CIT Bank Review: High-Yield Savings Accounts & CDs Uncovered

In recent years, online banks have gained popularity due to their competitive interest rates and user-friendly services. One of these banks that has captured attention is CIT Bank, known for its high-yield savings accounts and CDs.

CIT Bank offers a range of financial products such as the Savings Connect account with an impressive 4.20% APY, and a selection of CDs that can provide above-average returns for customers looking to grow their money efficiently. By focusing on its online presence, CIT Bank eliminates the overhead costs associated with traditional brick-and-mortar locations, which enables it to pass the savings along to its customers in the form of higher interest rates.

The bank’s accounts come with minimal fees, making them an attractive option for those seeking to make the most of their hard-earned money. In this article, we will take a closer look at CIT Bank’s high-yield savings accounts and CDs, exploring their benefits and what they have to offer to help you determine if they are the right fit for your financial goals.

CIT Bank Overview

CIT Bank is a full-service online bank that offers a variety of savings and investment products. They are most known for their high yield savings and money market accounts, making them an attractive option for individuals seeking to maximize their earnings on deposits.

Their flagship product, CIT Bank Savings Connect, is a high-yield savings account that currently offers a competitive 4.20% APY. This account requires a minimum opening deposit of $100 and has no monthly maintenance fees. CIT Bank has a user-friendly online platform, which makes account management easy for customers.

In addition to their Savings Connect account, CIT Bank also offers checking accounts, CDs, and money market accounts with competitive interest rates. One of their advantages is a relatively low minimum deposit requirement for CDs – as low as $1,000 – making it accessible to a wide range of investors.

Some features of CIT Bank’s various account offerings include:

  • No monthly maintenance fees on savings accounts
  • Competitive interest rates on CDs and money market accounts
  • Online and mobile banking capabilities
  • Customer support through phone and email

Given these features, CIT Bank has established itself as a reputable online banking option for customers looking to maximize their savings and investment returns.

High-Yield Savings Accounts Features

CIT Bank offers high-yield savings accounts, widely recognized for their competitive interest rates. One of the main advantages of these accounts is their ability to help maximize your savings and reach your financial goals faster.

Some of the prominent features of CIT Bank’s high-yield savings accounts include:

  • High Annual Percentage Yields (APY): CIT Bank’s high-yield savings accounts offer attractive rates compared to traditional banks, motivating customers to save more.
  • No Monthly Maintenance Fees: CIT Bank does not charge any monthly service fees, making it more cost-effective for account holders.
  • Daily Interest Compounding: Interest earned on CIT Bank savings accounts is compounded daily, which accelerates the growth of your savings over time.
  • Online and Mobile Access: CIT Bank provides a user-friendly online banking platform and mobile app, enabling customers to manage their accounts and make transactions on-the-go.
  • FDIC Insured: Your deposits at CIT Bank are insured by the FDIC up to the maximum legal limit, providing peace of mind when it comes to the safety of your savings.

These features, combined with a strong focus on customer service, make CIT Bank’s high-yield savings accounts an attractive choice for individuals seeking to maximize their savings potential.

Certificate of Deposit (CD) Options

CIT Bank offers a variety of Certificate of Deposit (CD) options for customers seeking high yields and flexible terms. These options are designed to help customers save and invest their money with competitive interest rates.

Their CD options include the Term CDs, No-Penalty CDs, and Jumbo CDs. Each of these CD types cater to different saving needs and offer various term lengths and minimum deposit requirements.

Term CDs offer term lengths ranging from 6 months to 5 years with competitive interest rates that vary based on the chosen term length. The minimum deposit required for a Term CD is $1,000. As with most CDs, early withdrawal penalties apply if you need to access your funds before the term ends. In comparison to other banks, CIT Bank’s CD rates are high for short-term CDs.

No-Penalty CDs provide customers with the option to withdraw their funds without incurring any penalties, giving them more flexibility. This CD type has a term of 11 months and requires a minimum deposit of $1,000. While the interest rates for No-Penalty CDs may be relatively lower than Term CDs, the added benefit of penalty-free withdrawals can be an attractive option for some customers.

Jumbo CDs, on the other hand, require a minimum deposit of $100,000 and offer terms ranging from 2 to 5 years. These CDs are designed for customers with larger balances seeking higher interest rates. Both Term and Jumbo CDs can be part of an IRA CD, allowing customers to save for retirement in a tax-advantaged way.

When considering a CD from CIT Bank, it’s essential to compare their interest rates and terms with other banks to make an informed decision. For example, Marcus by Goldman Sachs offers higher rates for CDs compared to CIT Bank, so take the time to explore available options before committing to a specific CD product.

Account Opening Process

CIT Bank’s account opening process is straightforward and can be completed online. According to the CIT Bank website, opening a Savings Connect account takes about five minutes. To begin, you’ll need to provide some personal information, such as your address, Social Security number, and a valid form of identification.

One significant feature of the Savings Connect account is its high-yield interest rate. Currently, the account offers a 4.20% APY, as mentioned by Forbes. To open the account, you only need a minimum deposit of $100, and there are no monthly service fees, as stated on the CIT Bank website.

