CIT Bank, a member FDIC financial institution and subsidiary of First Residents Bank, provides a variety of financial savings merchandise. These embrace high-yield financial savings accounts, a cash market account and certificates of deposit (CDs) with a wide range of time period lengths.
Our assessment consists of in-depth analysis on one of the best high-yield financial savings account CIT Bank has to supply, in addition to thorough details about the web financial institution’s different financial savings merchandise. Learn on to seek out out if CIT Bank is the precise dwelling for your hard-earned financial savings.
Finest high-yield financial savings account to save lots of $5K or extra
The CIT Bank Platinum Savings account provides a aggressive 3.75% APY for balances beginning at $5,000*. You may open the account with an preliminary deposit of $100. Nonetheless, to qualify for the best obtainable APY, you’ll want to keep up a minimal steadiness of $5,000. (Balances beneath this threshold earn a significantly decrease rate of interest.)
So as to add funds to this high-yield financial savings account, you’ve got a number of choices. You may deposit checks remotely utilizing the CIT Bank cellular app or switch funds from exterior financial institution accounts by both the app or the CIT Bank web site.
CIT Bank high-yield financial savings account execs and cons
- Excessive APY for $5K and extra
- Day by day compounding curiosity
- No month-to-month upkeep charges
- Limitless transactions
- Very low APY for balances beneath $5K
- No bodily branches
- Minimal opening deposit
- No 24/7 buyer assist
Execs defined
Excessive APY for $5K and extra
The CIT Bank Platinum Savings account provides a powerful annual proportion yield for balances of $5,000 and above. Not like some high-yield financial savings accounts that restrict clients to incomes the best APY as much as a sure steadiness, CIT Bank doesn’t impose a steadiness cap.
Day by day compounding curiosity
CIT Bank Platinum Savings provides compounding curiosity, which means you’ll earn curiosity on each the principal (all funds you’ve deposited) in addition to any curiosity accrued. Moreover, curiosity compounds each day, permitting you to maximise the return in your financial savings.
No month-to-month upkeep charges
CIT Bank has no month-to-month service charges, so that you gained’t have to fret about recurring financial institution charges consuming up the curiosity you’ve earned in your financial savings. Moreover, whereas CIT Bank requires a minimal deposit to open an account, there isn’t any minimal steadiness requirement after that. (Nonetheless, you will need to keep a steadiness of $5,000 or extra to earn the best obtainable APY.)
Limitless transactions
Many high-yield financial savings accounts restrict the variety of transactions — particularly withdrawals — you may make per thirty days. Clients might incur charges and even threat the closure of their account in the event that they exceed the allotted variety of transactions. Nonetheless, with CIT Bank Platinum Savings, you may make as many transactions as you want with no penalties.
Cons defined
Very low APY for balances beneath $5K
In case your CIT Bank Platinum Savings account steadiness is decrease than $5,000, you gained’t earn a lot curiosity. In truth, the annual proportion yield for balances beneath this threshold could be very poor when in comparison with one of the best high-yield financial savings accounts obtainable. This account will not be one of the best match for those that aren’t certain they will keep no less than $5,000.
No bodily branches
Whereas CIT Bank is a subsidiary of First Residents Bank, which has bodily branches, CIT Bank itself doesn’t. Companies are completely obtainable on-line, by the cellular app or through telephone. You can too ship and obtain checks by mail.
Minimal opening deposit
CIT Bank provides a number of financial savings merchandise, every requiring a minimal opening deposit of $100. Whereas there isn’t any month-to-month steadiness requirement, the minimal opening deposit might exclude some clients who wish to start their high-yield financial savings journey with a smaller amount of cash. Moreover, on the CIT Bank Platinum Savings account, you will need to have and keep a minimal steadiness of $5,000 to earn the best APY.
No 24/7 buyer assist
Many monetary establishments, together with on-line banks, provide 24/7 reside buyer assist. Right here, CIT Bank falls quick in comparison with its opponents, because it doesn’t provide around-the-clock buyer assist. You may entry your account data anytime on-line, by the cellular app or by telephone, however precise communication with representatives is restricted to enterprise hours.
