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CIT Bank Review 2026

CIT Bank, now part of First Citizens BancShares, offers competitive online banking products including high-yield savings accounts, CDs, and money market accounts.

Founded

1908

Headquarters

Pasadena, CA

Total Assets

$80 billion

Branches

Online Only

BankingDeal Rating

Based on rates, fees, features, and customer satisfaction

4

out of 5.0

Rates & Fees

ProductRate / Fee
Savings APY4.05%
12-Month CD APY4.40%
Checking Monthly Fee$0

Rates shown are for illustration. Verify current rates directly with CIT Bank.

Products Offered

Savings Accounts
CDs
Money Market Accounts
Checking Accounts

Pros & Cons

Pros

  • +Competitive high-yield savings rates
  • +No monthly fees with qualifying balance
  • +Range of CD options including no-penalty CDs
  • +Money market accounts available
  • +Part of First Citizens BancShares

Cons

  • -Minimum balance requirements on some accounts
  • -Limited product range
  • -No physical branches for most customers
  • -Customer service can be slow

Our Verdict

CIT Bank is a solid choice for those who prefer online banking and want competitive rates without monthly fees. Competitive high-yield savings rates, making it a strong contender in the online banking space. With a savings APY of 4.05%, it offers competitive returns on your deposits.

Related Resources

How to Open a Savings Account
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Frequently Asked Questions

Is CIT Bank a good bank?

CIT Bank has a rating of 4/5 on our scale. Competitive high-yield savings rates. However, minimum balance requirements on some accounts. Whether it is right for you depends on your specific banking needs and priorities.

What is the savings account APY at CIT Bank?

CIT Bank currently offers a savings APY of 4.05%. This is a competitive rate compared to the national average. Rates are subject to change. Verify current rates directly with CIT Bank.

Does CIT Bank charge monthly fees?

CIT Bank offers checking accounts with no monthly maintenance fee.

What products does CIT Bank offer?

CIT Bank offers Savings Accounts, CDs, Money Market Accounts, Checking Accounts. As an online-only bank, all services are available through their website and mobile app.

Where is CIT Bank headquartered?

CIT Bank is headquartered in Pasadena, CA. Founded in 1908, CIT Bank, N.A. has grown to manage $80 billion in total assets. It operates exclusively online with no physical branch locations.