Is CIT Bank FDIC insured?

Yes. CIT Bank, N.A. is FDIC insured up to $250,000 per depositor, per ownership category. CIT Bank is a division of First Citizens BancShares, a top 20 US bank by assets. First Citizens acquired CIT Group in 2022, adding stability and scale.

Does CIT Bank charge any fees?

CIT Bank charges no monthly maintenance fees on its savings accounts, money market accounts, or CDs. There are no account opening fees. The main fees are for wire transfers ($10 outgoing domestic) and early CD withdrawal penalties. CIT Bank does not offer checking accounts, so there are no overdraft or insufficient funds fees.

What is the CIT Bank Platinum Savings account?

Platinum Savings is CIT Bank's flagship savings account offering a competitive APY (currently around 4.35%) with a $5,000 minimum balance. Below $5,000, the rate drops significantly. It offers no monthly fees and unlimited deposits. For balances under $5,000, the standard Savings Connect account at 4.10% with a $100 minimum may be a better option.

Does CIT Bank have a checking account?

No. CIT Bank is a savings-focused institution and does not offer checking accounts, debit cards, or cash management features. You'll need a checking account at another bank. CIT Bank is designed as a place to park savings at competitive rates, not for daily banking.

How do CIT Bank's no-penalty CDs work?

CIT Bank's No-Penalty CD lets you withdraw your full balance plus earned interest any time after the first 6 days with no early withdrawal penalty. The rate is typically slightly above savings accounts. It's useful if you want a locked-in rate with the flexibility to access your money. Minimum deposit is $1,000.

CIT Bank Review 2026: Savings, CDs, Money Market & Who It''s Best For

CIT Bank is the online banking division of First Citizens BancShares, one of the top 20 US banks by assets. CIT focuses exclusively on savings products — high-yield savings, CDs, and money market accounts — and consistently offers some of the highest APYs available. It doesn’t try to be a full-service bank. This review covers rates, accounts, what CIT does well, and who should use it in 2026.

Bottom line: CIT Bank is best for savers who want top-tier APYs on savings and CDs. It’s not a full banking solution — there’s no checking, no debit card, and no investing integration. Use CIT alongside a checking account at another bank.

CIT Bank at a Glance

Feature	Details
Top savings APY	4.35% (Platinum Savings, $5K+ balance)
Savings Connect APY	4.10% ($100 minimum)
CD APYs	3.50% - 4.25% (varies by term)
Money Market APY	4.10% ($100 minimum)
Monthly fees	$0 (all accounts)
Checking account	Not available
Debit card	Not available
Mobile app	4.4/5 (iOS), 4.0/5 (Android)
Physical branches	None (online only)
Customer service	Phone (M-F, 9am-9pm ET, Sat 10am-2pm)
FDIC insured	Yes

Savings Accounts

Platinum Savings

Feature	Details
APY	4.35% (on balances $5,000+)
APY (under $5,000)	0.25%
Minimum to open	$100
Minimum for top APY	$5,000
Monthly fee	$0
Maximum accounts	Multiple allowed

The $5,000 threshold is important. Below $5,000, you earn just 0.25% — making Platinum Savings only worthwhile if you maintain a $5,000+ balance.

Savings Connect

Feature	Details
APY	4.10%
Minimum to open	$100
Minimum for APY	$100 (all balances above minimum earn 4.10%)
Monthly fee	$0

Savings Connect is the better option for balances under $5,000. No tiered pricing — everyone with $100+ earns the same rate.

Which Savings Account to Choose

Your Balance	Best CIT Account	APY
Under $100	Neither (use Ally or Capital One)	—
$100 - $4,999	Savings Connect	4.10%
$5,000+	Platinum Savings	4.35%

Certificates of Deposit (CDs)

Term CDs

Term	APY	Minimum
6 months	4.00%	$1,000
9 months	4.10%	$1,000
12 months	4.25%	$1,000
13 months	4.00%	$1,000
18 months	3.75%	$1,000
24 months	3.50%	$1,000
36 months	3.50%	$1,000
48 months	3.25%	$1,000
60 months	3.25%	$1,000

No-Penalty CD

Feature	Details
Term	11 months
APY	4.00%
Minimum	$1,000
Early withdrawal penalty	$0 (after first 6 days)
Partial withdrawal	No — must withdraw full balance

The No-Penalty CD is essentially a savings account with a guaranteed rate. Useful if you want to lock in today’s rate but might need the money before maturity.

