March 4, 2021

What is CIT Bank: 5 Things to Know

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In the modern world, there are some things you just don't have to do anymore. Like drawing water from a well. Or paying fees just to keep your bank account open.

If you have money, you're going to need a safe place to stash it. And you don't have to settle for rock-bottom APYs or worry about monthly service fees.

CIT Bank offers a range of checking, savings, money market, and CD products. But before you commit to opening an account, check out what to expect that you won't find with a traditional bank.

5 things to know about CIT Bank

CIT Bank has a good range of banking products. Before you open an account, check out these 5 things you need to know about CIT Bank:

What is CIT Bank?

No, CIT Bank isn't Citibank (though it's easy to get them confused!).

CIT Bank is a completely separate financial institution. Although it isn't as well-known as some bigger banks, CIT has been in the game for a while. The bank belongs to CIT Group, a financial holding company that was founded in 1908.

CIT Group is a Fortune 1000 company with more than $50 billion in assets. They offer products and services for both small to mid-sized businesses and personal banking.

The bank is FDIC insured up to $250,000, so your money is safe even if the bank closes doors. But with more than a century of experience, that's unlikely to happen any time soon.

What account does CIT Bank offer?

CIT Bank has five main categories of accounts: savings, money market, eChecking, certificates of deposit (CDs), and custodial accounts.

Here's a rundown of what you can expect from each account.

Savings Accounts

  • Savings Builder. Earn a higher APY if you keep a balance of $25,000 or make a $100 monthly deposit. Even if you don't meet the requirements, they still offer a higher rate than most traditional banks.

  • Savings Connect. Get a higher APY when you have both an eChecking account and a Savings Connect account. If you deposit $200 or more to your eChecking account each month, your APY goes up even more.

Both accounts have a $100 minimum opening deposit and no monthly fees.

Money Market Account
CIT's Money Market account doesn't have a tiered interest system. You'll get the same high APY no matter how much you have in the bank. It takes $100 to open the account, and there are no monthly fees.

Federal regulation lets you make up to six transfers or withdrawals from your savings or money market accounts per statement cycle. If you go over this, you'll have to pay a fee.

eChecking Account
The eChecking account has no monthly fees and lets you earn interest on your balance. The APYs aren't as high as savings and money market accounts, but it's still great for a checking account. Use any ATM in the nation and get reimbursed up to $30 in ATM fees per month.

Certificate of Deposit (CD)

  • Term CD. Earn a locked-in rate with terms between 6 months and 5 years. $1,000 minimum deposit.

  • No-Penalty CD. An 11-month CD with no penalties if you withdraw funds before the time is up. $1,000 minimum deposit.

  • Jumbo CD. Get a higher rate when you deposit $100,000 or more. Terms last between 2 and 5 years.

Custodial Account
Any account besides the eChecking account can be set up as a custodial account for your child. You control the account until your child reaches age 18. Or, you can extend it up to age 25.

Are There Any Banking Fees?

CIT has no monthly maintenance fees. There are zero fees for opening or closing an account. You'll also pay zero fees for incoming wire transfers, mailed checks, or online transfers.

But, CIT isn't completely fee-free. Here are a couple fees you might run into:

  • $10 outgoing wire transfer fee ($0 for balances $25,000+)
  • $10 excessive transaction fee for Money Market accounts
  • $30 Bill Pay stop payment
  • $30 overdraft fee
  • $10 debit card replacement (1 free card per year)
  • 1% fee for international ATM withdrawals
  • Third-party ATM fees (CIT reimburses only $30 per month)

A lot of these fees are still lower than they are at some traditional banks. And, if you never make wire transfers or overdraft your account, the fees probably aren't a deal breaker.

One big downside is CIT's lack of in-network ATMs. While CIT doesn't charge fees themselves, third-party ATMs do. Since CIT only reimburses you for $30 per month, you might have to pay some fees yourself if you frequently withdraw money on the go.

How do you withdraw and add money?

As a primarily online bank, CIT has very limited bank locations.

