cit bank high yield savings

CIT Bank's Premier High Yield Savings Account offered the top savings account interest rate on the list. Silver Medal Winner Best Money Market Rates. CIT Bank has a new high-yield savings account called the Savings for their highest interest rate tier of 0.40% APY (as of 2/23/21). A high-yield savings account can help you sock away a little extra cash for an emergency fund, a down payment on a house. cit bank high yield savings

: Cit bank high yield savings

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Cit bank high yield savings

CIT Bank Review 2021: The Right Option for Your Money?

Full CIT Bank Review

CIT Bank is one of the longest-running online banks, having been founded in California in 2000. With its low fees, this is one of the biggest names in online banking.

CIT Bank is best for:

  • Fee-conscious consumers
  • Those who want high cit bank high yield savings on savings
  • Those who prefer phone support

CIT holds more than $50 billion in assets on behalf of its clients and is managed by more than 3,600 employees. Is CIT Bank legit? It’s fully insured under FDIC, which means your first $250,000 is guaranteed by the government in case of bankruptcy.

We believe its money market account is what makes it stand out from other online banks. Its yields are higher than the national average, despite the low-interest banking environment.

Keep reading our review on CIT Bank to find out more.

What is CIT Bank?

Since its founding in 2000, CIT Bank has operated as an online only bank. This means it has no physical branches to do business in. Unlike other online banks, there is no free ATM network, which means ATM withdrawals may come with a fee where it excels is with its high-yield savings accounts and CD options. For savers, CIT Bank is a great option. They now offer up to $30 in ATM reimbursement though.

Get Started with CIT Bank

CIT Bank Banking Options

Our review on CIT Bank recommends that savers take advantage of their high-yield savings accounts. While less useful for day-to-day use, this is a solid banking option for savers and customers looking for a competitive money market account.

Checking Account

Unlike other online banks, CIT Bank interest rates are applied to their ordinary checking accounts. Due to the low-interest financial landscape, this is less than 1%, but it’s still a bonus other banks don’t offer.

It costs $100 to open an account and the top APY is only available to customers with a minimum balance of $25,000. With most online banks allowing customers to open accounts with a $0 minimum balance, this is a downside.

Certificates of Deposit

If you want to invest your money more conservatively, CIT Bank certificates of deposit (CDs) are a good choice. The bank offers a large range of different CDs you often don’t find with other online banks.

New customers can choose from standard, jumbo, and no-penalty CDs. Minimum deposits on standard CDs are set at $1,000.

CIT Bank yields on CDs are well above the national average. Open your account to take full advantage.

Money Market Accounts

Yields on CIT Bank money market accounts are competitive. Their money market accounts are one of the big attractions for customers.

Unlike its standard checking account, all customers get the highest APY level, cit bank high yield savings of their balance. It costs $100 to open an account and there’s no monthly maintenance fee applied.

Although CIT Bank APY yields are high with their money market accounts, there are higher yields available elsewhere.

Overdraft Fees

Does CIT Bank offer overdrafts?

Yes. The bank charges a $30 overdraft fee up to a maximum of four times per day. However, if you link your CIT savings account to your standard checking account, the bank will allow you to transfer the remaining balance over without incurring an overdraft fee.

This is a great way of avoiding any accidental overdraft fees.


Now, let’s answer some of your most common questions about CIT Bank.

Is CIT Bank Legit?

CIT Bank is one of the oldest online banks. It’s also covered by the FDIC program, which means your first $250,000 is protected by the Federal government in the event the bank collapses. These are the same protections as any traditional bank.

How Do I Make Deposits?

Bank deposits can only be made through wire transfer, electronic transfer with another account, or by mail. They also have an automated mobile banking system. ATMs remain an option for withdrawal, but cash deposits cannot be made in this way.

How Do I Contact CIT Bank Customer Service?

Even though CIT Bank lacks a live chat feature, its phone support operates between the hours of 9 am and 9 p.m. EST five days a week. Customer support is available on Saturday but with reduced operating hours.

Is CIT Bank Right for You?

CIT Bank reviews often praise this online bank for its money market accounts. We agree that CIT Bank is the best option for savers. For day-to-day use, we believe there are better alternatives. Its lack of any physical branches and limited customer support means you can do less with this bank.

Its rates are competitive and the fact its money market accounts give the top APY to all account holders is a huge bonus.

Check out CIT Bank and open a high-yield money market account today.

21.43 (over 21x National Avg.) Money Market

11 Best Online Banks for Savings Accounts

If you’re looking to open a savings account or switch from your current bank, you might find yourself overwhelmed by online banking options. Online banks tend to offer higher interest rates and lower fees for savings accounts than traditional banks. But sifting through the best online banks for savings accounts can be tedious.

To help, I’ll run you through some of the top online banks for savings accounts, which happen to be some of the best high-yield savings accounts, as well.

