Overview

CIT Bank is an online bank with a notable money market savings account, checking account, certificates of deposit and high-yield savings options. You won’t pay monthly maintenance fees with CIT, and many of its interest rates are competitive — but keep in mind that there’s no free ATM network.

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Pros:

• No monthly fees for checking and savings accounts.
• Great rates on CIT’s money market and high-yield savings accounts — and checking pays a little interest, too.
• Reasonable minimum deposit for the money market account.

Cons:

• No free ATM network, but CIT will reimburse up to $30 in other bank’s fees each month.
• High minimum deposit for checking.

Overdraft Fees:

• If you overspend with a CIT eChecking account, you can easily transfer money from your CIT savings account to cover the shortfall — at no charge.Otherwise, CIT charges $30 per overdraft, up to four times a day. So if you don’t have your savings account linked when you go over your balance, you could run up $120 per day in charges.

Bottom Line

CIT Bank has an easy-to-navigate website that clearly shows rates, contact information and instructions on how to open an account. The customer service center is reachable by phone from 9 a.m. to 9 p.m. EST on weekdays, along with shorter Saturday hours. In addition, CIT's banking apps earn a 4.6-star rating on iOS and a 4.2-star rating for Android.

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