June 15, 2018 2:25 PM PT

Tips for CIT Bank

Read more about CIT Bank
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CIT Bank offers some of the highest interest rates on the market. It is an online-only bank. Because there is no overhead typical of brick-and-mortar banks, CIT can pass the savings to customers in forms of higher interest rates.

CIT offers savings, money market, and a variety of CDs. There are no maintenance fees on any of the deposit accounts.

How to Get the Best Promo at CIT Bank

  • Look for promo codes. Keep your eye out on our page for coupons. Once in a while, CIT offers deal coupons to new customers. For example, you may get a cash bonus when you open a certain account. If you see one, be aware of when the offer expires and act on it quick.

  • Get the Money Market account. CIT's money market account is one of the best out there. Its APY is one of the highest offered by CIT. You don't need a coupon code to enjoy the high rate.

What Bank Account to Open at CIT Bank

  • Money Market. CIT's money market account offers significantly higher APY rates than competitor online banks. The opening deposit is just $100 and there are no maintenance fees. The APY is even higher than that of the savings account and many CDs, and plus you get more flexibility in how you use your money.

  • High Investor Savings. The APY for CIT's savings account is pretty solid too. You just need $100 to open the account. There are no maintenance fees.

  • No-Penalty CD. If you're not sure if you can commit to not touching your money for a specific term, CIT offers a no-penalty CD with an excellent rate. You get the flexibility to withdraw your balance and interest earned without being penalized. There is a minimum deposit of $1,000.

What Not to Open at CIT Bank

  • Term CDs over 2 years. Usually, CDs with longer terms have higher APY. However, CIT's longer term CDs (2 years and above) actually have lower APYs than their 18-month CD. If you're looking for a long-term CD, other banks can offer better rates.

  • Ramp-up CD. This CD gives you the option to increase your rate once over your term, if the APY goes up. However, the APY is not as good as just the normal term CD. And plus, you need a huge minimum deposit to open one.

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