CIT Bank Review 2017 – A No-Fee, High-Interest Savings Account

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Are you sick and tired of paying high fees for banking services? How about receiving next-to-no interest on your online savings accounts? CIT Bank is an online banking solution designed to address these complaints. It offers some of the highest-paying interest rates on both savings accounts and certificates of deposit (CDs) available on the web. And what’s more, there are no account maintenance fees for CIT Bank’s banking products.

What Is CIT Bank?

Now, first things first. CIT Bank is not Citibank. (Yes, it is a bit confusing.) It’s not related to Citigroup at all. Rather, CIT stands for “Commercial Investment Trust” and has its roots in a company founded in 1908.

Based in Pasadena, Calif., CIT Bank’s parent company, CIT, has more than $50 billion in assets, and CIT Bank itself has over $40 billion in assets and $30 billion in deposits. In addition to online banking, CIT Bank also offers business services for small businesses, as well as a wide range of home mortgage products.

CIT Bank Features

Minimum Deposit $100
Account Fees None
Mobile App Yes — Apple iOS and Google Android
Website Access Yes
Promotions None

How CIT Bank Works

CIT Bank offers a high-yield savings account — the Premier High Yield Savings account — and several different CD products, some of them incredibly innovative. It also offers custodial accounts.

But CIT Bank does not offer checking accounts, auto loans, credit cards or IRAs. So CIT Bank functions basically as an online savings bank.

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