Summary: A division of First Citizens Bank, CIT Bank operates exclusively online. It offers a variety of personal and commercial banking products and services. CIT Bank was ranked as one of our top 10 online banks for 2025. >;cpos:1;pos:1;elm:context_link;itc:0;sec:content-canvas;outcm:mb_qualified_link;_E:mb_qualified_link;ct:story;\\" class=\\"link yahoo-link\\">See our full ranking of the 10 best online banks>>

CIT’s Platinum Savings account currently offers 0.25% APY on balances of less than $5,000, and 3.85% APY on balances of $5,000 or more. The minimum opening deposit for this account is $100 and interest compounds daily. There are no monthly account fees.

Disclosure: 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 September 23, 2025: 0.25% APY on balances of $0.01 to $4,999.99; 3.85% 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.

The Savings Connect account offers a generous 3.75% APY with a minimum opening deposit of $100. Interest is compounded daily and credited to the account monthly.

Disclosure: APY — Annual Percentage Yield is accurate as of September 23, 2025. Interest Rates for the Savings Connect Account are variable and may change at any time without notice. The minimum to open a Savings Connect account is $100. Fees could reduce earnings on the account.

CIT’s Savings Builder account offers up to 1% APY with a minimum balance of $25,000 or a $100 monthly deposit. Interest compounds daily. The minimum amount needed to open this account is $100 and there are no monthly account fees.

The eChecking account requires a minimum deposit of $100 to open and earns 0.10% APY on balances under $25,000. Balances $25,000 and over earn 0.25% APY. There are no monthly fees or overdraft fees associated with this account.

The CIT Money Market account offers a 1.55% APY with a minimum opening deposit of $100. There are no monthly account fees.

CIT offers a few different types of CDs, including:

Term CDs: These CDs offer terms ranging from six months to five years with a minimum opening depositof $1,000. Interest compounds daily.

No-penalty CDs: CIT currently offers one no-penalty CD with an 11-month term.

Jumbo CDs: Savers with larger account balances can take advantage of CIT’s Jumbo CDs, which come in 2-year, 3-year, 4-year, and 5-year terms. The minimum opening deposit is $100,000 and interest compounds daily.

RampUp CDs: CIT’s RampUp CDs come in terms ranging from 1 to 4 years with a minimum opening deposit of $25,000.

CIT Bank offers a variety of purchase and refinance mortgage loans.

CIT Bank does not charge monthly maintenance fees on its accounts, but there are a few other fees you could incur as a customer:

Read more: What are bank fees, and how do I avoid them?

Here’s a closer look at some of the pros and cons of banking with CIT Bank:

Pros:

No monthly account fees: CIT Bank does not charge any monthly fees for account maintenance or most account services.

Competitive interest rates: Some of CIT’s deposit account rates reach up to 3.85% APY, which is well above national averages.

ATM fee reimbursement: CIT customers can get up to $30 in ATM fee reimbursements per month.

Cons:

No physical branches: CIT is strictly an online bank with no physical branch locations for customers to visit.

Low rates offered on lower account balances: CIT has tiered rates for certain accounts, which can be a drawback for customers with lower account balances.

High opening deposit for CDs: The minimum opening deposit for a CIT Bank CD is $1,000, which may be too much for savers who are just starting out.

CIT banking representatives can be reached via secure email or automated telephone 24/7. To speak with a live banking representative, you can call 855-462-2652 during the following hours:

Monday through Friday from 9 a.m. to 9 p.m. ET

Saturday from 10 a.m. to 6 p.m. ET

CIT Bank is closed Sundays and holidays.

Home loan customers can reach a representative at 800-217-6629, Monday through Friday from 9 a.m. to 8 p.m. ET. Representatives are not available on weekends or holidays.

The CIT Bank mobile app is available for download on Google Play and the App Store and has a rating of 4.7 stars on both storefronts. Customers can use the app to manage their accounts, check balances, transfer funds between accounts, send and receive money via Zelle, and more.

CIT has made a commitment to its environmental and social goals in a few key ways.