CIT Bank high-yield financial savings account choices
CIT Bank provides a number of several types of financial savings accounts, together with three totally different financial savings accounts and a Cash Market account. The three financial savings accounts share some options:
- Minimal $100 preliminary deposit to open
- Handle funds through digital switch, BillPay, PayPal, wire switch ($10 or free for balances of $25,000 and extra), distant test deposit through CIT Bank cellular app, Zelle (restrict of $300 per transaction, $600 each day most), or request/ship checks by mail
CIT Bank Platinum Savings
This account provides the best APY of all CIT Bank’s financial savings merchandise, however solely for balances of $5,000 and better. For decrease balances, the APY drops dramatically.
CIT Bank Savings Join
The CIT Bank Savings Join account provides a barely decrease annual proportion yield than the Platinum Savings choice, however the fee is identical no matter steadiness. Like with the CIT Bank Platinum Savings account, the minimal deposit to open this account is $100.
CIT Bank Savings Builder account
The CIT Savings Builder is a tiered financial savings account that gives clients more and more larger rates of interest as their balances develop. Nonetheless, the best rate of interest provided is considerably decrease than the charges you discover with a high-yield financial savings account.
Sometimes, when a financial institution providing high-yield financial savings merchandise additionally provides a product with a considerably decrease yield, it signifies that the lower-yield product has some kind of different profit, akin to second-chance accounts for these with undesirable banking histories or youth accounts accessible to clients beneath 18.
Nonetheless, the Savings Builder product has no such advantages. A CIT Bank consultant defined that the Savings Builder product is a relic that hasn’t but been faraway from CIT Bank’s roster of financial savings merchandise.
When you’re attempting to determine between the CIT Savings Join and the Savings Builder accounts, the Savings Join choice is the clear alternative.
CIT Bank Cash Market
Sometimes, the attraction of a cash market account is that — regardless of probably having a decrease APY than different high-yield financial savings choices — it provides the choice to withdraw cash extra often with out penalty. Nonetheless, the CIT Bank cash market account doesn’t provide a really aggressive APY, and its different account choices additionally permit clients limitless transactions.
CIT Bank Certificates of Deposit (CDs)
CIT Bank provides a number of forms of CDs, that are financial savings accounts with fastened annual proportion yields for fastened intervals of time. Rates of interest for CDs are sometimes larger than different financial savings accounts, with time period lengths that change from one month to 10 years.
Beneath you’ll discover particulars on CIT Banks’ a number of certificates of deposit merchandise:
|
Kind |
Minimal to open |
Time period lengths |
|---|---|---|
|
Time period CD |
$1,000 |
6 months, 1 12 months, 13 months, 18 months, 2 years, 3 years, 5 years |
|
No-Penalty 11-Month CD |
$1,000 |
11 months |
|
Jumbo CD |
$100,000 |
2 years, 3 years, 4 years, 5 years |
|
RampUp CD* |
$25,000 – $50,000 |
1 12 months, 2 years, 3 years, 4 years |
To be taught extra about certificates of deposit (CDs), learn our explainer right here and take a look at one of the best CD charges. You can too learn up on certificates of deposit vs. high-yield financial savings accounts or examine certificates of deposit vs. cash market accounts.
CIT Bank high-yield financial savings account pricing
CIT Bank’s high-yield financial savings account pricing is on par with one of the best high-yield financial savings accounts obtainable. There aren’t any month-to-month upkeep charges, no minimal steadiness necessities and no overdraft charges.
CIT Bank additionally permits for limitless transactions, so there aren’t any financial penalties for exceeding limits. Moreover, CIT Bank provides each day compounding curiosity, which lets you get the best return doable in your financial savings.
CIT Bank high-yield financial savings account monetary stability
CIT Bank’s father or mother firm, First Residents Bank, holds a Baa1 score from S&P World and Moody’s. This class signifies average credit score threat, and the numerical modifier signifies that the monetary establishment is on the upper finish of this score. Whereas that is solely the fourth-best rating on the rating system, it nonetheless reveals sound monetary stability.
Moreover, First Residents Bank is the principal subsidiary of First Residents Bancshares, a publicly traded financial institution holding firm based mostly in Raleigh, North Carolina. It serves as one of many largest banking firms within the U.S. and posted internet earnings of $2.530 billion within the 12 months ending September 2024.
CIT Bank high-yield financial savings account accessibility
Availability
CIT Bank is a web based financial institution obtainable in all 50 states through the CIT Bank web site, cellular app and by telephone. (CIT Bank has no bodily branches.) Most of its providers can be found 24/7, besides for customer support, which is simply obtainable throughout enterprise hours.
