A division of First Citizens Bank, CIT Bank (member FDIC) operates exclusively online. It offers a variety of personal and commercial banking products and services. CIT Bank was ranked as one of our top 10 online banks for 2026.
CIT Bank product overview
Platinum Savings
CIT’s Platinum Savings account currently offers 0.25% APY on balances of less than $5,000, and 3.75% APY on balances of $5,000 or more. However, new and existing customers can currently earn a six-month rate boost with the code BOOST50; if you qualify, you can earn up to 4.25% APY during the rate-boost period.
The minimum opening deposit for this account is $100 and interest compounds daily. There are no monthly account fees.
Platinum Savings is a tiered interest rate account. Interest is paid on the entire account balance based on the interest rate and APY in effect that day for the balance tier associated with the end-of-day account balance. APYs — Annual Percentage Yields are accurate as of July 1, 2026: 0.25% APY on balances of $0.01 to $4,999.99; 3.75% APY on balances of $5,000.00 or more. Interest Rates for the Platinum Savings account are variable and may change at any time without notice. The minimum to open a Platinum Savings account is $100. Based on comparison to the national average Annual Percentage Yield (APY) on savings accounts as published in the FDIC National Rates and Rate Caps, accurate as of September 21, 2026.
Accounts enrolled in the Platinum Savings Annual Percentage Yield (APY) Boost promotion will receive a 0.50% APY boost on the Platinum Savings current standard APY tiers for 6 months following the opening of a new account or when an existing Platinum Savings account is enrolled in the promotion. The Platinum Savings APY boost will be applied on account balances up to $9,999,999.00. Account balances above $9,999,999.00 will earn the standard APY. If the standard-published APY should change during the promotion period, the APY boost will move with it, offering an account APY above the standard rate.
The Promotion begins on September 29, 2026, and ends December 15, 2026. Customers enrolled in the promotion prior to the end date will receive the APY boost for the 6-month period outlined in the terms and conditions.
The promotion can end at any time without notice.
Savings Connect
The Savings Connect account offers a generous 3.65% APY with a minimum opening deposit of $100. Interest is compounded daily and credited to the account monthly.
APY — Annual Percentage Yield is accurate as of July 1, 2026. Interest Rates for the Savings Connect Account are variable and may change at any time without notice. The minimum to open a Savings Connect account is $100. Fees could reduce earnings on the account.
Savings Builder
CIT’s Savings Builder account offers up to 1% APY with a minimum balance of $25,000 or a $100 monthly deposit. Interest compounds daily. The minimum amount needed to open this account is $100 and there are no monthly account fees.
Money market account
The CIT Money Market account offers 1.55% APY with a minimum opening deposit of $100. There are no monthly account fees.
Certificates of deposit (CDs)
CIT offers a few different types of CDs, including:
- Term CDs: These CDs offer terms ranging from six months to five years with a minimum opening deposit of $1,000. Interest compounds daily.
- No-penalty CDs: CIT currently offers one no-penalty CD with an 11-month term.
- Jumbo CDs: Savers with larger account balances can take advantage of CIT’s Jumbo CDs, which come in 2-year, 3-year, 4-year, and 5-year terms. The minimum opening deposit is $100,000 and interest compounds daily.
- RampUp CDs: CIT’s RampUp CDs come in terms ranging from 1 to 4 years with a minimum opening deposit of $25,000.
For complete list of account details and fees, see CIT’s Personal Account disclosures.
Home loans
CIT Bank offers a variety of purchase and refinance mortgage loans.
CIT Bank fees
CIT Bank does not charge monthly maintenance fees on its accounts, but there are a few other fees you could incur as a customer:
| FEE | FEE AMOUNT |
|---|---|
| Outgoing wire transfer fee | $10 per wire transfer for accounts with a current balance of less than $25,000 |
| Bill Pay stop payment for money market account and eChecking account holders | $30 per check |
| Debit card replacement | $10 (1 free card per year) |
| Debit card rush delivery | $45 |
| International Point of Sale/ATM withdrawal | 1% of transaction amount |
| Legal process, including IRS, EDD and State Board of Equalization (minimum 1 hour) plus $0.25 per copy of records supplied (except as governed by law) including restraining orders, garnishments, tax levies, etc. | $40 per hour | $0.25 per copy |
| Franchise Tax Board notifications to withhold | $15 per notification |
| Wire U.S. dollars out of EverBank to an international location, without a currency exchange | $35 |
| Wire Foreign Currency out of EverBank to an international location, without a currency exchange | $65 |
| Wire Foreign Currency out of EverBank to an international location, with a currency exchange | $30 |
CIT Bank pros and cons
Here’s a closer look at some of the pros and cons of banking with CIT Bank:
Pros:
- No monthly account fees: CIT Bank does not charge any monthly fees for account maintenance or most account services.
