CIT Bank Review: Is It Good?
CIT Bank offers a high interest rate. But is CIT reliable and safe? Read this review to find out if what you heard is true.
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CIT Bank Money Market Account | |||
Overall Score | 4.5 | ||
Savings | 4.5 | ||
Checking | 4.5 | ||
Money Market | 5.0 | ||
Customer Service | 4.0 | ||
Mobile App | 4.5 | ||
Pros and Cons
- High yield
- No monthly service fees
- Low opening deposits
- No physical locations
- No check writing
Bottom Line
Solid online bank with excellent rates and no monthly fees
CIT Bank is popular for its high-yield savings products. It offers several different savings accounts and CDs with some of the highest interest rates on the market and no monthly fees.
As an online bank, it has fewer overhead costs. In return, it passes along the savings to customers in the form of higher APYs.
In this review, you'll learn how CIT Bank's Savings Accounts, CD Rates, and Money Market Accounts can help grow your savings fast.
- About CIT Bank
- Is CIT Bank Trustworthy?
- Pros & Cons
- What CIT Bank Offers
- Fees
- Locations
- Customer Service
- Common Complaints
- How to Open an Account
- How It Compares
Shortcut: Most people have a regular savings account with very low interest. That's a big mistake. You could earn a lot more with
If you don't mind banking online, a CIT savings account is a great choice if you're looking for high interest rates and no service fees.
About CIT Bank
CIT Bank (short for Commercial Investment Trust) offers checking accounts, money market accounts, and
CIT Bank is the online bank of CIT Group, a financial holding company with over 100 years' history. It's a Fortune 1000 company and a SBA Preferred Lender. CIT is headquartered in Pasadena, California, and has $50 billion in deposits. CIT Bank is fully FDIC insured.
Read on for our full CIT Bank review.
Is CIT Bank trustworthy?
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CIT Bank is FDIC insured (FDIC# 58978). Your money is protected up to the FDIC limit of $250,000 per depositor, per ownership category. Even though it's an online-only bank, CIT Bank follows the same rules and legal regulations as traditional banks.
CIT uses layers of security to make sure your personal information is safe. It has anti-virus protection, firewalls, and 128-bit Secure Socket Layer encryption.
Pros & Cons of CIT
PROS:
- Higher interest rates than traditional banks
- No monthly fees on any bank accounts
- Low opening deposits ($100 for checking & savings accounts and $1,000 for CDs)
- Minimal fees
- Up to $30 monthly in ATM fee reimbursements
- Remote check deposits
- 24/7 mobile banking on iOS and Android
For | Account |
---|---|
Saving money you don't need immediately | Savings / Money Market account |
Earning interest on money for everyday expenses | eChecking account |
Growing money you might need in the future | No-Penalty CD |
Growing money you won't need for at least 6 months | Other CDs |
CONS:
- No physical locations
- No check writing from the checking account
- CD rates not as high as other online banks
- No IRA accounts
- May experience long wait times on phone calls
Counterpoint: If you need access to physical branches, we recommend a Chase checking account. Chase has more than 4,700 branches and 16,000 ATMs nationwide.
What CIT Offers
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CIT Bank offers a variety of account options to cover basic banking needs. It's popular for their high yield savings products, offering rates better than many other online banks. Now, they offer an eChecking account. So you can now do your checking and savings in one place, if you wish.
- Earn over 7x the national average
- New customers can apply online with a minimum of $100 to open an account
- Fund the account with electronic transfer, mail in check, or wire transfer
- No monthly service fees
- Deposit checks remotely and make transfers with the CIT Bank mobile app
- FDIC insured
CIT Bank Money Market Account
CIT Savings Builder
CIT Savings Builder account offers one of the top savings interest rates currently on the market. It's best for active savers or high balance savers. It's ideal to build your emergency fund.
You can earn 0.45% APY in a couple of ways:
- Keep a balance of $25,000+, OR
- Open an account with $100, and deposit $100 minimum per month
If you fail to meet the requirements, your rate will drop to the base tier APY that month. If you do meet the requirements next month, it will go back up to 0.45%.[1]
There are no fees to open or maintain the Savings Builder account.
