If you’re looking for a reliable, in-depth resource on CIT Bank, you’ve come to the right place. Whether you’re exploring online banking options, comparing interest rates, or evaluating a bank’s reputation before opening a high-yield savings account, understanding CIT Bank’s offerings, reviews, and fees is essential. Our platform brings you everything you need to make informed financial decisions—especially when your money’s on the line.
Is CIT Bank a Real Bank?
Yes, CIT Bank is a legitimate and FDIC-insured financial institution. It’s not just a digital bank or a fintech startup—it’s a full-fledged bank that has been serving customers for many years. With a strong focus on online banking services, CIT Bank has gained popularity for offering competitive savings rates, low fees, and modern financial tools for individuals and businesses alike.
How Long Has CIT Bank Been Around?
CIT Bank has been a trusted name in the financial industry for decades. Originally founded as part of CIT Group, the bank has undergone several transitions and rebranding efforts, but it has always focused on providing secure, innovative banking solutions. If you’re wondering how long CIT Bank has been in business, the institution has been operating in some form for over a century, adapting to modern financial landscapes with a strong commitment to customer service and digital innovation.
CIT Bank Merger: What You Need to Know
A major milestone in CIT Bank’s journey was its merger with First Citizens Bank, finalized in 2022. This strategic merger has not only expanded CIT’s service capabilities but also increased CIT Bank’s asset size significantly, making it a more robust and competitive player in the U.S. banking sector. As of today, the CIT Bank asset size is well into the billions, giving customers additional confidence in its stability and lending power.
CIT Bank Reviews: What Do Customers Say?
When researching where to keep your hard-earned money, consumer feedback matters. According to CIT Bank reviews on Consumer Reports and other trusted platforms, many users appreciate the high interest rates on savings accounts, intuitive mobile banking experience, and the lack of monthly maintenance fees.
However, like all banks, CIT is not immune to criticism. Common concerns include limited physical branches and occasional technical glitches. If you’ve searched for “CIT Bank not working,” you’re not alone—temporary outages or slow app performance are sometimes reported. Fortunately, customer support is generally responsive, and the bank actively resolves most issues.
For those seeking a well-rounded perspective, you can also check CIT Bank’s BBB rating (Better Business Bureau). The rating is typically strong, indicating that CIT Bank is committed to addressing customer complaints and maintaining transparency in its operations.
CIT Bank ATM and Transfer Fees Explained
One of CIT Bank’s most appealing features is its fee transparency. Understanding CIT Bank ATM fees and transfer fees can help you avoid unnecessary charges.
- ATM Fees: CIT Bank does not operate its own ATM network but provides reimbursement for fees charged by other banks—up to a certain monthly limit.
- Transfer Fees: Most electronic transfers (ACH) are free, but wire transfers and certain expedited services may incur small fees.
Knowing this can help you maximize your savings and make cost-effective banking decisions.
Why Choose CIT Bank?
Choosing a bank isn’t just about interest rates—it’s about trust, performance, and access. CIT Bank consistently ranks among the best online banks in America, especially for people looking for:
- High-Yield Savings Accounts
- No-Fee Online Checking Accounts
- Competitive CD Rates
- Low-Cost Personal Loans
- Business Financing Solutions
CIT Bank offers top-tier APYs (Annual Percentage Yields) on their Savings Builder and Money Market accounts, often outpacing traditional brick-and-mortar banks. This makes them an excellent option for anyone focused on long-term saving strategies and high-yield returns.
CIT Bank vs. Other Online Banks
If you’re comparing CIT Bank to other digital banks, you’ll notice several key differences:
| Feature | CIT Bank | Other Online Banks |
|---|---|---|
| High-Yield Savings Rate | Competitive (often 4%+) | Varies |
| Monthly Fees | None for most accounts | Sometimes present |
| ATM Fee Reimbursement | Yes | Varies |
| BBB Rating | A- or Better | Mixed |
| FDIC Insurance | Yes (up to $250,000) | Yes |
| Merger Stability | Strong (via First Citizens Bank) | Varies |
These comparisons show why so many savvy consumers are making the switch to CIT.
FAQs About CIT Bank
Is CIT Bank good for saving money?
Absolutely. With some of the highest savings account interest rates, CIT Bank is built for those who want to grow their money fast and securely.
Does CIT Bank have physical locations?
CIT Bank primarily operates online, which allows them to cut overhead costs and pass the savings onto you in the form of higher rates. However, post-merger, some services may now be available at First Citizens branches.
Can I trust CIT Bank with large deposits?
Yes. CIT Bank is FDIC insured, which means your deposits are protected up to $250,000 per account holder, per account category.
Final Thoughts: Should You Bank with CIT?
In today’s financial landscape, finding a bank that offers security, strong customer service, and real financial growth opportunities is crucial. CIT Bank checks all these boxes. From its long-standing reputation and strong BBB rating, to its merger-driven growth and fee transparency, CIT Bank proves to be an excellent choice for individuals and small businesses alike.
Whether you’re worried about ATM fees, comparing high-interest savings accounts, or just checking whether CIT Bank is still in business—it’s clear that CIT Bank is a real, reliable, and rewarding option in 2025.