CIT Bank Review: Savings and CD Rates

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Updated on Saturday, August 1, 2020

CIT Bank Savings Builder

This account rewards you with a high APY if you make monthly deposits of $100 or more or carry a balance of over $25,000.

APY

Minimum Balance to Earn APY

Bonus Promotion: 0.95%
$25,000
or
maintain a balance of over $100 and make monthly deposits of $100 or more
0.79%
$100 to $25,000
  • Minimum opening deposit: $100
  • Monthly account maintenance fee: None

CIT Bank rewards those who carry a high balance in the Savings Builder account or make regular monthly deposits in the account. This account was designed to help you build up your savings by encouraging you to deposit $100 or more per month, or by maintaining a balance of over $25,000. Interest is compounded daily.

If you don’t meet the minimum balance requirements or monthly deposit amounts for the promotional annual percentage yield (APY), you’ll be bumped down to the lower rate. However, CIT Bank will evaluate your account on a monthly basis, so if your rate does fall to the lower tier, it’ll stay that way for a month or until you begin meeting the requirements.

When you open this account with $100, you’ll automatically receive the high APY as an introductory offer. The account is structured so that you are rewarded for responsible saving. Although you aren’t necessarily punished for not keeping up your balance or deposit, it can feel that way if you have a temporary setback and need to adjust the funds in your account. Still, the APY is competitive — even at the lower rate.

How to get CIT Bank’s Savings Builder account

You can open this account online. You’ll need to provide your personal information and be ready to fund the account by electronic transfer, mailing in a check or by bank wire.

SEE DETAILS Secured

on CIT Bank’s secure website

Member FDIC

CIT Bank Premier High Yield Savings account

A typical online savings account with a low minimum opening deposit.

APY

Minimum Balance to Earn APY

0.75%$100
  • Minimum opening deposit: $100
  • Monthly account maintenance fee: None

This savings account is accessible for anyone who wants to bank online, offering a decent APY considering the low minimum opening deposit amount. The benefits compound, as the account is also coupled with no monthly maintenance fee. Although there are other high-yield accounts that offer better APYs, not many offer such low barriers to entry.

The only downside of this account is that it doesn’t come with ATM access, unlike some competing accounts. The only way to get money in and out of your account is by electronic transfer, by requesting or sending in a physical check, or by wire transfer.

The account is governed by the same federal regulation that controls withdrawals in other savings account, Regulation D. Federal law mandates certain types of telephone and electronic withdrawals, including transfers from savings accounts up to 6 per statement cycle.

As with the Savings Builder account, interest is compounded daily.

How to get CIT Bank’s Premier High Yield Savings account

It’s an easy process to open up this account online. You’ll need to apply for an account by providing personal information such as your name, Social Security Number and a valid form of government-issued ID.

Once you have an account set up, you can fund it by sending in a check, sending a bank wire, or making an electronic transfer from another bank account.

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How CIT Bank’s savings accounts compare

CIT Bank’s savings accounts stand out due to two reasons. The accounts both have:

  • Zero fees
  • A low, easily met minimum deposit

The Savings Builder account currently has one of the higher interest rates on the market. That being said, there are a couple of reasons why you may want to consider another one of our top savings account choices. Firstly, this account doesn’t come with an ATM card — leaving you out in the cold if you really need access to your money on the move. Secondly, CIT Bank doesn’t offer a matching checking account, meaning that you’ll still need to rely on another bank for your daily banking needs.

However, if the lack of an ATM card doesn’t bother you, then you really can’t go wrong with these accounts, especially the Savings Builder.

CIT Bank eChecking

CIT Bank’s checking option earns you interest, but the APY isn’t competitive and the account lacks any standout features.
APYMinimum balance to earn APY
0.10%Up to $24,999.99
0.25%$25k+
  • Minimum opening deposit: $100
  • Monthly account maintenance fee: None
  • ATM fee: None at CIT Bank ATMs. However, you may be charged a surcharge fee (i.e., the fee that the ATM’s owner tacks on) when using non-CIT Bank ATMs.
  • ATM fee refund: Up to $15 per statement cycle
  • Overdraft fee: $30

CIT Bank’s checking account doesn’t offer much to entice customers. It offers a less-than-competitive APY for an account that doesn’t offer much in the way of features. The only positive to this account seems to be that it doesn’t charge a monthly service fee.

The eChecking account will seamlessly connect to Savings Builder, CIT Bank’s smart savings option that offers a higher interest rate for those who consistently save at least $100 each month or maintain a balance of at least $25,000.

Since eChecking is a checking account, it comes with a debit card and there are some ATM fee refunds, but the overdraft fee is considerable and could easily wipe out any interest earned. There are Apple Pay and Samsung Pay options, but no checks issued for this account. Outgoing wire transfers are $10 per transaction if you carry an account balance of less than $25,000.

How to get CIT Bank’s eChecking account

It’s an easy process to open up this account online. You’ll need to apply for it by providing personal information such as your name, Social Security Number and a valid form of government-issued ID.

Once you have an account set up, you can fund it by sending in a check, sending a bank wire or making an electronic transfer from another bank account.

