CIT Bank is an internet bank offering a range of financial products. Formerly OneWest Bank and Commerical Investment Trust, 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 # 58978) with its headquarters in Pasadena, CA. Until recently, CIT Bank was an online bank with no physical branches. That all changed in 2020 when it acquired Mutual of Omaha Bank. With this acquisition, CIT now has nearly 100 branches in nine states.
States | Number of Branches |
---|---|
Arizona | 7 |
California | 66 |
Colorado | 1 |
Florida | 3 |
Hawaii | 1 |
Kansas | 1 |
Nebraska | 6 |
Nevada | 4 |
Texas | 3 |
As of December 31, 2019, CIT has $45 billion in total assets and nearly $36 billion in total deposits. Following its acquisition of Mutual of Omaha Bank, its total assets climbed to about $60 billion and deposits to approximately $42 billion.
CIT Bank Account Types
CIT Bank offers the following types of personal accounts:
- Savings Accounts: A standard Premier High Yield Savings account and a higher paying Savings Builder account (see below)
- eChecking: Tiered interest-bearing checkings account.
- Money Market: CIT’s high-yield savings option
- Term CDs: Terms range from one 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.
CIT Bank has taken steps to encourage its customers to save. To understand these accounts types and interest rates, there are three products we need to cover.
CIT Savings Builder
CIT designed its Savings Builder account to encourage customers to save more. The account comes with an interest rate (currently 0.55% 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 0.70% 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.
CIT Savings Connect
The Savings Connect product is CIT Bank’s highest paying savings product. Like Savings Builder, however, there are some hoops to jump through.
First, you signup for Savings Connect and a linked eChecking account. Yes, you need both a savings and checking account. You then have to make at least $200 in monthly electronic payments (think Direct Deposit) into the eChecking Account. Do that and you’ll earn a higher APY on savings, currently at 0.90%.
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 did the basics, its design reminded 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 with the highest rates, Axos bank is a better option.
CIT Bank Rating
CIT Bank
CIT Bank FAQs
Yes. It’s been active with the FDIC since March 19, 2009 (FDIC # 58978).
Yes. In addition to being FDIC-insured, it is considered well capitalized.
No. CIT Bank is owned by CIT Group, a bank holding company incorporated in Delaware and headquartered in New York City.
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 standard savings account are mediocre among online banks. If that’s what you’re looking for, either look to CIT’s money market account below or check out our best savings accounts rate page. Its Savings Builder account, however, does offer competitive rates. The account either requires a high balance or a monthly deposit of at least $100. In this way, CIT is encouraging its customers to save on a regular basis.
If you are looking for a simple account to save an emergency fund, its Money Market Account is the answer. It generally pays the highest yield available for demand deposits. Here are the current rates:
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 offers a wide range of certificates of deposit. In addition to term CDs, it offers a no-penalty CD and RampUp CDs. RampUp CDs enable you to take advantage of rates should they rise during the term of the CD.