Is CIT Bank FDIC insured?

Yes. CIT Bank, N.A. is FDIC insured up to $250,000 per depositor, per ownership category. CIT Bank is a division of First Citizens BancShares, a top 20 US bank by assets. First Citizens acquired CIT Group in 2022, adding stability and scale.

Does CIT Bank charge any fees?

CIT Bank charges no monthly maintenance fees on its savings accounts, money market accounts, or CDs. There are no account opening fees. The main fees are for wire transfers ($10 outgoing domestic) and early CD withdrawal penalties. CIT Bank does not offer checking accounts, so there are no overdraft or insufficient funds fees.

What is the CIT Bank Platinum Savings account?

Platinum Savings is CIT Bank's flagship savings account. As of September 29, 2026 it pays 3.75% APY on balances of $5,000 or more (0.25% below that threshold); CIT sometimes runs a temporary APY Boost promotion on top of that rate. It offers no monthly fees and unlimited deposits. For balances under $5,000, the standard Savings Connect account (3.65% APY, $100 minimum, no balance tiers) may be a better option. Confirm current rates on cit.com before opening, since both accounts' APYs change with the Federal Reserve's benchmark rate.

Does CIT Bank have a checking account?

Yes. CIT offers an eChecking account; its January 2026 rate sheet lists 0.10% APY on balances under $25,000 and 0.25% at $25,000 or more, with $100 to open. Most people use CIT for its savings accounts and CDs, and its checking is basic compared with a full-service bank.

How do CIT Bank's no-penalty CDs work?

CIT Bank's No-Penalty CD lets you withdraw your full balance plus earned interest any time after the first 6 days with no early withdrawal penalty. The rate is typically slightly above savings accounts. It's useful if you want a locked-in rate with the flexibility to access your money. Minimum deposit is $1,000.

CIT Bank Review 2026: Savings, CDs, Money Market & Who It's Best For

CIT Bank is the online banking division of First Citizens BancShares, one of the top 20 US banks by assets. CIT focuses exclusively on savings products — high-yield savings, CDs, and money market accounts — and consistently offers some of the highest APYs available. It doesn’t try to be a full-service bank. This review covers rates, accounts, what CIT does well, and who should use it in 2026.

Bottom line: CIT Bank is best for savers who want top-tier APYs on savings and CDs. It offers a basic eChecking account, but most customers use CIT for savings and CDs alongside a main checking account elsewhere.

CIT Bank at a Glance

Feature	Details
Top savings APY	3.75% (Platinum Savings, $5K+ balance)
Savings Connect APY	3.65% ($100 minimum, no minimum for the rate)
CD APYs	0.40% - 4.00% (varies sharply by term — short terms pay much more than long terms as of Sept 2026)
Money Market APY	~1.55% ($100 minimum) — well below CIT’s savings and CD rates; confirm before choosing this account
Monthly fees	$0 (all accounts)
Checking account	Not available
Debit card	Not available
Mobile app	4.4/5 (iOS), 4.0/5 (Android)
Physical branches	None (online only)
Customer service	Phone (M-F, 9am-9pm ET, Sat 10am-2pm)
FDIC insured	Yes

Savings Accounts

Platinum Savings

Feature	Details
APY	3.75% on balances of $5,000+ (CIT sometimes adds a temporary APY Boost; confirm on cit.com)
APY (under $5,000)	0.25%
Minimum to open	$100
Minimum for top APY	$5,000
Monthly fee	$0
Maximum accounts	Multiple allowed

The $5,000 threshold is important. Below $5,000, you earn just 0.25% — making Platinum Savings only worthwhile if you maintain a $5,000+ balance.

Savings Connect

Feature	Details
APY	3.65%
Minimum to open	$100
Minimum for APY	$0 (all balances earn the same 3.65% rate, no tiers)
Monthly fee	$0

Savings Connect is the better option for balances under $5,000. No tiered pricing — everyone earns the same rate regardless of balance.

Which Savings Account to Choose

Your Balance	Best CIT Account	APY
Under $100	Neither (use Ally or Capital One)	—
$100 - $4,999	Savings Connect	3.65%
$5,000+	Platinum Savings	3.75%

Certificates of Deposit (CDs)

Term CDs

Term	APY	Minimum
6 months	3.75%	$1,000
12 months	Confirm on cit.com (0.30% on CIT’s January 2026 rate sheet)	$1,000
13 months	3.25%	$1,000
18 months	2.75%	$1,000
24 months	0.40%	$1,000
36 months	0.40%	$1,000
48 months	0.50%	$1,000
60 months	0.50%	$1,000

Rates confirmed via Bankrate’s CIT Bank CD rate tracker, dated September 16, 2026. Note the unusual shape of this curve: on CIT’s January 2026 rate sheet and Bankrate’s September 2026 listing, CIT’s 2-5 year CDs paid far less than its 6-13 month CDs. This is not a typo; it reflects CIT’s current pricing strategy and can change. Confirm directly with CIT before committing to a long-term CD.

No-Penalty CD

Feature	Details
Term	11 months
APY	~3.90% (confirm current rate — this account’s rate changes periodically)
Minimum	$1,000
Early withdrawal penalty	$0 (after first 7 days)
Partial withdrawal	No — must withdraw full balance

The No-Penalty CD is essentially a savings account with a guaranteed rate. Useful if you want to lock in today’s rate but might need the money before maturity.

