A young couple reading a CIT Bank review online.

CIT Bank Review [2024] Is It Safe? Pros and Cons

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Interest rates are rising. As of June 2023, the federal interest rate was 5.15%, up from 0.10% in recent years.

That means you can grow your savings by putting them in a high-yield account. 

CIT Bank offers some of the best interest rates in the country. You can earn up to 4.95% annual percentage yield (APY) just by letting your money sit there!

In this CIT Bank review, I’ll explain the different savings accounts that are available. I’ll also walk you through the pros and cons of CIT Bank and tell you why using the bank is completely safe.

A CIT Bank review of the various savings accounts available.
CIT Bank offers high-yield savings accounts that you can manage online. 
Source: CIT Bank

CIT Bank Savings Review

One way that CIT Bank sets itself apart from the competition is by offering a wide variety of savings accounts. So if you want flexibility in how you store and grow your savings, CIT Bank is a fantastic option. 

In this CIT Bank high-yield savings review, I’ll spell out your different saving account options. That way, you can decide which is best for you.

Here are the CIT Bank savings accounts on offer:

  • Platinum Savings. With daily compounding interest and a high APY for balances of $5,000+ (4.95% at the time of writing), this is the best CIT Bank savings account for growing your money. 
  • Savings Connect. This account provides a solid interest rate – 4.60% APY (at the time of writing). It also gives you easy access to your funds. 
  • Savings Builder. This is a tiered interest rate account, so you’ll need at least a $25,000 balance to get the maximum APY (1.00% at the time of writing).
  • Money Market. This account only earns you 1.55% APY (at the time of writing), but it lets you transfer money with Zelle and deposit checks remotely. 

CIT Platinum Savings Review

The CIT Bank Platinum Savings account is a high-yield savings account (HYSA) that’s perfect for helping your money grow. And in this CIT Bank high-yield savings review, I’ll explain exactly what the Platinum Savings Account offers. 

The high-interest rate is what makes the CIT Bank Platinum Savings account so special. At the time of writing, balances of $5,000+ earn 4.95% APY. That’s way more than average, and it’s more than you’ll get with any other CIT Bank savings account.

Unfortunately, balances below $5,000 only earn 0.25% APY. That’s not great. In fact, it’s well below the national average for savings accounts. 

So if your balance is less than $5,000, you’re better off choosing a different savings account from CIT Bank.

But if you have $5,000 or more to deposit, this is the CIT Bank savings account to choose – since it’s the one that will earn you the most in interest. 

You also won’t have to pay any monthly service fees. Not bad, right? 

No fees + high APY = an amazing savings account option!

CIT Bank Savings Connect Review

The CIT Bank Savings Connect account is great for earnings and convenience, making it one of the best savings accounts around. 

Let’s start with the earnings.

Currently, the CIT Bank Savings Connect account earns 4.60% APY. That’s pretty amazing when you consider that, according to the FDIC, the average savings account in America has just a 0.42% interest rate! 

And unlike some other CIT Bank savings accounts, there’s no minimum balance to earn the maximum APY. All you have to do is make the initial $100 minimum deposit, and your money will earn the APY!

There’s also no pesky maintenance fee to chip away at your balance.

The CIT Bank Savings Connect account prioritizes convenience and easy access.

Here’s how the CIT Bank Savings Connect gives you access to your funds:

  1. You can deposit checks to the account remotely.
  2. You can make transfers to other accounts (including your checking account).
  3. You can use online banking and the CIT Bank mobile app to complete these tasks.

Are you looking for a savings account that provides high yields even for lower balances? If so, I’d highly recommend the Savings Connect account from CIT Bank.

CIT Savings Builder Review

The CIT Bank Savings Builder Account is designed to consistently grow your savings. While the rates aren’t as high as with some other CIT Bank accounts, it’s still a decent option for meeting your long-term financial goals.

First off, the CIT Bank Savings Builder Account is a little more complicated than some of the other accounts in this article. That’s why I’m going to break it down for you, nice and slow.  

When you first open a CIT Bank Savings Builder account, you must make at least a $100 minimum opening deposit to start earning the 1.00% APY.

But this initial interest rate only lasts automatically until the first “Evaluation Day,” which will be around 2-3 months after you first open the account. 

