CIT Bank review

The monthly fee is $0, so there is no ongoing charge on the account. The account is built on a no monthly fee model, and the only deposit condition is a minimum of $100 to open it. That makes the running cost easy to state in advance.

Deposits sit under FDIC up to USD 250,000, which is Federal Deposit Insurance Corporation cover for a US bank. The account is run by First-Citizens Bank and Trust Company, so the protection follows that legal entity rather than the brand name shown in the app.

Access is online and by mobile app, with no branches to visit, so opening and day to day managing happen on screen. Support is by phone if you need help, and the bank has been operating since 1908.

The headline rate is 3.75% and the rate type is variable, which means the figure can move rather than being locked for a term. The account is an easy-access one, so there is no fixed period to run to and no term to wait out before the money is reachable.

The minimum deposit is $100, which sits above the median minimum on the savings ranking of €0.17. Anything above that balance can stay put and earn the variable rate, so the opening amount is the only threshold to plan for.

The account is based in the US and run by First-Citizens Bank and Trust Company, so the contract and the deposit protection both sit under US banking law. That points it at savers who hold dollars rather than those juggling several currencies at once.

It suits savers who want a fee-free, easy-access balance and are happy to handle everything by app. It does not suit anyone who needs a branch, a fixed rate for a term, or help outside phone, since those are the parts of the offer this account does not cover.