CIT Bank Promotions

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.

CIT offers interest checking, savings builder account, money market account, and CDs. There are no maintenance fees on any of the CIT bank accounts.

Best CIT Bank Promotion for February 2021

Are Online Banks Safe?

CIT is safe. Even though online banks don't have physical branches, they are FDIC insured like a brick-and-mortar bank. CIT Bank is a member of the FDIC and follows the rules and regulations as traditional banks. This means if CIT Bank defaults, the federal government will pay back what you had, up to $250,000.

CIT Bank Location

CIT is a popular online-only bank with no physical branches. There is only one physical location at their headquarters in Pasadena. However, this is only their business headquarters' office. It's not a place where you can walk in, open accounts, or do banking business. Instead, if you need help, you will have to contact CIT online or by phone.

How to Get Best Promo and Deals at CIT Bank

• Wait for cash bonus offers. Occasionally, there is a CIT Bank promo code for a bonus when you open an account. CIT wants your business. Typically, these will require a large deposit. You can save up somewhere else and then transfer when these CIT promo become available.

• Start saving with high rates anytime. You can open any account with no CIT Bank coupons needed, anytime you want. You just need $100 to open a savings account and $1,000 for CDs.

Pros & Cons of Banking With CIT

PROS:

• High interest rates compared to traditional banks
  
• No monthly service fees on any of CIT's accounts
  
• Low opening deposits ($100 for checking & savings account and $1,000 for CDs)
  
• Minimal banking fees
  
• Remote check deposits

CONS:

• No physical locations
  
• No check writing from the checking account
  
• May experience wait times on the phone

What Bank Account to Open at CIT Bank

Member FDIC

CIT Savings Builder - Earn 0.40% APY

Click Here to Learn More

Earn up to 0.40% APY. Here's how it works: Maintain a minimum balance of $25k OR make at least a $100 minimum deposit every month. Member FDIC

• Savings. The APY for CIT high yield savings account is solid. You just need $100 to open the account. There are no maintenance fees.

• Money Market. CIT Bank MMA 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 popular savings account and many CDs. Plus, you get more account access flexibility. You don't need a promo to enjoy the high rate.

• No-Penalty CD. CIT offers a popular 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.

• eChecking. CIT Bank's new checking account comes with a free MasterCard debit card, free online bill pay, and mobile check deposits. CIT charges no ATM fees, and will reimburse other banks' ATM fees up to $30 per month.

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.

CIT Bank Fees

CIT Bank waives many common banking fees. All accounts have:

• No account opening fees
  
• No monthly service fees
  
• No account closing fees
  
• No fees for incoming wire transfer
  
• No mailed check fees
  
• No online transfer fees

Some fees you may encounter are:

• $10 outgoing wire transfer ($0 for accounts $25,000+)
  
• $10 excessive transaction (for money market)
  
• $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

What Experts Say

CreditDonkey assembled a panel of industry experts to answer readers' most pressing questions. Here's what they said:

What Banks Have Promotions

CIT Bank promo has some of the best APY for savings, money market, and CD accounts. Here are the top banks offering promotions: