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CIT Bank Bank Review

About the Bank

CIT is an online banking division of First Citizens Bank. 

As an FDIC-insured bank, CIT combines peace of mind with the higher interest rates on deposits and lower fees most often associated with online banks.

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Be sure to check out these savings accounts worth considering:

Checking Account

CIT Bank offers an online checking account that makes it extremely convenient to access your money.

The CIT Bank eChecking account has no monthly fees and pays interest (depending on your account balance). 

The best feature is that accountholders get up to $30 in ATM fee reimbursements. Essentially, customers can access any ATM without major concern over fees charged by ATM operators. (CIT Bank does not charge an out-of-network ATM fee.)

Savings Account

CIT Bank offers a high-yield online savings account called Savings Connect. It is able to match the market-leading savings rates offered by other online banks.

Notably, the savings rate is significantly higher than rates offered by typical brick-and-mortar banks.

The Savings Connect account has no monthly maintenance fees.

CDs

In addition to savings accounts, CIT Bank features an extensive line of CD offerings.

  • Terms CDs
  • No-Penalty CD
  • RampUp CDs
  • Jumbo CDs

Term CDs

Term CDs have terms ranging from six months to five years. The minimum deposit for these CDs is $1,000. Rates are tiered, based on the CD term you choose. Like the High Yield Savings accounts, there’s no fee to open a CD and no monthly maintenance fee.

No-Penalty CDs

No-Penalty CDs come with a single term of 11 months, but they earn a higher interest rate than the High Yield Savings account. These CDs require $1,000 to start and you have the benefit of being able to withdraw the total balance and interest earned without penalty after the first seven days of opening.

RampUp CDs

RampUp Plus and RampUp CDs are designed for people who have a larger amount to save and want to save for a longer-term goal. RampUp Plus CDs can be opened with $25,000 for a term of one or two years. RampUp CDs have a $25,000 opening deposit for three-year CDs and a $50,000 minimum for a four-year term. Neither CD has any maintenance fees and between the two, RampUp CDs earn a slightly higher interest rate.

Jumbo CDs

are designed for super savers who have big financial goals. These CD accounts require a minimum of $100,000 to open, with terms stretching from two to five years. These CDs earn some of the highest rates, with no monthly maintenance fees for maximum savings growth. If you’d like to spread the savings love around, CIT Bank can help structure a CD ladder that includes CDs with varying interest rates and maturity terms. None of CIT Bank’s CDs can be opened as an IRA account but you can open one as a custodial account on behalf of a minor.

Other Financial Offerings

In addition to savings accounts and CDs, CIT Bank also offers home purchase and refinance loans, as well as small business loans and equipment financing.

While it is an online bank, that doesn’t mean you’re sacrificing service. CIT Bank’s award-winning customer service is available seven days a week to handle your banking questions and offer account help.

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Bank Fees

Fees National Average
Monthly Inactivity $0 $6
Non-Sufficient Fund (Overdraft) $30 $30
Stop Payment item $30 $27
Domestic Wire Transfer (Outbound) $10 $22
Domestic Wire Transfer (Inbound) $0 $10
Non-Bank ATM $0 $1