At a glance

4.2

Bankrate Score

CDs

Checking

Savings

MMA

Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.

Overview

CIT Bank is a great choice for customers looking for savings accounts and CDs that pay above-average yields as well as an interest-bearing checking account at an online bank. But you must be comfortable solely banking online to earn those yields.

Highlights

ATM Fee Refunds
Top Savings Rate

Overall

CIT Bank is an online institution that offers competitive annual percentage yields (APYs) on its Savings Connect savings account and some of its certificate of deposit accounts (CDs). It also offers an interest-earning checking account, a money market account and various types of CDs.

While interest rates are competitive for some CDs, other CDs and the money market accounts have a less competitive rate. But customers won’t have to worry about high fees eating into their deposits, since the bank waives most fees, including monthly service fees, overdraft fees and incoming wire transfer fees.

Pros

CIT offers competitive yields on its savings and some of its CD accounts.
There are no monthly fees for any accounts.
The checking account earns interest.
Customers get up to $30 in ATM surcharges reimbursed per month.

Cons

Some of the APYs for CDs fall below the national average for their respective terms.
The bank doesn’t have physical branch locations.

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CIT Bank banking products

4.6

/5

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SCORE BREAKDOWN

APY offering:

5.00%

5/5

APY, or annual percentage yield, is the yearly return on a bank or investment account. APY includes the effects of compounding interest.

Minimum balance to earn interest:

$5,000.00

2/5

The lowest deposit amount an account must have before it can earn interest.

Monthly service fee:

$0.00

5/5

A monthly charge a financial institution deducts from an account if certain requirements are not met.

Minimum balance to avoid fee:

$0.00

5/5

The lowest balance an account must maintain in order to avoid a fee.

Access to funds:

Good

4/5

A procedure that allows an individual or organization to access and manage the funds of another account holder.

FEATURES

5.00% APY

APY last updated between 5/6 and 5/12.

$5,000 minimum deposit to open

CIT Bank savings overview

CIT Bank’s Savings Connect account is the bank’s most accessible savings account, with only a $100 minimum opening deposit and no monthly fee. The account also earns a competitive APY.

The highest-earning CIT savings account is its Platinum Savings account. While there’s only a $100 minimum opening deposit, the top-notch yield only applies to balances of $5,000 or more. Otherwise, you’ll earn a much lower yield. There are no monthly fees for this account.

CIT Bank also offers its Savings Builder account. This account has a much lower APY but still yields more than the national average for savings accounts. Savings Builder is a little more complex, since you need to have at least a $25,000 monthly balance or recurring deposits of $100 or more every month to earn this APY. The account doesn’t have a monthly service fee.

Pros

The Platinum Savings and Savings Connect accounts offer a top-tier yield.
The Savings Builder can motivate you to save since you need to deposit at least $100 each month in order to get the top APY.
There are no monthly fees for any of the savings accounts.

Cons

Compared with other savings accounts at online banks, the Savings Builder doesn’t offer a competitive APY.
While the minimum opening deposit of $100 for the Savings Connect account is low, some accounts have lower or no minimum requirements.

Rate history for CIT Bank's Savings account

See how rates for this account have changed over time. Interact with the trend lines to view APY by date.

CIT Bank

APY

APY last updated between 5/6 and 5/12.

National average APY

How do we get this data?

Bankrate independently tracks hundreds of APYs and product details for banking institutions nationwide. We retain the historical data of every rate we track in our database. If there are any gaps where we weren’t actively tracking a rate at the time, the graph will reflect the missing data.

See how rates for this account have changed over time. Interact with the trend lines to view APY by date.

CIT Bank

APY

APY last updated between 5/6 and 5/12.

National average APY

How do we get this data?

Bankrate independently tracks hundreds of APYs and product details for banking institutions nationwide. We retain the historical data of every rate we track in our database. If there are any gaps where we weren’t actively tracking a rate at the time, the graph will reflect the missing data.

