CIT Bank

CIT Bank is the online banking arm of First Citizens BancShares (NASDAQ: FCNCA), one of the largest privately controlled U.S. bank holding companies. CIT became a subsidiary of First Citizens following a 2022 merger, and the CIT Bank brand now operates as the digital-only banking channel for First Citizens' consumer banking. The institution is FDIC-insured, with deposits protected up to $250,000 per depositor. CIT is headquartered in Pasadena, California, and has built its reputation on straightforward, fee-free savings and checking products with yields that consistently rank among the top tier of online banks.

The platform's flagship savings product is the Platinum Savings account, which offers a tiered interest rate: customers with balances of $5,000 or more earn the top APY, while those below the threshold receive the standard lower rate. This structure is designed to reward disciplined savers and high-balance depositors rather than occasional users of the account. CIT also offers Savings Connect, which pays a competitive flat APY regardless of balance, as well as a selection of CDs and money market accounts. Deposits are held in a single, FDIC-insured bank entity — not a sweep network — and the bank integrates with nearly all major external banks for ACH transfers.