Overview of the 11 best banks for savings accounts

BankBest for
Marcus by Goldman SachsNo-fees
Ally BankHigh-APY CD options
American Express National BankExisting AMEX members
Capital OneReplacing traditional bank
CIT BankHigh-yield savings for frequent depositors
Synchrony BankATM access
VIO BankHigh-yield, no-frills
Axos BankHigh-interest money market accounts
BarclaysSign up bonuses
Discover Online SavingsChecking + savings combo
VaroHigh-interest rates

Related:How to Choose the Best Savings Account

Marcus by Goldman Sachs

Named after Goldman Sachs founder, Marcus Sachs, this online suite of savings products is designed to help consumers make smarter decisions with their money. Marcus by Goldman Sachs offers three competitive savings products that can help you protect and grow your money, but one primary, high yield savings account that’s worth checking out.

Marcus Online Savings Account

This high-yield online savings account features a competitive 0.60% APY (annual percentage yield), no fees or minimum deposit requirements, same-day transfers of $100,000 or less, and 24/7 account access. What I love about the Marcus online savings account is that there are no hidden transaction fees — the terms of this account are straightforward, unlike some banks.

On the downside, Marcus by Goldman Sachs does not provide a checking cit bank high yield savings option or ATM access, which means you’ll need an external account to wire transfer your funds.

Marcus also offers a 7-month, no-penalty CD (certificates of deposit) with a 0.55% APY and a 1-year high-yield CD with a 0.65% APY. Its high-yield CD also increases to 0.7% with a 5-year term.

Learn more about Marcus.

Ally Bank

Ally Bank has been one of the top competitive savings account banks in the marketplace since 2009. This online bank offers a variety of savings products, including a high rate savings account, a money market account, and multiple CD options.

Ally Online Savings

Ally’s online savings account offers a competitive 0.60% APY for all balance tiers, no minimum deposit or daily balance requirement, no monthly fees, and 24/7 support. While you can’t access Ally’s savings account from an ATM, Ally also offers an interest checking account you can link to your savings so that you can transfer money with just a few clicks.

I love Ally’s mobile app, which offers fast and secure login features and easy access to all of your financial accounts and tools. Ally does limit withdrawals from your savings to 6 times per billing cycle, but that’s on par with many online competitors.

Ally also offers a money market account at a competitive 0.50% APY that also offers ATM access. Also, Ally has three different CDs: a high-yield CD with 0.65% - 1.00% APY (ranging from one to five years), a raise your rate CD at 0.70% APY, and a no-penalty CD at 0.60 APY.

Read a full review on Ally Bank.

American Express National Bank

American Express may be well known as a credit card provider, but this financial institution is no stranger to the online banking world. American Express National Bank offers both savings accounts and CDs to help make your money go further.

American Express National Bank High-Yield Savings

American Express’s online high-yield savings account is on par with most competitive online banks, at 0.60% APY. Like Goldman Sachs and Ally, American Express also has no minimum deposit requirements, no monthly service fees, and 24/7 account access.

One standout about this particular account is that it offers up to 9 withdrawals per month, which is higher than most competitors. On the downside, American Express National Bank does not have a checking account or ATM option, so you’ll need an outside bank account to transfer money.

American Express National Bank also offers a CD up to 0.55% APY.

Learn more about American Express banking.

Capital One

You might also know Capital One as a credit card company and auto loan provider, but its services extend beyond these niches. Capital One also offers savings account options with online banking features.

Capital One 360 Performance Savings

Capital One’s online savings account — 360 Performance Savings — offers a 0.50% APY for all balance tiers, no monthly fees, no minimum deposit or account balance requirements, and 24/7 account access.

While Capital One’s APY is below top online competitors, it’s still above the national average. Also, although Capital One does not offer ATM access for its 360 Performance Savings, it does have brick-and-mortar locations. It also offers a 360 Checking account, which you can access via an ATM and easily transfer money between accounts.

Capital One also offers additional savings options, including an online Kids Savings Account, 360 Traditional IRA Savings, 360 Roth IRA Savings, and three different CD options (ranging from 0.20% to 0.40% APY).

Read a full review on Capital One Bank.

CIT Bank

Not to be confused with Citibank, CIT Bank is a top-50 U.S. financial institution offering a variety of online banking solutions for nationwide customers. CIT Bank offers a variety of savings account options, but its main savings account is its Savings Builder.

CIT Savings Builder

The CIT Savings Builder savings account offers 0.30% to 0.50% Wednesday food specials in lubbock options. To obtain the higher 0.50% APY, you’ll need to maintain a $25,000 balance or deposit $100 or more each month. If you do not meet either of these conditions, you’ll be dropped to a 0.30% APY, which is still higher than many traditional banks, but lower than top online banks. You must also make an initial deposit of at least $100 to open an account.

