Is Cit Bank Legit and Safe? A Full Complete Review

CIT Bank is a well-known online bank in the United States that offers savings accounts, CDs, and money market options with competitive interest rates. It’s part of First Citizens Bank, one of the largest family-controlled banks in the country, which adds to its credibility. CIT Bank is fully FDIC-insured, meaning your money is protected up to $250,000 per depositor. Since it’s an online bank, everything is done digitally—no physical branches, just convenience at your fingertips. Overall, CIT Bank is a legitimate and safe choice for people who want to grow their savings securely and earn good interest.

What It Means: “CIT Bank is Legit / Safe / Genuine”

When I say “CIT Bank is legit”, I mean the bank is a real, functioning financial institution, with proper licenses, insurance, and is operating in good faith.
When I say “CIT Bank is safe”, I mean you can reasonably trust to park your money there — your deposits are protected, the bank is regulated, your data is secured, and the service is dependable.
On the flip side, when we’re worried about words like “scam”, “not genuine”, “security risk”, they point to situations where money is lost, promises aren’t fulfilled, the business isn’t real, or your data is exposed. So for CIT Bank, we’re checking: is it truly legitimate? Is your money secure? Are there any red flags?

How It Works: Understanding CIT Bank’s Model & Your Experience

Let’s walk through how CIT Bank works — from you opening an account to managing funds — so you know what to expect.

Company & Background

CIT Bank is part of the larger legacy of banking institutions. It’s a division of First Citizens Bank & Trust Company, which acquired the original CIT operations.
The bank is fully FDIC-insured (Federal Deposit Insurance Corporation), meaning deposits up to the legal limit are protected.
Many review sites report that “yes, CIT Bank is safe” in the sense of deposit insurance and being a real entity.

Your Banking Journey

Here’s how you’d typically use CIT Bank (if you were me doing it, or you were doing it):

1. Opening an account: You fill in personal details online (identification, linked external bank, deposit). You start with a minimum deposit (for savings account, e.g., $100) in many cases.
2. Deposits and saving: You add funds (via external linked account, check, wire). Keep in mind: Some features like mobile check deposit may be limited.
3. Earning interest / savings growth: CIT offers savings, money market accounts, CDs (certificates of deposit) with competitive interest rates.
4. Using the account: You monitor it via website or mobile, transfer funds, manage savings/withdrawals, etc. Since many operations are online, you won’t deal with branch visits.
5. Withdrawing / closure: If you need your funds, you can transfer out (subject to account terms). For CDs, you’ll need to watch maturity terms.
6. Customer service & support: If you run into issues (e.g., transfer delays, account questions), you’ll rely on the bank’s support team. And this is one area where user feedback is mixed (we’ll discuss later).

Evidence For & Against Smooth Operation

For: The FDIC-insurance and reputation of the parent bank strongly point toward legitimacy. Many expert reviews say “CIT Bank is safe” for depositors. For example Business Insider says “Yes, CIT Bank is safe. The bank’s accounts are insured by the federal government for up to $250,000 per depositor.
Against: Some customer reviews note frustrating experiences with customer service, transfers or delays. For example, a Reddit thread states:

“CIT is the absolute worst when it comes to customer service … very slow and unhelpful.
So while the bank appears to be legitimate and safe in major respects, the experience may not be silky everywhere.

Features & Offerings: What CIT Bank Brings to the Table

Now let’s look at what you get if you bank with CIT: what account types, what perks, and what limitations. Because in “is it safe/legit” land, features matter.

Account Types

• High-Yield Savings / Platinum Savings: CIT offers online savings accounts with competitive APYs (annual percentage yields) compared to traditional banks.
• Savings Connect / Money Market Accounts: They have accounts such as “Savings Connect” and “Money Market” options, each with specific minimums and terms.
• Certificates of Deposit (CDs): They offer traditional term CDs, no‐penalty CDs, and jumbo CDs. Terms vary from 6 months to 5 years.
• eChecking Account: A checking type account with some features like interest, no monthly maintenance fee, but mainly designed online.

