CIT Bank review 2025

The offer mentioned below for the for the CIT Bank eChecking Account is no longer available.

CIT Bank offers a variety of deposit accounts, but the main attraction is the CIT Bank Platinum Savings Account thanks to its high APY (it also earned a spot on our best savings accounts list). And while you need to maintain a 4-figure balance in that account to earn its highest APY, CIT Bank has plenty of other options that make it worth a look for any savvy saver.

If you're chasing high annual percentage yields (APYs), CIT Bank has you covered with its savings accounts. But choosing the right one depends on how much money you're willing to deposit.

Savings Connect Account

The CIT Bank® Savings Connect is a great option for a straightforward high-yield savings account with no minimum balance requirement or monthly service fees. With a minimum opening deposit of $100, you can earn a 3.65% APY*—a great rate, especially since there are no monthly fees.

CIT Bank Platinum Savings Account

For a competitive APY, the CIT Bank Platinum Savings offers a high rate of 3.75% APY*. However, to earn this rate you must maintain a daily balance of $5,000 or more. For balances under $5,000, the APY drops to 0.25%. There are no account opening or maintenance fees, but you do have to make a minimum opening deposit of $100.  

Money Market Account 

The CIT Bank Money Market account has no monthly service fees and offers up to 1.55% APY. Although this rate is above the national average for money market accounts, it is lower than the best accounts we've seen. A $100 minimum deposit is also required.

Savings Builder Account

The CIT Bank Savings Builder account offers a tiered interest rate based on certain qualifications. When you first open the account, you earn a daily interest of 0.995% until your first "Evaluation Day" (roughly 2 months later depending on what day of the month you opened your account). At that point, CIT Bank will look at your account balance and activity to see what APY you'll earn. After this first time, you'll go through Evaluation Day every month.

The tiered rates and criteria are: 

• Balances less than $25,000 earn 0.40% APY.  
• Balances less than $25,000 but with a monthly deposit of $100 or more earn 1.00% APY. 
• Balances of $25,000 or more earn 1.00%.  

There are also no account opening or maintenance fees, but you must make a minimum opening deposit of $100.  

CIT Bank eChecking Account

Interest-bearing checking accounts are rare but the CIT Bank eChecking Account, the only checking account offered by CIT Bank, provides a 0.10% APY on balances under $25,000 and 0.25% APY on balances of $25,000 or more. While it's not much, you still earn extra cash just for keeping your money in the account. The eChecking also comes with no monthly or overdraft fees. Although CIT Bank doesn't have a free ATM network, it offers a monthly $30 reimbursement in other bank's ATM fees.

In addition to checking and savings accounts, CIT Bank also offers a variety of CIT Bank CDs with interest rates of up to 3.75% APY. Its traditional CDs come with terms ranging from six months to five years and rates from 0.40% to 3.90% APY, along with a $1,000 minimum deposit requirement.  

You can also open specialty CDs, such as no-penalty CDs (which allow you to access your funds before the maturity date) or Jumbo CDs (which have a $100,000 deposit minimum). While not available to new accountholders, CIT Bank also offers RampUp CDs, allowing you to increase your CD rate if the bank raises its rates during the term. 

If CIT Bank doesn't meet your needs, Ally Bank also offers online-only banking products with competitive rates and minimal to no fees. Both the Ally Online Savings Account  offers 3.00% APY and the Ally Bank Money Market Account offers up to 3.00% APY on each account and come with no monthly fees or minimum balance requirements. The Ally Bank® CDs also offer up to 4.15% APY with terms ranging from 3 months to 5 years, also with no monthly fees or minimum balance requirements.

SoFi Bank also offers a SoFi Checking and Savings Account with attractive features. You can earn up to *4.00% Annual Percentage Yield (APY) on SoFi Savings with a 0.90% APY Boost (added to the 3.10% APY as of 5/28/26) for up to 6 months.

New account holders (or current account holders without direct deposit set up) may also qualify for a bonus of $50 or $400 by meeting specific direct deposit requirements. Collect cash bonus of $50 or $400 depending on direct deposit amount.

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*Annual Percentage Yield is accurate as of  July 1, 2026. Interest Rates for the Savings Connect Account are variable and may change at any time without notice. The minimum to open a Savings Connect account is $100. Fees could reduce earnings on the account.

 *Platinum Savings is a tiered interest rate account. Interest is paid on the entire account balance based on the interest rate and APY in effect that day for the balance tier associated with the end-of-day account balance. *APYs — Annual Percentage Yields are accurate as of July 1, 2026: 0.25% APY on balances of $0.01 to $4,999.99; 3.75% APY on balances of $5,000.00 or more. Interest Rates for the Platinum Savings account are variable and may change at any time without notice. The minimum to open a Platinum Savings account is $100.

*New and existing Checking and Savings members who have not previously enrolled in Direct Deposit with SoFi are eligible to earn a cash bonus of either $50 (with at least $1,000 total Eligible Direct Deposits received within 25 calendar days of your first Eligible Direct Deposit of $1 or more) OR $400 (with at least $5,000 total Eligible Direct Deposits received within 25 calendar days of your first Eligible Direct Deposit of $1 or more). Cash bonus amount will be based on the total amount of Eligible Direct Deposit received within 25 calendar days of your first Eligible Direct Deposit of $1 or more. If you have satisfied the Eligible Direct Deposit requirements but have not received a cash bonus in your Checking account, please contact us at 855-456-7634 with the details of your Eligible Direct Deposit. Direct Deposit Promotion begins on 5/15/2026 and will be available through 12/31/2026. Full terms at sofi.com/banking. SoFi Checking and Savings is offered through SoFi Bank, N.A., Member FDIC. SoFi members with Eligible Direct Deposit can earn 3.30% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Eligible Direct Deposit amount required to qualify for the 3.30% APY for savings (including Vaults). Members without Eligible Direct Deposit will earn 0.80% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Interest rates are variable and subject to change at any time. These rates are current as of 9/23/26. Fees may reduce earnings. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet. *SoFi Bank is a member FDIC and does not provide more than $250,000 of FDIC insurance per depositor per legal category of account ownership, as described in the FDIC's regulations. Any additional FDIC insurance is provided by the SoFi Insured Deposit Program. Deposits may be insured up to $3M through participation in the program. See full terms at SoFi.com/banking/fdic/sidpterms. See list of participating banks at SoFi.com/banking/fdic/participatingbanks. *Earn up to 4.20% Annual Percentage Yield (APY) on one SoFi Savings account with a 0.90% APY Boost (added to the 3.30% APY as of 9/23/26) for up to 6 months. Open your first SoFi Checking and Savings account and receive eligible direct deposits OR qualifying deposits of $5,000 every 31 days by 12/31/26. Rates are variable, subject to change. Terms apply at sofi.com/banking#4. SoFi Bank, N.A. Member FDIC.