CIT also has no monthly fees and allows up to 6 withdrawals per month. You cannot access funds through an ATM, but it does offer a CIT checking account you could use to transfer balances. I don’t particularly love the criteria for maintaining a higher APY through CIT Bank, but find the $100 deposit balance per month to be reasonable.

CIT also offers a robust portfolio of additional savings options including a money market account (0.55% APY), term CDs, no-penalty 11-month CD, Jumbo CDs, and RampUp CDs.

Read more about CIT Bank.

Synchrony Bank

Synchrony Bank is an online-only bank that first opened its "doors" in 2003. Synchrony Bank’s mission is to cut out unnecessary fees most banks charge so you can do more with your money and reach your savings goals faster. This bank offers a large selection of savings account options, but its primary online savings account is a high-yield option.

Synchrony Bank High-Yield Savings Account

This high-yield savings account offers a top APY, coming in at 0.65%, which is higher than most competitors. This rate is good for all balance tiers and this account requires no minimum deposit or monthly balances, does not have a monthly charge, and allows you cit bank high yield savings withdraw from your savings account using your debit card at ATMs.

Although Synchrony doesn’t charge a fee to use an ATM, you may be charged by the ATM owner. To help, Synchrony offers a $5 ATM refund per month. Overall, I think Synchrony Bank offers an excellent online savings plan with one of the market’s top rates and absolutely no fees to worry about.

Synchrony Bank also offers a money market account with 0.50% APY, CDs with a 0.60% APY, and two different IRA options.

Learn more about Synchrony Bank.

VIO Bank

VIO Bank is another top online financial institution that makes it easy to set up an online savings accounts. VIO Bank specializes in savings accounts and currently offers no additional products. I’ll walk you through its high-yield savings account below.

VIO Bank High-Yield Savings Account

Right now, VIO Bank has one of the most competitive rates out there — even higher than Synchrony Bank. VIO Bank’s online high-yield savings account has a 0.66% APY on all balances, no monthly fee (if you opt into paperless billing), and up to 6 withdrawals per month.

VIO does require a $100 opening deposit for this account, but the requirements end there.

I love VIO Bank’s commitment to ensuring it is always offering a top APY and how simple the online signup process is. While VIO Bank does require a deposit, I’m glad it’s a relatively low amount.

VIO Bank also offers high-yield CDs with rates ranging from 0.15% - 0.70% APY, depending on your CD terms.

Read more about VIO Bank.

Axos Bank

Axos Bank was one of the first online banks to launch, kickstarting online savings in 1999 as Bank of Internet. Today, Axos is still going strong with a full suite of bank account offerings. I’ll run you through Axos’s primary personal savings account below.

Axos High-Yield Savings Account

Axos’s high-yield savings account offers a high 0.61% APY for all balance tiers, requires no monthly fees or balance minimums, and offers top-of-the-line security features. Axos does require an initial $250 deposit, which might be steep if you’re just starting on your savings journey.

I do love that Axos offers a slightly higher rate than top competitors like Marcus and Ally Bank and that it’ll provide you with an ATM card upon request to access your savings account at any time.

I’m also a fan of Axos’s many checking account options, which makes it easy to transfer all of your banking services if you choose to.

Axos also offers a high-yield money market account with 0.60% APY on all balance tiers and CDs (though its 0.20% APY is not impressive).

Learn more about Axos Bank.


Barclays is a global financial institution that was first founded in 1896 in London, England. This UK-based bank offers online financial solutions to U.S. citizens, including several different savings accounts.

Barclays Online Savings

Barclays Online Savings account offers a 0.50% APY, no minimum deposit requirements, no monthly balance to maintain, and no monthly maintenance fees. It also offers 24/7 access to your online savings account.

Barclays’ savings account does not offer ATM access, so you’ll need another bank account to transfer money to and from your Barclays account. There are also currently no opening bonuses available, but Barclays frequently updates its site with bonuses and incentives for opening savings accounts.

Barclays also provides CDs that go up to 0.30% APY.

Learn more about Barclays.

Discover Online Savings

Discover might be well-known as a top credit card provider, but this lending giant also offers online banking tools. Discover provides a plethora of savings account options, but I’ll be specifically reviewing the Discover Online Savings Account below.

Discover Online Savings Account

With a competitive 0.60% APY, 24/7 access to your account, no monthly fees, no minimum deposits, and no minimum balance requirements, Discover offers one of the best online savings plans around.

While you won’t get ATM access to your account, if you open a Discover online checking account, you can easily transfer funds back and forth.

Discover also offers money market accounts with 0.45% to 0.50% APY and CDs with rates as high as 0.80% APY.

Learn more about Discover.


Last but certainly not least is Varo, an online banking solution targeted to millennials looking to safely grow their savings. Varo is well-known for its high-interest savings account, which is well worth looking into.

Varo Savings

The Varo Savings account offers one of the highest APYs in the nation, with an impressive 0.81% APY on most balances, and earns you up to 2.80% APY when certain conditions are met each billing period.