From that point on, you’ll only earn 1.00% APY if you meet one of these criteria:

  1. You maintain a balance of $25,000 or more.
  2. You deposit at least $100 into your account each month.

If you fail to meet those criteria, the account will earn just 0.40% APY (at the time of this publication). 

Is CIT Bank Legit?

CIT Bank is 100% legit. Sure, it operates entirely online, and there are no physical branches, but that doesn’t mean it’s sketchy. With FDIC backing and a solid reputation, CIT Bank is as legit an option as any “traditional” brick-and-mortar bank.

CIT Bank also gets an A- rating from the Better Business Bureau (BBB).

Still not convinced?

Then consider this: CIT Bank is a part of First Citizens Bank, which is a physical bank with branches across the company.

So seriously, CIT Bank is a legit institution! 

Is CIT Bank Safe?

CIT Bank is absolutely a safe place to do your banking. 


Because its accounts are insured by the Federal Deposit Insurance Corporation (FDIC).

Let me explain.

When you deposit $250,000 or less into a savings account with CIT Bank, you can’t lose your money. If CIT Bank were to fail and your money somehow disappeared, Uncle Sam would pay you back.

Reassuring, right? It’s meant to be!

CIT Bank accounts are FDIC-insured and can be accessed remotely through the CIT Bank mobile app.
A high-yield savings account from CIT Bank can help you prepare for a strong financial future. 
Source: CIT Bank

Pros and Cons of CIT Bank

What makes CIT Bank special, and where does it fall short? This CIT Bank review breaks it down for you!


  • High-interest rates. The CIT Bank Savings Connect account earns 4.60% APY, while the CIT Bank Platinum Savings account earns 4.95% APY with a balance of $5,000+ (at the time of this publication).
  • No monthly fees for savings accounts. You know that feeling of frustration when the bank takes money out of your account each month? Yeah, that won’t happen with a savings account from CIT Bank!
  • A fantastic mobile app. The CIT Bank mobile banking app has a 4.6-star rating in the Apple App Store. So if you manage your accounts on your smartphone, you shouldn’t have any issues.  


  • Low APY for the money market account. Money market accounts often earn more than typical savings accounts, but that’s not the case with CIT Bank. 
  • High minimum balance for maximum APY. The CIT Bank Platinum Savings account offers an impressive 4.95% APY, but you’ll need a balance of $5,000+ to get it. (Luckily, the Savings Connect account doesn’t have this requirement, and the APY is still an impressive 4.60% (at the time of this publication).
  • No physical branches. CIT Bank only operates online, so you can’t meet with agents face-to-face.

CIT Bank Reviews

Online, CIT Bank gets mixed reviews from clients. But that’s to be expected when a bank has clients across the country!

In one positive CIT Bank review, someone praised pretty much every aspect of their experience – from the range of products to the customer service.

A positive CIT Bank review from a member who loves the customer service.
A five-star CIT Bank review praises the bank’s financial products and customer service.
Source: Trustpilot

In a four-star CIT Bank review, someone praised the high-interest rates but complained that it took a while for transactions to go through. 

A four-star CIT Bank review from someone who enjoys the high interest rates.
A positive CIT Bank review includes a minor complaint about how it can take two weeks to transfer money from an external account. 
Source: Trustpilot

Another CIT Bank review recommended the Platinum Savings account, but mentioned some “sign-in issues.” It goes to show that even when a bank has almost mastered the art of online banking, technical problems can still happen. 

*Note: This review says the APY for the CIT BankPlatinum Savings account is 4.85%. At the time of writing, the APY has risen to 4.95%. Remember, interest rates are always subject to change!

An average CIT Bank review from a user who has had issues with the customer service team.
In a three-star CIT Bank review, a client says it took a while to successfully sign up for a Platinum Savings account. 
Source: Trustpilot

And in a one-star CIT Bank review, someone complained that their application for a high-yield savings account was rejected even though they had a stellar credit score. I’m not sure what could have happened in this situation. It definitely sounds strange – and it serves as a reminder that you’re never guaranteed to get every account you want from a bank. 

A negative CIT Bank review from someone who was denied access to the high-yield savings account they wanted to open.
A would-be CIT Bank client complains that their application for a high-yield savings account was rejected.
Source: Trustpilot

CIT Bank Reviews Reddit

I found a Reddit thread where someone asked about CIT Bank. 

A person on Reddit platform asking about CIT Bank reviews.
Someone on Reddit asks about people’s experiences with CIT Bank.
Source: Reddit

The responses were generally positive, with CIT Bank clients saying they’ve never had any issues. 