Read our review about how the Savings Builder account works.
CIT Savings Builder - Earn 0.45% APY
Earn up to 0.45% APY. Here's how it works: Maintain a minimum balance of $25k OR make at least a $100 minimum deposit every month. Member FDIC
Compare Savings Accounts
- No fees
- No minimum opening deposit
- No minimum balance required
- 0.61% APY on all balance tiers
- No minimum balance requirements
- No fees to open or maintain account
- Free ATM card upon request
- FDIC Insured
- FDIC insurance covering up to $1,000,000 at program banks
- Access cash in 1-2 business days
- No minimum balance
- No fees on balance
- Unlimited withdrawals
Online Savings Account - Earn 0.50% APY
High Yield Savings - 0.61% APY
Betterment Cash Reserve - Earn up to 0.40% APY
Money Market Account
The CIT Bank Money Market Account offers a high rate on all account balances. So this account is best if you can't commit to saving a certain amount each month.
- Earn over 7x the national average
- New customers can apply online with a minimum of $100 to open an account
- Fund the account with electronic transfer, mail in check, or wire transfer
- No monthly service fees
- Deposit checks remotely and make transfers with the CIT Bank mobile app
- FDIC insured
CIT Bank Money Market Account
Compare Money Market Accounts
- Earn 0.35% APY for balances under $100,000
- Earn 0.40% APY for balances $100,000 and over
- 0.60% APY on all balance tiers
- No minimum balance requirements
- No fees to open or maintain account
- Free Visa debit card
- Free online bill pay, free limited checks, and free limited online check images
- FDIC Insured
- Earn 0.20% APY on balances of $25,000 and above
- Member FDIC
Money Market Account
High Yield Money Market - 0.60% APY
UFB Premium Money Market - Earn 0.20%
CIT CD Rates
CIT CD rates are competitive with other online banks. It offers a few options to fit different needs. All CD products have no account fees.
- Term CDs: Term are available from six months to five years. Your rate is locked in for the entire term. The minimum deposit is $1,000.
- No-Penalty CDs: This no-penalty CD product has one fixed term of 11 month. A special feature is that you can withdraw your full balance with no penalty. This is good if you suddenly need your money. The minimum deposit is $1,000.
- Jumbo CDs: Jumbo CDs could be a good choice if you have $100,000 to save. It awards slightly higher APYs for keeping a higher balance. Duration available from two to five years.
CDs require you to lock your savings for a set period of time. Typically, withdrawing money from a CD before maturity will incur a withdrawal penalty.
It depends on the term of your CD. Here's CIT Bank's early withdrawal penalties:
- Up to 1 year: 3 months' interest on the amount withdrawn
- From 1-3 years: 6 months' interest on the amount withdrawn
- Over 3 years: 12 months' interest on the amount withdrawn
Note that CDs are not available as IRA or trust accounts. However, they are available as custodial accounts.
- Up to 0.50% APY
- $1,000 minimum opening deposit
- No monthly maintenance fee
- FDIC insured
- 0.30% APY
- Option to withdraw full balance and interest after 7 days of CD funding date
- $1,000 minimum to open an account
- 11 months
- No monthly maintenance fee
- FDIC insured
- Up to 0.50% APY
- $100,000 minimum opening deposit
- No monthly maintenance fee
- FDIC insured
CIT Bank Term CDs
Term | CD Rates |
---|---|
6 Month | 0.30% APY |
1 Year | 0.30% APY |
13 Month | 0.30% APY |
18 Month | 0.30% APY |
2 Year | 0.40% APY |
3 Year | 0.40% APY |
4 Year | 0.50% APY |
5 Year | 0.50% APY |
CIT Bank No Penalty CD
CIT Bank Jumbo CDs
Term | CD Rates |
---|---|
2 Year | 0.40% APY |
3 Year | 0.40% APY |
4 Year | 0.50% APY |
5 Year | 0.50% APY |
Compare CD Rates
- 0.50% APY for 12-month term
- 0.55% APY for 36-month term
- 0.60% APY for 5-year term
- 0.80% APY for 45-month term
- 0.70% APY for 13-month term
- 0.60% APY for 6-month term
Certificate of Deposit
High Yield CD - Earn up to 0.80%
eChecking Account
CIT recently launched the new checking account with tiered interest. You need $100 to open. There are no maintenance fees.