Varo also has no monthly fees, no minimum deposits, and provides 24/7 account access. Varo also supplies you with an arsenal of online tools to maximize your savings, such as rounding up purchases from your Varo checking to automatically move to your Varo savings.

On the downside, if you only have a Varo savings account and need to make a cash deposit, you’ll need to go to a retailer that is a Green Dot network member and you’ll likely pay cit bank high yield savings deposit fee of $4.95.

Learn more about Varo.

Related:Reasons Why You Need a Savings Account: Perks and Benefits

Online savings accounts summary

BankMinimum DepositMonthly FeeAPY%Sign Up Bonus
Marcus by Goldman Sachs$0$00.60%No
Ally Bank$0$00.60%No
American Express National Bank$0$00.60%No
Capital One$0$00.50%No
CIT Bank$100$00.30% - 0.50%No
Synchrony Bank$0$00.65%No
VIO Bank$100$0 ($5 if you opt to be receive statements by mail)0.66%No
Axos Bank$250$00.61%No
Discover Online Savings$0$00.60%No
Varo$0$00.81 - 2.80%No

Online savings account FAQs

What is the best online savings account?

There are many excellent online savings accounts, but the best account for you will vary. If you don’t want a minimum deposit, Marcus, Ally Bank, American Express, and Capital One are great options. If you want the highest APYs available, Varo, VIO, and Synchrony Bank are top choices.

How do online savings accounts work?

Online savings accounts work similarly to traditional accounts — it secures your money in an account and allows you to earn interest while it sits. Online savings accounts tend to earn you more interest and charge fewer fees than traditional, brick-and-mortar banks.

Is my money stuck in an online savings account?

If you deposit your money into an online savings account, you can typically withdraw your funds a set number of times per month. If you deposit your money into an online CD, however, you might be limited as to when you can withdraw your funds (i.e. one year, two years, etc).

How do I put money into my online savings account?

Some online savings accounts allow ATM access, so you can deposit cash at its ATM network with no ATM fees. Others might offer deposit accounts and checking accounts, in which you can make a mobile check deposit and then transfer money to your savings accounts. Some online savings pauls valley golf course ok providers might also have branch locations where account holders can make deposits. Depositing checks electronically via your camera, receiving direct deposits, and transferring from other savings accounts are all additional ways to move money into online savings accounts.

Can you write checks directly from an online savings account?

Most online savings accounts do not allow check writing from your savings account. However, you could transfer money from your savings account to a checking account and write a check once your transfer clears.

Are online banks FDIC-insured?

FDIC insurance is deposit insurance backed by the Federal Reserve, meaning depositor money is protected by the government should anything happen to the bank. All of the banks on this list are member FDIC and protect you up to $250,000.

Pros and cons of online checking accounts


  • Better interest rates. Online banks don’t have the same overhead as brick-and-mortar banks, which means they’re able to channel these savings directly into your wallet. Without the high costs of running a traditional bank, online banks can offer some of the most competitive savings account interest rates on the market.
  • Fewer account fees. Traditional banks often charge a monthly fee to maintain your account and may even charge fees or suspend benefits if you do not meet balance requirements. I’m a big fan of using online banks, particularly for savings accounts, because you can find options with absolutely no fees and minimum balance requirements.
  • Easy signup process. Another plus for opening an online savings account is how quickly you can sign up for a new account. Most online banks have very quick online applications and sign-up processes, allowing you to take advantage of your new account within minutes. VIO Bank is a great example of a bank with fast savings account sign-up options.
  • Top-of-the-line mobile apps. Opening an online savings account gains you access to online banking mobile apps, which often have great features you can use to boost your cit bank high yield savings. You might find some of these features require an online checking account to gain full access. Varo, for instance, allows you to round up when spending from your checking account and automatically moves the difference into your savings account for you.


  • Customer support drawbacks. I love that online banks often offer phone, email, and live chat support, but sometimes these forms of communication are not quite as effective as visiting a physical branch to explore your options. Out of these online banks, the only one with in-person branches is Capital One, gmail email customer service phone number most locations remain closed due to the pandemic.
  • Additional bank accounts may be needed. On the downside, some online banks still make it difficult to get your money into your account. Many require you to transfer your money from an existing bank account, which can be difficult if the online bank does not allow ATM deposits and does not offer a checking account. If you’re looking to switch to an online banking model, opt for an account with checking services like Ally Bank, CIT Bank, or Axos, or opt for a savings account that offers ATM services like Synchrony Bank.
  • Withdrawal limits. One limitation most online savings accounts have is a set number of times you can withdraw funds from your savings account (typically 6 to 9 times per month). While this can be frustrating, if you’re using your savings account to grow your money, I don’t think these limits will hinder you very often.

