CIT Bank, a division of First-Citizens Bank and Trust
Analysis

logo for CIT Bank, a division of First-Citizens Bank and Trust

Ari Socolow profile image Written by Ari Socolow | Lacra Burg profile image Edited by Lacra Burg | Updated December 1, 2024

General

CIT Bank is now owned by First-Citizens Bank of North Carolina which is using it as a vehicle to grow its online banking presence nationally.  It previously was primarily an equipment leasing company and have a strong online presence dating over a decade. 

Advantages

  • CIT offers competitive rates on its online savings account and some of its online CDs.  
  • The bank has no fees and some of its ATM surcharges may be reimbursed (up to $30 per month).

Disadvantages

  • The online bank has no branch network and customers in NC may not access account services through First Citizens.
  • Not all CD rates are competitive.

Savings Fees


Fee Type
Non Sufficient Funds $0.00
Maintenance $0.00
Out-of-network ATM $0.00
Excessive Transaction $0.00
Incoming Wires $0.00

CIT Bank, a division of First-Citizens Bank and Trust Reviews


  • June 2, 2022 |

    I've been a customer since CIT emerged from the financial crisis as a real competitor in this space (14 years or so). Zero complaints about anything over this time ... until today. Now they are offering a higher rate 0.90% for new customers than for someone like me who has been loyal. The higher 20 basis points is $1,000 a year on my account of $250,000 that they prefer to give to someone who will be there for a couple months instead of to me who would (would have) stayed another 14 years. What gives?


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