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CIT Bank CD overview

New CIT Bank customers have access to standard CDs, jumbo CDs and a no-penalty CD. There are eight standard CD terms available, and all standard CDs require minimum opening deposits of $1,000.

As of the time of our review, CD terms of six months, 13 months and 18 months offer highly competitive yields. Other terms have much lower yields that fall below the national average.

The jumbo CD rates are also below the national average. The bank’s 11-month no-penalty CD has a competitive rate and requires $1,000 to open.

Pros

The bank offers a wide variety of terms.
Competitive yields are offered on some of the terms.
The no-penalty CD offers a competitive yield.

Cons

Other online banks pay higher yields for terms of one year or longer.
CDs with lower minimum balance requirements can be found.
CIT Bank’s jumbo CDs have lower yields than some of the regular CDs.

Rate history for CIT Bank's CD accounts

See how rates for this account have changed over time. Select the CD term length from the dropdown and interact with the trend lines to view APY by date.

CIT Bank

APY

APY last updated between 5/6 and 5/12.

National average APY

Term length

How do we get this data?

Bankrate independently tracks hundreds of APYs and product details for banking institutions nationwide. We retain the historical data of every rate we track in our database. If there are any gaps where we weren’t actively tracking a rate at the time, the graph will reflect the missing data.

See how rates for this account have changed over time. Select the CD term length from the dropdown and interact with the trend lines to view APY by date.

CIT Bank

APY

APY last updated between 5/6 and 5/12.

National average APY

Term length

How do we get this data?

Bankrate independently tracks hundreds of APYs and product details for banking institutions nationwide. We retain the historical data of every rate we track in our database. If there are any gaps where we weren’t actively tracking a rate at the time, the graph will reflect the missing data.

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CIT Bank money market overview

The yield on the bank’s money market account is much higher than the national average yield. But there are higher-yielding options available. CIT Bank’s Savings Connect account was earning a much higher yield than CIT Bank’s money market account during Bankrate’s review.

The account doesn’t have a monthly fee, the top APY is earned on any balance and it only requires $100 to open.

Though the account is digital, customers can add funds to it through mail-in check, in addition to standard digital payment methods like electronic transfers. There’s no ATM or debit card available for withdrawals, however, nor can you write checks against the account.

Pros

The APY is competitive, compared with the national average yield.
There is no monthly maintenance fee.
You only need $100 to open this account.

Cons

Money market accounts that earn higher APYs are available.
The account doesn’t come with an ATM or debit card or check-writing privileges.

4.6

Bankrate Score

Compare top checking rates

CIT Bank checking overview

CIT Bank offers an interest-bearing checking account. As long as you maintain a minimum balance of $100, you will earn interest. But you need to keep a minimum balance of $25,000 to earn the highest APY.

There is no fee charged by CIT Bank to use out-of-network ATMs. And CIT Bank reimburses up to a generous $30 each month when you incur a surcharge at another bank’s ATM. International purchases or international ATM withdrawals are subject to a 1 percent fee.

No fees are charged for monthly service, overdrafts, incoming wire transfers and online transfers, making this account much more consumer-friendly than checking accounts offered at many big banks. Outgoing wire transfers are also free for account holders with a minimum balance of $25,000; otherwise, it’s $10 per domestic outgoing transfer.

Pros

It offers a decent APY for a checking account.
There are no monthly fees, overdraft fees or incoming wire transfer fees.
CIT Bank reimburses $30 worth of out-of-network ATM fees and doesn’t charge you a fee to use out-of-network ATMs.

Cons

The minimum deposit to open the account is $100; some online banks have no minimum deposit requirement to open an account.
You need at least $25,000 to earn the highest APY.

Compare Offer

Bank fees

Fee	Charged?
Overdraft fee	None
Non-sufficient funds fee	None
Monthly maintenance fee	None
Out-of-network ATM fee	None
Excessive transaction fee	None

Find out: Tips to avoid common bank fees

About CIT

CIT Bank, an online bank founded in 2009, became a division of First Citizens Bank when the two merged in January 2022. The bank offers a range of deposit accounts — including a top-yielding savings account — as well as home loans.