CIT isn't part of any ATM networks, but it doesn't charge any ATM fees. And plus, you get up to $30 in ATM reimbursements per month.
Other account features include:
- Free MasterCard debit card with EMV chip technology
- Mobile check deposit and online bill pay
- Overdraft protection when you link up a CIT Savings or Money Market account. There is no fee to have money transferred to cover the transaction.
- Make purchases and transfer money via Samsung Pay, Apple Pay, and Zelle. There is no charge to use Zelle.
- Set up travel alerts and stop/restrict debit card use
- Earn 0.25% APY with $25,000 minimum balance
- Earn 0.10% APY on balances under $25,000
- Deposit of $100 minimum to open an account
- Debit card
- Monthly ATM fee reimbursement (up to $15 per statement cycle)
- FDIC insured
CIT Bank eChecking
Compare Checking Accounts
- Get a $200 Welcome Deposit for eligible new customers who open a new HSBC Advance checking account and complete the following qualifying activities.
- Open your new HSBC Advance checking account online by March 31, 2021; and
- Make recurring monthly Qualifying Direct Deposits totaling at least $500 from a third party to your HSBC Advance checking account(s) for 3 consecutive calendar months from the second full calendar month after account opening
- You will automatically receive the $200 Welcome Deposit in your new HSBC Advance checking account approximately eight weeks after completing all qualifying activities. It's that simple.
- Deposit products are offered in the U.S. by HSBC Bank USA, N.A. Member FDIC.
- Enjoy a $200 bonus when you open a new Chase Total Checking® account and set up direct deposit
- Access to 16,000 Chase ATMs and more than 4,700 branches
- Chase Mobile® app - Manage your accounts, deposit checks, transfer money and more -- all from your device.
- Open your account online now
- Available online nationwide except in Alaska, Hawaii and Puerto Rico. For branch locations, visit locator.chase.com.
- Up to 1.25% APY
- No minimum balance requirements
- No fees to open or maintain account
- Overdraft Protection
HSBC Advance Checking - $200 Welcome Deposit
Chase Total Checking® - $200 Bonus
Rewards Checking - Up to 1.25% APY
Custodial Accounts (UTMA)
Any CIT account can be set up as a custodial account for a minor. This means the account is in the child's name, but you control it until the child reaches 18. You can also designate up to age 25 if you wish.
You can contribute as much as you can to it. But keep in mind that there are gift tax rules. For 2019, the annual exclusion is up to $15,000 per year without being taxed.
There are also some tax advantages. A portion of the interest earnings are tax-free.
Fees and Charges
CIT waives many common banking fees. All deposit accounts have:
- No fee to open account
- No maintenance fees
- No account closing fee
- No fees for incoming wire transfer
- No mailed check fees
- No online transfer fees
Some fees you may encounter are:[2]
- $10 outgoing wire transfer fee ($0 for accounts $25,000+)
- $10 excessive transaction (for Money Market Account)
- $30 bill pay stop payment
- $30 overdraft fee
- $10 debit card replacement (1 free card per year)
- 1% of transaction amount for international ATM withdrawals
CIT Bank Location
CIT is an online-only bank with no physical branches. There is only one physical location at their headquarters in Pasadena:
Pasadena, CA 91103
However, this is only their headquarters' office. There's no way to open accounts or do banking in person.
