CIT Financial institution routinely seems on our greatest checking account promotions record, and for good motive.
CIT Financial institution is the web banking arm of CIT Group, a big monetary firm that has been round for greater than 100 years. CIT Financial institution itself has existed since 2000, making it one of many oldest on-line banks in steady operation. Like nearly all of U.S.-based on-line banks, CIT Financial institution’s deposit accounts include FDIC insurance coverage as much as $250,000 per account.
CIT Financial institution’s focus is firmly on excessive yields, with a stable high-yield checking account and a bevy of high-yield financial savings accounts, CDs, and cash market accounts. or bank cards. Moderately, it makes a speciality of all kinds of versatile, engaging financial savings merchandise, together with financial savings accounts (with good account opening bonuses) and CDs. CIT Financial institution additionally presents custodial accounts for minors and younger individuals below age 21, together with quite a lot of dwelling loans for potential homebuyers and present householders.
Although CIT Financial institution’s deposit accounts aren’t perfect for day-to-day use, they’re engaging for these trying to earn above-average yields on saved funds. With no administration charges, account holders don’t have to fret that the financial institution will slowly eat away on the worth of their financial savings. And, CIT’s No-Penalty CDs supply uncommon flexibility, permitting holders to withdraw funds earlier than maturity with out incurring penalty prices. Nevertheless, excessive minimal deposit quantities for some accounts imply CIT’s merchandise will not be fitted to everybody.
Key Options of CIT Financial institution
Right here’s a have a look at CIT’s high banking merchandise and options:
Financial savings Join
Financial savings Join* has a wonderful yield (at the moment 3.75% APY) for account holders who full these straightforward qualifying actions:
- Open Financial savings Join account with a minimal opening deposit of $100
- Make a $200 digital cost (deposit) into your Financial savings Join account every month to earn the highest Financial savings Join APY
There’s no month-to-month service price right here, and sure ATM charges assessed by different banks could also be reimbursed as much as $30 per 30 days.
* APY — Annual Proportion Yield is correct as of September 23, 2025. Curiosity Charges for the Financial savings Join Account are variable and will change at any time with out discover. The minimal to open a Financial savings Join account is $100. Charges may scale back earnings on the account.
Platinum Financial savings
Platinum Financial savings* has a good higher yield than Financial savings Join — at the moment 3.85% APY — however there’s a catch: you should have a minimum of $5,000 within the account (common every day stability) to earn it.
In any other case, your stability yields 0.25% APY. However both method, you simply want $100 to open the account, and also you’ll by no means pay a month-to-month upkeep price.
* Platinum Financial savings is a tiered rate of interest account. Curiosity is paid on the whole account stability based mostly on the rate of interest and APY in impact that day for the stability tier related to the end-of-day account stability. *APYs — Annual Proportion Yields are correct as of September 23, 2025: 0.25% APY on balances of $0.01 to $4,999.99; 3.85% APY on balances of $5,000.00 or extra. Curiosity Charges for the Platinum Financial savings account are variable and will change at any time with out discover. The minimal to open a Platinum Financial savings account is $100.
No-Penalty CD
CIT Financial institution presents a No-Penalty CD with an 11-month time period and a present yield of three.35% APY, topic to vary with prevailing charges.
The CIT No-Penalty CD doesn’t cost an early withdrawal price — interval — for those who want entry to your funds earlier than maturity.
The minimal opening deposit is $1,000, however there’s no upkeep price thereafter.
* APY — Annual Proportion Yield is correct as of September 23, 2025. With a No-Penalty CD, it’s possible you’ll withdraw the full stability and curiosity earned, with out penalty, starting 7 days after funds have been obtained in your CD. No withdrawals are permitted through the first 6 days following the receipt of funds.
Financial savings Builder Account
Financial savings Builder is a financial savings account with a stable yield. The perfect APY — at the moment 1.00% APY — is reserved for accountholders who can do one of many following:
- Keep a minimal stability of $25,000 or extra
- Make a minimum of one month-to-month deposit of $100 or extra into the account
Transferring ahead, there’s no account upkeep price.
Cash Market Account
The CIT Financial institution Cash Market account has an excellent yield on all balances (at the moment 1.55% APY) with no month-to-month upkeep or service charges. There’s a $100 minimal opening deposit, however no minimal stability thereafter.
Time period CDs
CIT Financial institution has eight time period (conventional) CDs, with time period lengths starting from 6 months to 60 months. Yields are stable all through, particularly on the 18-month CD. All yields are topic to vary with prevailing rates of interest and CIT Financial institution coverage.
All CIT time period CDs include a minimal opening deposit and stability of $1,000. Early withdrawal penalties are 90 days’ curiosity for phrases lower than 12 months, 180 days’ curiosity for phrases between 12 and 36 months, and 360 days’ curiosity for phrases longer than 36 months. These penalties apply to most of CIT’s Jumbo CDs as nicely.
On the brilliant aspect, CIT CDs (together with the opposite variations described beneath) haven’t any account opening or recurring upkeep charges.
Jumbo CDs
CIT Financial institution’s Jumbo CDs have barely higher yields than their conventional counterparts. All require a minimal opening deposit of $100,000.
eChecking Account
CIT Financial institution’s eChecking account requires a minimal opening deposit of simply $100 and presents a really engaging yield on balances above $25,000 (although yields aren’t too unhealthy on decrease balances both). It’s largely free, with no month-to-month upkeep charges and a promise to reimburse qualifying ATM charges charged by different banks as much as $30 per 30 days.
CD Ladders
CIT Financial institution makes it straightforward to create and customise a CD ladder for long-term and emergency financial savings. The most typical configuration is a three-tiered ladder consisting of equal-sized 12-, 24-, and 36-month Time period CDs. When your 12-month CD matures, you possibly can withdraw any funds wanted for short-term bills and reinvest the remaining right into a 36-month CD. Repeat this course of the next 12 months, when your 24-month CD matures, and also you’ll then have three 36-month CDs set to resume at 12-month intervals.
