In this comprehensive CIT Bank review for 2023, we’re going to dive into the features and offerings of this online banking institution. CIT Bank stands out as an excellent choice for those looking for high-yield savings accounts and competitive Certificate of Deposit (CD) rates. Additionally, it offers an interest-bearing checking account, but it’s essential to embrace online banking to reap the benefits.
CIT Bank Ratings
Before we delve into CIT Bank’s offerings, let’s first consider how it’s rated:
Savings: 4.9 stars out of 5
CDs: 4.8 stars out of 5
Checking: 4.7 stars out of 5
MMA (Money Market Account): 3.8 stars out of 5
Let’s start by examining the bank’s performance through its various offerings:
- Competitive Yields on Savings and CDs
- Fee-Free Banking with No Monthly Fees
- Diverse Product Range: Savings, CDs, Money Market, Checking
- Digital Convenience with Online-Only Banking
- Focus on Customer Satisfaction and FDIC Insurance
- Unique Savings Options: Savings Builder and Savings Connect
- Mobile Banking for Easy Account Management
- Unlimited Free External Transfers for Flexibility
About CIT Bank
CIT Bank is your go-to destination for online banking solutions with attractive interest rates. Here’s what CIT Bank brings to the table:
- ATM Fee Refunds: CIT Bank is generous, offering up to $30 in ATM surcharge reimbursements every month.
- Top Savings Rate: CIT Bank’s Savings Connect account boasts a top-tier yield.
In this 2023 review, we’ll take a deep dive into CIT Bank’s offerings, which encompass high-yield savings accounts, competitive CDs, interest-bearing checking accounts, and more. CIT Bank stands out as a prominent online financial institution known for offering above-average yields across a range of financial products.
Exploring CIT Bank: Comprehensive Overview
CIT Bank has positioned itself as a frontrunner for individuals seeking robust savings accounts and attractive CDs with above-average yields. Besides its savings accounts and CDs, CIT Bank offers an interest-earning checking account, a money market account, and various types of CDs.
While CIT Bank offers competitive APYs for some CDs, other CD options and the money market accounts come with less competitive rates. The bank, however, mitigates this by refraining from imposing high fees, including monthly service fees and overdraft charges.
- Competitive yields on savings and select CD accounts.
- No monthly fees for any account type.
- Interest-earning checking account.
- ATM surcharge reimbursements up to $30 per month.
- Some CD APYs fall below the national average for their respective terms.
- CIT Bank lacks physical branch locations.
CIT Bank Banking Products
Now, let’s dive into the specifics of CIT Bank’s banking products.
CIT Bank shines when it comes to savings accounts, offering an impressive 4.50% APY on its Savings Connect savings account as of September 24, 2023. What’s more, you can get started with a minimal balance requirement of $0 to enjoy this high APY. CIT Bank goes a step further by providing account holders with up to $250 in direct deposit earnings, and account fees are non-existent.
- Top-tier yield.
- No monthly fees.
- Easy account access.
- Earning the higher APY on the Savings Builder savings account may require a substantial minimum balance or monthly deposits.
Certificate of Deposit (CD)
CIT Bank’s Certificate of Deposit (CD) products are another strong suit. With an APY offering of 5.05%, CIT Bank’s CDs are hard to overlook. The minimum balance required to start earning interest is just $5,000. On top of the lucrative rates, the bank ensures a fee-free experience for its customers, both in terms of monthly service fees and other incidental charges.
- Wide range of CD terms available.
- Competitive yields on select terms.
- No-penalty CD with a competitive yield.
- For higher yields on longer-term CDs, you might want to explore other online banks.
Money Market Accounts
CIT Bank’s money market account, while still competitive, offers an APY of 4.75%. Like other CIT Bank products, there are no minimum balance requirements for this account, and it guarantees unlimited free external transfers. This feature allows you to access and manage your funds with flexibility and ease.
- Competitive APY.
- No monthly maintenance fee.
- Low account opening requirement.
- Higher-yielding money market accounts are available elsewhere.
CIT Bank completes its range of offerings with an interest-earning checking account. While it may not have the highest APY among its products, it’s a valuable inclusion in the bank’s portfolio. With no monthly service fees, this checking account ensures your money keeps working for you.
- Competitive APY for a checking account.
- No monthly fees.
- Generous ATM surcharge reimbursements.
- A minimum deposit of $100 is required to open an account.
CIT Bank’s Unique Features
Savings Builder Account
CIT Bank’s Savings Builder account stands out with its specific earning requirements. To qualify for a higher APY of up to 1.00%, you can either maintain a balance of $25,000 or more or make a monthly deposit of $100 or more. For those who may find maintaining a high balance a challenge, the option of monthly deposits opens the door to earning more on your savings.
Savings Connect Account
CIT Bank’s Savings Connect account offers an enticing 4.65% APY, with a low $100 minimum opening deposit requirement and no monthly service fee. Whether you’re building an emergency fund or saving for specific goals like a vacation or a new car, this account serves as an excellent choice.
- The Savings Connect account provides a top-tier yield.
- The Savings Builder account encourages consistent saving with a low deposit requirement.
- No monthly fees for both Savings Connect and Savings Builder accounts.
- To maximize APY on the Savings Builder account, you need to either maintain a high balance or make regular $100+ monthly deposits.
- In comparison to other online bank savings accounts, the Savings Builder falls short in terms of APY.
CIT Bank: A Closer Look
CIT Bank, established in 2009, has been operating as an online banking entity since its inception. In January 2022, it became a division of First Citizens Bank. The bank offers a spectrum of deposit accounts, including high-yield savings accounts and home loans.
