CIT Bank is an online bank owned by First Citizens BancShares

CIT Bank is a federally chartered bank that operates entirely online, with no physical branches. It is owned by First Citizens BancShares, a major banking company. CIT Bank offers deposit accounts—primarily savings and money market accounts—and does not offer checking accounts or loans to most customers.

The bank is FDIC-insured, meaning deposits up to $250,000 per account type are protected by the Federal Deposit Insurance Corporation. CIT Bank makes money by paying lower interest rates on deposits than it earns by lending that money out, which is how most banks operate.

If you are considering CIT Bank, you are likely comparing it to other online banks because of interest rates on savings accounts. CIT Bank has historically offered competitive rates, though rates change frequently and vary based on market conditions and the bank's funding needs.

Key Takeaways

  • CIT Bank is an online-only bank with no branches, owned by First Citizens BancShares and FDIC-insured up to $250,000 per account type.
  • The bank offers savings accounts and money market accounts but does not offer checking accounts or personal loans to most customers.
  • You access your account through the CIT Bank website or mobile app; there is no in-person customer service at a physical location.
  • Interest rates on CIT Bank savings accounts change regularly and are typically higher than rates at traditional brick-and-mortar banks.
  • Transfers to and from CIT Bank take one to three business days using ACH, the standard electronic transfer method.

How to open and fund a CIT Bank account

Opening a CIT Bank savings or money market account is done entirely online through their website. You will need a Social Security number, a valid government-issued ID, and a current mailing address. The process takes about 10 to 15 minutes.

To fund the account, you link a bank account you already own at another bank. CIT Bank uses ACH transfers, which are free but take one to three business days to complete. You cannot deposit cash or checks at CIT Bank because there are no branches. If you need to move money out of CIT Bank, the same ACH process applies—one to three business days.

Some people keep a small amount in a checking account at a traditional bank for immediate access to cash or for writing checks, and keep larger amounts in a CIT Bank savings account to earn higher interest.

Savings accounts versus money market accounts at CIT Bank

CIT Bank offers two main deposit products: a savings account and a money market account. Both earn interest, but they work differently and have different rate structures.

A savings account at CIT Bank is straightforward: you deposit money, it earns interest, and you can withdraw it anytime without penalty. There is no minimum balance requirement at most CIT Bank savings accounts, though this can change. Interest is compounded daily and paid monthly.

A money market account combines features of a savings account and a checking account. It earns interest like a savings account, but it also comes with a debit card and the ability to write checks. Money market accounts typically have a higher interest rate than savings accounts, but they may require a higher opening deposit or minimum balance. CIT Bank's money market account limits you to six withdrawals per month (a federal rule that applies to most banks).

If you simply want to save money and do not need to access it frequently, a savings account is simpler. If you want to earn interest but also need occasional access via debit card or check, a money market account may fit better.

Interest rates and how they change

CIT Bank's interest rates are not fixed. They change based on what the Federal Reserve does with its benchmark interest rate and based on how much money the bank needs to attract. When the Federal Reserve raises rates, CIT Bank typically raises its rates. When the Federal Reserve cuts rates, CIT Bank cuts its rates.

The rate you see advertised on CIT Bank's website is the current rate, but it is not may provide to stay the same. The bank can lower rates at any time with notice (usually 30 days). If rates drop, your earnings drop with them. If rates rise, CIT Bank may or may not raise its rates—that depends on competitive pressure from other banks.

To know what CIT Bank is currently offering, you have to visit their website directly. Rates change frequently enough that any number printed here would be outdated within weeks. Compare CIT Bank's current rate to rates at other online banks like Marcus, Ally, or American Express Personal Savings to see where you get the best return.

How to contact CIT Bank and resolve problems

CIT Bank customer service is available by phone, email, and through the mobile app. There is no in-person support because there are no branches. Phone support is available during business hours (hours vary by day of the week and are listed on their website).

If you have a problem—a transfer that did not arrive, an unauthorized transaction, or a question about your account—contact CIT Bank through the app or by phone. Response times vary: urgent issues like fraud are handled faster than general questions.

If CIT Bank makes an error on your account, they are required by federal law to investigate and correct it. If you report an unauthorized transaction within 60 days, the bank must investigate. If you report it after 60 days, the bank has no obligation to refund you, though they may choose to.

FDIC insurance and account safety

CIT Bank is FDIC-insured, which means the Federal Deposit Insurance Corporation guarantees your deposits up to $250,000 per account type per bank. If CIT Bank fails, the FDIC will pay you back up to that limit.

The $250,000 limit applies separately to each account type. So if you have a savings account with $200,000 and a money market account with $200,000 at CIT Bank, both are fully covered because they are different account types. If you have two savings accounts at CIT Bank, the $250,000 limit applies to the combined total of both accounts.

Your account is also protected by standard online security: encryption, password protection, and fraud monitoring. CIT Bank does not charge you for fraud protection, and you are not liable for unauthorized transactions if you report them promptly.

When CIT Bank might not be the right choice

CIT Bank is designed for people who want to save money and earn interest, not for people who need frequent access to cash or who need to write many checks. If you need a checking account with a debit card for everyday spending, you will need to open an account at a different bank—CIT Bank does not offer traditional checking.

If you need to deposit cash or checks regularly, CIT Bank is not practical because it has no branches. You would have to deposit at another bank first, then transfer the money to CIT Bank, which takes time.

If you prefer in-person banking or want to speak to someone face-to-face, CIT Bank is not a fit. All support is remote.

Frequently Asked Questions

Can I use a debit card with CIT Bank?

Only if you open a money market account. CIT Bank's savings accounts do not come with a debit card. The money market account includes a debit card, but you are limited to six withdrawals per month.

How long does it take to transfer money out of CIT Bank?

ACH transfers take one to three business days. Weekends and holidays do not count as business days. If you initiate a transfer on Friday afternoon, it will not arrive until Tuesday or Wednesday at the earliest.

What happens if CIT Bank goes out of business?

The FDIC will pay you back up to $250,000 per account type. Your money is protected. CIT Bank is owned by First Citizens BancShares, a large, stable company, so failure is unlikely, but the insurance exists in case it happens.

Can I set up automatic transfers to CIT Bank?

Yes. You can set up recurring ACH transfers from another bank account to CIT Bank on a schedule you choose—weekly, monthly, or any other interval. This is useful if you want to automate your savings.

Does CIT Bank charge monthly fees?

CIT Bank does not charge monthly maintenance fees on savings or money market accounts. There are no overdraft fees because you cannot overdraw a savings account. Some services like wire transfers may have fees; check their fee schedule on the website.