In response to natural disasters in California and Florida, CIT planted more than 100,000 trees in those states through a partnership with nonprofit One Tree Planted. CIT has also partnered with Carbonfund.org to reduce its carbon footprint related to air travel and building electricity consumption.

Many of CIT’s employees have donated their own time back to the communities CIT serves. CIT’s volunteer cyclists in New York, New Jersey, and California participated in Cycle for Survival events, raising thousands of dollars for the Memorial Sloan Kettering Cancer Center.

In 2019, CIT created the Be You Diversity & Inclusion program, which offers a host of employee resource groups in an effort to promote an engaged and more inclusive workplace environment.

Read more: What is sustainable banking?

CIT Bank is a division of First-Citizens Bank & Trust Company, which is an FDIC-insured institution. Deposits are insured up to $250,000 per depositor, per account ownership category.

CIT’s routing number is 124084834.

The popularity of online banks has exploded since the internet was commercialized in the late 1990s and early 2000s. According to university researchers, online banks have increased their deposits by a factor of 30 since 2001, three times the rate of traditional banks in the same period.

Why? Customers are drawn to the higher interest rates that online banks offer on deposit accounts, which also often come with lower fees.

It’s no surprise that banking customers like higher rates and lower fees. But why is it that online banks consistently offer the most competitive savings options? Let’s take a look.

Read more: The 10 best online banks of 2024

Every bank is different, but their reason for paying higher deposit rates often comes down to a combination of lower costs and more competition.

Online banks typically face lower overhead costs than traditional banks. This is because they don’t maintain physical branches, which means they don’t have to pay to lease buildings, heat and cool them, pay people to clean at the end of the day, and so on. Simply put, there are far fewer expenses when banks aren’t paying to run hundreds or even thousands of branches five to six days a week.

Online banks don’t pocket the entirety of the cost savings they achieve through lower overhead. They often pass those lower costs on to consumers, which is one reason for the higher deposit rates and lower fees.

One of the primary ways banks make money is by lending out customer deposits to individuals and businesses. So they need to encourage customers to keep money in their accounts. However, online banks are often newer companies without the brand loyalty of big banks, so they may need to pay higher interest rates to encourage new business.

Competition can be fierce in banking, which is only amplified with online banks. Customers can now use more than just a handful of banks near home; they can open an account with an online bank from anywhere, within minutes.

There are dozens of online banks, all vying for deposits from the same customers. As a result, there can be a race to the top. In theory, the bank that pays the highest rates can win over more customers from competing banks.

The national average savings account rate is just 0.46%, according to the FDIC. However, many online banks pay interest rates upwards of 5% APY.

That said, deposit rates for online savings accounts rarely exceed the federal funds rate, which is the rate banks pay to borrow money from each other overnight. As of Aug. 22, the Fed’s target range is 5.25%-5.50%.

Even online banks looking to push the limit on deposit rates don’t usually exceed the top end of that range. And for those that are close, there may be caveats. For instance, Poppy Bank pays 5.50% APY, but the depositor must maintain a minimum balance of $1,000. MyBankingDirect pays 5.35% APY but requires a minimum of $500 to open. Flagstar pays 5.35% as well, but the minimum balance is $25,000, and the high APY is only guaranteed for five months.

As mentioned, online banks give customers high rates to attract their deposits and prevent them from going to competitors. However, competitive environments usually mean things are constantly changing, and online savings rates are no exception. That said, these are the best online savings rates currently available:

If you don’t want to be at the mercy of variable savings account rates, which can change frequently, you might consider a certificate of deposit (CD). These accounts often have fixed interest rates, allowing you to lock in your APY for the entire term.

The catch: You usually can’t make withdrawals from a CD before the maturity date without paying penalties, but some consumers might see that as a fair tradeoff to avoid the possibility of a drop in savings account rates. That is especially true as interest rate cuts seem increasingly likely this year.

If that happens, deposit rates will follow suit. However, locking in one of today’s top CD interest rates can help insulate you from falling deposit rates:

Online banks can offer many benefits, including high interest rates, few fees, and low minimum balance requirements. These perks can be attractive to consumers who want to get the most out of their money, especially if they already do most of their banking from a mobile device.