Customer experience

Customer support. CIT has no branches, but customers can reach a customer service representative by phone 9 a.m. to 9 p.m. Eastern time weekdays and Saturday from 10 a.m. to 6 p.m. Eastern. There’s also an automated telephone service that’s available 24/7.

Digital experience. CIT Bank’s mobile banking app is highly rated by iOS users but receives low reviews from Android users. The app takes care of the basics, such as letting you check your transaction history and transfer funds between your CIT Bank accounts. The app also allows you to make mobile check deposits.

How CIT Bank compares to other banks

Compare different account types offered by CIT Bank. Annual percentage yields (APYs) shown were updated between May 6, 2024 and May 12, 2024.

Selected bank CIT Bank savings account Member FDIC Bankrate score Rating: 4.6 stars out of 5 4.6 Bankrate Savings rating = 4.6/5 Bankrate scores are objectively determined by our editorial team. Annual percentage yields (APYs), minimum opening deposit requirements and minimum balances to avoid monthly service fees are some of the things that make up Bankrate’s score.	Most comparable Popular Direct savings account Member FDIC Bankrate score Rating: 4.8 stars out of 5 4.8 Bankrate Savings rating = 4.8/5 Bankrate scores are objectively determined by our editorial team. Annual percentage yields (APYs), minimum opening deposit requirements and minimum balances to avoid monthly service fees are some of the things that make up Bankrate’s score. Read review	Bankrate score Bankrate Savings rating Bankrate scores are objectively determined by our editorial team. Annual percentage yields (APYs), minimum opening deposit requirements and minimum balances to avoid monthly service fees are some of the things that make up Bankrate’s score. Read review
APY APY, or annual percentage yield, is the yearly return on a bank or investment account. APY includes the effects of compounding interest. APYs last updated between May 6, 2024 and May 12, 2024.
5.00%	5.15%
Minimum balance for APY
$5,000.00	$100.00
Estimated earnings Interest earned calculation based on a $25,000 deposit amount for a period of 1 year and is rounded to the nearest dollar. Exact earnings are dependent on calendar year, balance, and compounding frequency. Minimum deposit rules may apply.
$1,250	$1,288

CIT Bank’s Platinum Savings account earns a competitive yield on balances of $5,000 or more. Lower balances earn an APY that’s below the national average. The account requires a low minimum opening deposit, and it doesn’t charge monthly maintenance fees.	Popular Direct’s high-yield savings account earns a rate that’s tough to beat, and the $100 minimum required opening deposit is manageable. The account allows for mobile check deposit, although an ATM card is not included.

The Platinum Savings account earns a competitive rate on balances of $5,000 or more. There’s no monthly maintenance fee.	Popular Direct’s savings account earns a top-notch APY. There’s no monthly service fee, and the minimum deposit to open the account is low.	N/A
With a balance under $5,000, you’ll earn an APY below the national average. The account doesn’t come with ATM access.	The account does not come with an ATM card. An early account closing fee of $25 is charged when you close the account within 180 days of opening it.	N/A

APY offering: 5.00% 5/5 APY, or annual percentage yield, is the yearly return on a bank or investment account. APY includes the effects of compounding interest. Minimum balance to earn interest: $5,000.00 2/5 The lowest deposit amount an account must have before it can earn interest. Monthly service fee: $0.00 5/5 A monthly charge a financial institution deducts from an account if certain requirements are not met. Minimum balance to avoid fee: $0.00 5/5 The lowest balance an account must maintain in order to avoid a fee. Access to funds: Good 4/5 A procedure that allows an individual or organization to access and manage the funds of another account holder.	APY offering: 5.15% 5/5 APY, or annual percentage yield, is the yearly return on a bank or investment account. APY includes the effects of compounding interest. Minimum balance to earn interest: $100.00 4/5 The lowest deposit amount an account must have before it can earn interest. Monthly service fee: $0.00 5/5 A monthly charge a financial institution deducts from an account if certain requirements are not met. Minimum balance to avoid fee: $0.00 5/5 The lowest balance an account must maintain in order to avoid a fee. Access to funds: Good 4/5 A procedure that allows an individual or organization to access and manage the funds of another account holder.	APY, or annual percentage yield, is the yearly return on a bank or investment account. APY includes the effects of compounding interest. The lowest deposit amount an account must have before it can earn interest. A monthly charge a financial institution deducts from an account if certain requirements are not met. The lowest balance an account must maintain in order to avoid a fee. A procedure that allows an individual or organization to access and manage the funds of another account holder. Bankrate does not currently track additional product details for this bank.