Key Features (Why You Might Like It)

• FDIC-insurance: Deposits are protected up to at least $250,000 per depositor per ownership category. That is the strongest “safe” signal.
• Competitive interest rates: Given the online platform (no big branch network overhead), they can offer higher yields. For many savers this is appealing.
• Low or no monthly maintenance fees: Many online banks (including CIT) advertise low cost structures.
• Online-first banking: If you’re comfortable managing banking from your phone or computer, this suits you — fewer physical branch hassles.
• Reputation & legacy: Being part of First Citizens and an institution with long history boosts legitimacy.

Limitations & Things to Know

• Online only / minimal branch access: If you like face-to-face banking or branch visits, this might not be ideal.
• Customer service issues reported: Some users say phone wait times are long, support is slow.
• Some account features limited: For example, mobile check deposit may be missing or less convenient; deposit minimums exist for CDs.
• Terms for highest rate tiers: To earn the top advertised rates you might need to meet minimum balances or conditions. So your “yield” may vary.
• Transfers and access speed: Some users say moving money in/out takes longer compared to more agile online banks. See Reddit complaints.

Security, Authenticity & Trustworthiness

In the “legit and safe” conversation, security and trust are essential. Let’s break down how CIT Bank does in these.

Deposit Insurance & Regulatory Oversight

One of the biggest questions is: Is CIT Bank FDIC-insured?
Yes. CIT Bank is a member of the FDIC. moneyning.com+1
This means if the bank were to fail (very unlikely, but theoretically possible), the federal government insures your eligible deposits up to at least $250,000. That’s a key element of “safe.”
Also, being part of a large banking group (First Citizens) means regulatory oversight is in place. So on “legitimate business” grounds, CIT Bank ticks big boxes.

Website & Data Security

Because CIT is mostly online, the website’s security, encryption, authentication matter. While I don’t have full audit details, review sites highlight that the bank uses standard online banking security and is treated as “genuine” rather than some fly-by-night scheme. For example JohnnyJet says: “CIT Bank is legitimate and trustworthy… accounts are FDIC-insured.

Authenticity of Services & Products

In banking context “genuine” means: the account you open works, the interest payments are real, you can withdraw your money, you’re not locked into shady terms.
Reviewers note: “There are verified interest payments and you can access your money.
And experts say “CIT Bank’s accounts are insured, so you can sleep easy.
All this supports that CIT Bank is genuine.

What About “Scam” or Red Flags?

While I wouldn’t label CIT Bank a scam at all, there are customer complaints about service, which matter because they affect “safe” in practical terms (even if you’re protected by FDIC).
For example, Trustpilot reviews say things like “I tried to open an account and was denied… had very poor experience.
Reddit users say that the online interface and service are sub-par.
These aren’t indications that the bank is fraudulent — more that your experience may not always be top tier.

Pros & Cons: The Ups and Downs of CIT Bank

Let’s summarise what I like (and what I’d be cautious about) when it comes to “CIT Bank is legit and safe”.

Pros

• No monthly maintenance fees on many accounts and no overdraft fees.
• Competitive interest rates on savings and CD accounts, especially if you meet certain minimums.
• FDIC-insured, so your deposits are protected up to the standard limit. (That means “legit” and “safe” in the sense of deposit security.)
• Simple online process, good for people comfortable banking via website/app rather than visiting a branch.
• ATM fee reimbursements and interest-earning checking account options.

Cons

• As it’s mainly online, there are no physical branches, so if you like in-person banking you might miss that.
• Some accounts require minimum balances or deposit thresholds to earn the best rates — if you’re below that, the rate might not be great.
• Customer service and mobile/app experience receive mixed reviews — some users complain about slow transfer times, poor support or website/app glitches.
• For money you might need immediately, transfers and access may be slower compared to big branch banks or other online banks

My Verdict: Is CIT Bank Legit & Safe?

After reviewing all the info, here’s what I personally think — and I’ll address it directly to you, so you can decide.

Legit?

Yes — unequivocally, from where I sit, “CIT Bank is legit.”
The facts: it is FDIC-insured, owned by a reputable banking parent, long history, widely reviewed. That checks the “real institution” box.

Safe?