However, online banks can have drawbacks. For one, they don’t have physical branches, which means you can’t meet with someone in person if you need help (though many online banks offer 24/7 customer support via phone, email, or live chat). You may be able to find competitive savings account rates at your local community bank or credit union, where you’ll receive more personalized attention as well.

Many online banks also have a convenient mobile check deposit feature. However, it may be tougher to deposit cash. And when you can, you may need to pay a fee.

Similarly, while some online banks give you access to vast ATM networks, not all have this benefit. Those that don’t may reimburse you (up to a limit) for third-party ATM fees, but you still have to pay the fee upfront.

Overall, online banks have several benefits and drawbacks to consider. If you feel the pros outweigh the cons, they can be a great place to keep your money. However, you can always keep your traditional bank account active alongside an online savings account. That way, you will still have access to in-person services should you need them, along with the benefits online savings accounts offer.

Are you satisfied with your bank? In 2024, almost half of all consumers told J.D. Power they were considering switching to a new bank in the next year.

If you're part of this group, a new account bonus might be the incentive you need to finally make the move. Some online banks are offering account sign-up bonuses as high as $300. Plus, these banks typically have higher deposit rates and lower fees than their brick-and-mortar counterparts.

Just be sure to read the bank's terms and conditions before applying for an account, since there are usually specific deposit requirements to earn account bonuses.

Read more: How to switch banks: An easy step-by-step guide

Like many traditional banks, some online banks pay you to bring your business to them. If you open an account at the right bank, and you do it at the right time (since these are limited-time offers), you can earn a one-time cash bonus from the bank.

Why do banks offer these welcome bonuses? In short, it's to attract new customers and their cash deposits without having to offer higher interest rates.

Unfortunately, online banks don't usually offer the same size bonuses as traditional banks — think low hundreds versus up to a thousand dollars or more. But if you plan to keep the online account open for the long-term, you'll probably enjoy the competitive interest you get from an online bank, and the fact that online bank fees are lower than what you pay at most traditional banks.

Read more: New bank account promotions for 2025: Earn up to $3,000

Each bank is a little different, but here's what is usually required to qualify for an account-opening bonus from an online bank:

New funds: You usually have to be a new customer at the bank, or you might have to be new to a specific type of account at the bank. For example, you can only earn Discover's savings account bonus if you don't already have a savings account with Discover.

Direct deposits: Most banks only reward you if you receive a minimum amount of direct deposit funds within a set time frame. With many banks, the only deposits that qualify are recurring deposits from your employer or your benefit providers (including the government).

Promo code: You may need to enter a special promotional code when you apply for the account. If needed, you can usually find this code on the bank's website or in special offers sent by mail.

Some of the largest online banks in the U.S. offer new account bonuses. These offers are subject to change, but here's what you can find today.

Technically a credit union and not a bank, Alliant Credit Union is currently offering a bonus of $100 to new members who open an online savings account. However, the bonus takes a full year to earn. You'll also need to keep a minimum average daily balance of $100 in your savings account throughout the year in order to qualify.

But this account is still a great option for savers since it offers an APY that’s 15 times the national average — and there are no monthly fees if you set up ePayments. You can also qualify for the bonus based on any deposits you receive, not just recurring direct deposits.

Read more: 7 credit unions anyone can join

With BMO, you can choose from two checking accounts, both of which have a $300 opening bonus. The requirements to qualify are the same for both accounts, but for BMO's Smart Money Checking, you'll have to pay a $5 monthly maintenance fee if you're over 25 years old.

Read our full review of BMO Alto

Capital One offers a no-frills checking account that pays a $250 opening bonus. There are no monthly fees or minimum deposit requirements for the account, and it earns a small amount of interest (0.10%) which beats the 0% you get from most other checking accounts.

Read our full review of Capital One

Compared to other accounts on our list, the requirements to earn Discover's bonus are steep. To earn the $200 account-opening bonus, you'll have to make $25,000 in qualifying deposits in just 45 days.

If that's not doable for you, the competitive 3.75% APY on this account can be a good incentive to open this savings account anyway.