Selected bank CIT Bank CD Member FDIC Bankrate score Rating: 4.3 stars out of 5 4.3 Bankrate CD rating = 4.3/5 Bankrate scores are objectively determined by our editorial team. Annual percentage yields (APYs) and minimum deposits are some of the things that make up Bankrate’s score.	Most comparable Citizens Access CD Member FDIC Bankrate score Rating: 4.2 stars out of 5 4.2 Bankrate CD rating = 4.2/5 Bankrate scores are objectively determined by our editorial team. Annual percentage yields (APYs) and minimum deposits are some of the things that make up Bankrate’s score. Read review	Bankrate score Bankrate CD rating Bankrate scores are objectively determined by our editorial team. Annual percentage yields (APYs) and minimum deposits are some of the things that make up Bankrate’s score. Read review
APY APY, or annual percentage yield, is the yearly return on a bank or investment account. APY includes the effects of compounding interest. APYs last updated between May 6, 2024 and May 12, 2024.
0.30%	5.00%
Minimum deposit
$1,000.00	$5,000.00
Term
1 yr	1 yr

CIT Bank’s 11-month no-penalty CD offers a yield similar to some high-yield savings accounts and some one-year CDs. But unlike the latter, you can withdraw your money from this no-penalty CD, at least seven days after you open it, without incurring a penalty.	Citizens Access offers five different CD terms. You’ll need a relatively steep $5,000 deposit to open a CD at Citizens Access. The CD terms at Citizens Access range from one year to five years. So you might want to consider the bank’s savings accounts for shorter-term goals, since the bank doesn’t offer CD terms of less than a year. That noted, the one-year CD earns a highly competitive yield. Citizens Access CDs have the following penalties: One-year CD: 90 days of interest, based on the balance of the CD. Two-year through five-year CDs: 180 days of interest, based on the balance of the CD.

This no-penalty CD pays a yield that’s near what top regular one-year CDs – with a penalty – are offering. You won’t pay a penalty with this CD if you need to make an early withdrawal – after having the CD for at least seven days.	Citizens Access pays a competitive yield on some of its CDs Citizens Access offers most terms that people would need	N/A
The minimum opening deposit requirement of $1,000 is higher than some online banks. You can get higher yields on savings accounts. And those savings accounts don’t have early withdrawal penalties either.	The minimum deposit is higher than what’s offered by most other online banks Higher yields are available elsewhere on longer terms Citizens Access doesn’t offer short-term CDs (maturities less than a year)	N/A

