CIT Bank operates as an online-only bank under First Citizens Bank and offers a range of deposit products. It focuses on savings accounts, certificates of deposit (CDs), money market accounts, and a checking account, all accessible through a digital platform.
This CIT Bank review breaks down its primary banking products, key features, and the ways customers typically use its accounts.
APYs
Up to 4.10%2
Up to 4.00%8
8. 0.70% Savings APY Boost Earn up to 4.00% Annual Percentage Yield (APY) on SoFi Savings with a 0.70% APY Boost (added to the 3.30% APY as of 12/23/25) for up to 6 months. Open a new SoFi Checking and Savings account and pay the $10 SoFi Plus subscription every 30 days OR receive eligible direct deposits OR qualifying deposits of $5,000 every 31 days by 3/30/2026. Rates variable, subject to change. Terms apply at sofi.com/banking#2. SoFi Bank, N.A. Member FDIC.Up to 3.85%1
Barclays Tiered Savings Annual Percentage Yields (APYs) are accurate as of 01/13/2025 and may change at any time without prior notice, before or after the account is opened. The APYs are determined by the Balance Tiers (Tiers) and the amount deposited. The same rate may apply to multiple Tiers and Tiers may change without notice. APY is calculated based on the Tier into which the end of day account balance falls. Fees could reduce the earnings on the account. No minimum balance to open, but for interest to post to your account you must maintain a minimum balance that would earn you at least $0.01. Please see the Compare Account Page for current Tier and APY information. The APY for the Barclays Tiered Savings account for balance tiers greater than $250,000 are currently 10X the national average of 0.46% APY, based on the national average of savings account rates published in the FDIC’s National Rates and Rate Caps, accurate as of 09/16/2024.Online access
Yes
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Table of Contents
Overview
CIT Bank offers a focused selection of deposit accounts built for saving and earning interest. Because it does not operate physical branches, customers manage their accounts through its website and mobile app.
| Category | Products offered |
|---|---|
| Checking | eChecking |
| Savings | Platinum Savings, Savings Connect, Savings Builder |
| CDs | Term, no-penalty, ramp-up, and jumbo CDs |
| Money market | Standard money market account |
Key features
CIT Bank focuses on savings-driven products and digital account management.
- Digital-first banking: Customers manage accounts, transfer funds, and deposit checks through the website or mobile app.
- Tiered savings structure: Some savings accounts offer higher rates as balances increase, which can impact overall earnings.
- Flexible CD options: Customers can choose from standard CDs, no-penalty CDs, and ramp-up CDs with different withdrawal and rate features.
- Savings-focused product lineup: CIT Bank primarily emphasizes interest-bearing accounts rather than a full suite of everyday banking products.
- Low fee structure: Most accounts do not charge monthly maintenance fees.
- FDIC coverage: First Citizens Bank insures deposits within federal limits.
Pros and cons
Pros
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No monthly maintenance fees on most accounts
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Range of CD types with different features
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Strong focus on savings and interest-bearing products
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Fully online account access
Cons
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No branch access for in-person banking
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Limited ATM network compared to large banks
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Higher balances may be needed for top-tier rates
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Fewer products beyond deposit accounts
Use cases
Many people use CIT Bank accounts when they want a fully online banking experience and a place to grow savings. Savings and money market accounts can help fund short-term goals or emergency reserves, while CDs allow customers to lock in fixed returns for a set term.
Customers often use the eChecking account for everyday transactions like direct deposit and bill payments. At the same time, they may keep larger balances in savings or CDs to separate spending money from longer-term funds.
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About our contributors
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Written by Amanda HankelAmanda Hankel is a managing editor at LendEDU. She has more than seven years of experience covering various finance-related topics and has worked for more than 15 years overall in writing, editing, and publishing.
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Edited by Kristen Barrett, MATKristen Barrett is a managing editor at LendEDU. She lives in Cincinnati, Ohio, with her wife and their pack of senior rescue dogs. She has edited and written personal finance content since 2015.