CIT Bank Savings Account Review: High APY and Low Minimums

Find out what this no-fee CIT savings account has to offer.

The Premier High Yield savings account is the only savings account that CIT Bank currently offers. Even if you typically prefer to bank where a variety of savings products are available, this account might be worth your time: Its current APY is several times the national average.

Keep reading to find out why GOBankingRates ranked CIT’s savings account as one of the 10 Best Savings Accounts of 2018.

CIT Bank Premier High Yield Savings Account at a Glance
APY1.55%
Minimum Deposit$100
Monthly Service FeeNone
Monthly Transaction LimitUp to 6 transactions are allowed
Information accurate as of Aug. 30, 2018.

What You Need to Know About CIT Bank’s Premier High Yield Savings Account

Best for: People who are interested in a high-yield savings account with no monthly service fees, as well as those who don’t mind not having branch location access.

CIT Bank is an online-only bank, which means that there aren’t any physical CIT Bank locations for customers to visit, but mobile banking and text banking are available 24/7. For any of your transfer or deposit-related needs, the CIT Bank routing number is 124084834.

Best Features of CIT Bank Premier High Yield Savings Account

CIT Bank’s Premier High Yield Savings account offers a host of competitive features. Currently, the account offers a 1.55% APY on deposits of $250,000 or less and deposits of more than $250,000. Interest is earned on the daily balance, which is compounded daily and paid monthly.

No monthly service, excessive transfer, monthly overdraft or incoming wire fees apply to this account. For outgoing wire transfers, a $10 fee applies to accounts with a daily average balance of less than $25,000.

Learn: Pros and Cons of Online Savings Accounts

CIT Bank FAQs

Here are some answers to commonly asked questions about CIT online bank:

  • Is CIT Bank federally insured? Yes. CIT Bank is federally insured up to $250,000 per depositor, per ownership category.
  • Is CIT a bank? Yes. CIT Bank is an online bank insured by the FDIC.
  • Is CIT Bank the same as Citibank? No. CIT Bank is owned by CIT Group Inc. Citibank is owned by Citigroup Inc.
  • What does CIT Bank stand for? CIT is an acronym for Commercial Investment Trust.

How to Open and Fund a CIT Savings Account

Opening and funding a savings account with CIT Bank is easy. Here’s what you need to know:

  1. Gather your Social Security and driver’s license numbers.
  2. Gather your current bank’s routing number and your checking or savings account number for funding.
  3. You’ll need at least $100 to open the account.
  4. Go to the CIT Bank “Open an Account” page and follow the instructions.
  5. CIT Bank will make two small deposits to the funding account you designate.
  6. Confirm that you received the deposits, and CIT will fund your new account.

Withdrawing Funds From a CIT Savings Account

At some point, you might need to make a withdrawal from your account. Withdrawals by mail or phone are unlimited. All other withdrawals are limited to six per statement cycle.

How to Reach Customer Support

You can reach a CIT representative at 855-462-2652 during these business hours: Monday to Friday, 8 a.m. to 9 p.m. EST; Saturday, 9 a.m. to 5 p.m.; Sunday, 11 a.m. to 4 p.m.

How to Log in to Your Online Account

CIT Bank offers online banking for your savings account with your CIT Bank login. Here’s how:

  1. Go to the CIT Bank login page.
  2. Enter your online banking ID.
  3. Click “Continue” to see a listing of your accounts.

Pros and Cons of a CIT Savings Account

It’s helpful to consider the advantages and drawbacks of any savings account before you commit to opening it. Here’s what you need to know:

CIT Savings Account Pros

Take a look at the major pros to this account:

  • High 1.55% APY
  • Daily compounding interest, paid monthly
  • No opening or maintenance fees
  • Low minimum deposit of $100

CIT Savings Account Cons

Consider these cons before opening an account:

  • Online-only bank
  • Only one savings account option available
  • Other banks offer higher APYs

Is a CIT Online Savings Account a Good Fit for Me?

The Premier High Yield Savings account is a good fit for anyone wanting a high APY on a savings account without any fees. But for those who want more savings account options or who depend on the ability to visit a brick-and-mortar location, CIT Bank might not be the best option.

Click to see if you should open an online savings account.

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GOBankingRates is a personal finance and consumer interest rate website owned by ConsumerTrack, Inc., an online marketing company serving top-tier banks, credit unions and other financial services organizations. Some companies mentioned in this article might be clients of ConsumerTrack, Inc., which serves more than 100 national, local and online financial institutions. Rankings and roundups are completely objective, and no institution, client or otherwise, paid for inclusion or specific placement. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author alone and have not been reviewed, approved or otherwise endorsed by the companies included in the article. All fees and rates are subject to change at the issuers’ discretion. Some interest rates might be short-term or promotional offers only, and it is possible additional terms and conditions must be met in order to obtain the interest rates listed. Rates and availability might vary by region. Verify terms and conditions before opening an account.