APY offering: 0.30% - 1 yr 1/5 APY, or annual percentage yield, is the yearly return on a bank or investment account. APY includes the effects of compounding interest. APYs are selected based on Bankrate reviews of the highest rates a bank offers between the term ranges of 7 and 17 months. This excludes jumbo CDs and applies when the minimum deposit is $25k or less. Minimum deposit: $1,000.00 4/5 The minimum deposit amount a financial institution requires in order to open a CD. Range of term lengths: 6 mos - 5 yrs 4/5 A designated amount of time that funds must be held within a CD. Early withdrawal penalty: Great 5/5 A penalty incurred when funds have been withdrawn from a CD before its maturity date. Offer no-penalty or bump-up CDs: Yes 5/5 A CD that doesn’t incur a penalty if funds are withdrawn before its maturity date. Offer IRA CDs: No 0/5 An IRA account which consists of CDs that typically earns fixed interest over a specified period of time.	APY offering: 5.00% - 1 yr 5/5 APY, or annual percentage yield, is the yearly return on a bank or investment account. APY includes the effects of compounding interest. APYs are selected based on Bankrate reviews of the highest rates a bank offers between the term ranges of 7 and 17 months. This excludes jumbo CDs and applies when the minimum deposit is $25k or less. Minimum deposit: $5,000.00 3/5 The minimum deposit amount a financial institution requires in order to open a CD. Range of term lengths: 1 yr - 5 yrs 3/5 A designated amount of time that funds must be held within a CD. Early withdrawal penalty: Good 4/5 A penalty incurred when funds have been withdrawn from a CD before its maturity date. Offer no-penalty or bump-up CDs: Yes 5/5 A CD that doesn’t incur a penalty if funds are withdrawn before its maturity date. Offer IRA CDs: No 0/5 An IRA account which consists of CDs that typically earns fixed interest over a specified period of time.	APY, or annual percentage yield, is the yearly return on a bank or investment account. APY includes the effects of compounding interest. APYs are selected based on Bankrate reviews of the highest rates a bank offers between the term ranges of 7 and 17 months. This excludes jumbo CDs and applies when the minimum deposit is $25k or less. The minimum deposit amount a financial institution requires in order to open a CD. A designated amount of time that funds must be held within a CD. A penalty incurred when funds have been withdrawn from a CD before its maturity date. A CD that doesn’t incur a penalty if funds are withdrawn before its maturity date. An IRA account which consists of CDs that typically earns fixed interest over a specified period of time. Bankrate does not currently track additional product details for this bank.

Selected bank CIT Bank money market account Member FDIC Bankrate score Rating: 3.9 stars out of 5 3.9 Bankrate Money Market rating = 3.9/5 Bankrate scores are objectively determined by our editorial team. Annual percentage yields (APYs), minimum opening deposit requirements and minimum balances to avoid monthly service fees are some of the things that make up Bankrate’s score.	Most comparable Synchrony Bank money market account Member FDIC Bankrate score Rating: 4 stars out of 5 4.0 Bankrate Money Market rating = 4.0/5 Bankrate scores are objectively determined by our editorial team. Annual percentage yields (APYs), minimum opening deposit requirements and minimum balances to avoid monthly service fees are some of the things that make up Bankrate’s score. Read review	Bankrate score Bankrate Money Market rating Bankrate scores are objectively determined by our editorial team. Annual percentage yields (APYs), minimum opening deposit requirements and minimum balances to avoid monthly service fees are some of the things that make up Bankrate’s score. Read review
APY APY, or annual percentage yield, is the yearly return on a bank or investment account. APY includes the effects of compounding interest. APYs last updated between May 6, 2024 and May 12, 2024.
1.55%	2.25%
Minimum balance for APY
$100.00	$1.00
Estimated earnings Interest earned calculation based on a $25,000 deposit amount for a period of 1 year and is rounded to the nearest dollar. Exact earnings are dependent on calendar year, balance, and compounding frequency. Minimum deposit rules may apply.
$388	$563

CIT Bank’s Platinum Savings account earns a competitive yield on balances of $5,000 or more. Lower balances earn an APY that’s below the national average. The account requires a low minimum opening deposit, and it doesn’t charge monthly maintenance fees.	You’ll earn a competitive yield and can access your money at an ATM with the Synchrony Bank High Yield Savings Account. You’ll also have $5 worth of domestic ATM fees reimbursed per month and you won’t be charged a monthly service fee.