CIT Bank’s mobile banking app covers the essentials, allowing you to check transaction history, transfer funds between accounts, and even deposit checks through your mobile device. The app has garnered a high rating on the Apple App Store, although its rating on the Google Play Store lags.
Notably, CIT Bank operates exclusively online and does not maintain physical branch locations. However, customers can reach a customer service representative via phone on weekdays from 9 a.m. to 9 p.m. Eastern time and on Saturdays from 10 a.m. to 6 p.m. Eastern.
The bank actively collaborates with a Community Advisory Board to allocate investments and services to communities in Southern California. A significant portion of the bank’s grants is directed toward economic development and affordable housing in the Southern California region.
CIT Bank vs. Citizens Bank
If you’re looking to compare CIT Bank with Citizens Bank, it’s crucial to recognize that CIT Bank excels in online banking, providing competitive yields and lower fees. Citizens Bank, on the other hand, offers branch access and an extensive ATM network. However, savers at Citizens Bank may not enjoy the same high yields that CIT Bank offers.
- Operates exclusively as an online bank, without physical branch locations.
- Focuses on offering competitive annual percentage yields (APYs) on savings accounts and Certificates of Deposit (CDs).
- Minimizes fees, including no monthly service fees and overdraft charges.
- Provides a range of digital banking products, including savings accounts, CDs, money market accounts, and interest-earning checking accounts.
- Committed to customer satisfaction and backed by FDIC insurance.
- Has a regional presence with physical branches, primarily in the Eastern United States.
- Offers traditional banking services and in-person customer support.
- Provides a range of financial products and services, including savings and checking accounts, loans, and mortgages.
- May have different fee structures and policies compared to online-only banks like CIT Bank.
When comparing CIT Bank to Citizens Bank, several distinctions become evident. Citizens Bank has a regional, physical presence primarily in the Eastern U.S., offering access to branches and a fee-free ATM network. On the other hand, CIT Bank operates exclusively online, emphasizing competitive yields as one of its key advantages. The bank extends its competitive yields not only to savings accounts but also to checking accounts, an advantage not shared by traditional brick-and-mortar banks.
Another critical consideration is fees. CIT Bank minimizes fees across the board. In contrast, Citizens Bank’s checking account comes with a hefty overdraft fee and out-of-network ATM fees, both of which are absent in CIT Bank’s fee structure.
Finding CIT Bank’s Routing Number
To locate your CIT Bank routing number, access your online account and navigate to the account details tab. The CIT Bank routing number for online-only accounts is 124084834. For branch and commercial customers, the routing numbers can be found by logging into their accounts.
Transferring Funds with CIT Bank
CIT Bank facilitates easy fund transfers. Account holders can transfer money between their CIT Bank account and accounts at other banks through online account access or the bank’s mobile app. Customers can link external accounts for seamless transfers, choosing between immediate or scheduled transfers. CIT Bank also permits outgoing wire transfers to domestic financial institutions.
CIT Bank restricts outgoing transfers to other financial institutions to $250,000 per day, while incoming transfers are limited to $500,000 per day. The bank refrains from charging fees for electronic transfers.
In conclusion, CIT Bank shines as a formidable contender in the online banking sphere, with a comprehensive range of offerings designed to cater to a diverse array of financial needs. Its focus on competitive interest rates, minimal fees, and user-friendly digital banking features make it an attractive option for those comfortable with online banking.
Whether you’re seeking a high-yield savings account, exploring Certificate of Deposit options, or considering an interest-earning checking account, CIT Bank has you covered within the digital banking landscape. Its commitment to customer satisfaction and financial security, backed by FDIC insurance, further solidifies its position as a trustworthy and reliable financial institution.
As you navigate the ever-evolving landscape of online banking, CIT Bank stands out as a bank that combines the convenience of digital banking with the financial advantages you seek. With its competitive rates and customer-centric approach, CIT Bank continues to make a strong case for those looking to maximize their savings and investment potential while minimizing unnecessary fees.
For individuals who value the freedom to manage their finances from the comfort of their homes and demand exceptional value from their banking institution, CIT Bank is a compelling choice. It’s a testament to the digital age where banking can be accessible, rewarding, and tailored to individual financial aspirations.
Let’s address some commonly asked questions about CIT Bank:
Is CIT Bank a legitimate bank?
CIT Bank is not only FDIC-insured but also a division of First Citizens Bank, which has a federal charter with roots dating back to the 1800s.
Does CIT Bank offer home loans?
Yes, CIT Bank provides fixed-rate mortgages with terms ranging from 10 to 30 years. They also offer relationship pricing to customers with a Savings Builder account, including cashback incentives after closing on a new CIT home loan.
Who is CIT Bank Ideal for?
CIT Bank is ideal for individuals comfortable with online banking and seeking competitive yields on their savings and checking accounts. Those interested in CDs should review the rates offered for their desired terms, as CD rates can vary significantly.
Is CIT Bank FDIC insured?
Indeed, CIT Bank is FDIC-insured, providing federal protection of up to $250,000 per depositor in each account ownership category in the event of a bank failure.
Is CIT Bank safe?
CIT Bank places a premium on security, implementing various measures, including antivirus protection, SSL encryption, account monitoring, firewalls, and other security protocols. In the event of fraud or identity theft, CIT Bank’s fraud prevention department is dedicated to assisting customers.
Is CIT Bank the same as Citizens Bank?
No, CIT Bank is not the same as Citizens Bank. They are separate banking institutions with distinct characteristics. While both banks serve customers’ financial needs, they have different operational models, focuses, and customer experiences.
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