CIT Financial institution Evaluate 2022 | No-Payment, Excessive-Yield Financial savings Accounts


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Are you sick and bored with paying excessive charges for banking companies? How about receiving next-to-no curiosity in your on-line financial savings accounts?

CIT Financial institution is a web-based banking answer designed to handle these complaints. It gives a few of the highest-paying rates of interest on each financial savings accounts and certificates of deposit (CDs) out there on the internet. And what’s extra, there are not any account upkeep charges for CIT Financial institution’s banking merchandise. Let’s go deeper on this CIT Financial institution overview.

Commissions & Charges – 10

Buyer Service – 9.5

Ease of Use – 9.5

Places – 0

Financial savings Choices – 10

Charges – 8



CIT Financial institution is a web-based banking answer that gives a few of the highest-paying rates of interest on each financial savings accounts and CDs. Plus, there are not any account upkeep charges for CIT Financial institution’s banking merchandise. As well as, there’s now an interest-paying eChecking account too. Nonetheless, CIT Financial institution does not have any ATMs, however the financial institution will reimburse you as much as $30 per thirty days for different banks’ ATM charges.

Get Began With CIT Financial institution

What Is CIT Financial institution?

CIT Bank ReviewNow, first issues first. CIT Financial institution is not Citibank. (Sure, it’s a bit complicated.) It’s not associated to Citigroup in any respect. Fairly, CIT stands for “Industrial Funding Belief” and has its roots in an organization based in 1908.

Based mostly in Pasadena, Calif., CIT Financial institution’s mother or father firm, CIT, has greater than $50 billion in belongings, and CIT Financial institution itself has over $40 billion in belongings and $30 billion in deposits. Along with on-line banking, CIT Financial institution additionally gives enterprise companies for small companies, in addition to a variety of dwelling mortgage merchandise.

CIT Financial institution Options

Accounts Financial savings, Checking, Cash Market, CDs
Entry Internet Based mostly, iPhone App, Android App, Blackberry App
Quantity of Branches 0
ATM Reimbursement
On-line Deposits
FDIC Insurance coverage
Buyer Service Cellphone: M-F 8A-9P ET, Sat 9A-5P ET, Solar 11A-4P ET; Electronic mail

CIT Financial institution Account Choices

This on-line financial institution has a variety of high-yield financial savings accounts, CDs, and an eChecking account. Here is all the pieces it’s essential know concerning the varied choices:

Financial savings Builder

As talked about, CIT Financial institution is understood for its high-yield financial savings accounts and aggressive rates of interest. And its first financial savings account possibility, the CIT Financial savings Builder, is a wonderful instance.

This no-fee financial savings account requires $100 to open. You begin at a 0.34% APY, which is not too spectacular. However if you happen to arrange month-to-month deposits of $100 or extra, your price will increase to 0.70% APY. You too can acquire this price by sustaining a stability of over $25,000.

In the event you’re searching for a easy, no-fee spot to park some idle money or your emergency fund, CIT may very well be for you. Simply notice that some online-only banks like Aspiration and Varo at the moment pay as much as 5% APY, so yow will discover increased charges.

Financial savings Join

The CIT Financial savings Join account is a step up from the essential Financial savings Builder account. This high-yield financial savings account additionally requires $100 to open and does not cost month-to-month or overdraft charges. You additionally have to open an eChecking account with CIT financial institution, which I will cowl under.

Nonetheless, this account at the moment pays a whopping 1.65% APY on the time of writing. You too can deposit cell checks and simply switch funds into your checking account for spending.

eChecking Account

CIT Financial institution’s eChecking account is a no-fee account identical to the opposite account sorts. At it at the moment pays curiosity on two totally different stability tiers:

  • Below $25,000: Earn 0.10% APY.
  • Over $25,000: Earn 0.25% APY on all of your money as a substitute.

Incomes curiosity on a checking account is sweet. Nonetheless, banks like Axos supply a rewards checking account that pays 1.25% APY and has potential sign-up bonuses. So, we advocate utilizing your eChecking account to unlock the CIT Financial institution Financial savings Join account, however it’s not a number one standalone account.

Your eChecking account additionally gives $30 in month-to-month ATM payment reimbursements and helps cell verify deposits via CIT Financial institution’s app.

CIT Financial institution Cash Market Account

With a CIT Financial institution CIT Financial institution Cash Market Account, you’ll be able to earn a aggressive rate of interest and entry your cash simply. It is a great on-line account for constructing an emergency fund or saving for a big buy.

