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CIT Bank Review

FDIC Insured Institution

CIT Bank stands out in today's fluctuating financial landscape with a savings account yielding 3.90% APY—significantly higher than the market average of 2.31%. This rate positions CIT in the upper tier of savings options, though it doesn't quite reach the pinnacle of 4.35% that some competitors provide. What makes this account particularly accessible is its $0 minimum opening requirement, removing barriers for new savers who want to begin their financial journey without an initial lump sum.

The bank's Money Market account tells a different story. With a 1.55% APY, this offering falls below the market's average performance, suggesting it might not be CIT's strongest product. The $100 minimum to open creates a modest threshold that most customers can meet, but when paired with the underwhelming rate, this account may not attract those seeking to maximize their liquid funds.

When viewed through the wider lens of the banking ecosystem, CIT Bank appears to have strategically positioned itself as a strong contender in the savings space while maintaining a more conservative approach with its money market products. This split personality in rate offerings reflects the common tension in banking between competitive flagship products and supporting accounts that serve different purposes in a customer's financial portfolio.

CIT Bank Bank Rates

These rates were last updated on August 28th, 2025.

Savings

Savings

APY 3.90%
Rate 3.90%
Min to Open $0
Min to Earn $0

Money Market

MMA

APY 1.55%
Rate 1.54%
Min to Open $100
Min to Earn $100

Compared Against Other Banks

To help you see how CIT Bank's rates compare to other banks, we have gathered their rates here. These are rated highly for competitive rates, fees, and minimums. All offers are FDIC or NCUA insured.


Peak Bank

Savings

APY 4.35%
Rate 4.26%
To Open $100
To Earn APY $0
To Avoid Fees $0
Monthly Fee $0

Vio Bank

Savings

APY 4.31%
Rate 4.31%
To Open $100
To Earn APY $0
To Avoid Fees $0
Monthly Fee $0

Valley Direct

Savings

APY 4.30%
Rate 4.30%
To Open $1,000
To Earn APY $1
To Avoid Fees $0
Monthly Fee $0

EverBank

Savings

APY 4.30%
Rate 4.30%
To Open $0
To Earn APY $0
To Avoid Fees $0
Monthly Fee $0

MyBankingDirect

Savings

APY 4.30%
Rate 4.21%
To Open $500
To Earn APY $1
To Avoid Fees $0
Monthly Fee $0

Essential Banking Features & Services

Bank Features

Our team manually evaluates each bank across 52 essential features, giving you a comprehensive view of what really matters.

Updated on August 12th, 2025

Full Support
Partial Support
Unavailable
Unknown Support

Cost Benefits

No monthly maintenance fees are charged.
A minimum balance must be maintained in the account.
Foreign fees vary. There are some options that have no foreign fees.
Use any ATM without additional charges.
Account includes overdraft protection options.
Incoming wire transfers are free. Free outgoing wire transfers require a $25,000 account balance.

In the landscape of personal finance, where every dollar saved is a dollar earned, freedom from the nickel-and-diming of banking fees stands as a quiet but powerful advantage. The absence of monthly maintenance fees eliminates that slow drip of charges that can erode savings over time, while full overdraft protection serves as a financial safety net, catching you before you fall into the red.

Navigating the terrain of international transactions and money transfers reveals a more nuanced picture. Foreign transaction fees apply in some cases but not others—a patchwork approach that requires attention when traveling abroad. Wire transfers, those highways of high-speed money movement, come with partial toll exemptions; incoming transfers flow freely, while outgoing ones require the substantial ballast of a $25,000 balance to waive associated fees.

Perhaps most telling is the contrast between ATM access and balance requirements. While the bank removes barriers to accessing cash through out-of-network ATMs without penalty, it simultaneously erects a different kind of wall through minimum balance requirements—a reminder that even in customer-friendly banking environments, some traditional constraints remain firmly in place.


Security

Account access is protected by two-factor authentication.
Receive instant notifications for suspicious account activity.
As a Citi Cards customer, you can automatically use the free services of Citi Identity Theft Solutions, even if the fraud occurred on a card from another company.
Instantly freeze and unfreeze your cards as needed.
Set travel alerts to ensure uninterrupted card access.

In today's digital landscape, where data breaches lurk like shadows in every corner, robust security isn't a luxury—it's essential. The layered defense system implemented here stands as a digital fortress, combining two-factor authentication with real-time fraud alerts that ping your device the moment something seems amiss. These twin sentinels work tirelessly, one verifying your identity beyond simple passwords, the other scanning the horizon for unusual patterns.