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How CIT Bank’s checking account compares

Dedicated CIT customers may enjoy this checking account option, but the APY isn’t even close to competitive and the fees are on the normal-to-high side. There are better options out there from other banks, which is a shame since CIT Bank offers solid rates and features for their other accounts. As of this review however, the eChecking option just doesn’t quite measure up to the options other banks offer.

CIT Bank CD rates

Term CDs

CIT Bank Term CDs provide decent returns for your investment and flexibility in determining how interest payments are handled.

Term

APY

6 months0.50%
1 year0.50%
13 months0.50%
18 months0.50%
2 years1.00%
3 years1.00%
4 years1.10%
5 years1.10%
  • Minimum amount to open an account: $1,000
  • Minimum amount to earn APY: $1,000
  • Early withdrawal penalty, based on CD term:
    • 1 year or less: 3 months’ worth of interest
    • 1 to 3 years: 6 months’ worth of interest
    • Over 3 years: 12 months’ worth of interest

One interesting thing about CIT Bank’s Term CDs (and their other CD offerings) is how they let you manage the interest you’ve earned on your certificates of deposit. You can choose from three options:

  1. Invest the interest back into the CD
  2. Have the interest you earned taken out and deposited into a CIT Bank savings account
  3. Or, you can have it transferred into another account (such as your checking account at a different bank).

CIT Bank will send a notice 30 days before your CD matures. Once it does mature, it’ll automatically roll over into another CD with the exact same term length. However, you have a 10-day grace period to withdraw your money, add more cash or transfer it to a different type of CD. The CD offerings are automatically renewed for the same term if you don’t request an alternative, with the exceptions being the 13-month and 18-month options which are renewed as a 1-year and 2-year CD, respectively.

How to get a CIT Bank Term CD

It’s an easy process to open a CIT Bank Term CD online. You’ll need to apply for an account by providing personal information such as your name, Social Security Number and a valid form of government-issued ID.

Once you have an account set up, you can fund it by sending in a check or setting up an electronic transfer from another bank.

CIT Bank No-Penalty, 11-Month CD

A high-earning option for folks who might need their money before the CD matures — but it’s only available in one term length.

Term

APY

11 months 0.50%
  • Minimum amount to open an account: $1,000
  • Minimum amount to earn APY: $1,000
  • Early withdrawal penalty: None.

If you think you might need to withdraw your CD funds before the term is up, CIT Bank’s No-Penalty CD might be right for you. You’re allowed to withdraw everything — principal and interest — once per term without paying an early withdrawal penalty.

The only catch is that you can only do so after a week or so has passed from the time you open your account — meaning your money is locked for the first six days. In spite of that minor inconvenience, you don’t sacrifice any potential earnings for choosing this option.

You also get the option to have interest payments deposited right back into your CD account, another CIT Bank savings account or an external account. The maturity for this No-Penalty CD works the same as with a regular Term CD. Your 11-month No-Penalty CD will automatically roll over into another 11-month No-Penalty CD upon maturity, with a 10-day grace period to withdraw the cash or make any changes to the CD itself.

How to get a CIT Bank No-Penalty, 11-Month CD

It’s an easy process to open this CD online. You’ll need to apply for an account by providing personal information such as your name, Social Security Number and a valid form of government-issued ID.

Once you have an account set up, you can fund it by sending in a check or setting up an electronic transfer from another bank.

Jumbo CDs

CIT Bank Jumbo CDs allow you to earn a slightly higher interest rate for a much larger deposit size.

Term

APY

2 years 1.05%
3 years 1.05%
4 years 1.10%
5 years 1.10%
  • Minimum amount to open an account: $100,000
  • Minimum amount to earn APY: $1,000
  • Monthly account maintenance fees: None.
  • Early withdrawal penalty, based on CD term:
    • 2-3 year: Six months’ of interest
    • 4-5 year: 12 months’ of interest

If you can come to the table with deep pockets — at least $100,000 to be exact — you can open one of CIT Bank’s Jumbo CDs. These high-balance accounts work exactly like the normal Term CDs but with a higher interest rate and typically longer terms.

As with the other CDs, you can also choose to withdraw your interest payments at any time penalty-free and transfer them to a CIT Bank savings accounts or an external bank account, or just let them bolster your existing CD account.

Once your Jumbo CD matures, it’ll automatically roll over into another Jumbo CD with the same term length. Again, you’ll have a 10-day grace period if you want to withdraw money, add more funds or change the CD to a different type or term length.

How to Get a CIT Bank Jumbo CD

It’s an easy process to open this CD online. You’ll need to apply for an account by providing personal information such as your name, Social Security Number and a valid form of government-issued ID.

Once you have an account set up, you can fund it by sending in a check or setting up an electronic transfer from another bank.

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How CIT Bank’s CDs compare

We like the diversity of CD products that CIT Bank offers. Rather than just having a one-size-fits-all term CD, you can also choose from jumbo CDs and no-penalty CDs. The interest rates offered aren’t the highest CD rates listed on our site, but they remain competitive.

Overall Review of CIT Bank’s Banking Products

CIT is a decent online-only bank. Although it doesn’t offer the highest rates or lowest fees, the breadth of user options is more than most. The bank does pass down some of its savings by being an online-only operation, but it isn’t enough to truly break out.

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