Hi, it’s Elijah again. Today I will be going through the CIT Bank review. This is a bank that focuses on providing the most competitive interest rates on the market. Through its Internet banking franchise, CIT Bank provides various services and products.
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Online and mobile banking is easy and convenient with a CIT Bank eChecking account. Open an account today with as little as $100.
The Ins And Outs Of The CIT Bank
CIT Bank, N.A., is a division of First Citizens Bank. The bank operates online. This means it does not have any branches. This allows the bank to offer competitive CIT bank CD rates. The bank started back in 2009. It provides home mortgage loans and the top-yielding savings account.
The best feature of this bank is that you can manage your account through the mobile app. Its ease of use is good if you want to open an account. Their mobile banking app allows you to move funds within your CIT Bank accounts. You can even make mobile check deposits through the app.
This bank is not the same as Citibank. Citibank has different branch locations. CIT Bank is an online banking solution for you if you are tired of monster fees for banking services. It is a principal subsidiary of CIT Group Inc.
CIT’s Bank Deposit Products
CIT Bank products are different. Some of these accounts need a small balance for you to qualify. Most of them do not have monthly account fees. Small deposit requirements of $100 make the CIT Bank accounts favorable. You can open most of the accounts as custodial accounts.
eChecking Accounts
This account pays interest. This is also a multi-tiered account. It offers free online banking services. These services work with Zelle, Bill Pay, Apple Pay, and Samsung Pay.
With this account, you can make your money work for you. You can access funds using any U.S. ATM. There are no CIT charges on ATM transactions such as withdrawals.
CIT’s Bank Certificate of Deposit
No-penalty 11-Month CDs
If you’re interested in CDs, you can consider a no-penalty CD. This is a unique CIT Bank deposit product. The unique feature is the no penalty for early withdrawal. You may access funds before maturity. The smallest deposit for this account is $1000.
These CDs offer a short-term place for you to put your money. CIT Bank offers less competitive rates for longer-term CDs of two years or more. There are no monthly maintenance fees. There is a daily compounding interest.
Jumbo CDs
With bigger deposits on this account, you can earn higher rates. For this one, the smallest opening deposit is quite large. With a $100,000 deposit, you can open this account.
You can choose 2-, 3-, 4-, and 5-year options for Jumbo CDs. The APY may range between 0.40% and 0.50%.
CIT Bank Saving Products
Savings Builder
This is a multi-tiered account. This means that you will get a payment of different interest rates. The amount of interest rate you get will depend on the funds you hold in your account. You’ll get daily compounding interest.
You should have at least a balance of $25000 for the highest APY. This makes this account a bit complex. The other alternative is to make a $100 monthly deposit. There are no fees for opening an account. There is also no maintenance fees required.
Savings Connect
If you have $100 you can open a savings account. This account offers very competitive annual percentage yields(APY’s). With a Savings Connect account, you can rate as much as 4.65% APY. The rates are flat.
This account does not also need fees for maintenance or opening. You’ll get a daily compounding interest.
Money Market
This account offers free online banking services with Bill Pay. You can thus use it to pay bills. It provides easy access to your funds. It also has high yield rates, and you’ll need a $100 opening deposit.
Benefits of Having A CIT Savings Account
The bank has competitive APY rates and there are no overdraft fees. You’ll earn an interest rate, and the interest rate for savings is high. Another advantage is that for external ATM fees, you can get a $30 reimbursem*nt each month.
Downsides of Having A CIT Savings Account
Customer service may be long and transactions may take a few days to clear. Another disadvantage is that the bank has no branches. Some CDs also have low rates.
Open a CD with CIT
Final Thoughts On CIT Bank Review
I have gone through the different savings accounts that you can open with CIT Bank. The accounts are easy to open. The bank has competitive rates for its savings account. Remember, the bank does not charge monthly maintenance fees. It also has no physical branches.
Even though the bank has no branches, you can still reach them. You can reach CIT Bank customer service at any time of the day. You can access them through the online banking app. They are available 24/7 through an automated phone service.
The bank’s grant goes toward economic development. One good example is securing $44 million in financing for Greek Real Estate Partners. This is for the construction of GREP’s Philadelphia Distribution Center.
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Frequently Asked Questions
Is CIT Bank a trustworthy financial situation?
The CIT Bank is FDIC-insured. FDIC is the Federal Deposit Insurance Corp. In case of a bank collapse, a bank insured by FDIC will protect up to $250,000 of your deposit.
The site is also secure as your ATM debit card also comes with EMV chip security.
What is the smallest balance for CIT Bank?
You need a $100 deposit. For an account like a savings builder account, you’ll need at least a balance of $25000 or a $100 deposit.
Who is the owner of the CIT Bank?
The merging between First-Citizens Bank and Trust Company runs CIT Bank. This merging took place in January 2022. First Citizens Bank is one of the largest banks in the U.S. controlled by a family. The bank is under First Citizen Bancshares, Inc.
Is the CIT Bank money market safe?
By now, you know that CIT bank is FDIC-insured. A bank that is FDIC-insure is safe and secure for your funds.