Contact data
Not like many different on-line banks, CIT Bank does not provide 24/7 customer support. As an alternative, customer support is offered by telephone at 1-855-462-2652, Monday by Friday from 9 a.m. to 9 p.m. EST, and Saturday from 10 a.m. to six p.m. EST.
Person expertise
CIT Bank provides a strong consumer expertise through its cellular app and web site. Each platforms characteristic straightforward navigation and complete particulars about its vary of economic merchandise.
CIT Bank high-yield financial savings account buyer satisfaction
CIT Bank’s high-yield financial savings account buyer satisfaction skews unfavourable. CIT Bank’s Higher Enterprise Bureau (BBB) itemizing reveals an A- score, however the firm scores just one.19 stars out of a doable 5 for buyer satisfaction. On one other third-party assessment website, CIT Bank has a score of two.2 stars out of a doable 5.
Unfavourable evaluations point out lengthy waits for transfers into financial savings accounts to clear, in addition to sudden account freezes and closures. Clients additionally be aware issue reaching customer support representatives. However, a handful of optimistic evaluations reward attentive, useful customer support representatives.
CIT Bank high-yield financial savings account FAQs
What’s CIT Savings Join?
CIT Savings Join is a high-yield financial savings, no-fee account with a $100 minimal deposit to open. Whatever the quantity, it provides the identical annual proportion yield in your steadiness. In the meantime, the CIT Bank Platinum Savings account provides a barely larger APY, however requires a minimal steadiness of $5,000 to qualify for the best fee.
Does CIT Bank compound financial savings account curiosity each day?
Sure, CIT Bank compounds curiosity each day on all of its financial savings account merchandise.
Does CIT Bank’s financial savings rate of interest fluctuate?
Sure, CIT Bank’s financial savings rates of interest fluctuate relying on market situations. The annual proportion yields provided on its accounts are variable and topic to alter at any time.
How do I shut a CIT financial savings account?
To shut your CIT Bank financial savings account, name customer support at 1-855-462-2652 Monday by Friday from 9 a.m. to 9 p.m. EST, or Saturday from 10 a.m. to six p.m. EST.
How we evaluated CIT Bank’s high-yield financial savings account
We researched all of CIT Bank’s high-yield financial savings accounts, in addition to its different financial savings merchandise. Our evaluation is predicated on the next elements:
- Annual proportion yield: We analyzed CIT Bank’s APYs in opposition to what opponents provide.
- Kinds of accounts: We explored the several types of financial savings merchandise obtainable to clients, together with the professionals and cons of every.
- Charges: We examined CIT Bank’s account disclosure doc to find out account charges, akin to month-to-month upkeep charges and overdraft charges.
- Accessibility: We researched the accessibility of CIT Bank monetary merchandise, together with the consumer expertise and customer support availability.
- Buyer satisfaction: We scrutinized CIT Bank’s high-yield financial savings evaluations to higher perceive how actual clients felt about their expertise with the web financial institution.
Abstract of Cash’s CIT Bank high-yield financial savings account assessment
CIT Bank provides a number of high-yield financial savings merchandise, together with three financial savings accounts, a cash market account and several other forms of certificates of deposit. Of all its merchandise, the CIT Bank Platinum Savings account has the strongest annual proportion yield. Nonetheless, this account is greatest for folks capable of keep a steadiness of $5,000 or larger, as all balances beneath that threshold earn a considerably decrease APY.
All accounts require a minimal opening deposit of $100. The financial institution doesn’t cost month-to-month upkeep or overdraft charges, and there’s no restrict on the variety of transactions you may make in a press release cycle.
For an entire checklist of account particulars and charges, see our Private Account disclosures.”
*Platinum Savings is a tiered rate of interest account. Curiosity is paid on your entire account steadiness based mostly on the rate of interest and APY in impact that day for the steadiness tier related to the end-of-day account steadiness. *APYs — Annual Proportion Yields are correct as of November 20, 2025: 0.25% APY on balances of $0.01 to $4,999.99; 3.75% APY on balances of $5,000.00 or extra. Curiosity Charges for the Platinum Savings account are variable and will change at any time with out discover. The minimal to open a Platinum Savings account is $100.
Primarily based on comparability to the nationwide common Annual Proportion Yield (APY) on financial savings accounts as printed within the FDIC Nationwide Charges and Fee Caps, correct as of December 15, 2025.
Source link
#CIT #Bank #HighYield #Savings #Accounts #Review