When identity theft threatens—that modern form of existential crisis where someone else becomes 'you'—comprehensive monitoring services stand ready. These watchful guardians track your personal information across the digital realm, with the added reassurance that Citi Identity Theft Solutions remains available even when fraud occurs elsewhere. Meanwhile, the instant card lock feature serves as an emergency brake, allowing you to freeze financial activity with a single tap when circumstances demand immediate action.

For travelers venturing beyond familiar territories, the thoughtful travel notification system prevents the jarring experience of declined transactions in foreign lands. This final piece completes a security ecosystem designed not merely to react to threats, but to anticipate them. In the delicate balance between convenience and protection, these features represent not just tools, but a philosophy—one that recognizes our financial identities require safeguarding as vigilant as that for our physical selves.


Mobile

4.8/5
4.7/5
Deposit checks through mobile app.
Find ATMs and branches via mobile app.
Customizable account alerts available.
Push notifications supported.

CIT Bank's mobile experience bridges the digital divide between customers and their finances, with highly-rated native apps for both iOS (4.8/5) and Android (4.7/5) platforms. These digital companions transform smartphones into portable banking centers, enabling everything from routine account management to capturing check images for deposit—all without setting foot in a physical branch.

Beyond basic functionality, CIT's mobile ecosystem serves as a vigilant financial guardian. The customizable alert system keeps users connected to their money's movement through push notifications that arrive in real-time, while the ATM locator acts as a financial GPS when physical banking becomes necessary. In this way, CIT has crafted not just apps but extensions of their banking philosophy—where convenience and control rest literally in the palm of your hand.


Transfers & Deposits

Accept automatic deposits from employers and others.
Access direct deposits up to 2 days early.
Send and receive domestic wire transfers.
Send wire transfers to international destinations.
Link and manage external bank accounts.
Move money between banks at no cost.

In today's fast-paced financial landscape, the ability to move money efficiently can make all the difference between financial stress and peace of mind. With full support for direct deposit capabilities—including early access to your paycheck up to two days before payday—you gain a valuable buffer against life's unexpected expenses, like a financial time machine offering tomorrow's resources today.

The transfer ecosystem extends beyond basic functionality, embracing both domestic and international wire transfers for those moments when speed and security cannot be compromised. These services stand alongside free ACH transfers, creating a spectrum of options that adapt to various urgency levels and financial needs.

Perhaps most valuable in our increasingly fragmented financial world is the ability to link external accounts within a single interface. This feature serves as a digital bridge between financial islands, allowing you to navigate your complete financial picture without the cognitive burden of juggling multiple banking apps and passwords. In the symphony of modern banking, these transfer capabilities conduct the essential movements that keep your financial life in harmony.


Money Management

Built-in tools for creating and tracking budgets.
View detailed analysis of spending patterns.
Round-up savings feature not offered.
Create custom rules for automatic savings.
Sub-accounts not available.
Schedule and manage bill payments online.

In today's complex financial landscape, having the right tools to navigate your money journey makes all the difference. The digital banking experience shines through thoughtful budgeting tools and spending analytics that illuminate your financial patterns like constellations guiding a night traveler. These features transform raw transaction data into meaningful insights, allowing you to chart a course toward your financial north star with greater confidence.

The automated aspects of money management serve as faithful companions on this journey. Scheduled bill payments prevent the quicksand of late fees, while customizable savings rules function as invisible guardians, quietly building your financial security without requiring constant attention. These automation features understand a fundamental truth about human behavior: systems that require less willpower ultimately produce better results.

What's missing from this constellation, however, are the round-up savings and sub-account features that many find useful for painless saving and goal visualization. Like having fewer tools in your financial workshop, these absences might limit some users who prefer more granular organization or who benefit from the small, incremental savings that round-ups provide. The available suite still forms a solid foundation, but some may find themselves seeking additional tools to complete their financial management system.


Integrations

Send and receive money instantly with Zelle.
Make payments with Apple Pay.
Make payments with Google Pay.
Send international transfers through Wise.
Connect and sync with QuickBooks.

CIT Bank embraces the digital age through seamless integrations that transform how we handle money in our increasingly connected world. The bank fully supports Zelle for those moments when funds need to move quickly between friends or family—like when the dinner bill arrives and splitting becomes a mathematical puzzle. Similarly, both Apple Pay and Google Pay find their place in CIT's ecosystem, allowing your phone to become your wallet with just a tap or glance, regardless of whether you dwell in Apple's walled garden or Android's open landscape.

