Narrow down top-rated accounts by fees, opening deposits and APYs. For a side-by-side comparison, tick the Compare box for up to four providers.
The Finder Score crunches over 250 savings accounts from hundreds of financial institutions. It takes into account the product's interest rate, fees, opening deposit and features - this gives you a simple score out of 10.
To provide a Score, Finder’s banking experts analyze hundreds of savings accounts against FDIC-reported national averages as a baseline. Accounts with rates well over the national average are scored the highest, while accounts with rates well below are scored low.
The Finder Score analyzes hundreds of CDs from more than 100 institutions. It takes into account the product's interest rate for available terms and opening deposit requirements - this gives you a simple score out of 10.
Different banks and credit unions offer CDs for various lengths of time, ranging from as short as seven days to as long as 20 years. For our ratings, we consider the term lengths that the FDIC uses in its monthly updates on national rates.
If a bank or credit union doesn’t offer a CD for a specific term used by the FDIC, we don’t penalize it: Instead, we simply don’t rate it. Each of the standard term lengths has its own APY rating based on the FDIC’s average rates.
The Finder Score crunches over 300 checking accounts from hundreds of financial institutions. It takes into account the product's monthly fees, overdraft fees, opening deposit, customer support options, ATM network and features — this gives you a simple score out of 10.
To provide a Score, Finder’s banking experts analyze hundreds of checking accounts against what we consider is the best option: no monthly fees, no overdraft fees, a large ATM network of 50,000 or more, additional features outside of typical banking services, and the optional perk of earning interest. Accounts that are nearly free to maintain and use are scored the highest, while accounts with costly fees and few features are scored the lowest.
As one of the longest-standing online banks in the US, CIT Bank offers a slew of mobile banking and free accounts with the assets of a large institution. With various interest-bearing accounts to choose from, it’s a solid online bank to build up your savings. The highest yield savings account offers 4.55% APY on balances of $5,000 or more, which is a pretty low balance requirement compared to other high-yield savings accounts with balance tier requirements. However, as CIT Bank is strictly online, you won’t have access to any physical branches, and all checking and savings accounts require a $100 minimum deposit.
Best for: Those looking for a bank with interest-bearing accounts.
CIT Bank is an exclusively online bank, so if having access to physical branches isn’t a priority, then it could pay off if you’re looking for a bank that offers a variety of interest-bearing accounts. With CIT, you can choose from three high-yield savings accounts, a money market savings account and multiple CD options. Plus, you’ll also earn interest on its checking account.
CIT Bank is a division of First-Citizens Bank & Trust Company and is FDIC-insured. It’s an exclusively-online bank offering interest-bearing accounts. As an online bank, CIT Bank naturally comes with a mobile banking app where you can check your account balance, review your transactions, transfer funds and deposit checks.
CIT Bank offers six different types of interest-bearing accounts to choose from, and none come with a monthly maintenance fee, which is a major plus. The highest rate is reserved for its Platinum Savings account, which earns 4.55% APY on balances of $5,000 or more. And its only checking account available, called eChecking, earns up to 0.25% APY when you meet balance requirements.
Almost all CIT accounts require a minimum opening deposit of $100. Although this is low, it’s a requirement that most online banks and free accounts typically do away with.
When it comes to customer service, reviews aren’t great. Customer service is only available by phone and email, and many customers complain of long wait times to reach support by phone.
CIT Bank offers one checking account, called eChecking, and it’s interest-bearing with few fees.
The checking account has no monthly, overdraft and incoming wire transfer fees. There are also no ATM fees, and if you use an out-of-network ATM and incur a fee, CIT covers up to $30 in ATM reimbursements a month.
This checking account is also interest-bearing, offering 0.1% APY on balances under $25,000 and 0.25% APY on balances over $25,000.
The eChecking account requires an opening deposit of $100. While this is low, most free checking accounts don’t come with a minimum opening deposit. Also, while the interest you earn is higher than the national average for interest-bearing checking accounts, it’s not the highest rate we’ve seen offered by a checking account.
There is a variety of CIT Bank savings accounts to choose from, and each account advertises no monthly maintenance fees,
The highest yielding account is the Platinum Savings account, offering a very competitive 4.55% APY on $5,000 or more. The Savings Connect account comes close with its 4.2% APY with no balance requirements, making it a great option for everyone else without $5,000 at the ready. Each account requires a minimum opening deposit of $100.
The highest APY savings account available with CIT Bank, it offers an APY up to 4.55% on balances of $5,000 or more. Balances less than $5,000 earn 0.25% APY. This account offers daily compounding interest and no monthly maintenance fees.
The Savings Connect account offers up to 4.2% APY, with no minimum balance requirements but still requires an opening deposit of $100.
This account offers the lowest APY among CIT’s other savings accounts. Its rate currently sits at 1% APY.
Savings Builder also has multiple tiers, and the tier you’re in depends on your account balance and whether you deposit $100 or more each month:
CIT’s Money Market account offers 1.55% APY, with a $100 minimum opening deposit. There are no monthly service fees and no minimum balance requirements to earn its 1.55% APY.
CIT Bank offers three types of CDs: Term CDs, Jumbo CDs and an 11-month no-penalty CD.
CIT Bank Term CDs require a $1,000 minimum to open, have daily compounding interest and rates range from 0.3% to 3% APY, depending on the term length. When the CD matures, the CDs are renewed for the same term automatically — except the 13-month and 18-month, which mature either at one or two years.
Like all CDs, there’s a penalty for withdrawing your money before it matures.
As the name suggests, CIT Bank’s 11-month no-penalty CD doesn’t have a withdrawal penalty if you need to access your funds before it matures. Interest compounds daily, with an APY up to 3.5%.
The big one, CIT Bank’s Jumbo CDs require a $100,000 minimum deposit. Rates range from 0.4% to 0.5% APY, depending on the term.
CIT Bank has been in business for over 100 years. Holding an A- rating and a 1.19-star rating with the Better Business Bureau (BBB), its reputation isn’t the worst or the best we’ve seen with an online bank.
Most negative reviews on BBB revolve around lending issues. Others complain about issues contacting customer support. Among the negative reviews around customer support, responses from CIT Bank state they can also be contacted via Facebook. Issues around communication are a common complaint we see among online banks and aren’t unique to CIT Bank. However, most online banks have started to offer live chat through their website.
On Trustpilot, CIT Bank fares a little better, holding a 2.1-star rating out of 5. Most negative reviews on this platform are unique circumstances, but a common thread among the reviews are customers expressing disappointment because they were denied a savings account.
Positive reviews on Trustpilot outrank the negative ones, with happy customers stating the representatives are respective and professional. However, most positive reviews revolve around equipment financing, and there’s little mention of banking experiences.
The CIT Savings Connect account offers a great 4.65% APY on your entire balance, has no account fees and a low minumum opening deposit.
CIT Bank Money Market Account’s benefits, drawbacks and our final verdict.
An online savings account with a poor APY with tough requirements.
This online-only savings account offers a solid APY with no account fees to grow your savings.
Match your CD to your savings goals at this online bank.