Your best bet for withdrawing money from your account is through:

  • Electronic funds transfer
  • ATM withdrawal
  • Requesting a check
  • Wire transfer

Keep in mind that you'll have to pay a $10 fee to initiate a wire transfer. You also get $30 in ATM fee reimbursement per month, which should be enough if you don't use an ATM too often.

Adding money to your account is bit more straightforward since you won't need to pay any fees. To deposit money into your account, you can choose from:

  • Electronic funds transfer
  • Mobile deposit through app
  • Incoming wire transfer (no fees)
  • Mailed check

How is the customer service at CIT Bank?

You can't easily walk into a physical CIT Bank branch if you want help in person. So it's important that it offers good support over the phone or online.

Some customers report long wait times of 15 minutes or more when they call in. But once you get a hold of a customer service rep, they usually resolve any issues quickly.

You can reach CIT Bank customer service by phone at 855-462-2652 during these hours:

  • Monday - Friday: 9:00 a.m. - 9:00 p.m. (ET)
  • Saturday: 10:00 a.m. - 6:00 p.m. (ET)
  • Sunday: Closed

Bottom line

CIT Bank is a great option for building an emergency fund or for stashing big balances.

While there aren't many physical locations, their mobile app has everything you need to withdraw, deposit, and keep track of your money.

Before you commit to any bank account, make sure to do your research to see if it's a good fit for you. Traditional banks have very low APYs, but have large ATM networks. Online banks have high APYs, but no in-person customer support.

No matter which bank you go with, make sure they're FDIC insured so your money stays safe wherever you choose to put it.

CIT Bank
Member FDIC

CIT Bank Money Market Account - 0.45% APY

  • 0.45% APY
  • $100 minimum opening deposit
  • No monthly maintenance fee
Discover Bank
Member FDIC

Discover Online Savings - $200 Cash Bonus

To get your $150 or $200 Bonus: What to do: Apply for your first Discover Online Savings Account, online or by phone. Enter Offer Code CY21 when applying. Deposit into your account a total of at least $15,000 to earn a $150 Bonus or deposit a total of at least $25,000 to earn a $200 Bonus. Deposit must be posted to account within 30 days of account open date. Maximum bonus eligibility is $200.

What to know: Offer not valid for existing or prior Discover savings customers or existing or prior customers with savings accounts that are co-branded, or affinity accounts provided by Discover. Eligibility is based on primary account owner. Account must be open when bonus is credited. Bonus will be credited to the account within 30 days of the account qualifying for the bonus. Bonus is interest and subject to reporting on Form 1099-INT. Offer ends 12/15/21, 11:59 PM ET. Offer may be modified or withdrawn without notice. See advertiser website for full details.

Expires 12/15/2021
Chase
Member FDIC

Chase Total Checking® - $225 Bonus

  • New Chase customers enjoy a $225 bonus when you open a new Chase Total CheckingĀ® account and set up direct deposit
  • Access to 16,000 Chase ATMs and more than 4,700 branches
  • Chase MobileĀ® 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.
HSBC Bank
Member FDIC

HSBC Premier Checking - $450 Welcome Deposit

Expires 1/5/2022
  • Get a $450 Welcome Deposit for eligible new customers who open a new HSBC Premier checking account and complete the following qualifying activities.
  • Open your new HSBC Premier checking account online by January 5, 2022; and
  • Make recurring monthly Qualifying Direct Deposits totaling at least $5,000 from a third party to your HSBC Premier checking account(s) for 3 consecutive calendar months from the second full calendar month after account opening.
  • You will automatically receive the $450 Welcome Deposit in your new HSBC Premier 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.

Donna Tang is the head of purpose and audience at CreditDonkey, a bank comparison and reviews website. Write to Donna Tang at donna.tang@creditdonkey.com. Follow us on Twitter and Facebook for our latest posts.

Note: This website is made possible through financial relationships with some of the products and services mentioned on this site. We may receive compensation if you shop through links in our content. You do not have to use our links, but you help support CreditDonkey if you do.

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About CIT Bank Promotions

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 yield.

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