Jumbo CDs ($100,000+)

Term	APY	Minimum
12 months	4.25%	$100,000
18 months	3.75%	$100,000
24 months	3.60%	$100,000
60 months	3.40%	$100,000

Jumbo CD rates are often identical to standard CDs at CIT — the $100,000 minimum doesn’t always earn a premium.

Money Market Account

Feature	Details
APY	4.10%
Minimum to open	$100
Monthly fee	$0
Check-writing	Yes
Debit card	No
ATM access	No

The money market account offers check-writing capability, which is useful since CIT doesn’t offer checking accounts. However, without a debit card or ATM access, it’s still primarily a savings vehicle.

Rate Comparison

Bank	Top Savings APY	Best CD APY (12mo)	Money Market
CIT Platinum Savings	4.35%	4.25%	4.10%
Marcus	4.30%	4.20%	N/A
Discover	4.20%	4.20%	3.90%
Ally	4.00%	4.10%	4.00%
Capital One 360	3.90%	4.10%	3.80%
SoFi (with DD)	4.0%	N/A	N/A

CIT’s Platinum Savings and 12-month CD consistently rank among the highest available.

Mobile App and Online Experience

Feature	Rating
Account overview	Good — clean, simple
Fund transfers	Good — ACH to/from external banks
CD management	Good — maturity tracking, renewal options
Account opening	Good — fully online
Biometric login	Yes
Budgeting tools	None
Bill pay	None
Overall	3.5/5 (functional, not feature-rich)

CIT’s app is adequate for managing savings and CDs but lacks the polish of Ally, Capital One, or SoFi. It’s a basic interface for a savings-focused bank.

Customer Service

Channel	Availability
Phone	M-F 9am-9pm ET, Sat 10am-2pm ET
Email	Yes
Live chat	No
In-person	None (no branches)

Customer service hours are more limited than banks offering 24/7 support. No live chat is a notable omission.

Pros and Cons

Pros

Advantage	Why It Matters
Top-tier Platinum Savings APY	4.35% among the highest available
Competitive CD rates	Consistently near the top across terms
No-Penalty CD	Flexibility to withdraw without fee
$0 fees on all accounts	No maintenance or hidden fees
Savings Connect for smaller balances	4.10% with only $100 minimum
Money market with checks	Check-writing for a savings bank
Backed by First Citizens	Top 20 US bank stability
Multiple CD term options	6 months to 5 years

Cons

Drawback	Impact
No checking account	Must bank elsewhere for daily needs
No debit card	Can’t make purchases or ATM withdrawals
$5,000 minimum for top savings APY	Below $5K, Platinum Savings drops to 0.25%
$1,000 CD minimums	Higher than Ally ($0) or Capital One ($0)
Limited customer service hours	No 24/7, no live chat
Basic mobile app	Functional but not modern
No investing integration	Separate from any brokerage
No cash deposits	Online only
No bill pay	Must use another bank

Who Should Use CIT Bank

Situation	CIT Bank?	Why
Wants highest possible savings APY ($5K+)	Yes	Platinum Savings at 4.35%
CD ladder builder	Yes	Competitive rates across terms
Wants a no-penalty CD	Yes	Flexible guaranteed rate
Has $100-$4,999 to save	Yes	Savings Connect at 4.10%
Needs a primary bank account	No	No checking or debit card
Wants an all-in-one financial app	No	Savings only
Wants 24/7 customer support	No	Limited hours
Small saver (under $100)	No	$100 minimum to open
Wants a polished mobile app	No	Basic interface

Written by WealthVieu

WealthVieu researches and writes data-driven personal finance guides using primary sources including the IRS, Bureau of Labor Statistics, Federal Reserve, and Census Bureau.

The content on Wealthvieu is for informational purposes only and should not be considered financial, tax, or investment advice. Consult a qualified professional before making financial decisions. Full disclaimer · Editorial policy