CIT Bank

Online Bank, bankoncit.com

CIT Bank logo
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MyBankTracker rating based on the following criteria that includes customer reviews, financial health, bank fees and other key factors compared to the other banks.
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About the Bank

CIT Bank is a nationwide direct bank that offers online banking products delivered right where you are. As an FDIC-insured bank, CIT Bank combines peace of mind with the higher interest rates on deposits and lower fees most often associated with online banks.


CIT Bank doesn’t offer checking accounts but it does feature several products designed to appeal to savers. The first is the Premier High Yield Savings account. This account offers an interest rate that’s well above the national average, with a minimum opening deposit of $100. There’s no account opening or monthly maintenance fee, so your money has a chance to grow faster. Online banking and mobile banking access are included so you can manage your money easily on the go. You can schedule transfers between your CIT Bank accounts and external accounts, check balances, view statements and set up banking alerts from anywhere.


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


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.

CIT Bank Fees

  • National Average
  • Monthly Inactivity $0 $6
  • Non-Sufficient Fund (Overdraft) N/A $30
  • Stop Payment item N/A $27
  • Return Deposit N/A $13
  • Domestic Wire Transfer (Outbound) $10 $22
  • Domestic Wire Transfer (Inbound) $0 $10
  • Non-Bank ATM N/A $1

Latest Customer Reviews

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  •  
    Reviewed By cituser Apr 1, 2018

    Impossible to Contact

    I have 2 accounts with CIT Bank. I love the interest rates but their customer service is almost non-existent. I have never been able to contact CIT Bank by phone after several tries. My emails are sometimes answered but not in a timely manner. As long as you never need to contact CIT Bank, they are great. It's when a problem arises the stress level goes to max.

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  •  
    Reviewed By vernmittel Mar 16, 2018

    Put your money elsewhere

    Expect CiT to cut every corner possible and provide minimum service possible, such as lengthy delays in sending matured CD checks, giving low interest rates unless challenged, long-long customer wait times on the phone.

    A one-star rating is too generous.

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  •  
    Reviewed By Arpy Feb 12, 2018

    Mediocre rates, high early withdrawl penalties, hard to work with - look elsewhere

    When I originally opened an account at CIT, their interest rates were competitive and I liked the idea of their step up CD where I can increase the interest on my CD as rates climb. In the past year, their rates have become mediocre for an online bank with much better rates at other banks. The interest rates on the step up CDs have gone down over the past couple of years as rates have been going up. Their early withdrawl penalty is 6 months interest - much higher than competitors. They get you locked into lousy interest rates. Their website is antiquated and difficult to use. The bank is extremely difficult to deal with. There are much better deals out there. Don't get locked into this bank!

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  •  
    Reviewed By vernmittel Mar 16, 2018

    Put your money elsewhere

    Expect CiT to cut every corner possible and provide minimum service possible, such as lengthy delays in sending matured CD checks, giving low interest rates unless challenged, long-long customer wait times on the phone.

    A one-star rating is too generous.

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  •  
    Reviewed By anon159 Sep 8, 2016

    CIT bank holds matured CD funds as long as they can get away with it

    The title says it all.
    If funds are to be released by check, forget about it getting mailed, much less delivered, promptly. Then, expect the robot response from CIT of 7-10 days to expect to get it. When they delay mailing for 3-4 days, 7-10 days sounds be about right.

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  •  
    Reviewed By Saver321 Feb 2, 2015

    This Is Not An Online Bank

    I set up an account online specifying another bank to fund it via ach transfer. After a couple of days the test deposits arrived and i inserted them into the cit "application". After another few days i got an email stating my account was approved and open. I went to the website and found no way to transfer funds either way to any external account. I called customer service and was told that external transfers had to be requested and the original funding source would have to be requested again and requalified. I subsequently got a phone call from the fraud unit to check on my request for external transfers and had to answer a set of questions before it would be enabled. The rep said that all of this could easily be done over the phone instead. The bank just does not see itself as an online bank. It also limits online transfers to $5k a day and since there is a limit of 6 transfers only a max of $30k a month can be transferred. However transfers of any amount can be made over the phone. If you want an online bank don't choose cit, if you want to transact over the phone during limited hours.

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  •  
    Reviewed By mrugshal Dec 8, 2017

    CIT Bank is cheater

    I opened a savings account under online promotion that if I maintain $15000 for 3 months, I will get $100 bonus. I kept the money for 95 days but they are refusing to release the bonus, saying the fine print says - " I was supposed to keep the balance for 3 statement cycles".

    Who reads the fine print when the short script says unambiguously to keep funds for 3 months?

    They are cheaters IMHO.

    Will never do business with them.