Read our full review of Discover

With a new SoFi checking account, you can earn 0.50% APY and a bonus of either $50 or $300 — $50 if you deposit $1,000 or more in 25 days and $300 if you deposit $5,000 or more. It’s important to note that this checking account is part of a combination online bank account, which includes a SoFi savings account.

Unlike most other banks, pre-existing customers can be eligible for the bonus if they already bank with SoFi, but have never received a direct deposit to their SoFi accounts.

Read our full review of SoFi

Switching banks can be a bit of a hassle since it means updating your banking information with a variety of billing companies and other agencies. So before you make the jump, check to see if the account is truly a fit.

To find the best option, look over the terms and conditions and make sure you meet all of the requirements to earn the bonus. For example, make sure your deposits can be counted toward the minimum deposit requirement. You'll also want to review the account fees to make sure they won't offset your cash reward.

Once you open the account, be sure to set up the required transactions ASAP. This might mean contacting your employer or benefit provider to reroute your payments.

Finally, be aware of tax implications. The bonuses and interest you earn from your bank accounts can be reported to the IRS and taxed as income. So, if you frequently take advantage of new account bonuses, you might see a small increase in your tax liability.

Read more: Do I have to pay taxes on my savings account?

If you visit your local bank branch to manage your accounts, you're in rare company. In 2023, the American Bankers Association found that only 9% of people preferred to handle their bank transactions in person — via traditional banking. By contrast, 71% preferred online alternatives.

In the past, traditional brick-and-mortar banks were the only option available. But now, most banks offer a combination of traditional services and online banking, so you can choose to manage your account online or by visiting a physical branch. However, if you're looking to lower your bank fees or earn higher interest on your deposits, you might want to try an online-only bank.

Online banking, or digital banking, is done over the internet, whether through an app or on your computer. If your financial institution offers online banking, or if it is an online-only bank, you can generally conduct all of the following activities electronically, 24/7, from any location with internet service:

Log in to your bank account(s)

Transfer funds

Deposit checks by uploading check photos

Review account transactions

Set up automatic bill payments

Apply for bank accounts, loans, and credit cards

In recent years, many banks have shifted to these kinds of online and mobile offerings and away from in-person services. Between 2021 and 2023, a net of 6,191 bank branches closed in the U.S. Wells Fargo alone closed 293 branches in 2023, according to S&P Global.

The main difference between traditional and online banking is the ability to conduct banking activities in person.

With a traditional bank, you can visit a branch during business hours to do things like get a money order, withdraw funds, or use a safe deposit box. Some traditional banks also offer in-person wealth management services or financial advising.

You probably won’t get those services if you switch to an online-only bank, but there is a major upside: Online banks have fewer overhead costs, so they tend to pass savings on to customers through low or no bank fees, high deposit rates, and better credit card rewards.

You don't necessarily have to choose between traditional and online banking since many banks offer both options. But if you currently rely on traditional banking only, you could benefit from moving some of your money to an online bank. The mix of both banking types gives you the best of both worlds: In-person support when needed, plus 24/7 banking services, competitive rates on your deposits, and lower fees.

For example, you may want to open a checking account at a traditional bank for day-to-day transactions but deposit your emergency savings into an online high-yield savings account.

Despite what you might assume, moving your deposits to an online bank can also improve your account security. According to Comparitech, a company that provides information and reviews on cybersecurity services, banks represented almost half of all companies that experienced financial data breaches in 2023, but online banks experienced less than 0.5% of data breaches.

Whichever way you choose to go, make sure you can answer these questions before opening an account at any bank:

Location: For traditional banks, is there a bank branch in your area?

Insurance: Is the bank FDIC-insured, per BankFind Suite? For a credit union, is it NCUA-insured per NCUA.gov?

Security: Do the accounts come with essential security features like two-factor authentication and facial recognition?

Fees: Are there monthly accounts fees and/or fees for dropping below the minimum balance requirement?

APY: Can you earn competitive interest rates on your deposits?

Speed of transactions: Does the bank use a payment service like FedNow that lets you access your paycheck deposits and transfer payments within seconds, or is there a 1-3 business day delay?