CIT Bank Review

Michael Dinich

In a Nutshell

CIT Bank is an online bank offering savings accounts, money market accounts, and certificates of deposit. It is a subsidiary of financial services company CIT Group and a sister company of OneWest Bank, which offers checking accounts to people in southern California. CIT Bank serves residents of all 50 states.

pros

  • Wide range of savings accounts and CDs
  • All accounts insured by FDIC

cons

  • Lack of special features
  • No 24-hour customer service

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CIT Bank at a Glance

Fees: No monthly fees

Personal loans available: No

Credit card available: No

SMS/Mail alerts: Yes

24-hour customer service: No

Money transfers: Yes

Check scanning: Yes

Average APY: 1.70%

Minimum for APY: $100

Advantages Over Regular Bank

As an online bank with few overheads, CIT Bank is able to offer its customers better rates than what they would find at a regular bricks-and-mortar bank.

CIT Bank offers these advantages over regular banks:
  • Savings rates of up to 20x the national average.
  • No monthly service fees.
  • 100% online application and service, with no need to visit a branch.
  • Mobile app where you can conveniently deposit money or checks into your savings accounts.

Cutting-Edge Banking Services

CIT Bank offers a bunch of standard online banking features that make it easier to manage and deposit money into your high-interest savings accounts.

Here are the top online banking features:
  • Manage your accounts and account information online, 24/7.
  • View and download statements and account activity.
  • Schedule and make transfers from other CIT Bank accounts or external accounts.
  • People Pay, a free service that lets you send money from your Money Market account to almost anyone with an email address or mobile phone number.
  • Create and export banking reports.
  • Open new accounts online at any time.
  • Receive and manage account alerts.
  • Send secure messages to a CIT Bank representative.

Traditional Banking Services

Being a mainly savings-oriented bank, CIT Bank doesn’t offer much in the way of traditional banking services. As mentioned, people living in southern California can use CIT’s sister bank OneWest for regular banking services.

CIT offers the following:
  • Home loans with repayment terms ranging from 10 to 30 years.
  • Up to $525 cash back into your CIT Bank or OneWest Bank account after closing a new home loan with CIT Bank.
  • Free online tools and resources, including savings calculators and real-time assessment of your finances.

Interest Rates and Fees

As mentioned earlier, CIT Bank offers 3 types of high-interest accounts: Savings (further broken down into Savings Builder and Premier High Yield Savings), Money Market, and Certificates of Deposit (CDs). Each of these account types is broken down further in multiple account options, each with a different interest rate and different minimum requirements. All accounts are insured by the Federal Deposit Insurance Corporation (FDIC) for up to $250,000.

Here’s what you should know about each account type:
  • Savings Builder. Minimum opening deposit of $100 and minimum balance of $25,000 or $100 monthly deposit. FDIC-insured. No account opening or maintenance fees. Daily compounding of interest – maximizing your earnings. Maximum 6 monthly transactions.
  • Premier High Yield Savings. Minimum opening deposit of $100. No ongoing requirements. FDIC-insured. No account opening or maintenance fees. Daily compounding of interest – maximizing your earnings. Maximum 6 monthly transactions.
  • Money Market. Minimum opening deposit of $100. No ongoing requirements. Interest compounded daily, paid monthly. Includes People Pay to accounts and PayPal for transfers of up to $50. Fees include: $25 overdraft fee and $10 excessive transaction fee.
  • CDs. Includes Term CDs, No-Penalty, 11-Month CDs, and RampUp CDs with minimum deposit of $1,000, and Jumbo CDs with minimum deposit of $100,000.
Account
APY
Savings Builder
1.15% - 1.70%
Premier High Yield Savings
1.55%
Money Market
Up to 1.80%
Term CDs
0.72%-1.85%
No-Penalty CD
1.70%

Customer Service

CIT Bank’s website offers an extensive range of frequently asked questions and answers. As for one-on-one customer service, CIT encourages customers to use its automated telephone banking solution.

Mobile Apps

CIT Bank’s mobile app makes it easier than ever to manage your savings. The app is compatible with iOS and Android smartphones and tablets.

Here’s what you can do with the CIT app:
  • Check account balances and transaction history.
  • Transfer money between CIT Bank accounts.
  • Deposit checks to Savings and Money Market accounts.

CIT Bank CIT Bank Visit Site

Security

One of the most-important things to think about when opening any savings account is how your money is protected. Fortunately, CIT Bank is a member of the Federal Deposit Insurance Corporation, meaning all accounts are protected to the tune of $250,000. FDIC Insurance applies to each account, not just each account holder. Therefore, if you have three accounts with CIT Bank, each account gets separately insured for $250,000.

Conclusion

If you only need a savings account, then it’s best to ditch the traditional banks and register for a dedicated savings platform like the one offered by CIT Bank. With CIT Bank, there are a variety of ways to save. The one thing all CIT’s savings accounts, money market accounts, and CDs have in common is that they offer far-superior returns to the ones offered by ordinary banks.

Michael has worked in personal finance for over 20 years, helping families reduce taxes, increase their income, pay down debt and save for retirement. Michael is passionate about personal finance, saving money, and all things geeky.

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12 Aug 2020

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