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  •  
    Reviewed By languageusa May 2, 2017

    Horrible Experience

    Horrible experience with their service. Terrible, disorganized website. Tried to open an online savings account for $100,000, instead they opened two (2) savings accounts for $100,000 each -- without my knowledge, of course. More than that, they attempted to ACH $200,000 from my funding external bank account, instead of $100,000. The customer service is totally incompetent, they are not able to comprehend basic things. The customer service manager is unprofessional. All in all, there were not able correct the situation (I simply asked them to delete the second account I never requested to open in the first place, but they could not do that) and they seemingly got prepared to rip off my external bank account by withdrawing $200,000. I had to urgently drive to my non-CiT bank involved in this to put stop payment on any attempt by CiT bank to withdraw funds. This so called bank is a joke, a sad joke.

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  •  
    Reviewed By kyl.cmu Oct 2, 2014

    Simply The Dumbest Bank Ive Ever Dealt With

    We just opened an account for 55k, and CIT called us claiming that my other bank blocked the money transfer to CIT. It turned out the transaction did go through and cit duplicated the transaction overdrawing my account by 110k. Then they gave me the runaround to talk to my other bank to block the duplicated transactions when cit in fact already had the funds. Then i spoke to 3 representatives just to get them to send back the money they overdrew.

    I even got a supervisor to promise me that everything will be taken care of in days. It's been over a week when they still haven't done it. I had to call them again, for the 6th time in a week, to make sure that they get this right, and good that i did because cit then tells us they were about to send both transactions back and leave me with a balance of zero at cit.

    How incompetent are these people that they can fck up a simple transaction to open an account 5 different ways? I had the pleasure of working indirectly for ceo john thain in the past and think highly of him. He's a very sharp guy, but apparently intelligence stops at the top levels and employees on the frontline can not even open an account properly. If this is a representation of the rest of the bank, then id be really worried about keeping money there and probably need 2% more interest on cit saving accounts to deal with the incompetence and risk.

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  •  
    Reviewed By vernmittel Mar 16, 2018

    Put your money elsewhere

    Expect CiT to cut every corner possible and provide minimum service possible, such as lengthy delays in sending matured CD checks, giving low interest rates unless challenged, long-long customer wait times on the phone.

    A one-star rating is too generous.

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  •  
    Reviewed By Arpy Feb 12, 2018

    Mediocre rates, high early withdrawl penalties, hard to work with - look elsewhere

    When I originally opened an account at CIT, their interest rates were competitive and I liked the idea of their step up CD where I can increase the interest on my CD as rates climb. In the past year, their rates have become mediocre for an online bank with much better rates at other banks. The interest rates on the step up CDs have gone down over the past couple of years as rates have been going up. Their early withdrawl penalty is 6 months interest - much higher than competitors. They get you locked into lousy interest rates. Their website is antiquated and difficult to use. The bank is extremely difficult to deal with. There are much better deals out there. Don't get locked into this bank!

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  •  
    Reviewed By BPe Nov 17, 2016

    Worst Service Ever

    Started the process of opening a CD 11/07.
    Bug on website wouldn't let me finish and I had to call Customer Service.
    Email I was supposed to get to tell me how to verify trial deposits never came. Had to call again.
    Now on 11/17 I have heard nothing further from CIT and transfer from my bank still has not been initiated.
    This is ridiculous.

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  •  
    Reviewed By Bank Shopper S. Jul 13, 2013

    Very Bad Customer Service

    Opened saving account because of above average interest rates but rates quickly dropped below that offered by top 5 banks.

    My CIT Saving account suddenly lost ability to transfer funds.
    Contacted support to investigate and restore transfer option.
    Nothing was done! I called to check status every few days and was told department handling this cannot be reached directly. I gave up after 2 months and closed my account.

    I took my business to another online bank. About the only positive thing I can say about CIT Bank is that they are opened on Saturday. But, the bad customer service and so-so interest rates makes CIT Bank a poor choice.

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  •  
    Reviewed By languageusa May 2, 2017

    Horrible Experience

    Horrible experience with their service. Terrible, disorganized website. Tried to open an online savings account for $100,000, instead they opened two (2) savings accounts for $100,000 each -- without my knowledge, of course. More than that, they attempted to ACH $200,000 from my funding external bank account, instead of $100,000. The customer service is totally incompetent, they are not able to comprehend basic things. The customer service manager is unprofessional. All in all, there were not able correct the situation (I simply asked them to delete the second account I never requested to open in the first place, but they could not do that) and they seemingly got prepared to rip off my external bank account by withdrawing $200,000. I had to urgently drive to my non-CiT bank involved in this to put stop payment on any attempt by CiT bank to withdraw funds. This so called bank is a joke, a sad joke.

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  •  
    Reviewed By isc1200 Mar 21, 2017

    Don't trust your IRA money to these assclowns

    My wife signed her name on a Roth IRA account with her first initial and our last name. CIT would not transfer her money to a new custodian because the names did not match on the signature guarantee she filled out at our local bank. We have been fight with them for bout two weeks. At one time we had almost a million dollars on deposit with them. We will have zero after this mater is resolved.

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