CIT Bank Customer Service
CIT Bank's phone number is 855-462-2652. Here are the hours they are available by phone:
- Monday - Friday: 9:00 am - 9:00 pm (ET)
- Saturday: 10:00 am - 6:00 pm (ET)
- Sunday: Closed
- Home Loans Division: Monday - Friday, 9:00 am - 8:00 pm (ET)
You can access your account online and by Automated Telephone Banking 24/7.
Is Online Banking Right for You?
Online banks offer a lot of benefits, including:
- Higher interest rates than traditional banks
- Often no monthly fees or balance requirements
- Convenience - manage your account 24/7 online
- Easy to open an account online
However, you have to be comfortable with doing everything purely online. Some downsides include:
- No physical branches
- No personal relationships with your banker
- Limited services available
- More hassle to transfer funds
- More limited withdrawals (for example, you can't withdraw crisp $100 notes)
CIT Bank Common Complaints
Here are some common complaints from customers.
- Customer service: You can only reach customer support by phone call or email. Customers report long wait times when they phone in with issues.
- Hold times on incoming funds: An ACH transfer may be held for up to 5 business days. Checks deposited to your account may be held for 7 business days.[3]
- Electronic transfers out may take a few days: Make sure you give yourself plenty of time if you need to transfer funds to an external account.
How to Open a CIT Bank Account
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All CIT accounts must be opened online. Here are the steps using its online system.
- Start here to open a new account. You must be a U.S. citizen or a permanent resident and provide the following info:
- Social Security number
- Driver's license or other valid state ID
- Primary home address
- Valid email address
- Valid phone number
- Social Security number
- Fund your new account with one of these methods:
- Transferring funds electronically from an external checking or savings account. CIT's Routing/Transit number is 124084834.
- Mailing a check to CIT Bank, N.A. Attn: Deposit Services, P.O. Box 7056, Pasadena, CA 91109
- Wiring funds to your new account
- CIT will first make two "test" micro deposits to your funding account. Within 3 business days, you'll get an email asking you to verify the amounts. As soon as you have verified, your transaction will be processed.
CIT Savings Builder - Earn 0.45% APY
Earn up to 0.45% APY. Here's how it works: Maintain a minimum balance of $25k OR make at least a $100 minimum deposit every month. Member FDIC
CIT Bank Mobile App
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CIT offers a mobile app for both iOS and Android, so you can bank on-the-go from anywhere.
On the mobile app, you can:
- Log-in via fingerprint or password
- Transfer funds between CIT accounts and other banks
- Deposit checks by taking a photo
- Set up one-time or recurring bill payments
- Check balances and transaction history
- Send and receive money through Zelle
- Make secure payments with Apple Pay and Samsung Pay
- Manage debit card preferences
In addition to the mobile app, you can also enroll in text banking. This allows you to check your account balance and recent transactions by texting a simple command.
How CIT Bank Compares
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CIT vs Ally
Ally Bank is an online-only full-service financial institution with checking, savings, IRAs, and investment services. It uses the Allpoint ATM network across the country. Ally is well known for the excellent 24/7 personal support with real human reps and competitive rates.
Ally Bank charges no account fees for any of its accounts.
CIT Bank Promo Code | Ally Bank Promotions | |
---|---|---|
Benefits and Features | ||
Savings | Savings Builder up to 0.45% APY with $25,000+ balance or $100 monthly deposit. | |
CD | Term CDs up to 0.50% APY. $1,000 minimum opening deposit. | 0.20% to 0.85% APY. Terms of 3 months to 5 years. 12-month CD APY of 0.60% |
Checking | eChecking: 0.25% APY with $25,000+ balance and 0.10% APY on balances under $25,000 | 0.10% APY under $15,000; 0.25% APY $15,000 or more |
Customer Service | Monday - Friday: 9:00 am - 9:00 pm (ET) Saturday: 10:00 am - 6:00 pm (ET) Sunday: Closed | |
CIT Bank: Pricing information and data points from published website as of 12/20/2020 Ally Bank: Pricing information from published website as of 1/16/2021. |
CIT Bank vs Citibank
Though their names are similar, CIT Bank and Citibank are two different financial institutions.
