CIT Bank Review 2024

CIT Bank offers a variety of deposit accounts, but the main attraction is the Platinum Savings account thanks to its high APY (it also earned a spot on our best savings accounts list). And while you need to maintain a 4-figure balance in that account to earn its highest APY, CIT Bank has plenty of other options that make it worth a look for any savvy saver.

The CIT Bank® Savings Connect is a great option for a straightforward high-yield savings account with no minimum balance requirement or monthly service fees. With a minimum opening deposit of $100, you can earn a 4.65% APY—a great rate, especially since there are no monthly fees.

Platinum Savings Account

For a competitive APY, the CIT Bank Platinum Savings offers a high rate of 5.00% APY. However, to earn this rate you must maintain a daily balance of $5,000 or more. For balances under $5,000, the APY drops to 0.25%. There are no account opening or maintenance fees, but you do have to make a minimum opening deposit of $100.  

Savings Builder Account

The CIT Bank Savings Builder account offers a tiered interest rate based on certain qualifications. When you first open the account, you earn a daily interest of 0.995% until your first “Evaluation Day” (roughly 2 months later depending on what day of the month you opened your account). At that point, CIT Bank will look at your account balance and activity to see what APY you’ll earn. After this first time, you’ll go through Evaluation Day every month.

The tiered rates and criteria are: 

• Balances less than $25,000 earn 0.40% APY.  
• Balances less than $25,000 but with a monthly deposit of $100 or more earn 1.00% APY. 
• Balances of $25,000 or more earn 1.00%.  

There are also no account opening or maintenance fees, but you must make a minimum opening deposit of $100.  

Interest-bearing checking accounts are rare but the CIT Bank eChecking Account, the only checking account offered by CIT Bank, provides a 0.10% APY on balances under $25,000 and 0.25% APY on balances of $25,000 or more. While it’s not much, you still earn extra cash just for keeping your money in the account. The eChecking also comes with no monthly or overdraft fees. Although CIT Bank doesn’t have a free ATM network, it offers a monthly $30 reimbursement in other bank’s ATM fees.

In addition to checking and savings accounts, CIT Bank also offers a variety of CIT Bank CDs with interest rates of up to 3.50% APY. Its traditional CDs come with terms ranging from six months to five years and rates from 0.40% to 3.40% APY, along with a $1,000 minimum deposit requirement.  

You can also open specialty CDs, such as no-penalty CDs (which allow you to access your funds before the maturity date) or Jumbo CDs (which have a $100,000 deposit minimum). While not available to new accountholders, CIT Bank also offers RampUp CDs, allowing you to increase your CD rate if the bank raises its rates during the term. 

If CIT Bank doesn’t meet your needs, Ally Bank also offers online-only banking products with competitive rates and minimal to no fees. Both the Ally Online Savings Account and the Ally Bank Money Market Account also offer up to 4.20% APY on each account and come with no monthly fees or minimum balance requirements. The Ally Bank® CDs also offer up to 4.50% APY with terms ranging from 3 months to 5 years, also with no monthly fees or minimum balance requirements.

SoFi Bank also offers a SoFi Checking and Savings Account with attractive features. With direct deposit, you can earn a high 4.60% APY on savings or 1.20% APY with no direct deposit, and a 0.50% APY on your checking. New account holders (or current account holders without direct deposit set up) may also qualify for a bonus of up to $300 by meeting specific direct deposit requirements. You’ll receive the full $300 bonus by depositing at least $5,000 within 25 days of your initial direct deposit. Even depositing between $1,000 and $4,999.99 earns you a $50 bonus.

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