In this CIT Bank review, we give you everything you need to know about this banking institution, and what makes it stand out from the rest.
Fifty-one percent of adult people or equivalent to 61% of internet users in the United States bank online. This was based on the findings of a survey conducted by Pew Research Center.
The above result is actually not surprising given the fact that we now live in the digital world where people are mostly online. Technology has brought so much convenience to people that even banking institutions had to adapt. More so, the digital era has brought opportunities for online banks to come to life – bringing more banking choices among consumers.
There are a lot of online banks these days. In fact, there are too many that finding the right bank could get a little tricky. So, with that in mind, today, we are going to particularly focus on providing you with all the essential information you need about one of the digital banks out there – the CIT Bank.
In this CIT Bank review, we are going to particularly tackle some of the most common questions people look for answers to when choosing a bank – an online bank per se.
These questions include:
- What is CIT Bank?
- Who is CIT Bank best for?
- What are the major products offered by CIT Bank?
- What are the other financial products CIT Bank offer?
- How to do banking with CIT Bank?
- Is CIT Bank safe?
- What to like about CIT Bank?
- What not to like about CIT Bank?
WHAT IS CIT BANK?
Just like in everything, before dealing or settling with a banking institution, it is important to get to know the bank first. This helps you get to know more about their history, affiliations, products, and more – which we are going to tackle in the next few sections.
Knowing what the bank is all about will also help you determine whether it is the right one for you according to your needs and preferences.
So, with that, here’s a quick briefer on what CIT Bank is all about —
CIT Bank, N.A. or simply CIT Bank is a subsidiary of one of the well-known financial holding companies in the country, the CIT Group, Inc.
The bank aims to be every consumer’s go-to online banking solution, which is why while they do not local branches you can walk into like other online banks out there, CIT Bank does offer easy-to-open accounts with impressively low opening deposit requirements.
CIT Bank makes banking easier and convenient by ensuring you can check your account and make banking transactions conveniently using your computer or mobile device any time of the day, anywhere you are.
One of the impressive things about CIT Bank as well is that it focuses on providing consumers some of the most competitive interest rates on the market today.
While CIT Bank does have a business and commercial banking solutions, too, in this CIT Bank review, we are going to specifically focus on personal banking to help you see if CIT is the perfect institution for your banking needs.
Before moving on with our CIT Bank review, here’s an equally informative review by BankTruth we thought you might want to check as well:
WHO IS CIT BANK BEST FOR?
In the previous section, we talk about some of the highlights of what CIT Bank is. In this section, we are going to talk about who will greatly benefit from what the bank offers.
CIT Bank is ideal for people who prefer a digital bank offering checking and savings accounts that can be opened conveniently online with no fees or minimum balance requirements. More so, the bank also appeals most to customers who want to earn high rates in deposit accounts — because after all, that is one of the things that CIT Bank is known for.
To be more specific, CIT Bank is a good fit for people who:
- Want an online savings account or a money market account without monthly fees
- Want to enjoy flexible CDs that allow early withdrawal
- Plan to use CDs for long-term savings
- Do not want to write checks
- Want to enjoy ATM rebates and the freedom to withdraw cash from any machine
- Do not need a bank to print as well as mail checks for bill payments
- Have access to no-penalty CDs
If you are looking for any – if not all – of the above benefits and services, then CIT Bank may be the right digital bank for you.
WHAT ARE THE MAJOR PRODUCTS OFFERED BY CIT BANK?
This CIT Bank review will not be complete if we are not going to tackle the products – particularly the major ones — that the bank offers.
Before moving on, it is important to note that since CIT Bank is an online-only bank, it offers a limited selection of deposit accounts as compared to regular banks out there.
Meanwhile, for the reason that the bank is not burdened by the expense of branches and ATMs, CIT Bank can offer higher interest rates as compared to traditional bank accounts. Needless to say, the bank also offers relationship pricing for its customers when it comes to their home loan product.
Now, in this section, we are going to share with you essential information you need to know about each of the following major products from CIT Bank:
- eChecking Account
- Savings Account
- Money Market Accounts
- Certificate of Deposit
It was only in late 2019 when CIT Bank added eChecking accounts among its product line. With this type of product, customers get to fully access an array of banking products offered by CIT. Needless to say, customers are able to check and do banking transactions 24 hours a day through the CIT mobile app.
Unlike other checking accounts, CIT Bank’s eChecking account pays interest. Although it is not that remarkable, what makes it stand out is that the fees are low, and the account comes with some very handy features.
