Why You’re Losing Money with Your Big Bank (And What to Do About It)

Are you tired of watching your hard-earned savings dwindle away due to sneaky fees and low interest rates at giant traditional banks like Bank of America or Wells Fargo? Me too 🙋‍♂️

Or what about those dumb ATM fees you get charged when you need to pull out cash in a pinch? Annoying!

There’s got to be a better place to keep your money these days — a legit bank that actually wants to help you grow richer…

Enter CIT Bank. A digital banking powerhouse that doesn’t have any silly junk fees or hidden monthly charges. Plus, they pay you a fantastic interest rate on your savings!

We’ve been using CIT Bank for years. And it’s time you make the switch too.

Here’s a guide on why moving to CIT Bank could be one of the smartest financial decisions you make this year.

The Hidden Costs of Traditional Banking

Giant banks like BOA, Wells Fargo, and Chase operate on an old-school business model…

They advertise low fees and great customer service. But in reality, they nickel-and-dime their customers with junk fees and maintenance charges.

And that’s how they pay for their fancy buildings, empty bank branches, and keep their stockholders happy. YOU as a client are funding their old-school-ness.

Oh and if you want to call customer service? Get ready to hear that disheartening message, “we’re experiencing unusually high call volumes at this time, bla bla bla please wait 90 minutes for the next representative.”

Big banks are also notorious cheapskates when it comes to paying out interest. They offer you pennies on your savings, meaning your money is hardly working for you.

(Actually, you’re likely losing money to inflation, because the purchasing power of your savings is eroding every month!)

The good news is: You don’t have to put up with this crap anymore.

Switching to a modern online bank (one that has all the capabilities of a big bank) is super easy.

Enter CIT Bank: Your Online Banking Solution

CIT Bank is our top pick for folks looking for a better way.

They have no account fees, no minimums, and no hoops to jump through!

Better yet, CIT Bank pays a hefty interest rate on your savings, so you can earn the most interest possible.

Year founded: 2009
Parent company: First Citizens Bank
Locations: CIT operates virtually in all 50 US states
FDIC Insured: $250,000 per depositor for each account

CIT Bank operates entirely online. Instead of spending their money on physical bank branches, they focus on developing the best technology and apps that people actually use!

And on the off chance you do need to use an ATM, they offer fee waivers to cover any charges when you need cash.

Savings Connect (HYSA)

CIT Bank’s Savings Connect account is where you should keep any large cash balances. Like your emergency fund, sinking funds, or if you’re saving up for a home or car down payment.

Here are the deets:

• Competitive APY: CIT has one of the highest savings rates in the country!
• No Minimum Balance: Earn the top rate regardless of your account balance
• Low Opening Deposit: Only $100 minimum to open an account
• No Monthly Fees: Zero account opening or maintenance fees
• Linked eChecking: Comes with a linked interest-bearing eChecking account

There is no limit to the number of electronic transfers you can make in and out of a CIT Savings Connect account.

But, you can’t withdraw cash directly from a CIT Savings Connect account because it doesn’t come with a debit card or ATM access.

This is why it’s best suited for long term savings and growth. For any money you might need instantly, just transfer it quickly to the eChecking account, and withdraw from the ATM. Easy!

Disclosure:

¹APY — Annual Percentage Yield is accurate as of January 9, 2026. 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 Platinum Savings

For all you savers with more than $5,000, CIT offers a Platinum Savings account with a boosted APY.

But, fair warning… If your account balance dips below $5,000 the rate suddenly drops to 0.25%. So this is best for folks who always have a hefty savings balance, and want to earn the highest interest rate possible!

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 January 9, 2026: 0.25% APY on balances of $0.01 to $4,999.99; 3.75% 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.

Short and Long Term CDs

If you want to lock in a specific savings rate, CIT offers a range of CDs with a minimum opening balance of $1,000.

These can be anywhere between 6 months to 5 years in term length.

They also have a No-Penalty CD, which means you can access your money at any time with no charge. Perfect for those who want to lock in higher rates but also retain flexibility. Do keep in mind that there is a $1,000 minimum to open the account.

Disclosures:

¹APY — Annual Percentage Yield is accurate as of January 9, 2026.

²With a No-Penalty CD, you may withdraw the total balance and interest earned, without penalty, beginning 7 days after funds have been received for your CD. No withdrawals are permitted during the first 6 days following the receipt of funds.

What About Branch Services?

OK, so you might be worried about CIT being an “online only” bank. I was too before I switched.

But I quickly realized the absence of physical branches isn’t really an issue. CIT Bank has a robust digital system so every task can be handled online or through its mobile app.

With 24/7 access to accounts and awesome phone support, there really is no need to visit physical branches anymore. What you used to go visit a branch for in person, you can do on your cell phone while on the couch watching Netflix.

Customer Support

CIT Bank has comprehensive customer service via phone, email, and live chat. If you need help with anything, it’s just a click or call away.

Also, they have a huge library of online resources that have guides and answers to frequently asked questions. You can Google any problem and likely have it solved in seconds.

ATM Services

Instead of operating its own expensive ATM network, CIT simply lets you use existing ATMs and then just waive all the associated fees.

You can use any ATM, and CIT Bank will reimburse you up to $30 per month in ATM fees.

Making the Switch to CIT Bank

Switching banks seems like a daunting task. But it’s truly not as bad as you think it is!

Moving your money over to CIT Bank is a straightforward process. The sooner you do it, the sooner you start saving!

Here’s an overview of the steps:

1. Research and Compare Accounts: We recommend starting with a Savings Connect and eChecking account.
2. Open It Up Online: Visit the CIT Bank website to start your application. You’ll just need to fill in your personal information, including your SSN, a form of ID, and contact info.
3. Link Your Old Bank Account: Once your CIT accounts are set up, link them to your existing bank account for easy money transfers!
4. Transfer Funds: Move your savings from your old bank to your new CIT accounts.  Ensure you maintain enough in your old account to cover any pending transactions.
5. Set Up Direct Deposits and Auto-Payments: Change your paycheck deposits at work to be put into your new eChecking account. And make sure you change your credit card auto-pay settings so it’s deducted from the correct account.
6. Monitor Everything: It’s a good idea to keep an eye on both your old and new accounts during the transition period. Using an app like Empower is a great way to do this within a single dashboard!
7. Close Your Old Account: Once everything is settled, close your old bank account to avoid unnecessary fees.

If you want, you can always keep a basic account open at your old bank. But, watch out for those fees! Most big banks charge a monthly fee if you don’t maintain a minimum balance.

After banking with CIT for a while, I’m certain you’ll feel no need to keep your old bank around.

Is CIT Bank Right For You?

We are super confident that CIT Bank is better than your current bank. It’s perfect for anyone who wants to:

• Avoid silly banking fees
• Earn the highest interest possible
• Manage everything from an app
• Have unlimited access to their cash, 24/7
• Enjoy superior customer service

If you value competitive interest rates, the convenience of online banking, and awesome customer service, CIT Bank could be the perfect fit.

Frequently Asked Questions

Take Action Now

Don’t put off this important financial task. If you’re being charged unnecessary fees by an old-school giant bank, it’s time to make the switch.

Open up a CIT Account right now and start the process of moving your money over.

You’ll be thankful when that first month’s interest payment comes in. In fact, you’ll be kicking yourself that you didn’t switch over sooner!

Put your savings to work – start today.

Disclosure:

*For complete list of account details and fees, see our Personal Account disclosures.

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