CIT Bank: A Comprehensive Overview
CIT Bank is an excellent choice for individuals seeking high-yield savings accounts with competitive interest rates. As a division of First Citizens Bank, CIT Bank has maintained its reputation for offering distinct banking products since its merger in January 2022. The bank provides a variety of financial services, including high-yield savings accounts, checking accounts, money market accounts, and certificates of deposit (CDs). Additionally, CIT Bank offers home loans and mortgage refinancing options, making it a versatile option for borrowers. Your deposits are FDIC-insured up to $250,000, or $500,000 for joint accounts, ensuring your money is safe and secure.
CIT Bank Savings Accounts: High-Yield Options for Every Balance
CIT Bank is renowned for its high-yield savings accounts, which are designed to maximize your earnings. The CIT Bank Platinum Savings Account is a standout option, offering an impressive 4.30% APY on balances of $5,000 or more, and 0.25% APY on balances below $5,000. This account is ideal for those who can maintain a higher balance, as the interest earned increases with your balance. Additionally, you can earn a cash bonus of up to $300 by meeting specific requirements.
For those with lower balances, the CIT Bank Savings Connect Account is a strong contender. It offers a competitive 4.00% APY with no monthly maintenance fees and no minimum balance requirement. While the rate is slightly lower than the Platinum Savings Account, it’s a great option for those who don’t plan to keep a large sum in their savings account. CIT Bank also offers a Savings Builder Account, but it has a lower APY range of 0.40% to 1.00%, making it less appealing compared to the other savings options.
CIT Bank Checking Account: Reimbursement of ATM Fees and More
The CIT Bank eChecking Account offers a modest APY of 0.10% to 0.25%, which, while not the highest, comes with several perks. CIT Bank doesn’t charge monthly service fees, and it reimburses up to $30 per month for out-of-network ATM fees. This makes it a convenient option for those who frequently use ATMs. However, CIT Bank lacks its own ATM network and physical branches, which may be a drawback for some customers. The account also includes overdraft protection, adding an extra layer of security for account holders.
CIT Bank CDs: Competitive Rates for Various Terms
CIT Bank provides a wide range of CD options, including standard term CDs, jumbo CDs, and a no-penalty CD. The CIT Bank No Penalty 11-Month CD stands out with a 3.50% APY, offering flexibility for those who may need access to their funds sooner. However, other CD rates vary, with some terms offering less competitive rates compared to other online banks. CDs require a minimum opening deposit of $1,000, except for jumbo CDs, which require $100,000. While the early withdrawal penalties are standard, they may deter some customers from choosing shorter-term CDs.
CIT Bank Money Market Account: Decent Rates with Some Limitations
The CIT Bank Money Market Account offers a 1.55% APY, which is decent compared to traditional banks but falls short of the best rates offered by other online banks. The account requires a $100 minimum opening deposit, which is lower than many money market accounts. However, it lacks some features, such as a debit card, paper checks, and ATM access, which may limit its appeal for those who need easy access to their funds. On the positive side, the account connects to Zelle and PayPal, making it convenient for digital transactions.
CIT Bank Online Banking Experience and Customer Service
As an online-only bank, CIT Bank requires customers to manage their accounts primarily through its website or mobile app. The website is user-friendly, but the mobile app has received mixed reviews, with a 4.6-star rating on the Apple Store and a 2.9-star rating on Google Play. CIT Bank does not have an ATM network, but it reimburses up to $30 per month in out-of-network ATM fees for checking account holders.
Customer service is available 24/7 through live chat and automated phone assistance. Live representatives can be reached Monday through Friday from 9 a.m. to 9 p.m. ET and Saturday from 10 a.m. to 6 p.m. ET. While CIT Bank has an A- rating from the Better Business Bureau, it has failed to respond to two customer complaints, which may raise concerns about its customer service responsiveness.
Pros and Cons of Banking with CIT Bank
CIT Bank’s strongest feature is its high-yield savings accounts, which offer significantly higher interest rates than traditional banks. The absence of monthly service fees, overdraft fees, and incoming wire transfer fees makes it an attractive option for those looking to avoid common banking charges. Additionally, CIT Bank’s variety of savings accounts, CDs, and money market accounts provides customers with multiple options to suit their financial goals.
However, CIT Bank’s lack of physical branches and ATM network may be a disadvantage for those who prefer in-person banking or require easy access to ATMs. The mobile app’s subpar rating on Google Play and the $100 minimum opening deposit for most accounts are also drawbacks. Despite these limitations, CIT Bank remains a solid choice for online banking with competitive rates and minimal fees.
In summary, CIT Bank is an excellent option for anyone comfortable with digital banking and seeking high-yield savings accounts. While it may not be the best fit for everyone, its competitive rates and lack of fees make it a strong contender in the world of online banking.
