What is CIT Bank: 5 Things to Know

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:

• Is CIT Bank the same as Citibank?
  
• Account Types
  
• Banking Fees
  
• Withdrawing and Adding Money
  
• Customer Service

Is CIT Bank the same as Citibank?

No, CIT Bank isn't Citibank. Both are CreditDonkey partners and 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 is a division of First Citizens Bank, one of America's largest family-controlled banks that was founded in 1898.

First Citizens is one of the top 20 US financial institutions with more than $100 billion in assets. They offer a complete line of financial services for both personal and business banking.

CIT and First Citizens Bank are part of the same FDIC-insured institution. Deposits are FDIC insured up to $250,000, so your money is safe even if the bank closes its doors. This is for a combined deposit held between First Citizens Bank and CIT Bank.

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

Member FDIC

CIT Bank Savings Connect - 4.20% APY

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• Earn 12x the national average
• $100 minimum opening deposit
• No monthly maintenance fee
• Member FDIC

Member FDIC

CIT Bank Platinum Savings - 4.40% APY

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• 4.40% APY with a balance of $5,000 or more
• 0.25% APY with a balance of less than $5,000
• $100 minimum opening deposit
• No monthly maintenance fee
• Member FDIC

Member FDIC

CIT Savings Builder - 1.00% APY

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Earn up to 1.00% APY. Here's how it works: Maintain a minimum balance of $25k OR make at least a $100 minimum deposit every month. Member FDIC

Member FDIC

Earn 12x National Average

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Save smart and earn 4.20% APY at CIT Bank, a CreditDonkey recommended partner.

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.

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:^[1]

• $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.

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