The bottom line

Opening an online cit bank high yield savings account can help you protect and better grow your money. Online savings accounts have some of the best rates on the market and make it easy to access your funds around the clock. Many online banks also offer several savings options, including high-yield savings accounts, money market accounts, IRA accounts, and CDs.

I highly recommend taking advantage of the great perks of an online savings account, whether you’re looking to switch your bank accounts to an online model, or just maximize your savings.


(Please note, this page may contain affiliate links and we may earn fees from qualifying purchases at no additional cost to you. These earnings help us offset the cost of running this site. Read our Disclosure and Disclaimer for further info.)

CIT bank savings builder account earn more interest on your money graphic

It’s been more than a year since I opened high-yield savings account online with Ally. After earning .01% APY on savings in my hometown bank and .10% APY from my credit union for decades, I’m finally making more money on my savings.

If you haven’t taken time to compare your bank’s interest rates (and fees!) with online savings options, you’re likely missing out on higher earnings.

I used to make one or two dollars in interest each year with traditional “brick-and-mortar” lenders.

My savings now earn hundreds of dollars in interest each year!

While I’m happy with my Ally account, my brother recently helped my 80-year old mother open a Savings Builder account with CIT Bank.

I talked to them about their experience and want to share what I learned.

Since you have a lot of great options when it comes to high-yield savings accounts, take time to check out the features and requirements of at least a few of them before you select one.

CIT Bank No-Penalty CD

More on CIT Bank

CIT Bank was started by Henry Ittleson in 1908 to focus on helping businesses with financing options.

CIT has now been in business for over a century and still focuses on “empowering business owners and individuals to achieve their dreams.”

For 2018, Forbes ranked CIT as one of America’s Best Midsize Employers. Company values include accountability, collaboration, exceptional customer service, transparency, and high expectations. A diverse and inclusive workforce is valued by CIT Bank.

Each June, employees give back to their communities during CIT Cares Month. They collected over 65 tons of food, 80,000 diapers, and volunteered 6400 hours of time on 275 projects.

CIT operations include commercial and business banking services (commercial finance, business capital, real estate finance, rail), along with consumer banking through online deposit products at CIT Bank and OneWest Bank branches in Southern California.

The CIT Savings Builder Account

CIT offers a number of accounts including a Money Market, and different Certificate of Deposit products. But the account we’re looking at today is mibank hibiscus card the Savings Builder.

It’s easy to open an account online by entering your personal information, including your Social Security or taxpayer ID number.

Similar to the Premier High-Yield Savings, funding a Savings Builder account requires a $100 minimum deposit.

To continue earning the highest rate in the Savings Builder account, you have to meet certain requirements.

These include maintaining a balance of at least $25,000 or making at least one monthly deposit of $100 or more.

If you can “park” a large balance in a savings account or meet the monthly deposit amounts, you’ll earn one of the highest interest rates available by using the Savings Builder account at CIT.

The Premier High-Yield doesn’t have requirements after the initial funding of the account.

If you fall below the minimum balance or fail to have a $100 monthly deposit, you may earn a lower “base” interest rate.

To avoid lower returns, make sure you understand the terms associated with the Savings Builder account including the introductory period, first evaluation day, and first evaluation period.

Other Features of the CIT Savings Builder Account

Many of the other features of the Savings Builder account mirror what other online banks offer with their accounts. These include minimal account costs including no monthly maintenance fees.

If you don’t think fees add up, keep in mind that traditional banks charge fees that cost hundreds of dollars each blackberry stock price today regulations only allow you six transactions per statement cycle, you can track your transactions, make transfers, and deposit checks remotely with the CIT Bank mobile app.

Compounding intervals can vary based on the lender. But CIT has daily compounding interest to help you maximize earnings on your savings.

Your savings at CIT Bank are insured up to $250,000 by the Federal Deposit Insurance Corporation (FDIC).

My Family’s Experience with CIT

My mom has banked at community banks for over 60 years and she’s not tech-savvy at all. But she also understood she was basically losing money (due to inflation) by keeping her savings in an account at her local bank.

With my brother’s help, she was able to open a Savings Builder account at CIT Bank in less than 30 minutes.

She met the requirement to earn the upper-tier rate and although she needs assistance with deposits or transferring money, she gets paper statements that keep her updated on her earnings.

She was nervous at first about online banking. But after seeing how much interest she earned in only a few months, she was really glad she opened the account.

Neither my mother or brother have had to contact customer service at this point, so they couldn’t comment about that.

Should You Open An Account With CIT Bank?

bright yellow green piggy bank

One of the most important things you can do is to put some money into a savings account each month. Even if you live paycheck to paycheck.

You might only be able to save a few dollars a month to start, but the money you save can help you avoid taking on more debt.

And using a high-yield savings account can help your money grow faster than accounts at traditional banks.

Some people choose to keep their emergency funds in a local bank so they can access it if necessary. Others want their money-earning as much as possible in a high-interest savings account.