The Platinum Savings account earns a competitive rate on balances of $5,000 or more. There’s no monthly maintenance fee.	You can get up to $5 worth of ATM fees reimbursed with this account. You’ll earn a competitive yield with Synchrony’s savings account. There are no monthly service fees.	N/A
With a balance under $5,000, you’ll earn an APY below the national average. The account doesn’t come with ATM access.	Some banks pay a higher yield on their savings accounts. All tiers have the same APY, so customers are not rewarded for depositing more money	N/A

APY offering: 1.55% 3/5 APY, or annual percentage yield, is the yearly return on a bank or investment account. APY includes the effects of compounding interest. Minimum balance to earn interest: $100.00 5/5 The lowest deposit amount an account must have before it can earn interest. Monthly service fee: $0.00 5/5 A monthly charge a financial institution deducts from an account if certain requirements are not met. Minimum balance to avoid fee: $0.00 5/5 The lowest balance an account must maintain in order to avoid a fee. Check writing: Yes 5/5 The ability to write a certain amount of checks within a statement cycle. Debit/ATM access: Subpar 2/5 The ability to withdraw funds from an account through the use of debit or ATM card	APY offering: 2.25% 3/5 APY, or annual percentage yield, is the yearly return on a bank or investment account. APY includes the effects of compounding interest. Minimum balance to earn interest: $1.00 5/5 The lowest deposit amount an account must have before it can earn interest. Monthly service fee: $0.00 5/5 A monthly charge a financial institution deducts from an account if certain requirements are not met. Minimum balance to avoid fee: $0.00 5/5 The lowest balance an account must maintain in order to avoid a fee. Check writing: Yes 5/5 The ability to write a certain amount of checks within a statement cycle. Debit/ATM access: Good 4/5 The ability to withdraw funds from an account through the use of debit or ATM card	APY, or annual percentage yield, is the yearly return on a bank or investment account. APY includes the effects of compounding interest. The lowest deposit amount an account must have before it can earn interest. A monthly charge a financial institution deducts from an account if certain requirements are not met. The lowest balance an account must maintain in order to avoid a fee. The ability to write a certain amount of checks within a statement cycle. The ability to withdraw funds from an account through the use of debit or ATM card Bankrate does not currently track additional product details for this bank.

Selected bank CIT Bank checking account Bankrate score Rating: 0 stars out of 5 N/A Bankrate Checking rating = 0.0/5 Bankrate scores are objectively determined by our editorial team. Minimum balances to avoid monthly service fees, whether the bank has a monthly service fee, minimum opening deposit requirements, fees to use out-of-network ATMs and overdraft fees are some of the things that make up Bankrate’s score.	Most comparable Quontic Bank checking account Member FDIC Bankrate score Rating: 4.6 stars out of 5 4.6 Bankrate Checking rating = 4.6/5 Bankrate scores are objectively determined by our editorial team. Minimum balances to avoid monthly service fees, whether the bank has a monthly service fee, minimum opening deposit requirements, fees to use out-of-network ATMs and overdraft fees are some of the things that make up Bankrate’s score. Read review	Bankrate score Bankrate Checking rating Bankrate scores are objectively determined by our editorial team. Minimum balances to avoid monthly service fees, whether the bank has a monthly service fee, minimum opening deposit requirements, fees to use out-of-network ATMs and overdraft fees are some of the things that make up Bankrate’s score. Read review
APY APY, or annual percentage yield, is the yearly return on a bank or investment account. APY includes the effects of compounding interest. APYs last updated between May 6, 2024 and May 12, 2024.
N/A	1.10%
Minimum balance to open
N/A	$100.00

CIT Bank offers an interest-bearing checking account. As long as you maintain a minimum balance of $100, you will earn interest. But you need to keep a minimum balance of $25,000 to earn the highest APY. There is no fee charged by CIT Bank to use out-of-network ATMs. And CIT Bank reimburses up to a generous $30 each month when you incur a surcharge at another bank’s ATM. International purchases or international ATM withdrawals are subject to a 1 percent fee. No fees are charged for monthly service, overdrafts, incoming wire transfers and online transfers, making this account much more consumer-friendly than checking accounts offered at many big banks. Outgoing wire transfers are also free for account holders with a minimum balance of $25,000; otherwise, it’s $10 per domestic outgoing transfer.	Quontic Bank is an online bank based in New York that offers checking accounts, a savings account, a money market account and CDs. The High Interest Checking Account charges no monthly maintenance fee or overdraft fees, and it pays a competitive yield when you make 10 qualifying debit card purchases of at least $10 per statement cycle.