- Competitive interest rates: Some of CIT’s deposit account rates exceed 4% APY, which is well above national averages.
- ATM fee reimbursement: CIT customers can get up to $30 in ATM fee reimbursements per month.
Cons:
- No physical branches: CIT is strictly an online bank with no physical branch locations for customers to visit.
- Low rates offered on lower account balances: CIT has tiered rates for certain accounts, which can be a drawback for customers with lower account balances.
- High opening deposit for CDs: The minimum opening deposit for a CIT Bank CD is $1,000, which may be a bit high for savers who are just starting out.
Customer service and mobile banking experience
CIT banking representatives can be reached via secure email or automated telephone 24/7. To speak with a live banking representative, you can call 855-462-2652 during the following hours:
- Monday through Friday from 9 a.m. to 9 p.m. ET
- Saturday from 10 a.m. to 6 p.m. ET
CIT Bank is closed Sundays and holidays.
Home loan customers can reach a representative at 800-217-6629, Monday through Friday from 9 a.m. to 8 p.m. ET. Representatives are not available on weekends or holidays.
The CIT Bank mobile app is available for download on Google Play (4.7 star rating) and the App Store (4.8 star rating). Customers can use the app to manage their accounts, check balances, transfer funds between accounts, send and receive money via Zelle, and more.
Social and environmental impact
CIT has made a commitment to its environmental and social goals in a few key ways.
In response to natural disasters in California and Florida, CIT planted more than 100,000 trees in those states through a partnership with nonprofit One Tree Planted. CIT has also partnered with Carbonfund.org to reduce its carbon footprint related to air travel and building electricity consumption.
Many of CIT’s employees have donated their own time back to the communities CIT serves. CIT’s volunteer cyclists in New York, New Jersey, and California participated in Cycle for Survival events, raising thousands of dollars for the Memorial Sloan Kettering Cancer Center.
In 2019, CIT created the Be You Diversity & Inclusion program, which offers a host of employee resource groups in an effort to promote an engaged and more inclusive workplace environment.
The Platinum Savings account pays interest on your entire balance based on the tier your end-of-day balance falls into:
Balances of $5,000 or more: Earn 3.75% APY.
Balances under $5,000: Earn 0.25% APY.
During the promotion window, enrolling with code BOOST50 adds a 0.50% APY boost for 6 months on balances up to $9,999,999, bringing the top rate up to 4.25% APY.
Platinum Savings: Tiered account yielding 3.75% APY (or up to 4.25% APY with the promotion boost), best for balances of $5,000 or higher.
Savings Connect: Offers a flat 3.65% APY with a low $100 minimum deposit, requiring no minimum ongoing balance or monthly transfers to get the top rate.
Savings Builder: Offers up to 1.00% APY, provided you maintain a $25,000 balance or make a minimum $100 monthly recurring deposit.
No. None of CIT Bank’s deposit accounts (Platinum Savings, Savings Connect, Savings Builder, Money Market, or CDs) charge monthly maintenance fees.
Because CIT Bank operates exclusively online, you can move funds using:
Transfers: Online ACH transfers, mobile check deposits via the app, or incoming/outgoing wire transfers.
ATM Access: Withdrawals via debit card with up to $30 in monthly ATM fee reimbursements.
Third-Party Apps: Send and receive money directly through Zelle in the CIT mobile app.
Yes. CIT Bank is a division of First Citizens Bank, an FDIC member institution. Deposits are insured up to the legal maximum of $250,000 per depositor, per ownership category.
Manoj Sharma is a Senior Writer on the banking team at Tax Assistant. He provides information on budgeting, bank accounts, the banking industry, and other related topics. Using original data and methodologies, he helps you identify the best financial institutions, accounts, and products tailored to your needs. Manoj holds a degree in Journalism and Political Science from Syracuse University. All articles are strictly reviewed and fact-checked by our panel of expert Chartered Accountants, including CA Devendra Saini, CA Nikhil Khunteta, and CA Ankit Goyal