Only you can decide what you are comfortable with. But make sure you understand your current interest rate and any fees you are paying where you bank.

When I paid off a loan recently, my local bank started charging me a monthly fee of $12 to maintain my accounts because I fell below their requirement!

If you’re ready to open a high-yield online savings account, CIT Bank’s Savings Builder bremen ohio a good option.

The $25,000 minimum may be a challenge, but the $100 deposit each month could be a possibility.

Check with your payroll department to see if you could have the $100 (or more) auto-deposited from your paycheck. Or set-up an auto-transfer from your checking account.

Trying to find the account with the highest interest rates might earn you a little bit extra each month. But remember, rates are subject to change.

When the US Federal Reserve cuts the Federal Funds Ratebanks respond by reducing the interest you earn.

Opening an account that’s FDIC insured and earns 15-20X the national average APY on your savings is always a smart option.

Review written by Vicki

CIT Bank Money Market Account


Thanks to their convenience and competitive interest rates, many people are making the switch to online-only bank accounts. If you’re thinking of joining them, you might be overwhelmed by the many options to choose from. Cit bank high yield savings this CIT Bank review, we’ll explore one of the most popular choices.

CIT Bank Review

CIT Bank - Online Savings Account

Product Name: CIT Bank

Product Description: CIT Bank is an online-only bank that offers a variety of account options, including interest-paying checking, savings, CDs, mortgages, business accounts, and more. You can link multiple accounts and deposit checks online through the bank's web app. There are no monthly fees.

  • Products & Services
  • Interest Rates
  • Fees & Charges
  • Website / App
  • Customer Service


When it comes to Products & Services, we were impressed with CIT Bank’s selection of high interest-paying account options. We were especially happy to find out about CIT Bank’s interest-paying eChecking accounts that boney m jingle bells you start earning interest with as little as $100. CIT Bank’s Interest Rates on traditional savings accounts are among some of the highest in the industry. However, you can find better CD APYs elsewhere. We also ranked this bank high for Fees & Charges because there are no fees to open or maintain an account. In terms of Website/App accessibility, CIT Bank is fine, but we’ve heard some complaints of the mobile app crashing. Customer Service isn’t 24/7, but it is available by phone Monday through Sunday during typical business hours. There’s no live chat.

CIT Bank Features

CIT BankFeatures
Banking Account TypesChecking, Savings Accounts, Money Market Accounts, CDs
Other Account TypesMortgages, Small Business Accounts, Custodial Accounts
Minimum Required Deposit to Open Account$100
Number of BranchesInternet Only
ATM Network SizeNo ATM Network
ATM ReimbursementsUp to $15/Month
Remote DepositYes
App AvailabilityiOS, Android, and Mobile Optimized Website
Bill PayYes
Person to Person Money TransfersZelle®
Money TransfersACH, Wire Transfers, Apple Pay, Samsung Pay, Zelle
Customer Service TypesPhone, Email, Mail
Customer Service HoursMon - Fri: 8am - 9pm (ET)
Sat: 9am - 5pm (ET)
Sun: 11am - 4pm (ET)
Member FDICFDIC Certificate #58978
Routing Number / ABA Number#124084834
Current PromotionsSee CIT Bank Promotion Page, or See Article Below
See more Bank Promotions

Additional Features

  • Interest-Paying Checking. CIT Bank’s eChecking account pays interest, a real rarity among banks. How much interest you earn depends on how much money you keep deposited in your account.
  • ATM Reimbursement. Currently, CIT Bank has no ATMs of its own, nor is it part of an ATM network. However, the bank charges no fees if you use an ATM for its eChecking account and will reimburse you other banks’ fees up to $15 per month.
  • FDIC Insurance. Each CIT Bank account is FDIC-insured up to $250,000.
  • Interest Compounds Daily. With all CIT Bank products, interest compounds daily and will be accredited to your account on a monthly basis.
  • Calculators. CIT Bank offers a number of calculators to help you figure out how to maximize your savings, manage your debt, and plan for retirement.

What Is CIT Bank?

CIT Bank is an online-only bank headquartered in Pasadena, California. And contrary to what you might assume, it has nothing to do with Citibank. CIT stands for “Commercial Investment Trust.”

CIT Bank has a lot of great features that make it a competitive option for your banking needs. Like all good banks, its funds are FDIC insured, so you can rest easy knowing your money is backed by the U.S. government.

CIT Bank’s Online Banking offers real-time access to your account so you can manage all of your banking activity online. This includes making transfers to and from other banks and other accounts that you have with CIT Bank. You can also view and download current and previous statements as needed.

How to Get Started with CIT Bank

Opening an account is easy and takes only a few minutes. All you have to do is find the right page on CIT Bank’s website and have the following information handy:

  • Your Social Security number
  • Your driver’s license or another form of state-issued identification
  • Your bank routing and account numbers for the account you intend to link to fund your new CIT Bank account
  • Personal information for any joint account holders or beneficiaries

When you open an account, you’ll need to make a deposit. The minimum for a savings account is $100. The minimum deposit for CDs is $1,000 and up, depending on which type you open.