Mostly yes — I’d say “CIT Bank is safe” for the majority of people, with caveats.
Here’s what I’d tell you: If you’re using it for savings, you’re fine. Your deposits are protected, you’re banking with a real institution. That’s the core of safety.
But if you expect flawless service, ultra-fast transfers, or high-touch branch experience — you might be slightly disappointed. Safety doesn’t just mean “won’t lose your money” (which they won’t up to FDIC limits) — it also means your experience should be good. On that front, CIT is strong but not perfect.

Friendly advice to you

If I were you, considering opening an account with CIT Bank, here’s how I’d do it:

• Decide why you’re using CIT: If your goal is park savings at a good rate, then CIT is a strong contender.
• Use a secure payment link / account funding method you trust.
• Read the terms: minimum deposit, withdrawal limits, transfer speed.
• If you need frequent access to your funds (e.g., monthly), make sure the terms fit you. If you’re saving long-term, that’s a better match.
• Keep your deposits within FDIC limits (if you only have one account and ownership category, you’re likely fine anyway).
• Test the service: After you open your account, try a small withdrawal or transfer to see how smooth it is.
• If you ever run into a problem, you have the regulatory safety net (FDIC). If you just care about ease & service, be aware the bank may not shine in that area.

In short: Go ahead — CIT Bank is a solid choice. Your money is very likely safe, and the institution is legitimate. But keep your expectations realistic: you may not get the “best-in-class” service, just a very good, safe bank.

Final Thoughts & Wrap-Up

Let me wrap this up with a summary I hope feels like I’m talking to you, not at you:

When you ask “Is CIT Bank is legit?” — I say yes, confidently.
When you ask “Is CIT Bank safe?” — I say yes again, though I’d add: safe in the sense your money is protected and the bank is real; but “safe” also includes your experience, and that part is good but not flawless.

From the savings-rate side, you’ll like it. From the “going to branch” side, maybe less so. From the “customer service getting-things-fixed fast” side, you might encounter some frustrations. But none of that undermines the key point: your deposits are insured, and you’re dealing with a legitimate institution.

So if I were you, I’d feel comfortable using CIT Bank — especially for your savings, CDs, or as an online backup bank. Just don’t expect it to feel like concierge-level service. Expect a safe place, good rates, and an online-first experience.

CIT Bank FAQ

Q1: What account types does CIT Bank offer?

A: You’ll find options like high-yield savings accounts (e.g., Platinum Savings), money market accounts, certificates of deposit (CDs), and an online checking account.

Q2: Is CIT Bank FDIC-insured?

A: Yes — your deposit funds at CIT Bank are insured by the Federal Deposit Insurance Corporation (FDIC) up to applicable limits, meaning your money is protected.

Q3: How do I open an account online?

A: You’ll complete an online application, provide personal details (ID, SSN, address), link an external bank account or fund the initial deposit per account terms.

Q4: What about depositing or withdrawing funds?

A: You can transfer funds from your linked external bank, deposit checks (depending on account), or withdraw via ACH transfers. Check the specific account terms for limits and processing times.

Q5: Are the interest rates good?

A: Yes, CIT Bank is known for competitive interest rates, especially for savings accounts and CDs, thanks to its online-first model. But always compare current rates and terms.

Q6: What about fees and minimums?

A: Many of their accounts have low or no monthly maintenance fees. However, for best rates you may need to meet minimum balance requirements or follow specific terms. Check the fine print.

Q7: How is customer service?

A: While the bank is legitimate and your funds are safe, user experience with customer support and transfers has received mixed feedback. If you ever run into issues, keep documentation and allow for a bit of patience.

Q8: Is online banking secure?

A: Yes — CIT Bank uses standard online security protocols, strong encryption, and you’re dealing with a legitimate institution. That said, always use safe devices, strong passwords, and enable alerts for your own peace of mind.

Q9: Any tips before I open an account?

A: Great question 🙂 Here are some tips:

• Make sure you understand any minimums or term-conditions for rates.
• Use a payment/funding method you trust.
• Keep your login/password safe and enable alerts.
• After opening, test a small deposit/withdrawal to familiarise yourself.
• If you ever want face-to-face banking or branches, remember CIT is online-centric.