For customers who prefer Certificate of Deposit (CD) accounts, CIT Bank also provides various options. You can choose terms ranging from 6 months to 5 years, depending on your financial goals and saving preferences. The interest rates for CDs are competitive, but they may vary depending on the term chosen and the prevailing market conditions.

To open a CIT Bank CD account, you can visit their website, select the desired term, and complete the online application process. Similar to the Savings Connect account, you’ll need to provide your personal information during the application process. Opening a CD account may also require a higher minimum deposit compared to the Savings Connect account.

Fees and Charges

One attractive feature of CIT Bank’s high-yield savings accounts and CDs is the lack of monthly service fees. This allows customers to grow their savings without worrying about ongoing charges eating into their balance. According to Forbes, both of CIT Bank’s savings accounts come without monthly service fees.

However, it is essential to be aware of other potential fees associated with banking at CIT Bank. For example, there may be fees for outgoing wire transfers, early withdrawal penalties for CDs, and fees for non-sufficient funds or overdrafts. It’s crucial to familiarize yourself with the bank’s fee schedule to avoid any unexpected charges.

While fees for wire transfers and other services may apply, the high interest rates and absence of monthly fees make CIT Bank’s savings accounts and CDs an attractive option for many customers seeking to maximize their returns. As mentioned by, the above-average yields on savings accounts and CDs make CIT Bank a great choice for customers looking to grow their savings.

Customer Service

CIT Bank is committed to providing excellent customer service to its customers. Being an online bank, their primary method of support is through their website, which offers a comprehensive FAQ section, covering a wide range of topics, aimed at addressing client concerns and queries.

If customers need to speak with a representative directly, they can get in touch with CIT Bank’s customer service team via phone. According to Forbes, their phone support is available from Monday to Friday, 9 AM to 9 PM (ET), and on Saturdays from 10 AM to 6 PM (ET). This enables customers to have their questions answered and issues resolved in a timely manner.

While CIT Bank may not have physical branches for customers to visit, they still place a focus on ensuring a positive banking experience for all account holders. As an online bank, having efficient and helpful customer support is crucial for maintaining client satisfaction and trust.

In addition to FAQs and phone support, CIT Bank also offers secure messaging through their online banking platform, allowing customers to send messages and receive responses directly from the bank’s representatives. This method is useful for those who prefer a written record of their communication with the bank or do not have urgent concerns that require immediate assistance.

Security and Safety Measures

CIT Bank takes the security of its customers’ accounts seriously. As an FDIC insured bank, deposits at CIT Bank are covered up to $250,000 per depositor, per ownership category. This provides a level of protection similar to traditional banks so you can feel confident knowing your savings are secure with CIT Bank.

The bank employs a variety of security technologies and procedures to help protect your personal information from unauthorized access, use, or disclosure. For instance, they use encryption technology, such as Transport Layer Security (TLS), to secure information transmission between your computer and the bank’s servers.

Additionally, CIT Bank’s Online Banking system requires multi-factor authentication, including strong passwords and security questions, for users to access their accounts. This adds another layer of protection to ensure the safety of your account information and transactions.

Finally, CIT Bank also offers a variety of account alerts and notifications that can help you monitor your account for any suspicious activity. You can customize your alert preferences within your online banking portal to receive notifications via email, text message, or push notifications through the CIT Bank mobile app.

Pros and Cons

CIT Bank is known for its high-yield savings accounts and CDs, which can help customers maximize their earnings. In this section, we’ll explore the pros and cons of choosing CIT Bank for your financial needs.


  • Higher interest rates than traditional banks on savings accounts and select CDs.
  • No monthly fees for checking and savings accounts .
  • Low opening deposits ($100 for checking & savings accounts and CDs).
  • Online banking platform, providing convenient access to account management 24/7.


  • No physical branch locations, leading to a reliance on online and phone support for account-related services.
  • No ATM network, although some accounts offer up to $30 per month in reimbursements for ATM fees.
  • Limited account options compared to larger, traditional banks, potentially narrowing choices for certain customers.

In summary, CIT Bank’s high-yield savings accounts and CDs offer competitive interest rates and low fees, making them an appealing choice for customers seeking to maximize their earnings. However, they also have some drawbacks, such as the lack of physical branches and limited account options. Consider these factors when deciding if CIT Bank is the right choice for your financial needs.


In summary, CIT Bank offers attractive high-yield savings accounts and CDs for those looking to maximize their earnings on deposits. Their Savings Connect account currently provides a competitive 4.20% APY with a $100 minimum opening deposit requirement and no monthly fees.

Additionally, the CIT Savings Builder account is a no-fee option with a 0.40% APY that only requires $100 to open. Both accounts, along with their CD offerings, can accommodate various financial goals and preferences.

As an online-only bank, CIT Bank ensures convenient access to account management features while maintaining lower overheads, which translates to higher yields for customers. However, it’s essential to weigh the potential lack of in-person support against the benefits of higher interest rates when deciding whether an online bank like CIT is the right fit for your needs.

Remember to compare the rates and terms of CIT Bank’s offerings with those of other banks to ensure you’re making the most informed decision possible for your financial future.

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