When it comes to online banking, CIT Bank is often a top choice for those seeking high-interest savings accounts, certificates of deposit (CDs), and a streamlined digital banking experience. With its competitive rates, no monthly maintenance fees on most accounts, and a strong reputation for helping savers grow their money, CIT Bank has carved out a niche in the world of online-only banks. But is it truly the right choice for you? While CIT Bank offers several benefits, it also has some limitations, such as the lack of physical branches and limited checking account options. In this in-depth review, we’ll explore the pros and cons of CIT Bank, compare its offerings with other popular online banks, and highlight some of the best alternatives to consider. Whether you’re looking to maximize your savings, open a CD, or find a digital bank that fits your lifestyle, this guide will help you determine if CIT Bank is the best option for your financial needs.
The Good: Why People Choose CIT Bank
One of the biggest advantages of banking with CIT Bank is its high-yield savings accounts and competitive interest rates, particularly on savings accounts and certificates of deposit (CDs). Compared to traditional banks, CIT Bank consistently offers much higher annual percentage yields (APYs), allowing your money to grow at a faster rate over time. Additionally, CIT Bank keeps things simple with no monthly maintenance fees on most of its accounts, meaning you won’t have to worry about unnecessary charges eating into your savings. Customers also benefit from a variety of savings options, including high-yield savings accounts, money market accounts, and CDs, with specialized options like Savings Connect, which rewards users for linking accounts and making regular deposits. As an added layer of security, CIT Bank is FDIC-insured, ensuring that deposits are protected up to $250,000 per depositor. This combination of high returns, no fees, diverse savings products, and strong financial protection makes CIT Bank a compelling option for those looking to grow their savings efficiently.
The Bad: Where CIT Bank Falls Short
While CIT Bank offers competitive savings options, it does come with some notable drawbacks. One of the biggest limitations is that it is an online-only bank with no physical branches, which may be inconvenient for those who prefer face-to-face interactions or need access to in-branch services like cash deposits or in-person support. Additionally, CIT Bank’s checking account options are quite limited, making it less appealing for those who want a full-service banking experience with everyday transaction features. Another concern is customer service, which receives mixed reviews. While some customers report positive experiences with CIT’s phone and online support, others have encountered long wait times and difficulty resolving issues. If having in-person banking options, a comprehensive checking account, or consistently strong customer support is a priority for you, these drawbacks are worth considering before choosing CIT Bank.
Your Other Options: Alternatives to CIT Bank
If CIT Bank doesn’t fully meet your banking needs, there are several strong alternatives worth considering. Ally Bank is a popular online bank that offers competitive interest rates, a highly rated mobile app, and a full suite of banking products, including checking accounts, making it a well-rounded option. Marcus by Goldman Sachs is another excellent choice for those focused on savings, offering high-yield accounts with no fees, though it lacks a checking account option. If you’re looking for a combination of high-yield savings and a no-fee checking account with cashback rewards, Discover Bank is a solid alternative, backed by 24/7 customer support. Meanwhile, SoFi Bank caters to those who want a modern banking experience with strong savings rates and unique perks like early paycheck deposits and financial planning tools. Depending on your priorities—whether it’s better customer service, checking account availability, or additional banking features—these alternatives provide great options beyond CIT Bank.
Final Verdict: Is CIT Bank Right for You?
CIT Bank is an excellent choice for those who want high interest rates and don’t need in-person banking. If you’re comfortable managing your money online and are focused on growing your savings, CIT’s offerings can be a great fit. However, if you need a full-service bank with more checking options and a physical presence, you might be better off with an alternative like Ally or Discover.
Before making a decision, consider what matters most to you in a bank—whether it’s high APYs, low fees, great customer service, or access to branches. The right choice ultimately depends on your financial needs and preferences.