CIT Bank Review
CIT is a national bank that was founded in 1908 by Henry Ittleson who wanted to bring banking to his local St. Louis, Missouri community.
In the years since, CIT has been on a massive growth trajectory, establishing branches all over the country and as far away as Canada. They have acquired a number of other banking companies during their growth, including the Mutual Bank of Omaha which was officially integrated into their network in 2020.
Similar to other banks and credit unions, CIT offers a wide range of financial products, with everything from checking and savings accounts to CD’s and money market accounts. They want to make financial products easy to attain for every business and individual.
CIT Bank can be a perfect fit if:
- You have the funds to qualify for the higher savings rates
- You want a lower minimum deposit for your CDs
- You want an interest bearing checking account
- You already have a credit card from another issuer
Money Market Account
CIT Bank provides customer service online or through its automated telephone banking system, which is available 24 hours a day, seven days a week. If you do need to speak with a customer service representative, the lines are only open from 9 a.m. to 9 p.m. Monday through Friday and from 10 a.m. to 6 p.m. on Saturdays.
CIT Bank's websites are simple to use, allowing you to explore the products and the help center for various financial topics. Even if you are unfamiliar with which banking services are best for you, this provides an excellent user experience. The CIT app has received ratings of 4.6/5 on Apple and 4.2/5 on Google.
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The CIT Bank Savings Builder savings account has loads of benefits and features which will make saving easy. CIT Bank has one of the highest interest rates in the country, offering Savings Builder – 0.70% / Savings Connect 1.65% . And with no account opening or maintenance fees, you can simply sit back and watch your money grow. If you aloo cary a CIT checking account, you can can even better rate – 0.90% APY and also earn interest on your eChecking funds.
Even if you don’t have enough dollars to earn the upper-tier interest rate right away, CIT Bank offers many competitive interest rates to get you started. And no matter how much money you start with, they offer a great introductory interest rate for new customers. All interest earned with CIT Bank compounds daily to maximize your earning potential. You can easily deposit into your CIT Bank savings account using their mobile app, so no need to make a trip to the bank every time you wish to deposit.
There are some limits to their savings account, however, and you will be limited to only 6 withdrawals per billing cycle. So, if you think you will need to access the money in this account more frequently, it’s probably better to consider a checking account instead. In any point, you can close your account online if you need to do that for any reason.
CIT Bank offers a solid checking account to fulfill all your needs. First of all, the barrier to entry is low with only a $100 minimum deposit required. And no matter what your account balance, you can earn competitive interest rates on the money in your checking account.
Each holder of a CIT account is issued a debit card with chip technology. And withdrawals are free at all CIT ATMs. If you need to use an ATM outside of the CIT branch, that’s okay too, as they reimburse up to $30 of ATM fees each month, which basically gives you easy access to your money for free.
The convenient CIT mobile app means you can check your balance and make transfers, send Zelle payments, and deposit checks all from the convenience of your phone. And if you work weird hours, don’t worry as these features are available around the clock. The best part of all? A checking account with CIT has no monthly fees.
Money Market Account
For those of you looking to grow your money as efficiently as possible, consider a CIT Money Market Account. This account offers competitive interest rates to help you achieve all your money savings goals, whether this is for an emergency fund or maybe a new home for your family.
There is a $100 minimum opening deposit to open a money market account with CIT, but there are no monthly fees, making it easy to grow your money. All accounts with CIT are FDIC insured, so you can rest assured that your money is in safe hands. And CIT offers competitive interest rates which are 7x the national average.
Although CIT’s Money Market account has the same transaction limit as their savings account with only six withdrawals allowed per billing cycle, depositing and transferring is kept simple thanks to their amazing mobile app. No need to wait in line at the bank or in the drive-thru, as you can manage your money 24/7 from the comfort of your cellphone.
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Certificate Of Deposits (CDs)
CIT offers a number of CD options to suit every budget and savings style. Their most famous CD is their 11-month no-penalty CD, which is aptly titled as you will not receive any penalties if you need to pull this money out before the 11-month maturity date. While your money is in there, however, enjoy a competitive 0.30% APY without worrying about the risk.
Whatever CD account you may choose, there is a $1,000 minimum opening balance, with an APY which goes up the longer you can leave your money in the specified account. There are no account opening or maintenance fees, which helps ensure you earn the maximum amount of money. Interest is also compounded daily to allow better returns.
Which CD you select will depend on your individual needs and how long you can do without using the money you will be putting into your CD. These types of accounts are best used for long-term savings such as when you are saving for retirement. Just like all of their other accounts, all funds up to $250,000 are insured by the FDIC so you know that your money is in good hands.
If you are a new customer, you are restricted to the types of CD accounts you can open. If you are a returning customer you have a wider selection of CD accounts available to you, such as a ramp-up CD. Inquire with CIT Bank for more information about all of their CD account types.
CIT offers a number of mortgage products. Fixed-rate mortgages with terms of up to 30 years are available, as are portfolio interest-only loans. In addition, qualified borrowers can obtain a 30-year fixed-interest loan. CIT has an added incentive. When you close your new home loan, you will receive $525 cash back. Relationship discounts of up to 0.20 percent are also available.