Accessible For Taxable
Account Charges None
Financial savings Charges Minimal Deposit $100 – 1.00% APY

You may get began with the CIT Financial institution Cash Market Account and in addition learn our article on the greatest cash market accounts for extra choices.

CIT Financial institution CDs

One perk of banking with CIT Financial institution is that there is a vary of certificates of deposits (CDs) you need to use to generate fixed-income.

There is a $1,000 minimal to open a time period CD, and charges and phrases are as follows:

Time period
6 Months
12 Months
13 Months
18 Months
24 Months
36 Months
48 Months
60 Months

On-line banks like Capital One 360 have a lot increased charges for time period CDs. However CIT Financial institution additionally has a no-penalty 11 month CD at the moment paying 1.85% APY. It additionally has quite a few jumbo CDs with a $100,000 minimal opening deposit. The time period CDs aren’t very aggressive, however you’ll be able to take into account the no-penalty CD in order for you a extra versatile financial savings possibility.

Time period Minimal Deposit APY
11 months $1,000 1.85%

Different CIT Financial institution Options

The principle cause to financial institution with CIT Financial institution is to make use of its CDs or high-yield financial savings accounts. However you additionally get different perks like:

  • Custodial Accounts: You possibly can arrange a custodial account, which can be held within the minor’s title, with you because the account custodian. You possibly can stay on the account till the minor turns 18 (or as outdated as 25 in some jurisdictions), at which period the previous minor takes management of the account.
  • Financial institution Calculators: Use a number of calculators that will help you get monetary savings, put together for retirement and even handle debt. Calculators are provided for CD laddering, mortgage payoff, emergency financial savings, school financial savings, retirement planning, conventional and Roth IRAs and a number of other others.
  • Dwelling Loans: CIT Financial institution additionally gives dwelling loans along with varied financial institution accounts.

How’s The Buyer Service?

Accessible 24 hours a day, seven days per week, for each On-line Banking and Cell Banking. The financial institution might be contacted by electronic mail or by automated phone banking. Nonetheless, at the present time, it’s price noting that CIT Financial institution doesn’t have a lot of a social media presence. So you’ll be able to’t count on to ship a message by way of Fb to unravel any buyer service-related points you’ll have.

Is CIT Financial institution Secure?

Sure, CIT Financial institution is a secure and safe banking possibility. All account balances are FDIC insured for as much as $250,000 per depositor.

CIT Financial institution Charges

That is the actually good half. CIT Financial institution costs no account charges of any type, and most of the charges usually related to banking don’t even exist right here. The one payment the financial institution costs is a $10 per wire switch payment on outgoing wire transfers, after which just for accounts which have a mean every day stability of lower than $25,000.

Execs & Cons


  • Quite a few fee-free financial institution accounts
  • Earn a aggressive curiosity score with Financial savings Join
  • Low $100 opening requirement
  • A aggressive cash market account rate of interest
  • Get $30 per thirty days in ATM payment reimbursement


  • Low CD charges versus some opponents
  • Low rate of interest for its eChecking account
  • No bodily branches

Finest Options

CIT is a wonderful financial institution if you wish to use its high-yield financial savings account or no-penalty CD. It additionally has among the finest cash market accounts proper now. However there are some alternate options that supply extra full-service banking choices and higher charges.

Ally is a wonderful different in order for you extra investing choices in addition to banking options. You possibly can open an Ally Investing account and commerce ETFs and shares commission-free inventory. It additionally has a managed investing possibility if you happen to’re searching for a robo-advisor. Plus, it has among the finest high-yield financial savings accounts with fewer necessities than CIT Financial institution has.

As for Capital One 360, its Efficiency Financial savings account at the moment pays 1.20% APY and does not have a minimal deposit requirement or any charges. We additionally like Capital One 360 for its custodial accounts since its child and teenage accounts each pay curiosity and do not cost any charges. And it has increased CD charges than CIT Financial institution proper now.

Need Even Extra Options? >>> The Finest Cell Banking Apps.


In the event you like high-interest charges in your financial savings and hate banking charges, then CIT Financial institution is a superb alternative. It’s even higher if you’re a small depositor searching for excessive charges, since you’ll be able to earn as a lot as 0.70% APY via the Financial savings Builder account with the booster.

However CIT Financial institution will not be a full-service financial institution. It doesn’t supply checking accounts, credit score or debit playing cards, auto loans or IRAs. For the common investor, CIT Financial institution can be strictly a high-yield financial savings financial institution. Most different banking features should be dealt with via one other banking platform akin to Ally Financial institution or Capital One 360.

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