CIT Bank's Checking Account Offering
CIT Bank does not offer a traditional checking account. The bank is an online-only division of CIBC Bank USA and focuses on savings products — primarily high-yield savings accounts and money market accounts. If you need a checking account with debit card access and check-writing capability, you will need to open an account at a different bank.
CIT Bank's business model centers on savings rather than transaction accounts. This means no monthly fees for checking, but also no checking product to choose from. Many people use CIT for savings while maintaining a checking account elsewhere, which is a common strategy for maximizing interest earnings on money you do not spend regularly.
Key Takeaways
- CIT Bank offers only savings and money market accounts, not checking accounts with debit cards or check-writing features.
- You can use CIT Bank for savings while keeping a checking account at another bank for everyday spending and bill payments.
- CIT Bank's savings accounts typically offer higher interest rates than most traditional banks because they operate online only.
- If you need both checking and savings in one place, you will need to open accounts at different institutions or choose a bank that offers both products.
Why CIT Bank Focuses on Savings Only
CIT Bank's strategy is to offer high-yield savings accounts without the overhead costs of maintaining checking accounts, branches, or debit card networks. By staying focused on savings products, the bank can pass higher interest rates to account holders. This model works well for people who have a separate checking account elsewhere and want to park money in a high-interest savings vehicle.
The trade-off is clear: you get better rates on savings, but you cannot write checks or use a debit card from your CIT account. This is not a limitation if you plan to use the account only for money you are setting aside, not for daily transactions.
How to Use CIT Bank Alongside Your Checking Account
Many people open a CIT Bank savings account while keeping their checking account at a traditional bank or credit union. You can transfer money between accounts using external transfers, which typically take one to three business days. CIT Bank allows you to link external bank accounts for moving money in and out.
A common setup is to keep your paycheck and monthly bills at your main bank's checking account, then move extra money to CIT Bank's savings account for higher interest earnings. This way you maintain the convenience of checking and debit card access while earning more on savings.
Alternatives if You Need Checking and Savings Together
If you prefer to have both checking and savings at the same institution, several online banks offer both products. Banks like Ally, Charles Schwab, and Discover offer checking accounts with debit cards alongside savings accounts. Traditional banks and credit unions also offer both products, though their savings rates are typically lower than CIT Bank's.
The choice depends on your priorities. If maximizing interest on savings is your main goal, splitting accounts between CIT and a checking-focused bank often yields better results. If convenience matters more than rate differences, a single bank offering both products may be the better fit.
CIT Bank's Savings Account Features
CIT Bank's primary products include a high-yield savings account and a money market account. Both accounts offer competitive interest rates that change based on market conditions. You can open an account online with a minimum deposit that varies by product — typically $100 to $1,000. Funds are FDIC-insured up to $250,000 per account category.
Withdrawals from CIT savings accounts are not limited by federal regulation, though the bank may impose its own limits. You can make transfers to external accounts or withdraw funds, but there is no debit card or check-writing option. Interest compounds daily and is credited monthly.
Moving Money Between CIT and Your Checking Account
Transferring money from CIT Bank to your checking account at another bank takes one to three business days through ACH transfer. You initiate the transfer online through your CIT account by linking your external checking account. The process is straightforward but not instant, so plan ahead if you need the money on a specific date.
Deposits to your CIT account from your checking account follow the same timeline. Some people set up automatic transfers on payday to move a portion of their paycheck directly to savings, which removes the temptation to spend the money.
Frequently Asked Questions
Can I get a debit card from CIT Bank?
No. CIT Bank does not issue debit cards because it does not offer checking accounts. All transactions with CIT Bank happen through online transfers or ACH payments to external accounts.
Can I write checks from a CIT Bank savings account?
No. Check-writing is not available on any CIT Bank account. If you need to pay someone by check, you must use a checking account at another bank.
What happens if I need to access my money quickly?
You can request a transfer to your external checking account, which takes one to three business days. There is no way to access CIT funds instantly, so keep money you need immediately in your checking account instead.
Is my money safe at CIT Bank if it only offers savings accounts?
Yes. CIT Bank is FDIC-insured, meaning deposits up to $250,000 per account category are protected by federal insurance. The bank's limited product line does not affect the safety of your deposits.
Can I use CIT Bank for my paycheck direct deposit?
No. CIT Bank does not accept direct deposits because it has no checking account. You would need to set up direct deposit at a checking account elsewhere, then transfer money to CIT if you want to save it.