CIT Bank's Checking Account Offering

CIT Bank does not offer a traditional checking account. The bank is primarily an online savings and money market institution, and its product lineup focuses on savings vehicles rather than transaction accounts. If you are looking for a checking account, you will need to look elsewhere or consider whether CIT's savings products might work alongside a checking account from another bank.

CIT Bank is a subsidiary of First Citizens BancShares and operates as an FDIC-insured online bank. The bank has built its reputation on offering competitive rates on savings accounts, money market accounts, and certificates of deposit (CDs). The absence of a checking account reflects a deliberate business model: CIT keeps overhead low by not maintaining the infrastructure for check processing, debit card networks, or the customer service demands that come with transaction accounts.

Key Takeaways

  • CIT Bank does not offer checking accounts, only savings and money market products.
  • You can hold a CIT savings account alongside a checking account from another bank to separate your savings from your spending.
  • CIT's savings rates are often higher than traditional banks because the bank avoids the costs of maintaining checking account infrastructure.
  • If you need both checking and savings in one place, you will need to choose a different bank or use multiple institutions.

What CIT Bank Does Offer Instead

CIT Bank's main products are a high-yield savings account, a money market account, and CDs with terms ranging from three months to five years. The high-yield savings account is the closest product to what some people use checking accounts for, though it functions differently. You can withdraw money from a CIT savings account, but there are federal limits on the number of withdrawals you can make per month (currently six per statement cycle for savings accounts, though this rule is enforced less strictly than it once was).

The money market account sits between a savings account and a checking account in terms of flexibility. It typically comes with a debit card and check-writing privileges, which makes it more transaction-friendly than a standard savings account. However, CIT's money market account still has withdrawal limits and is not designed as your primary transaction account. The interest rate on a money market account is usually lower than on a savings account but higher than on a checking account at a traditional bank.

How to Use CIT Bank Without a Checking Account

Many people successfully use CIT Bank by pairing it with a checking account elsewhere. You might keep your checking account at a local bank, a credit union, or another online bank, and use CIT purely for savings. This setup lets you earn higher interest on money you are not spending while maintaining straightforward access to checking and debit card transactions through your primary account.

To move money between accounts at different banks, you can set up external transfers. CIT allows you to link external bank accounts and transfer funds in and out. Transfers typically take one to three business days, so this method works well if you are not moving money constantly. If you need faster access to your savings, some people keep a smaller emergency fund in a checking account and use CIT for longer-term savings goals.

Comparing CIT to Banks That Offer Both Checking and Savings

Banks that offer both checking and savings accounts typically charge monthly fees or require minimum balances to avoid fees. In exchange, they provide the convenience of one institution and often include perks like branch access or customer service phone lines. CIT avoids these costs by specializing in savings products, which is why its interest rates tend to be higher.

If convenience matters more to you than maximizing interest, a traditional bank or online bank that offers both products might be the better choice. If you are willing to manage two accounts to earn higher rates on your savings, CIT works well as a savings partner. The decision depends on how much you value the extra interest against the minor inconvenience of managing accounts at two institutions.

Opening a CIT Savings Account if You Decide to Use Them

Opening a CIT account is done entirely online. You will need a valid government-issued ID, a Social Security number, and an initial deposit (the minimum varies by product but is often $100 for savings accounts). The process typically takes 10 to 15 minutes, and your account can be funded when ready if you link an existing bank account.

Once your account is open, you can deposit money by transferring from another bank account or by having your employer deposit directly into your CIT account. Withdrawals work the same way—you initiate a transfer to another account you own, and the money arrives within one to three business days. CIT does not issue physical debit cards for savings accounts, so all transactions happen through transfers or the online platform.

When CIT Is Not the Right Choice

CIT is not a good fit if you need a single account that handles both spending and saving. It is also not ideal if you make frequent transfers and cannot tolerate the one- to three-day processing time. If you value in-person banking, branch access, or speaking to someone on the phone, CIT's online-only model will frustrate you.

Additionally, if you are looking for a bank that offers overdraft protection, bill pay, or automatic transfers to cover expenses, you will not find those features at CIT. The bank is built for people who want to park money and let it earn interest, not for people who need a full suite of transaction services.

Frequently Asked Questions

Can I use a CIT savings account like a checking account?

Not really. While you can withdraw money from a CIT savings account, there are limits on how many withdrawals you can make per month, and transfers to other banks take one to three days. A checking account is designed for frequent, when ready transactions, which CIT savings accounts are not.

Does CIT offer a money market account with check-writing?

Yes, CIT's money market account does come with check-writing privileges and a debit card, making it more flexible than a savings account. However, it still has withdrawal limits and is not meant to replace a checking account for everyday spending.

What if I need both checking and savings at the same bank?

You will need to choose a different bank. Many online banks like Ally, Charles Schwab, and Discover offer both checking and savings accounts. Traditional banks and credit unions also offer both products, though their savings rates are typically lower than CIT's.

Can I transfer money from CIT to my checking account quickly?

Transfers from CIT to another bank take one to three business days. If you need money faster, you would need to keep it in your checking account at another institution rather than at CIT.

Is my money safe at CIT if they do not offer checking?

Yes. CIT Bank is FDIC-insured, which means deposits up to $250,000 per account type are protected by the federal government, regardless of whether the bank offers checking accounts. Your savings are just as safe at CIT as they would be at any other FDIC-insured bank.