A positive CIT Bank review from someone on Reddit.
Someone on Reddit says they’ve used CIT Bank for years and “never had any issues.”
Source: Reddit
A CIT Bank review from someone on Reddit that likes the CIT Bank mobile app.
A CIT Bank client says the bank’s mobile app “works as advertised.”
Source: Reddit

One person mentioned that the deposits take a “little longer to become available,” but they didn’t seem to think it was a big deal.

A CIT Bank review on Reddit from a person complaining about the slow transfer process.
In a CIT Bank review on Reddit, someone says that deposits often “take a little longer to become available.”
Source: Reddit

There was one negative CIT Bank review in the thread. Not only did this person dislike the slow transfers, but they also complained about the website and app. 

But hey, at least they liked the interest rates!

A negative CIT Bank review from a person on Reddit who dislikes the website and mobile app.
A Redditor leaves a negative CIT Bank review, saying the app and website are bad.
Source: Reddit 

Is CIT Bank Worth It? 

CIT Bank is absolutely worth it, especially if your goal is to grow your savings. That’s because CIT Bank offers some of the best high-yield savings accounts around.

CIT Bank is a great option for pretty much anyone as long as you have at least $100 to deposit (that’s the minimum amount required to open a CIT Bank savings account). 

But which CIT Bank savings account is right for you? That will depend on how much you plan to deposit.

If you’re going to have $5,000 or more in your account, then the Platinum Savings account is the way to go. It’s the CIT Bank savings account with the highest APY. But to get that rate, you’ll need to maintain a balance of $5,000 or more.

And if a $5,000 balance is out of reach, don’t worry. You can still get a great interest rate from CIT Bank. It’s just that you shouldn’t open a Platinum Savings account, since you’d only earn the lower APY. Instead, go with the CIT Bank Savings Connect account – where you’ll earn 4.60% APY no matter the size of your balance (rate valid at the time of this publication)!

I can only think of two reasons to avoid CIT Bank. One would be if you’re looking to make an initial deposit of less than $100, something that CIT Bank doesn’t allow. The other would be if you really value face-to-face customer service. Remember, CIT Bank operates entirely online. 

But for everyone else, CIT Bank is a great choice for high-yield savings!

Commonly Asked Questions About CIT Bank

What are Alternatives to CIT Bank?

CIT Bank is one of several online banks that are backed by the FDIC.

Alternatives include:

You can also check out this full list of the best banks in America.

And if you’d like a bank that will help you boost your new balance fast, check out these banks with immediate sign-up bonus.

Is CIT Bank a Scam?

CIT Bank definitely isn’t a scam. It’s a part of First Citizens Bank, a super-legit banking institution with $109 billion in assets. CIT Bank’s checking and savings accounts are also backed by the FDIC. This means the federal government guarantees deposits up to $250,000.

What is The Catch With CIT Bank?

There is no “catch” with CIT Bank. Sure, some people complain that the transfers can take a few days, but I wouldn’t call that a “catch.” The interest rates are just as high as CIT Bank claims, and there are no hidden fees.

If you’d like to learn which budgeting app could best help you manage your finances and boost your savings, check out these comparisons of Rocket Money vs the competition:

Then use a net worth tracker to see how your new financial strategies are paying off. 

How Trustworthy is CIT Bank? 

CIT Bank is completely trustworthy. It’s part of First Citizens Bank, which is in the top 50 biggest banks in the U.S. It also gets an A- grade from the Better Business Bureau, one of the most reputable watchdog groups in the country. 

Is CIT Bank FDIC Insured?

CIT Bank is insured by the FDIC. That means your first $250,000 in a particular “ownership category” will be guaranteed by the federal government. Or, in simple terms, it’s impossible to lose the first $250,000 you deposit in CIT Bank. 

What Are The Downsides of CIT Bank? 

One downside of CIT Bank is that there are no physical branches, which means you have to be comfortable doing all of your banking online. Some people also complain that it can take a few days for money to become available after a deposit. 

What is The Difference Between CIT Bank and Citi Bank?

CIT Bank and Citi Bank are two completely different financial institutions. CIT Bank is an online bank that’s a part of First Citizens Bank. Citi Bank, often styled as Citibank, is part of the Citigroup company, and it has physical branches across the U.S.