In the current low-fee, high-yield banking environment, CIT Bank (part of First Citizens Bank) is standing out. In 2025, it offers several no-fee, interest-earning checking and savings options, along with competitive CDs and money market accounts. If you’re exploring online banks that maximize returns while minimizing costs, this CIT Bank review breaks down everything you need: the good, the not-so-good, and whether it’s right for you.
What is CIT Bank?
- CIT Bank is the online banking division of First Citizens Bank & Trust Company, insured by the FDIC. Forbes+2NerdWallet+2
- It doesn’t have physical branches, which allows it to reduce overheads and pass savings to customers via higher interest rates and fewer fees. Forbes+1
Key Features & Accounts
Here are the main account types offered, and what makes them compelling (or what limitations to watch).
| Account Type | Minimum to Open | APY / Interest Rate Highlights | Fees / Requirements / Notes |
|---|---|---|---|
| eChecking | $100 Forbes+2Business Insider+2 | 0.10% APY for balances under $25,000; 0.25% for $25,000 or more Forbes+2MyBankTracker+2 | No monthly maintenance or overdraft fees; ATM fees from other banks are reimbursed up to $30/month. No check-writing privileges. MyBankTracker+3Forbes+3NerdWallet+3 |
| Savings Connect | $100 to open CNBC+2Forbes+2 | ~3.90% APY with no minimum balance or deposit requirement to earn that rate CNBC+2financer.com+2 | Same fee structure: no monthly fees, limited to six free withdrawals/transfers per statement cycle. CNBC+1 |
| Platinum Savings | $100 to open; higher APY if balance meets threshold (often ~$5,000) CNBC+2financer.com+2 | ~4.00–4.10% APY on balances above the threshold; balances under threshold earn much less (~0.25%) CNBC+2financer.com+2 | Best for savers who can keep a decent balance; otherwise you won’t get the top rate. Forbes+1 |
| Savings Builder | $100 to open CNBC+1 | Tiered: base rate (≈0.40%) for lower balances / no monthly deposits; higher rates (~1.00%) if you maintain a monthly deposit or hit the balance threshold. Forbes+2CNBC+2 | Good if you regularly deposit; less attractive if you don’t meet those conditions. Forbes+1 |
| Money Market Account | $100 CNBC+2Bankrate+2 | ~1.55% APY CNBC+1 | No monthly service fees; similar transaction limits; lacks some check / debit card flexibility compared to savings/checking. Forbes+1 |
| CDs (Term & No-Penalty) | Generally ~$1,000 minimum Business Insider+2Bankrate+2 | Some of the best shorter-term/no-penalty CD yields: e.g. an 11-month no-penalty CD ~4.90% APY. Other CD terms vary and some are less competitive. Investopedia+2CNBC+2 | Penalties for early withdrawal on many CDs; for the no-penalty one there are fewer restrictions. Terms matter a lot. Business Insider+2Fox Business+2 |
Fees & What You Don’t Pay
CIT Bank’s fee structure is one of its biggest perks. Here’s what they don’t charge:
- No monthly maintenance fees on deposit (checking, savings, money market) accounts. Forbes+2Bankrate+2
- No overdraft fees. NerdWallet+2Forbes+2
- No fees for incoming wire transfers. Forbes+1
- ATM fee reimbursements: up to $30/month for out-of-network ATM surcharges. Forbes+2NerdWallet+2
What are some of the fees / costs to watch out for:
- Outgoing wire transfer fee: Typically ~$10 if your account balance is below $25,000. Forbes+2CNBC+2
- Debit card replacement fee (after one free per year) & rush delivery fees. MyBankTracker+1
- International card transactions / ATM usage abroad often carry fees (e.g. ~1% of transaction amount) and you may face foreign-exchange / service charges. TIME+1
- CD early withdrawal penalties: vary by term; usually 3 months interest (<1 year terms), 6 months (1-3 years), or up to 12 months interest (longer terms). Business Insider+1
Strengths & Weaknesses
👍 Strengths
- Very low fee structure; many costs are eliminated, which helps your money work harder.
- High APYs on savings accounts (especially when you meet thresholds) and excellent no-penalty CD yield.
- ATM fee reimbursements help mitigate having no dedicated ATM network.
- Convenient for digital banking; good mobile app ratings. Forbes+1
👎 Weaknesses
- To unlock the highest rates you’ll often need high balances or to meet deposit requirements. Not ideal if you have smaller amounts.
- No physical branches, which limits in-person customer service or cash handling.
- Some CD terms and money market yields are less competitive compared to top niche online banks or credit unions.
- Customer service isn’t 24/7; some users report slow site performance, account-opening delays, or technical glitches. Reddit+1
Who Is CIT Bank Best For?
This bank is especially good if you…
- Are comfortable with online-only banking and don’t need branch access.
- Have a savings balance or plan to keep money in savings long enough to unlock higher APYs.
- Want minimal fees and clean account features.
- Like flexibility in CDs (especially no-penalty options).
It might be less great if you…
- Need in-person banking or cash deposits.
- Can’t maintain minimum balances or monthly deposit thresholds.
- Want the highest possible checking interest or physical ATM network.
Summary & Verdict
CIT Bank in 2025 offers some of the best interest rates on savings and CDs, especially for those who can meet certain balance/deposit requirements. Its fee-free model on essential accounts (no monthly fees, no overdraft charges, incoming wires free) makes it a strong contender for people who want high yield with low hassle.
If you’re exploring where to park your emergency fund, savings, or CDs, CIT Bank deserves serious consideration — just make sure you compare with other high-yield, online banks to see if any other offer better terms for your specific balance and usage.
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