CIT Bank Review: High-Yield Savings, Money Market Account, and CDs

CIT Bank is an FDIC insured online-only bank that offers competitive high-yield savings, money market, and certificate of deposit (CD) accounts. The bank is ideal for those who are looking to park their money and earn interest.

Since CIT Bank is a digital bank, they can save on overhead costs like maintaining a physical branch and pass the savings onto their customers. The bank is not ideal if you’re looking to make daily withdraws or transactions since they do not offer a checking account or an ATM network.

CIT Bank Savings Builder High-Yield Savings Account

Earn up to 2.10% APY with the CIT Bank Savings Builder account. The savings account has two tiers: Basic and Upper. There is a minimum opening deposit of $100.

Upper Tier

To qualify for the highest APY option (2.10%), you can either keep $25,000+ in the account OR you can make an opening deposit of $100 and deposit $100 or more every month.

Basic Tier

If you don’t meet one of the qualifications for the Upper Tier, the Basic Tier has a default 1.24% APY.

😐 Cons:

  • $100 opening deposit does NOT count towards the higher APY tier. Must make an additional deposit of $100 or more during the first Evaluation Period to qualify

  • No checking account options

  • No ATM network

  • No physical branches

✔️Pros:

  • up to 2.10% APY

  • $100 Minimum opening balance

  • Two ways to earn the higher 2.10% APY rate

    • $100 deposit each month OR

    • Maintain a minimum $25,000 account balance

  • Deposit checks remotely and make transfers via CIT Bank mobile app

  • No monthly fees

CIT Bank Money Market Account (MMA)

If you’re looking for a more flexible option to earn a high APY without minimum balances or monthly deposit requirements, the CIT Bank MMA has a 1.85% APY.

Key features of the CIT Bank MMA:

  • 1.85% APY

  • $100 minimum opening deposit

  • No monthly fees

  • People Pay Account to Account & PayPal are available

  • Deposit checks remotely and make transfers via CIT Bank mobile app

  • Limit of six transactions per statement cycle; fees apply after that

  • FDIC insured

CIT Bank No Penalty 11-Month Certificate of Deposit (CD)

A CD locks in a stable interest rate if you’re comfortable parking your money for an extended period of time. The No Penalty 11-Month CD account requires a minimum $1,000 opening deposit.

Although CIT Bank might not have the highest CD rate, it does offer flexibility in the event you need to access your funds early. For example, other banks may charge 90 days of interest as a penalty for ending a 1 year or less CD term early.

The No Penalty CD account allows you to withdraw your money, including any interest earned, beginning seven days after the funds have been received.

✔️Pros:

  • No penalty for withdrawing money before the maturity date starting seven days after funds have been received

  • No opening or maintenance fees

  • Daily compounding interest

  • FDIC insured

😐 Cons:

  • Other online banks may offer a higher interest rate


Editorial Note: Opinions expressed here are the author's alone, not those of any bank, credit card issuer, airlines or hotel chain, vendors or companies, and have not been reviewed, approved, or otherwise endorsed by any of these entities. 

UGC disclosure: These responses are not provided or commissioned by the bank advertiser. Responses have not been reviewed, approved or otherwise endorsed by the bank advertiser. It is not the bank advertiser's responsibility to ensure all posts and/or questions are answered.”