Citibank is one of the largest banks in the world. It has over 700 locations in the US (mostly in California and New York) and 1,800 branches overseas. You may consider it if you travel abroad often and still want access to branches and ATMs.
Citibank offers checking and savings packages. Like most traditional banks, the accounts have a monthly service fee that can be waived with certain direct deposit or balance requirements.
In comparison, CIT Bank is online only. All of CIT's deposit accounts are free with no monthly fees. It's a good choice if you want higher savings rates and don't need in-person service.
CIT vs Capital One 360
CIT Bank Promo Code | Capital One 360 Promo Code | |
---|---|---|
Benefits and Features | ||
Savings | Savings Builder up to 0.45% APY with $25,000+ balance or $100 monthly deposit. | |
CD | Term CDs up to 0.50% APY. $1,000 minimum opening deposit. | 0.20% to 0.40% APY. Terms of 6 months to 5 years. 12-month CD APY of 0.20% |
Checking | eChecking: 0.25% APY with $25,000+ balance and 0.10% APY on balances under $25,000 | |
Customer Service | Monday - Friday: 9:00 am - 9:00 pm (ET) Saturday: 10:00 am - 6:00 pm (ET) Sunday: Closed | |
CIT Bank: Pricing information and data points from published website as of 12/20/2020 Capital One: Pricing information from published website as of 1/16/2021. |
CIT vs Discover
In addition to credit cards, Discover also offers a full range of online banking services, including cashback checking, high yield online savings, and student loans.
CIT Bank Promo Code | Discover Bank | |
---|---|---|
Benefits and Features | ||
Savings | Savings Builder up to 0.45% APY with $25,000+ balance or $100 monthly deposit. | |
CD | Term CDs up to 0.50% APY. $1,000 minimum opening deposit. | 0.20% to 0.60% APY. Terms of 3 months to 10 years. 12-month CD APY of 0.50%. Minimum deposit of $2,500 to open. |
Checking | eChecking: 0.25% APY with $25,000+ balance and 0.10% APY on balances under $25,000 | Earn 1% cashback on up to $3,000 in debit card purchases each month |
Money Market | 0.35% APY under $100,000; 0.40% APY $100,000 or more. $2,500 minimum deposit. | |
Customer Service | Monday - Friday: 9:00 am - 9:00 pm (ET) Saturday: 10:00 am - 6:00 pm (ET) Sunday: Closed | |
CIT Bank: Pricing information and data points from published website as of 12/20/2020 Discover Bank: Pricing information and data points from published website as of 12/20/2020 |
What Else Does CIT Bank Offer?
In addition to banking products, CIT provides some other services, including:
- Home loans: Offers both mortgages and refinance loans at both fixed rates and adjustable rates. There is also a Low Down Payment Program that allows borrowers to qualify for a house loan with as little as a 3% down payment.
If you have a CIT bank account, you can get a lower mortgage rate with relationship pricing.
- Business loans: You can get a business loan up to $150,000 from 6-18 months.
- Equipment financing: Businesses can get equipment financing up to $250,000 without financials, or up to $1 million with financials from 12-72 months.
CIT Bank doesn't offer auto loans.
What the Experts Say
It's not easy finding an institution to bank with. As part of our series on banking and saving, CreditDonkey asked a panel of industry experts to answer some of our readers' most pressing questions:
Bottom Line: Is CIT Good?
CIT is a solid online bank offering good deposit products, including eChecking account and savings options. It offers top tier interest rates higher than many other competitor online banks and credit unions.
The
Or if you have at least $1,000 set aside and aren't concerned about liquidity, you can take advantage of higher yields with an 18-month
References
- ^ CIT Bank Savings Builder
- ^ CIT Bank Schedule of Fees, Retrieved 12/14/2010
- ^ CIT Bank Agreement for Personal Accounts (p. 12), Retrieved 12/14/2020
Write to Dylan Y at feedback@creditdonkey.com. Follow us on Twitter and Facebook for our latest posts.
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