Funding Your CIT Bank Account. You can fund your CIT Bank account by mailing in a check or by completing a wire or electronic funds transfer. Once you have your account all set up, you can also use remote cit bank high yield savings deposit.

Like many online banks and financial institutions, CIT Bank will make two small test deposits to your account. You must then verify the deposit amounts before you can officially link your account. Once this has been accomplished, you can transfer money between accounts.

You can make your initial deposit via an electronic funds transfer, or you can mail a check to CIT Bank.

Here is the CIT Bank Routing/Transit #: 124084834

Here is the CIT Bank address to mail a deposit:

CIT Bank, N.A.
Attn: Deposit Services
P.O. Box 7056
Pasadena, CA 91109-9699

CIT Bank Account Options

CIT Bank eChecking

CIT Bank’s eChecking account is new to the lineup, and we’re glad CIT added it. The best thing about this account is that it accrues interest, a rarity among both brick-and-mortar and online-only banks.

How much interest you earn depends on how much you deposit. You can earn slightly higher APY on balances of $25,000 or more.

The biggest drawback to the eChecking account is that CIT Bank doesn’t have any ATMs or its own, nor does the bank participate in an ATM network, such as Allpoint. However, CIT Bank never charges fees for using anyone’s ATM. And the bank will also reimburse you up to $15 per month for other bank’s ATM fees.

CIT Bank doesn’t charge any regular america ferrera twitter fees, but if you overdraw on your account, you’ll have to pay $30 per item. That’s standard for many banks nowadays.

CIT Premier High Yield Savings Accounts

The CIT Bank Premier High Yield  Savings Account is a tiered savings account. The tiers are broken out as follows:

  • Balances of $1 to $250,000
  • Balances of over $250,000

Learn More

CIT Bank is one of the leaders among national banks when it comes to savings account interest rates. The base interest rate on its Premier High Yield Savings account is higher than what you’ll find at most other online banks.

Due to frequent interest rate changes, I recommend visiting the CIT Bank website to check current interest rates.

You can also compare CIT Bank to other banks on our list of best online banks.

CIT Bank Money Market Accounts

The CIT Bank Money Market account is similar to the High Yield Savings account but offers slightly higher interest rates.

You can use this account for deposits, withdrawals, and transfers, including Bill Pay (coming soon to CIT Bank).

Federal banking regulations limit transfers and withdrawals from money market accounts to six withdrawals per statement cycle. So this account is best used for parking cash for your emergency fund or long-term savings.

The minimum to open an account is $100.

CIT Bank Certificates of Deposit

Although CIT Bank offers stellar rates on high-yield savings and money market account, its CD rates aren’t the highest. However, they’re still better than rates you can find at traditional brick-and-mortar banks. If you’re CD shopping, you might want to check out some of the competition.

CIT Bank offers a variety of CDs, including RampUP CDs, which allow you to increase your interest rate once during the term, and no-penalty CDs, which allow you to withdraw the balance before the term.

RampUP CDs: This is a flexible long-term CD designed to protect against market fluctuations.

With the RampUP CD rate advantage feature, you have the option to adjust your rate once during the term of the CD, if rates increase. If they fall, you can stay with the original APY. Current rates & terms:

  • 3-year CD – Minimum opening deposit – $25,000
  • 4-year CD – Minimum opening deposit – $50,000

Learn More

RampUp Plus CDs: This account has a minimum deposit of $25,000. It gives you the opportunity to increase your rate of return one time during the term of your CD if rates rise.

This CD is compounded daily, giving you a slight increase to your total returns. You will also have the option to add funds one time during the term of this CD.

Current rates:

Learn More

Interest rate adjustments on both the RampUP and RampUP Plus CDs are limited.

Term CD: These are standard certificates of deposit, with terms ranging from six months to five years. The minimum deposit for opening a Term CD is $1,000.

Common CD terms include:

  • 6-month CD
  • 1-year CD
  • 13-month CD
  • 2-year CD
  • 3-year CD
  • 4-year CD
  • 5-year CD

Learn More

Jumbo CD: These CDs have a minimum deposit requirement of $100,000. You can choose either two- three- or five-year terms. Rates vary by term.

Learn More

Each of the CD options offers daily compounding. They also feature automatic renewal at the conclusion of the term unless you opt to withdraw the funds.

No-Penalty CDs: This CD comes with CIT Bank’s early withdrawal advantage feature. It allows you to access your funds early.

You can withdraw the total balance, including interest earned, without penalty, beginning seven days after the funds have been received. This CD is a minimum opening deposit of $1,000 with a term of 11 months.

