CIT Bank is an online-only bank that is the principal bank subsidiary of CIT Group, a financial holding company with more than 100 years of experience. CIT Bank was founded in 2009 and is headquartered in Pasadena, California. CIT Bank offers a range of savings accounts and an e-checking account with competitive rates and no fees. It also provides home loans, as well as business and commercial banking services,
CIT Bank is best for people looking for competitive rates in online savings products who want to maximize their savings, access their money, and pay no fees. You can also rest assured that CIT is an FDIC-insured bank.
CIT Bank: Online Banking Experience
Online and Mobile Banking
CIT Bank offers a mobile app available for download on Google Play and App Store to manage your money from anywhere. The mobile banking app takes care of the basics, such as letting you check your transaction history and transfer funds between your CIT Bank accounts. You can also access CDs and savings accounts with higher interest rates than the national average.
CIT Bank customers can take pictures of their checks through the mobile app to deposit them in their bank accounts. This feature can save you several trips to the bank. You can also access your account 24/7 online or by using CIT’s automated telephone banking system.
Customer Service
CIT Bank offers customer service hours via phone from 9 a.m. until 9 p.m. Eastern on weekdays and Saturdays on reduced hours. You can also utilize the secure emailing option to contact CIT representatives. You can do this straight from the CIT bank app or CIT’s online platform and receive a quick response. CIT Bank responds to emails 24/7. The financial institution also has a FAQ section on its website. You can use this resource to avoid waiting in the phone queue if you can find the answer to your question.
CIT Bank Fees
CIT Bank offers accounts with no monthly fees. However, they require a minimum balance or minimum opening deposit. You can look out for activities that require a fee, like international ATM fees, which are 1% of the total transaction amount when you withdraw cash at an international location, debit card replacement which is $10 after you have used the annual free one or the wire transfers fees that depend on your account balances.
Security
CIT Bank, N.A. is a Federal Deposit Insurance Corporation (FDIC) member, which means your deposit accounts have FDIC insurance up to the legal limits. CIT Bank uses several cybersecurity protocols to keep hackers away from your personal information. Antivirus software, firewalls, SSL encryption, activity monitoring, and layered security are some of the protective measures the company uses.
CIT Bank Personal Banking
Interest Bearing e-Checking Account
CIT Bank offers an e-checking account that offers competitive rates allowing you to earn interest while keeping easy access to your money. The account APY varies depending on the balance on the account; the higher the balance, the higher the annual percentage yield. There is a minimum deposit of $100 to open the account, but there are no monthly maintenance fees.
The account does not come with check-writing privileges, but you can use your debit card to withdraw money and make payments using Zelle, Apple Pay, Samsung Pay, and Bill Pay. CIT Bank doesn’t charge ATM fees, and they will refund you up to $30 per month for fees charged by other banks.
You can link the CIT e-checking account to other savings products of CIT Bank to help you grow your savings.
Savings Connect Account
The CIT Savings Connect Account combines the ability to earn interest from an online savings account with the flexibility of a checking account.
You can open a Savings Connect account that is linked to your eChecking Account to make regular deposits. There is a $100 minimum deposit to open this account. They offer two APYs tiers, and to earn the higher one, you simply need to make a higher deposit amount each month from your checking account to your Savings Connect account. You can get a savings rate as high as 4.20% APY, which is more than 11 times the national average. This is a variable interest rate that can change over time.
Savings Builder Account
The CIT Savings Builder is a high-yield savings account with a $100 minimum opening deposit and offers different APYs depending on your daily balance and your monthly deposits into the account. CIT Bank has a free calculator that lets you figure out how much interest you can earn in your Savings Builder Account in the long run.
Money Market Account
You can earn a competitive interest rate with a CIT Bank Money Market Account, a solution that is best for you for expensive long-term purchases. If you want to save for an emergency or for a large purchase like buying a house, this account may work for you. There is a $100 minimum deposit to open an account and no monthly service fees. You still have access to your funds but are limited to six transactions per statement cycle. To fund the account, you can easily deposit checks or make transfers from the CIT mobile app. The bank currently has money market accounts with 1.55% APY.
CIT Bank Certificates of Deposit (CDs)
CIT offers a range of CD accounts with rates that are competitive compared to most other banks. The APY of CIT’s CDs is higher than the national average. The digital bank offers different types of CDs for its customers.
Terms CDs
Terms CDs offered by CIT Bank are standard CDs that require you to lock up your savings for a period of time. The longer you can lock your money, the higher APY you can earn. Terms for CIT CDs range from 6 months to 5 years and have a minimum opening deposit of $1,000. You can find rates as high as 5.00% APY and multi-year term CDs that have rates above 4.50% APY.
No-Penalty CD
If you want to lock in a rate for 11 months but also keep your options open to withdraw your funds, you may want to consider a CIT Bank No-Penalty CD. This type of Certificate of Deposit account allows you to withdraw your money before maturity with no penalty. You get to lock in a rate while keeping the key in case you need to tap into the funds. This no-penalty CD uses daily compounding interest to maximize your earnings and has a generous interest rate that can get as high as 4.90% APY.
Jumbo CDs
CIT customers can take out Jumbo CDs to earn higher APYs on higher deposits. With terms from 2 years to 5 years, these CD accounts have a minimum opening deposit of $1,000 and have no monthly maintenance fees.
Ramp Up CDs
Ramp Up CDs are not available for new accounts. These CDs have competitive rates and give consumers a hedge against rising interest rates. If CIT Bank raises the interest rates on their CDs, a Ramp Up CD’s interest rate will adjust to the higher rate. You can only make this request once throughout the Ramp Up CD’s term. If you have wanted to get CDs for a while but are nervous about the Fed raising interest rates right when you open an account, the Ramp Up CD may work for you.
Other Financial Products from CIT Bank
Aside from a checking account, two savings accounts, several CD accounts, and a money market account, CIT Bank is an equal housing lender that can also help you secure a mortgage.
CIT Bank Business and Commercial Banking
CIT Bank also offers business and commercial banking services, such as small business lending and commercial financing.
Home Loans
You can borrow money from CIT Bank to cover your home purchase. CIT Bank offers several types of mortgages, such as FHA and conventional. You can get a term of up to 30 years.
How to Bank with CIT Bank
If you want to open an account with CIT Bank, you can do so online by visiting CIT Bank’s website. You will need to provide your personal information, like your home address, email address, phone number, and social security number. After completing the process, you can easily fund the account, depending on the type of account you are opening, with the minimum balance required. The whole process of opening an account with CIT Bank online takes about 5-10 minutes.