Let’s take a look at the benefits of CIT Bank and see if it’s the right bank for your needs:
CIT Bank offers a basic package for customers who want a checking account, without all the bells and whistles.
Although you don’t get paper checks, their app and website make it easy to use your account to pay all your bills digitally. And the best part is, this account is free as long as you have a direct deposit each month into your account.
Besides offering low fee and inexpensive financial options, one of the best things about CIT bank is they offer a wide range of products.
This means if their affordable banking package isn’t for you, you have the freedom to choose an account that is better for you. They currently offer a wide range of accounts to suit any financial need.
Whether you prefer to use an online website or their mobile app, all of their products are easy to navigate.
This means you can easily pay all your bills right from your phone each month without any additional confusion. And if you do need help, their customer service number can easily help you with any issues.
CIT bank offers competitive rates compared to industry average on almost all financial products it offers.
Since it's an online bank, the low cost of operations help the bank stay competitive and offer better rates for its customers
Here are the most important cons you should consider before applying:
Although their accounts can be free, this is often only an option available to those who keep a specified amount of money in their account. And this amount can be very high depending on your lifestyle and spending habits.
If you are the type of individual who frequently overdrafts their account, be aware that CIT Bank does charge overdraft fees, even if you have money in an adjacent account to sufficiently cover your overdraft purchase. Although the fee is only $10 each time, this can quickly add up.
CIT Bank does have several international locations which can be helpful when you travel abroad, however, this doesn’t mean their accounts are without international fees.
Their fees vary based on your account package, so make sure you look into these if you plan to make some withdrawals overseas.
How to Open a Bank Account on CIT Bank?
Visit the CIT bank homepage and click “Open an account.”
Next, indicate if it the account is going to be an individual or a joint one and fill in your personal information, such as your names, and SSN, then click “Continue.”
Next, fill in your contact info, such as your address, city, state and zip code. Also, you should add some details about your emloyer:
Next, you should review and sign some forms as part of the account agreement as following:
Next, fund your account and complete account setup.
CIT Bank FAQs
CIT is an established bank with a long running history. It has created a solid reputation and all accounts are protected with FDIC insurance. So, you can rest assured that this is a legit and safe bank that will keep your funds and details secure.
While it is primarily online, CIT is certainly a genuine bank. You can access checking accounts, savings accounts, CDs and other money market products. Many of its rates are quite competitive and there are no monthly maintenance fees, but there is a minimal free ATM network.
CIT is not encumbered with the expense of local branches and a large ATM network, but this does mean that you can enjoy higher rates compared to traditional bank accounts.
It is a good option for those who prefer digital banking where you can access competitive rates and even benefit from ATM fee refunds.
Like CIT, Aspiration is primarily an online bank, but CIT has a far better reputation. While Aspiration does offer fee free accounts and access to an ATM network, this bank does have a poor reputation with complaints about its customer service.
So, while Aspiration may have some accounts with better rates, CIT is likely to be a better choice for most customers.
While SoFi aims to offer a simple banking solution for most customers, all of your funds are combined into one account. Although this does attract 0.25% interest, it can make it tricky to effectively manage your money.
CIT offers checking, saving and money market accounts, so you can more easily control your finances to ensure the best rates and greatest accessibility to your funds. You can have checking accounts with a debit card for your everyday spending, but easily transfer excess funds into your savings account online or via the app
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APY Savings The annual percentage yield (APY) is a percentage that represents the amount of money or interest earned on your savings account over the course of a year. The APY factored in compound interest. A savings calculator can help you quickly determine how much you'll earn with a given APY.
3% up to $10K, then 0%
Up to 0.61%
Checking Account Fee The monthly fee on checking account
Checking Minimum Deposit
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CIT Bank has a banking product line that rivals that of traditional banks. Savings accounts, CDs, an eChecking account, home loans, and mortgages are all available. The main shortfalls in this lineup are the lack of personal loans and a credit card option.
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CIT Bank offers a variety of savings accounts. Savings Connect has two tiers, with the first offering a higher rate if you make qualifying deposits and link your checking account. Savings Builder, on the other hand, offers 3.99 percent if you keep a balance of $25,000 or make monthly deposits of at least $100. There are no account maintenance fees, but you can only make six transactions per statement cycle.
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CIT Bank provides a variety of savings account options. If you link your checking account and make qualifying deposits, you can earn a higher rate on the two-tiered Savings Connect. The other savings option is the Savings Builder, which offers 0.399 percent if you keep a balance of $25k or more, or make at least $100 in monthly deposits. There is a six-transaction limit per statement cycle, but there are no account maintenance fees.
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The CIT Bank eChecking account pays 0.10 percent to 0.25 percent interest. The account also has almost no fees. Only if you have a stopped payment, a returned item, or want to make a wire transfer will you be charged a fee. There is also free ATM access, with up to $30 in ATM fee reimbursements per month if you incur fees when using another bank's machine.
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