Jumbo CDs ($100,000+)

Term	APY	Minimum
24 months	0.40%	$100,000
36 months	0.40%	$100,000
48 months	0.50%	$100,000
60 months	0.50%	$100,000

Jumbo CD rates are identical to standard CDs at CIT as of September 2026 — the $100,000 minimum does not earn a premium. Confirm current jumbo terms directly with CIT, since these are not always advertised the same way as standard CDs.

Money Market Account

Feature	Details
APY	~1.55% (confirm current rate — well below CIT’s own Platinum Savings and Savings Connect rates)
Minimum to open	$100
Monthly fee	$0
Check-writing	Yes
Debit card	No
ATM access	No

The money market account offers check-writing. However, as of September 2026 its APY trails CIT’s own savings accounts significantly, so most savers are better off in Platinum Savings or Savings Connect and using a separate account if they need check-writing.

Rate Comparison

Bank	Top Savings APY	12-Month CD APY	Money Market
CIT Platinum Savings	3.75% ($5,000+)	Confirm current rate	1.55% (Jan. 2026 rate sheet)
Marcus	3.50%	Confirm current rate	N/A (no MMA)
Ally	3.10%	Confirm current rate	Confirm current rate
Capital One 360	3.10%	Confirm current rate	Confirm current rate
SoFi (with DD)	3.30% with direct deposit	N/A	N/A

Rates confirmed September 2026. Discover Bank’s savings and CD products are no longer available — Discover merged into Capital One in May 2025. CIT’s Platinum Savings and 12-month CD are competitive within this set, though CIT’s own money market account is a notable laggard.

Mobile App and Online Experience

Feature	Rating
Account overview	Good — clean, simple
Fund transfers	Good — ACH to/from external banks
CD management	Good — maturity tracking, renewal options
Account opening	Good — fully online
Biometric login	Yes
Budgeting tools	None
Bill pay	None
Overall	3.5/5 (functional, not feature-rich)

CIT’s app is adequate for managing savings and CDs but lacks the polish of Ally, Capital One, or SoFi. It’s a basic interface for a savings-focused bank.

Customer Service

Channel	Availability
Phone	M-F 9am-9pm ET, Sat 10am-2pm ET
Email	Yes
Live chat	No
In-person	None (no branches)

Customer service hours are more limited than banks offering 24/7 support. No live chat is a notable omission.

Pros and Cons

Pros

Advantage	Why It Matters
Top-tier Platinum Savings APY	3.75% on $5,000+
Competitive CD rates	Consistently near the top across terms
No-Penalty CD	Flexibility to withdraw without fee
$0 fees on all accounts	No maintenance or hidden fees
Savings Connect for smaller balances	3.65% with a $100 minimum
Money market with checks	Check-writing for a savings bank
Backed by First Citizens	Top 20 US bank stability
Multiple CD term options	6 months to 5 years

Cons

Drawback	Impact
Basic checking	eChecking pays little (0.10%-0.25% APY); most customers bank elsewhere day to day
No debit card	Can’t make purchases or ATM withdrawals
$5,000 minimum for top savings APY	Below $5K, Platinum Savings drops to 0.25%
$1,000 CD minimums	Higher than Ally ($0) or Capital One ($0)
Limited customer service hours	No 24/7, no live chat
Basic mobile app	Functional but not modern
No investing integration	Separate from any brokerage
No cash deposits	Online only
No bill pay	Must use another bank

Who Should Use CIT Bank

Situation	CIT Bank?	Why
Wants a high savings APY ($5K+)	Yes	Platinum Savings at 3.75%
CD ladder builder	Yes	Competitive rates across terms
Wants a no-penalty CD	Yes	Flexible guaranteed rate
Has $100-$4,999 to save	Yes	Savings Connect at 3.65%
Needs a full-service primary bank	Probably not	Checking is basic; savings and CDs are the strength
Wants an all-in-one financial app	No	Savings only
Wants 24/7 customer support	No	Limited hours
Small saver (under $100)	No	$100 minimum to open
Wants a polished mobile app	No	Basic interface

For the CIT Bank vs. Ally head-to-head, see CIT Bank vs. Ally. CIT Bank’s CD rates are also competitive — see best CD rates by term.

Sources used on this page

Figures on this page come from the sources below. We use the organization that publishes a figure (a government agency, regulator or the bank itself) wherever it can be checked, and say so when a figure comes from a secondary source instead.

CIT Bank Platinum Savings (as of July 1, 2026; still shown on CIT's site September 29, 2026)
Marcus by Goldman Sachs Online Savings (via Bankrate, September 29, 2026; CNBC Select listed 3.40% the same day)
Ally Bank Online Savings (as of September 29, 2026)
Capital One 360 Performance Savings (via Bankrate, September 2026)
SoFi Checking and Savings (via CNBC Select and The Motley Fool, September 28-29, 2026, and SoFi's disclosure text quoted in search results; sofi.com blocks automated checks)
CIT Bank — Products and Rates sheet (rates as of January 9, 2026: eChecking, Savings Connect, Money Market, CDs)

Last updated September 29, 2026 · How we source our data

Written by WealthVieu

WealthVieu researches and writes data-driven personal finance guides using primary sources including the IRS, Bureau of Labor Statistics, Federal Reserve, and Census Bureau.

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