Beyond domestic conveniences, CIT recognizes money's borderless nature through Wise integration, letting funds travel internationally without the punishing fees that traditionally accompany such journeys. Meanwhile, small business owners and freelancers will appreciate the QuickBooks connection, where banking data flows automatically into accounting systems—bridging the gap between transactions and tax time. In this constellation of integrations, CIT Bank doesn't merely provide banking services; it weaves itself into the fabric of modern financial life.


Customer Support

Phone support limited to business hours.
Connect instantly with support via live chat.
Get assistance through email support.
Bill negotiation services not available.
Financial advisor services not offered.

CIT Bank's approach to customer support blends digital convenience with traditional communication channels, though with notable limitations. The bank prioritizes written interaction through fully supported email and live chat services, creating spaces where customers can seek immediate assistance or document more complex inquiries at their own pace. Like rivers carving different paths to the same ocean, these channels offer varied routes to resolution based on customer preference and need.

What's conspicuously absent, however, is round-the-clock phone support—that lifeline many banking customers have come to expect during midnight emergencies or weekend concerns. CIT also stops short of providing more specialized services like bill negotiation or financial advisor access. This constellation of support options reflects a bank that has embraced certain modern service elements while leaving gaps where more personalized, high-touch assistance might otherwise flourish.


Physical Services

Online-only bank without physical branches.
Cannot accept cash deposits.
Large cash withdrawals not supported.
Get cashier's checks when needed.
Notary services not offered.
Safe deposit boxes not available.
Currency exchange not offered.
CIT Bank doesn't have its own ATMs, but it doesn't charge out-of-network ATM fees and reimburses customers up to $30 per month for fees incurred at other banks' ATMs.
CIT Bank doesn't have its own ATMs, but it doesn't charge out-of-network ATM fees and reimburses customers up to $30 per month for fees incurred at other banks' ATMs.

CIT Bank stands as a primarily digital financial institution, with a notable absence of physical branch locations. This digital-first approach means traditional in-person services like notarization, cash deposits, large withdrawals, safe deposit boxes, and currency exchange remain beyond reach. In this way, CIT represents banking's evolution away from brick-and-mortar foundations toward virtual architectures—a shift that brings both freedoms and limitations.

While physical touchpoints may be sparse, CIT doesn't leave customers stranded in the cash economy. The bank provides cashier's checks for those significant life moments—home purchases, vehicle acquisitions—where guaranteed payment carries weight. Additionally, CIT adopts a refreshingly customer-centric ATM philosophy, charging no fees for using other banks' machines and reimbursing up to $30 monthly for fees imposed by ATM owners, both domestically and internationally.

This ATM policy creates an interesting paradox: despite having no proprietary ATM network, CIT effectively transforms every accessible ATM into a potential extension of their services. It's a clever inversion of traditional banking infrastructure—rather than building physical networks, CIT leverages existing ones, passing the savings back to customers through fee reimbursements. For travelers and the digitally-inclined who rarely handle cash, this approach strikes a thoughtful balance between digital convenience and real-world practicality.


Additional Services

Investment accounts not offered.
Cryptocurrency services not available.
Credit monitoring not included.
Earn cashback on qualifying purchases.
Cannot hold foreign currencies.

CIT Bank presents a somewhat limited spectrum of additional services, with cashback rewards standing as its sole fully supported feature. Through this program, customers reclaim a percentage of their debit card transactions, transforming everyday purchases into subtle financial gains—like collecting raindrops that eventually fill a bucket of savings.

Notably absent from CIT's repertoire are investment accounts, cryptocurrency services, credit monitoring tools, and foreign currency accounts. This gap creates a financial landscape where customers might find themselves seeking supplementary relationships with other institutions to fulfill these needs. While CIT focuses on core banking functions, those requiring a more integrated financial ecosystem—where investments and banking coexist under one digital roof—may need to look beyond what CIT currently provides.

Compare & Choose

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See how CIT Bank stacks up against other top banks. Compare features, rates, and services to find your perfect fit.

Contact Information

Get in Touch

Whether you're interested in opening an account or just want to learn more, you'll find CIT Bank's official contact information and website details here.

Headquarters Location

CIT Bank

11 W 42nd Street
New York, NY 10036