CIT Bank Account Review

The Good

• Diverse Financial Services
• Flexible Account Types

Diverse Financial Services

CIT Bank, part of First Citizens Bank, manages over $35 billion in financing and leasing assets. It supports businesses across more than 30 industries with funding, leasing, and advisory solutions. On the consumer side, its online savings and CD accounts offer highly competitive APYs with no maintenance fees, thanks to its digital-only banking model.

Flexible Account Types

CIT Bank provides a variety of deposit products including High-Yield Savings, Money Market, CDs, IRAs, and Custodial Accounts. For businesses, it offers loan and financing solutions. As an entirely online institution, customers can access their accounts and manage finances anytime via the web.

No Traditional Checking Option

CIT Bank does not offer a standard checking account, and it has no physical branch locations. All interactions are handled online or by phone, which may not suit those who prefer in-person banking.

High Minimum Deposits

Opening a CD often requires a minimum deposit between $1,000 and $2,500, which may be restrictive for some. Additionally, early withdrawals from CDs may incur penalties. Savings account rates are variable and can change after opening.