases starting from six months to 5 years.
  • No-Penalty CD. This presently 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 are not any opening or upkeep charges. Because the identify implies, there is no such thing as a penalty if it’s good to withdraw funds early.
  • Jumbo CDs. These require a minimal preliminary funding of $100,000 and can be found when it comes to 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 are not 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 provides solely dwelling loans. There may be presently no availability of auto loans, pupil loans, private loans, bank cards, or enterprise providers and financing. 

Evaluate 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 utilize your debit card at any ATM, and CIT will reimburse you as much as $30 every month for any charges charged by ATM homeowners. 


Total, CIT Financial institution could be very gentle 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 fee: $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.
  • A couple of yr by means of three years: six months’ curiosity.
  • Phrases higher 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 telephone at 855-462-2652, 24 hours a day, seven days per week. It’s also possible to contact the financial institution by means of its on-line platform or cell app, utilizing e-mail in both case. 


CIT Financial institution clients can reap the benefits of each on-line and cell banking. The cell 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 change below 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 conventional native brick-and-mortar establishment, it will definitely developed into the digital banking platform it’s at this time. It grew to become part of First Residents in 2022.

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

As of Sept. 18, 2023, Android customers give the cell app a ranking of two.8 out of 5 stars, based mostly on evaluations 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 obtainable by means of on-line and cell 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 very best curiosity on financial savings as much as $5,000 among the many banks listed beneath. The cash market account pays a lot lower than Uncover on all balances, and properly beneath U.S. Financial institution on balances beneath $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 greatest for its No-Penalty CD and Financial savings Join accounts.

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

It’s additionally necessary to know that CIT Financial institution will not be a full-service financial institution. Its checking accounts don’t provide paper checks, and the financial institution doesn’t present widespread banking providers 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 charge 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 might be properly price your time to open both account with CIT Financial institution.

Incessantly requested questions (FAQs) 

How do you shut a CIT Checking account?

CIT Financial institution doesn’t present steerage on its web site as to methods to shut an account, however as it’s a absolutely digital financial institution, you’ll have to 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 attenuate the potential of account or id theft. That features encryption of information transmission, storing private data behind firewalls, and implementing varied 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.