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CIT Bank is a safe popular online bank with very competitive yields and perks for its savings and checking accounts. It also has low minimum balance requirements and no fees. Before opening an account and depositing your hard-earned money, it’s worth finding the answer to, “Is CIT a legitimate, trustworthy bank or a scam?” CIT Bank is safe because it’s FDIC-insured.
Is CIT Bank Legitimate & FDIC-Insured?
Yes, CIT bank is legitimate and FDIC-insured. CIT personal and business accounts at CIT Bank are eligible for up to $250,000 in FDIC insurance benefits, similar to other legit federally insured banks. Its FDIC Cert# is 58978. This coverage is provided by First Citizens Bank (FDIC Cert #11063) which is based out of Raleigh, North Carolina.
CIT Bank also has a legitimate CIT Bank Platinum Savings account that is popular with many consumers. It earns a competitive rate on balances of $5,000 or more and only has a $100 minimum opening deposit.
Platinum Savings is a tiered interest rate account. Interest is paid on the entire account balance based on the interest rate and APY in effect that day for the balance tier associated with the end-of-day account balance. *APYs — Annual Percentage Yields are accurate as of June 12, 2025: 0.25% APY on balances of $0.01 to $4,999.99; 4.00% APY on balances of $5,000.00 or more. Interest Rates for the Platinum Savings account are variable and may change at any time without notice. The minimum to open a Platinum Savings account is $100. Based on comparison to the national average Annual Percentage Yield (APY) on savings accounts as published in the FDIC National Rates and Rate Caps, accurate as of May 19, 2025.
Learn more: CIT Bank Platinum Savings
Who Is CIT Bank Owned By?
First Citizens Bank currently owns CIT Bank as the merger was completed on January 4, 2022. The parent bank is FDIC-insured, has operated for over 125 years, and is now one of the 20 largest banks in the United States (based on assets).
The online-only accounts will continue to carry the CIT Bank name, although the physical branch locations now display the First Citizens Bank marquee.
Is CIT Bank Reputable?
Yes, CIT Bank is a reputable FDIC-insured bank and only offers online banking accounts and certificates of deposit (CDs). You will need to open an account online. Plus, you can schedule transactions through the website or mobile app.
While banking customers won’t have local branch access, there are no account fees. Additionally, most accounts only require a minimum $100 opening deposit. These accounts can also offer more features and higher interest rates than a traditional bank account.
While depositing or withdrawing funds through a linked checking or savings account is the easiest way to access your CIT Bank account balance, the service can also mail checks or send outgoing wire transfers. Additionally, you can mail deposits in lieu of online or wire transfers.
Related: Are Bank Bonuses Worth It? Weighing The Pros and Cons
Is CIT Bank Trustworthy?
Overall, CIT Bank is trustworthy and legitimate. You can trust CIT Bank to hold your deposits until you’re ready to make a withdrawal.
Here are some of the reasons why CIT Bank is trustworthy:
- It’s FDIC-insured
- There are no account opening or service fees
- It has many positive customer reviews
- There are verified interest payments and fast withdrawal speeds
However, no bank is entirely risk-free. You should review an institution’s reputation before opening an account. You may also have accounts with several banks in case one platform has technical outages or if you need to transfer funds to earn the best interest rate.
Learn more: CIT Bank Platinum Savings
Is CIT Bank Legit? Good for Savings?
Yes, CIT Bank is legitimate and offers one of the best savings account rates, and doesn’t charge any service fees. You will only need to make a minimum opening deposit. Other ongoing deposit and balance requirements can be required to earn the highest rate for that specific account.
As a result, you may consider CIT Bank Platinum Savings. It earns a competitive rate on balances of $5,000 or more and only has a $100 minimum opening deposit.
For transparency, other online savings accounts can be a better option. This depends on your banking needs or if you can’t meet the minimum opening deposit.
Related: Earn More Interest with a CIT Bank Platinum Savings Account
Final Thoughts on “Is Cit Bank Safe?”
The information for the CIT Bank eChecking account has been collected independently by Johnny Jet. The card details on this page have not been reviewed or provided by the card issuer.
In conclusion, CIT Bank is a safe, legitimate, and trustworthy bank with several high-yield savings account options with no fees and competitive rates. Its eChecking also earns interest and reimburses up to $30 in non-network ATM fees per month. Perhaps most importantly, your accounts are FDIC-insured. Additionally, balances exceeding $25,000 earn 0.25% APY, while balances under $25,000 earn 0.10%.
An eChecking account can be your best option if you want a (mostly) fee-free checking account or only have a small amount of cash to deposit. Two incidental fees you might pay are a $30 overdraft fee and a 1% fee for international purchases and ATM withdrawals. While CIT Bank is an online-only bank, you have plenty of ways to access your cash. For instance, you can transfer money to friends using Zelle®, Samsung Pay, or Apple Pay.
The Annual Percentage Yields (APY) and interest rates are effective as of March 20, 2025. Fees may reduce earnings. Checking APYs and interest rates are variable and may change at any time without prior notice, including after account opening. The minimum opening deposit for eChecking is $100. See Fee Schedule and Agreement for Personal Accounts for details. To obtain the interest rate and APY disclosed, the minimum balance for the applicable balance tier must be maintained. Must have a bank account in the U.S. to use Zelle. Transactions typically occur in minutes when the recipient’s email address or U.S. mobile number is already enrolled with Zelle. Zelle and the Zelle related marks are wholly owned by Early Warning Services, LLC and are used herein under license. The Apple Pay logo and Apple are registered trademarks of Apple Inc. The Samsung Pay logo and
Samsung are registered trademarks of Samsung Electronics Co., Ltd.
CIT Bank is part of one of the country’s largest banks, which has been in operation for over 125 years.
This CIT Bank review focuses on your personal banking options. CIT Bank currently offers these bank products:
- The Standard CIT Bank Platinum Savings
- CIT Bank 11-Month No Penalty CD
- Premier High Yield Savings Account
- CIT Bank Certificate of Deposits (CD)
- The CIT Bank Money Market Account
- CIT Bank Savings Builder High Yield Savings Account
- CIT Bank Certificate of Deposits (CD)
Additionally, a CIT Bank 11-Month No Penalty CD yields 3.50% APY at the moment. This rate is phenomenal as its maturity date is shorter than most term CDs, and you can also redeem your balance without penalties after the first seven days. The no-penalty CD lets you make fee-free withdrawals starting seven days after the original deposit date. The APY — Annual Percentage Yield is accurate as of March 20, 2025. $1,000 minimum to open the account. With a No-Penalty CD, you may withdraw the total balance and interest earned, without penalty, beginning 7 days after funds have been received for your CD. No withdrawals are permitted during the first 6 days following the receipt of funds.
With a No-Penalty CD, you may withdraw the total balance and interest earned, without penalty, beginning 7 days after funds have been received for your CD. No withdrawals are permitted during the first 6 days following the receipt of funds.
These accounts are online only, but you can easily deposit cash with online transfers or mobile deposits. The checking and savings accounts only require a $100 initial deposit. Most new CIT Bank Certificate of Deposits (CD) require at least $1,000. Your first $250,000 in CIT Bank has FDIC Insurance.
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Had a CIT Bank account with funds on deposit for over a year. Then I tried to wire 30% of the balance to escrow to close on a real estate purchase. Wire was blocked because I had changed phone carriers (same phone number). Rep told me this was policy and wires were now blocked for SIX MONTHS despite the fact that they confirmed my identity, sent me a check and allowed ACH transfers. Since escrow will only accept a wire by law in my state, I cannot close until the funds clear my local bank. Closing the account as soon as this is finalized.