CIT Bank is an online bank owned by First Citizens BancShares that offers savings accounts, money market accounts, and CDs without physical branches

CIT Bank operates entirely online, which means you cannot walk into a branch or speak to someone in person at a desk. The bank is a subsidiary of First Citizens BancShares, a large regional bank holding company based in North Carolina. You access your account through their website or mobile app, and you manage deposits, withdrawals, and transfers digitally.

The bank's main product lines are high-yield savings accounts, money market accounts, and certificates of deposit (CDs). CIT does not offer checking accounts, credit cards, loans, or investment services. If you need those products, you would use a different bank or financial institution.

CIT Bank is FDIC-insured, which means deposits up to $250,000 per account type are protected if the bank fails. This is the same insurance that covers deposits at any other bank.

Key Takeaways

  • CIT Bank is an online-only bank with no physical branches, owned by First Citizens BancShares.
  • The bank offers savings accounts, money market accounts, and CDs, but not checking accounts or loans.
  • You manage your account entirely through their website or mobile app.
  • Deposits are FDIC-insured up to $250,000 per account type, the same as at any traditional bank.
  • Interest rates on savings products tend to be higher than at brick-and-mortar banks because CIT has lower overhead costs.

How CIT Bank's savings accounts and money market accounts work

A savings account at CIT Bank lets you deposit money, earn interest on the balance, and withdraw funds when you need them. There is no limit on how many withdrawals you can make per month, though some accounts have minimum balance requirements. Interest rates change based on what the Federal Reserve does with its benchmark rate, so your rate may go up or down over time.

A money market account is a hybrid product that combines features of a savings account and a checking account. You earn interest on the balance like a savings account, but you also get a debit card and the ability to write checks. Money market accounts at CIT typically require a higher minimum balance than savings accounts—often $2,500 or more—and may have limits on the number of checks you can write per month.

Both account types let you link external bank accounts for transfers in and out. You can set up automatic transfers to move money on a schedule, or make one-time transfers when you need to move funds between CIT and another bank.

How CIT Bank's CDs work and when they make sense

A certificate of deposit (CD) is an account where you agree to leave your money untouched for a set period—typically three months, six months, one year, or longer. In exchange, CIT Bank pays you a fixed interest rate that is usually higher than what you would earn in a savings account. When the CD term ends, you get your principal plus the interest earned.

If you withdraw money from a CD before the term ends, you pay an early withdrawal penalty. The penalty amount varies by term length—a longer CD usually has a larger penalty. CIT publishes the penalty for each CD product on their website, so you can see the cost before you open the account.

CDs make sense if you have money you will not need for a specific period and want a may provide rate of return. They do not make sense if you might need the cash sooner, because the penalty can eat into your earnings.

Why CIT Bank's interest rates are typically higher than traditional banks

CIT Bank pays higher interest rates on savings and money market accounts than most brick-and-mortar banks because it has much lower operating costs. The bank does not maintain physical branches, does not employ tellers or loan officers, and does not pay for building leases and utilities across multiple locations. Those savings get passed to customers in the form of higher rates.

However, CIT's rates are not always the highest available. Other online banks like Marcus, Ally, and American Express Bank also offer competitive rates. Interest rates across all banks move together based on Federal Reserve policy, so the differences between online banks tend to be small—often a fraction of a percentage point.

If you are comparing CIT to a traditional bank in your area, CIT will almost certainly offer higher rates. If you are comparing CIT to other online banks, check current rates on each bank's website, because rates change frequently and the leader changes month to month.

How to open an account at CIT Bank and what you need

You open a CIT Bank account entirely online through their website. You will need a valid government-issued ID, your Social Security number, and proof of your current address. The bank verifies your identity electronically and checks your banking history through ChexSystems, a database that tracks account closures and fraud.

The account opening process typically takes 10 to 15 minutes. Once your account is open, you can deposit money by transferring it from another bank account you own, or by mailing a check to CIT's address. CIT does not accept deposits at ATMs or through mobile check deposit.

After you open an account, you receive login credentials to access the online portal. You can then set up transfers, view your balance, and manage your account settings through the website or mobile app.

What CIT Bank does not offer and where to go instead

CIT Bank does not offer checking accounts, debit cards (except on money market accounts), credit cards, personal loans, mortgages, or investment accounts. If you need any of those products, you will need to use a different bank or financial institution.

Many people use CIT Bank for savings and keep a checking account at another bank—either a traditional bank for in-person service and ATM access, or another online bank like Ally or Charles Schwab that offers checking. This approach lets you earn high interest on savings while maintaining the flexibility of a checking account elsewhere.

If you need a full range of banking services in one place, a traditional bank or a full-service online bank like Ally or Schwab may be a better fit than CIT.

CIT Bank's customer service and how to contact them

CIT Bank offers customer service by phone and email, but not through live chat or in-person visits. You can call their customer service line during business hours to ask questions about your account, report fraud, or request help with transfers. Response times for email inquiries vary but typically take one to two business days.

Because CIT is online-only, there is no branch where you can walk in with a problem. If you prefer to resolve banking issues face-to-face, CIT may not be the right fit for you. However, if you are comfortable managing your account online and do not need when ready in-person support, the phone and email options are usually sufficient.

Frequently Asked Questions

Is CIT Bank safe and insured?

Yes. CIT Bank is FDIC-insured, which means deposits up to $250,000 per account type are protected if the bank fails. This is the same insurance that covers deposits at any traditional bank. CIT is also a subsidiary of First Citizens BancShares, a large, established bank holding company.

Can I use an ATM with CIT Bank?

CIT Bank does not offer a debit card on savings accounts, so you cannot use an ATM to withdraw cash. If you open a money market account, you receive a debit card and can use ATMs. For savings accounts, you must transfer money to another bank account to access cash.

How do I deposit money into CIT Bank?

You can transfer money from another bank account you own, or mail a check to CIT's address. CIT does not accept deposits at ATMs or through mobile check deposit. Transfers from other banks typically take one to three business days to appear in your account.

What happens if I need my money from a CD before it matures?

You can withdraw the money, but you will pay an early withdrawal penalty. The penalty is deducted from your interest earnings or principal, depending on the amount. CIT publishes the penalty for each CD term on their website before you open the account.

Does CIT Bank offer checking accounts?

No. CIT Bank only offers savings accounts, money market accounts, and CDs. If you need a checking account, you will need to open one at a different bank. Many people keep a checking account elsewhere and use CIT for savings.