CIT Bank Early Withdrawal Penalties on CDs

CIT Bank’s early withdrawal penalties for CDs are as follows:

  • Terms up to 1 year – 3 months interest on the amount withdrawn
  • Terms more than 1 year up to 3 years – 6 months interest on the amount withdrawn
  • Terms more than 3 years – 12 months wells fargo bank routing number houston texas on the amount withdrawn

CIT Bank Mortgages

CIT Bank offers home mortgages for its customers. The loan programs available include both fixed- and adjustable-rate mortgages, Jumbo mortgages, interest-only loans, and both rate and term with a cash-out refinancing loan. Loan programs are available for first-time homebuyers down payments as low as 3%.

CIT Bank Small Business Loans and Equipment Financing

CIT Bank offers financing programs for small businesses, in addition to savings products and mortgage loans. It currently offers both business loans and equipment financing.

The financing programs are available through the Direct Capital division of CIT Bank, N.A.

Business loans can be used for purchasing inventory, equipment and tech upgrades, or providing extra capital for marketing, staffing or even as a cash flow supplement. You can borrow up to $150,000, with terms ranging between six and 18 months.

Equipment financing program is more specific, but also more flexible. You can use the program to acquire computer hardware and software, restaurant equipment, construction equipment, POS terminals, capital equipment, and even commercial vehicles.

You can borrow up to $250,000 without supplying financial statements. Alternatively, if you do supply financial statements, you can get financing for up to $1 million. Equipment financing terms are between 12 months and 72 months.

You’ll need to contact CIT Bank for more information regarding business loans or what is needed to open a business bank account.

CIT Bank Customer Service

Although you can’t mosey on down to your neighborhood CIT Bank branch to talk to a teller when you have a pressing question, there are still plenty of ways to contact the bank’s customer service team.

CIT Bank offers 24/7 automated telephone services for basic account inquiries. In addition, you can call the customer support team seven days a week: Monday through Friday, 8:00 a.m. to 9:00 p.m.; Saturday, 9:00 a.m. to 5:00 p.m.; Sunday, 11:00 a.m. to 4:00 p.m. (all times Eastern).

  • CIT Bank telephone number: 1-855-462-2652
  • CIT Bank address: CIT Bank, 75 North Fair Oaks Ave, Pasadena, CA 91103

CIT Bank Savings Builder Promotion – Currently Paused

CIT Bank was recently offering a savings bonus of up to $300 for both current and new customers when they met deposit requirements in a Savings Builder account.

To earn the CIT Bank deposit bonus, customers must meet the following requirements:

  • Open a Savings Builder account with a minimum of $100 and enter the promo code, [offer expired]. (Current customers must sign up via the promotion page and enter the promo code).
  • Earn a $150 bonus with a minimum deposit of $25,000 within 15 days.
  • Earn a $300 bonus with a deposit of $50,000 or more within 15 days.
  • Maintain the minimum balance requirement for 90 calendar days (new customers) or 30 calendar days (current customers) following the end of the 15-day Funding Period to be eligible for the bonus.
  • Offer valid on new or current Savings Builder accounts funded between February 19 and May 30, 2020.
  • Customers enrolled in a Savings Builder bonus promotion prior to January 17, 2020, are not eligible for this promotion.

Learn More About can you get benefits for anxiety CIT Bank Savings Builder  Account

CIT Bank Pros & Cons

CIT Bank Pros

  • High Interest Rates. CIT Bank pays some of the highest interest rates chase bank milwaukee ave chicago il the nation on its savings accounts. Plus, there’s now an interest-paying checking account, too.
  • No Monthly Account Fees. Fees are few and far between with CIT Bank.
  • eChecking Account. Now that CIT Bank offers a checking account (that pays interest, to boot), you can make this bank your one-stop-shop.

CIT Bank Cons:

  • Online Only. You won’t find a CIT Bank branch office anywhere — although that’s growing less strange as time wears on.
  • No Free ATM Network. Unfortunately, CIT Bank doesn’t offer access to a free ATM network. However, the bank will reimburse you up to $15 per month of the other guys’ fees.
  • $100 Minimum on Checking. $100 is a bit on the high side for checking account minimums. Still, there are no fees to open and keep your account running, and the account does pay interest, too.


Overall, I would put CIT Bank among the industry leaders in online bank accounts.

I recommend this as a great place to stash your cash if you’re looking for a solid return on your savings and don’t need additional features at this time.

Some similar banks include USAA, Ally Bank, FNBO Direct, or Capital One 360.

If you’re interested primarily in the interest rate on a high-yield savings account, the CIT Bank will do just fine. Plus, you can now earn interest (albeit at a lower rate) on checking with the new eChecking account.

To learn more or to open an account, visit the CIT Bank website.

CIT Bank CIT Bank offers some of the highest interest rates in the U.S. for both online savings and Certificates of Deposits (CDs). Visit CIT Bank to learn more. CIT Bank


1 Replies to “Cit bank high yield savings”

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