IRA Choices
Just about all of CIT Financial institution’s accounts might be structured as conventional or Roth IRAs, the one exception being the 6-month CD. All IRA accounts include the identical phrases, yields, and restrictions (minimal opening balances, for instance) as their non-IRA counterparts.
Custodial Accounts
Any CIT Checking account, besides IRA merchandise, might be structured as a custodial account. Custodial accounts are opened in each the grownup custodian’s and baby’s identify, however stay below the management of the custodian till the kid turns 21.
Mounted-Fee House Buy Loans
CIT Financial institution presents quite a lot of fixed-rate dwelling buy loans (mortgages) for homebuyers. Phrases vary from 10 to 30 years. Jumbo fixed-rate loans are additionally obtainable on 15- and 30-year phrases. Curiosity-only choices can be found on 30-year loans for very well-qualified debtors.
Adjustable-Fee House Buy Loans
CIT Financial institution points adjustable-rate mortgages (ARMs) with 5/1, 7/1, and 10/1 configurations. Curiosity-only funds can be found for all three configurations.
Relationship Pricing for Mortgage Clients
CIT Financial institution presents relationship pricing for present clients who originate dwelling loans with the financial institution’s lending arm. All dwelling debtors get $525 money again on profitable closings. Debtors with substantial CIT Financial institution deposits take pleasure in discounted mortgage pricing:
- 0.10% low cost with 10% of the mortgage quantity in new deposits
- 0.20% low cost with 25% of the mortgage quantity in new deposits
In different phrases, a borrower who deposits 10% of the full mortgage quantity knocks a 5.00% charge mortgage right down to 4.90%.
Cellular Banking
CIT Financial institution has Android and iOS cell apps obtainable for obtain. These apps have all the foremost options and capabilities of the desktop web site. That mentioned, CIT’s desktop web site seems nice on a smartphone and is simple to navigate on any machine, so it’s possible you’ll not even want the cell app.
Buyer Assist
CIT Financial institution’s buyer help equipment features a name heart with dwell representatives and an internet contact kind that usually produces a response inside one enterprise day. The decision heart is open throughout prolonged weekday enterprise hours and restricted weekend hours.
Benefits of CIT Financial institution
CIT Financial institution has a number of upsides. These are the highest explanation why you may need to open a checking account right here.
- Excessive CD Yields. CIT Financial institution has a few of the finest CD yields within the on-line financial institution enterprise. For those who’re trying to park some funds for the medium time period, CIT ought to be in your shortlist.
- No-Penalty CD Gives Further Flexibility. The No-Penalty CD is a versatile long-term financial savings car for purchasers who anticipate to want their funds earlier than maturity. There’s no penalty for early withdrawal right here, regardless of how a lot you’ve got on deposit or if you withdraw your funds.
- Above-Common Financial savings Yields. CIT Financial institution’s two financial savings accounts boast above-average yields on all balances, although it’s possible you’ll want to leap via some hoops to earn the total yield in your Financial savings Builder or Financial savings Join accounts. For those who’re in search of above-average yields, however don’t need to decide to a prolonged CD time period, give CIT Financial institution a more in-depth look.
- Good Checking Yields. CIT Financial institution’s eChecking account presents an above-average yield for a free on-line checking account, making it a great place to park extra money you anticipate to want quickly sufficient.
- Wonderful Buyer Service Availability. Although it’s not 24/7, CIT Financial institution’s customer support group has a minimum of some availability day by day of the week, together with an extended daytime block each weekday. That’s considerably higher than many smaller on-line banks.
- Cellular-Pleasant Website. With massive textual content, easy scrolling, and a transparent colour scheme that appears good on screens of any dimension, CIT Financial institution’s primary web site completely blends cell responsiveness and desktop-friendliness. For those who don’t have the cell app however need to entry your CIT accounts in your smartphone, visiting the financial institution’s primary web site is a seamless expertise.
Disadvantages of CIT Financial institution
CIT Financial institution does have some drawbacks. Take into account these downsides earlier than opening an account right here.
- No Enterprise Accounts. CIT Financial institution doesn’t present any business accounts or credit score choices, so it’s not perfect for small enterprise homeowners. Some on-line banks do have business deposit accounts and financing departments.
- Few Borrowing Choices. Aside from dwelling loans, CIT Financial institution has little in the way in which of borrowing choices. For those who favor to borrow from the identical financial institution you retain your deposits with, look to an alternate like First Web Financial institution, which presents bank cards, mortgages, auto loans, private loans, and business credit score merchandise.
- Required Disclosures Are Exhausting to Discover. U.S.-based banks are required to make sure disclosures about account charges and phrases. Web sites for on-line banks usually have clearly marked hyperlinks to “Disclosures” or “Charges and Disclosures” on the backside of every web page or inside account-specific pages. CIT’s will not be clearly seen anyplace on its web site. There’s only a perfunctory price schedule (which doesn’t even cowl staple items like inadequate funds prices) for every account.
Last Phrase
I’m at all times eager to search out on-line banks that increase the worth of my hard-earned cash. And I’ve actually discovered that in CIT Financial institution, whose wonderful financial savings and CD yields are a minimize above (most of) the remaining. In my e book, banks with above-average yields are at all times value a more in-depth look.
Sadly, except CIT Financial institution presents a checking account sooner or later, you’ll have to look to a different on-line financial institution for my day-to-day spending wants. Good factor there are many these round today. Take a look at our top-rated free checking accounts for extra choices.
For full record of account particulars and charges, see our Private Account disclosures.