It offers a decent APY for a checking account There are no monthly fees, overdraft fees or incoming wire transfer fees CIT Bank reimburses $30 worth of out-of-network ATM fees and doesn’t charge you a fee to use out-of-network ATMs	The account earns a competitive yield on all balances, when requirements are met. No overdraft fees or monthly service fees are charged. A wearable payment ring is included and provides the option for contactless payments.	N/A
The minimum deposit to open the account is $100; some online banks have no minimum deposit requirement to open an account You need at least $25,000 to earn the highest APY	An opening deposit of at least $100 is required to open an account; other banks offer lower balance requirements. You need to make at least 10 debit card purchases, or the account reverts to earning a much lower yield.	N/A

CIT Bank vs. Citizens Bank

While CIT Bank is online-only, Citizens Bank might be a good fit for someone living in the Eastern U.S. who wants access to branches and a fee-free ATM network. However, one of the benefits of banking with an online bank like CIT Bank is that you can get much higher yields. CIT Bank offers a very competitive yield on its Savings Connect account and even offers a decent yield on its checking account; savers will not get the same boost at Citizens Bank.

Another factor to consider is fees. CIT Bank charges few fees. Meanwhile, Citizens Bank’s checking account comes with a lofty overdraft fee and out-of-network ATM fee — neither of which are charged at all by CIT Bank.

Learn more: Best online banks

CIT Bank FAQs

CIT Bank is best for consumers who are comfortable with online banking and looking to earn a competitive yield on their savings and checking accounts. Those interested in CDs should check the rate offered for the term that suits their needs, since CD rates vary greatly by term.
CIT Bank is a member of the FDIC, which protects up to $250,000 per account type, per depositor.
CIT Bank is FDIC-insured and it’s a division of First Citizens Bank, which is federally chartered with roots going back to the 1800s.
CIT stands for Commercial Investment Trust.

Review methodology

With so many financial institutions to choose from, it can be hard to know who to trust. Bankrate’s ever-growing list of bank and credit union reviews is updated regularly. Our editorial team analyzes and reviews each institution across deposit products such as savings accounts, checking accounts, certificates of deposit (CDs) and money market accounts (MMAs). Banks are rated by important factors such as offered interest rates, fees, minimum balance requirements, access to funds and more.

We assign a score to each type of account and its features, weigh them carefully based on importance to account holders and determine an overall score. Read our full review methodology.

Date Bankrate gathers rate data either directly from our partners, or through our proprietary rate surveying service. The rate change date is based on when Bankrate received or captured the rate change and may differ from the actual date the rate changed.	CIT Bank APY APY last updated between 5/6 and 5/12. APY last updated between 5/6 and 5/12	National average APY The “national average” is determined by Bankrate’s comprehensive national survey of savings accounts and CDs and reflects the monthly average APY for each product.
05/07/2024	5.05%	0.58%
05/01/2024	5.00%	0.58%
04/30/2024	5.05%	0.58%
04/23/2024	5.05%	0.58%
04/16/2024	5.05%	0.58%
04/09/2024	5.05%	0.58%
04/02/2024	5.05%	0.58%
03/26/2024	5.05%	0.57%
03/19/2024	5.05%	0.57%
03/18/2024	5.05%	0.57%
03/12/2024	5.05%	0.57%
03/05/2024	5.05%	0.57%
02/27/2024	5.05%	0.58%
02/20/2024	5.05%	0.58%
02/13/2024	5.05%	0.58%
02/06/2024	5.05%	0.58%
01/30/2024	5.05%	0.58%
01/23/2024	5.05%	0.58%
01/16/2024	5.05%	0.58%
01/09/2024	5.05%	0.58%
01/02/2024	5.05%	0.58%
12/26/2023	5.05%	0.57%
12/12/2023	5.05%	0.57%
12/05/2023	5.05%	0.57%
11/28/2023	5.05%	0.60%
11/21/2023	5.05%	0.60%
11/14/2023	5.05%	0.60%
11/07/2023	5.05%	0.60%
10/31/2023	5.05%	0.58%
10/24/2023	5.05%	0.58%
10/17/2023	5.05%	0.58%
10/10/2023	5.05%	0.58%
10/03/2023	5.05%	0.58%
09/26/2023	5.05%	0.57%
09/19/2023	5.05%	0.57%
09/18/2023	5.05%	0.57%
09/12/2023	5.05%	0.57%
09/05/2023	5.05%	0.57%
08/29/2023	5.05%	0.54%
08/22/2023	5.05%	0.54%
08/15/2023	5.05%	0.54%
08/08/2023	5.05%	0.54%
08/01/2023	5.05%	0.54%
07/27/2023	5.05%	0.54%
07/25/2023	4.95%	0.54%
07/18/2023	4.95%	0.54%
07/11/2023	4.95%	0.54%
07/04/2023	4.95%	0.54%
06/27/2023	4.95%	0.49%
06/20/2023	4.95%	0.49%
06/16/2023	4.95%	0.49%
06/13/2023	4.85%	0.49%
06/06/2023	4.85%	0.49%
05/30/2023	4.85%	0.47%
05/23/2023	4.85%	0.47%

