CIT Bank is an internet bank offering a wide range of financial products. CIT merged with and is now a division of First Citizens Bank. CIT offers competitive interest rates on deposit accounts with low fees. We cover the details in this CIT Bank review.

CIT Bank History
Founded in 2009 as OneWest Bank, CIT Bank is FDIC-insured (FDIC # 11063) and as of February 2023, CIT's headquarters are in Raleigh, North Carolina. Until recently, CIT Bank was an online bank with no physical branches. That all changed in 2020 when it acquired Mutual of Omaha Bank.
CIT Bank Account Types
CIT Bank offers the following types of personal accounts:
- Savings Accounts: A High Yield Savings account, Savings Connect, and a lower paying Savings Builder account, plus a new Platinum Savings account (see more below).
- eChecking: Tiered interest-bearing checking account.
- Money Market: A high-yield savings option
- Term CDs: Terms range from six months to five years, requiring a minimum deposit of $1,000.
- Jumbo CDs: Terms ranging from two to five years, requiring a minimum deposit of $100,000.
- No-Penalty CDs: An 11-month CD that doesn't charge an early withdrawal penalty.
- Ramp up CDs: Certificates of deposit ranging from two to four years that enable savers to benefit if rates rise during the CD's term. These are not currently available for new accounts.
CIT Bank has taken steps to encourage its customers to save. To understand these account types and interest rates, there are four products to cover.
CIT Platinum Savings
This product was just launched in 2023. The Platinum Savings account requires an initial deposit of $100, but in order to earn the highest rate (currently 4.85%), you need to maintain a balance of $5,000. Otherwise, you'll earn just 0.25% APY.
CIT Savings Connect
The Savings Connect product is CIT Bank's second highest-paying savings product. The minimum opening deposit is only $100. The APY for this account is currently at 4.60%.
CIT Savings Builder
CIT designed its Savings Builder account to encourage customers to save more. The account comes with an interest rate (currently 1.00% APY) that is higher than most traditional banks. To qualify, however, you must do one of two things:
- Maintain a balance of $25,000 or more, or
- Make at least one monthly deposit of $100 or more
While I applaud the account's design to encourage savings, there is one flaw. The account often pays less than CIT's Money Market Account. And the MMA doesn't have either requirement. So let's look at that account now.
CIT MMA
CIT's Money Market Account currently earns 1.55% APY. There is a $100 minimum opening balance requirement, but that's it. As such, it's unclear to me why anybody would choose the CIT Savings Builder account, UNLESS, you needed the motivation it gives you to keep saving.
What We Like About CIT Bank
- Competitive interest rates
- Low fees
- Wide range of account types
- No-penalty and RampUp CDs
What CIT Bank Could Improve
Having banked with CIT to take advantage of its rates on savings accounts, the one thing that could improve is the website. While the site does the basics, its design reminds me of websites from the 1990s.
In addition, to get its highest savings rates, you have to jump through a lot of hoops. If you want a no-fee online bank account with the highest rates, UFB Premier Savings is a better option.
CIT Bank Rating
CIT Bank
CIT Bank FAQs
Is CIT Bank FDIC insured?
Yes. (FDIC # 11063)
Is CIT Bank safe?
Yes. In addition to being FDIC-insured, it is considered well capitalized.
Is CIT Bank part of Citibank?
No. CIT Bank is part of First-Citizens Bank & Trust Company and is headquartered in Raleigh, North Carolina
Does CIT Bank have physical branches?
Yes. Following its 2020 acquisition of Mutual of Omaha Bank, it now has nearly 100 branches in nine states.
Rates
CIT's rates for its savings accounts can be competitive among online banks. You can check out how they compare by taking a look at our best savings accounts rate page.
If you are looking for a simple account to save an emergency fund, its Platinum Savings is the answer. It pays the highest yield available but you need a $5,000 minimum balance to earn the highest APY and a minimum deposit of $100 to open an account.
Unlike most banks, CIT pays interest on its checking account. The amount you'll earn depends on the balance you maintain. In addition, there are no monthly fees and CIT reimburses up to $30 in ATM fees per statement cycle. CIT Bank also offers a wide range of certificates of deposit.