Here’s what you need to know about the accounts offered by CIT Bank, including checking, savings, CDs and money market accounts. Interest on accounts is compounded daily and credited monthly.
Checking
CIT Bank eChecking
CIT Bank offers one online checking account option: the CIT Bank eChecking account. This account requires a minimum opening deposit of $100, has no monthly fees and offers up to 0.25% APY, depending on account balance.
Accounts with balances less than $25,000 earn 0.10% APY, while balances of $25,000 or more earn the maximum rate of 0.25% APY.
The eChecking account comes with a debit card featuring EMV chip technology and offers reimbursement of up to $30 per month for out-of-network ATM fees. This is important, since CIT Bank isn’t part of a network of fee-free ATMs.
Unlike most checking accounts, eChecking doesn’t come with any check-writing privileges.
CIT Bank eChecking rates and details are accurate as of 05/09/2025.
Savings
CIT Bank has three savings account options: CIT Bank Savings Builder, CIT Bank Savings Connect and CIT Bank Platinum Savings. Here’s what you need to know about each account.
1. CIT Savings Builder
The CIT Savings Builder account is a tiered-rate account with no monthly fees. The account, which can be opened with a minimum deposit of $100, helps you develop the habit of saving on a monthly basis with its tiered structure.
To earn the account’s highest rate of 1.00% APY, you have two options: Maintain a balance of $25,000 or more or make at least one monthly deposit of $100 or more. If your account balance falls below $25,000, and you don’t receive an eligible monthly deposit, you’ll earn the base rate of 0.40% APY.
2. CIT Savings Connect
The CIT Savings Connect account offers a competitive APY of 4.00%, with no minimum-balance or deposit requirements to earn the rate. As with CIT Bank’s other accounts, the Savings Connect account can be opened with $100 and has no monthly fee.
3. CIT Platinum Savings
The CIT Platinum Savings account offers an impressive 4.10% APY for balances of $25,000 or more. However, balances lower than this amount earn only 0.25% APY. Therefore, it’s best for savers who can commit to keeping at least $5,000 in their account.
CIT Platinum Savings has no monthly fees, but a $100 minimum deposit is required to open an account.
CIT Bank Platinum Savings rates and details are accurate as of 03/19/2025.
Money market
CIT Bank also offers a money market account for individuals who want to maximize their savings while enjoying some of the conveniences of a checking account. Unlike with CIT’s savings accounts, this account lets you use bill pay and send and receive money via Zelle. You still won’t be able to write checks using this account, however, unlike many other money market accounts.
This account can be opened with just $100 and has no monthly service fees. However, the account earns 1.55% APY. For comparison, some of the best money market accounts offer over 4.00% APY.
CDs
Term CDs
CIT Bank offers eight term-length options for its term CDs. These CDs have a minimum opening deposit of $1,000. Some of CIT’s CDs, especially the longer-term CDs, have low APYs.
- 6-month: 3.00%
- 1-year: 0.30%
- 13-month: 3.50%
- 18-month: 3.00%
- 2-year: 0.40%
- 3-year: 0.40%
- 4-year: 0.50%
- 5-year: 0.50%
CIT Bank Certificates of Deposit rates and details are accurate as of 03/19/2025.
You can also opt for a jumbo CD, with a minimum opening deposit of $100,000. These are your options and their current rates:
- 2-year: 0.40%
- 3-year: 0.40%
- 4-year: 0.50%
- 5-year: 0.50%
CIT Bank Jumbo CDs rates and details are accurate as of 03/19/2025.
CIT Bank also offers an 11-month no-penalty CD with an APY of 3.50%. Existing customers can also opt for RampUp and RampUp Plus CDs.
Here’s a closer look at the types of CIT Bank CDs you can choose from:
- Term CDs. Terms range from six months to 60 months and earn APYs from 0.30% to 3.50%. A term rate CD allows you to lock in a rate for a specific period of time. There are no opening or maintenance fees, but as with most CDs, there’s a penalty if you need to access your money before the end of the term. CIT Term CDs require a $1,000 minimum opening deposit.
- No-Penalty CDs. These 11-month CDs allow you to access funds before maturity without a penalty. The fear when putting money into a CD is not being able to access it if there’s an emergency. The CIT Bank No-Penalty CD eliminates that fear while still offering a decent yield. This CD has no opening or maintenance fee and earns 3.50% APY. No-Penalty CDs require a $1,000 minimum opening deposit. You can access your funds, if needed, so long as it’s seven days after they’ve been received. Note that you can only withdraw all of your funds. Partial withdrawals are not allowed.
- Jumbo CDs. CIT Bank Jumbo CDs require a $100,000 minimum opening deposit, so they aren’t going to be an option for most customers. There are no account opening or maintenance fees. Also, Jumbo CDs have longer terms, ranging from two to five years in length. Jumbo CDs come with locked-in rates between 0.40% to 0.50%, depending on term length.
- RampUp CDs. RampUp and RampUp Plus CDs aren’t available for new accounts. With RampUp CDs, existing CIT Bank CD holders may be able to raise their rate one time during the CD term, if CIT Bank raises rates on that CD.
To see how much interest you can earn with a CD account, you can use this Certificate of Deposit calculator.