Date Bankrate gathers rate data either directly from our partners, or through our proprietary rate surveying service. The rate change date is based on when Bankrate received or captured the rate change and may differ from the actual date the rate changed.	CIT Bank APY APY last updated between 5/6 and 5/12. APY last updated between 5/6 and 5/12	National average APY The “national average” is determined by Bankrate’s comprehensive national survey of savings accounts and CDs and reflects the monthly average APY for each product.
05/07/2024	0.50%	1.42%
04/30/2024	0.50%	1.42%
04/23/2024	0.50%	1.42%
04/16/2024	0.50%	1.42%
04/09/2024	0.50%	1.42%
04/02/2024	0.50%	1.42%
03/26/2024	0.50%	1.43%
03/19/2024	0.50%	1.43%
03/12/2024	0.50%	1.43%
02/27/2024	0.50%	1.42%
02/20/2024	0.50%	1.42%
02/13/2024	0.50%	1.42%
02/06/2024	0.50%	1.42%
01/30/2024	0.50%	1.43%
01/23/2024	0.50%	1.43%
01/16/2024	0.50%	1.43%
01/09/2024	0.50%	1.43%
01/02/2024	0.50%	1.43%
12/26/2023	0.50%	1.43%
12/12/2023	0.50%	1.43%
12/05/2023	0.50%	1.43%
11/28/2023	0.50%	1.45%
11/21/2023	0.50%	1.45%
11/14/2023	0.50%	1.45%
11/07/2023	0.50%	1.45%
10/31/2023	0.50%	1.46%
10/24/2023	0.50%	1.46%
10/17/2023	0.50%	1.46%
10/10/2023	0.50%	1.46%
10/03/2023	0.50%	1.46%
09/26/2023	0.50%	1.43%
09/19/2023	0.50%	1.43%
09/12/2023	0.50%	1.43%
09/05/2023	0.50%	1.43%
08/29/2023	0.50%	1.38%
08/22/2023	0.50%	1.38%
08/15/2023	0.50%	1.38%
08/08/2023	0.50%	1.38%
08/01/2023	0.50%	1.38%
07/25/2023	0.50%	1.35%
07/18/2023	0.50%	1.35%
07/11/2023	0.50%	1.35%
07/04/2023	0.50%	1.35%
06/27/2023	0.50%	1.33%
06/20/2023	0.50%	1.33%
06/13/2023	0.50%	1.33%
06/06/2023	0.50%	1.33%
05/30/2023	0.50%	1.31%
05/23/2023	0.50%	1.31%

CIT Bank Review 2024

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CIT Bank banking products

CIT Bank savings overview

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Rate history for CIT Bank's CD accounts

CIT Bank money market overview

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About CIT

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CIT Bank vs. Citizens Bank

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