Some of the highlights of CIT Bank’s eChecking account are as follows:
- Requires $100 minimum deposit to open an account
- Pays 0.10% annual percentage yield (APY) on balances under $25,000
- Pays 0.25% APY on balances amounting to $25,000 and above
- Provides a complementary debit card with EMV chip technology for spending and cash withdrawals
- No monthly maintenance charges
- No ATM fees
- Provides up to $30 per month in ATM fee rebates
- Remote check deposit
- Locks debit card to reduce the possibility of fraud
- Allows automatic payments when account information is provided to billers
- Payments with Zelle, Apple Pay, and Samsung Pay
Contrary to other checking accounts out there, the CIT Bank eChecking account does not allow customers to write checks. More so, it does not offer an online bill-pay feature that allows customers to push payments out.
Although these restrictions may not be a deal-breaker for some, it may be for people who need to pay people and organizations that do not accept electronic payments on a regular basis.
CIT Bank offers a two-tiered savings accounts, which is called Savings Builder account that have specific earning requirements. The requirements are either customer maintain a balance of $25,000 or more, or make at least one deposit of $100 or more on a monthly basis.
Some of the great features of CIT Bank’s savings account are as follows:
- Requires only $100 minimum to open an account
- Pays 0.29% APY on accounts with balances under $25,000 without $100 monthly deposits
- Pays 0.45% APY on accounts with balances under $25,000 but with $100 monthly deposits or balances over that amount
- No monthly maintenance fees
- Mobile check deposit
If you want to take full advantage of what the account has to offer — meaning the highest APY possible, again, you have to either keep an account balance of $25,000 or more or deposit $100 every month.
A lot of banks set limits when it comes to how often customers can withdraw from their savings accounts. CIT Bank is one of them. Per the bank’s rule, customers are only allowed to make six transactions per statement cycle. However, it is important to note that checks received by mails do not count against the limit.
Another account option that CIT Bank offers is its Money Market account. Unlike other banks, CIT Bank only offers one money market account.
Among other accounts offered by the bank, its Money Market account pays the highest rates. Needless to say, it is readily available anytime you need the money. You can use your money with third-party payment networks and online bill pay in the future.
Anyway, some of the key features offered by CIT Bank’s Money Market account are as follows:
- Requires at least $100 deposit to open an account
- Pays 0.50% APY
- Allows online bill pay
- An ideal funding source for PayPal payment (a maximum of $50 per day and per transaction)
- Allows mobile check deposit
- Person-to-person payments through Zelle (a maximum if $600 a day and $300 per transaction)
What is nice about money market accounts is that customers can earn higher rates on cash as compared to other accounts, and also, the money can be spent any time without having to transfer it to a checking account like what you may need to do with a savings account.
Unfortunately, though, unlike other banks, CIT Bank does not provide as many payment methods. However, the fact cannot be denied that the bank offers an excellent rate.
While the money market account makes it easier to pay from your balance, there are limitations set as well. Customers can only make six external transfers every month. Also, it is important to note that CIT Bank’s dollar limits on Zelle and PayPal payments only.
Certificate of Deposit
CIT Bank offers a number of CD options, which include term CDs, jumbo CDs, as well as no-penalty CDs. Previously, the bank also offered RampUp CDs, but, it is no longer available for new customers.
Now, let’s take a look at each of these CD options:
Term CDs refer to standard CDs that reward you for locking up your savings with the bank. To open a Term CD at CIT Bank, the requirement is to deposit at least $1,000.
For CIT Bank’ Term CDs, the term range from six months up to 60 months, and customers can earn annual percentage yield from 0.30% to 0.50%.
Remember that Term CDs allow you to lock in a rate for a particular period of time. The longer your term length is, the higher your interest will be.
CIT Bank does not charge any opening or maintenance fees, which is great because some banks do charge one.
Jumbo CDs, which are offered by CIT Bank allow customers to earn higher APYs on deposits of a minimum of $100,000. Unlike Term CDs, the Jumbo CDs are not a common option for most customers given the minimum opening deposit requirement.
The Jumbo CD have longer terms, which range from two to five years. It comes with locked-in rates that range from 0.40% to 0.50% APY depending on how long the term is.
Similar to Term CDs, though, Jumbo CDs do not charge opening or maintenance fees as well.
CIT Bank also offers No-Penalty CDs, which allow customers to lock in a rate, at the same time, keeping the options open since there is no penalty to withdraw the money before maturity. No-Penalty CDs are ideal especially since it allows customers to withdraw their money in case of emergency without getting charged.
No-Penalty CDs is an 11-month term CD. To open, you only need at least $1,000. Customers can earn 0.30% APY with this CD option.
Seven days after opening, you can already withdraw funds with no penalty.
Similar to the other CD options, it also does not have an opening of maintenances fees.
As mentioned earlier, this CD option is no longer available for new accounts. However, just to give you an idea, with this CD type, customers can raise their rate one time during their CD’s term — only if CIT Bank raises rates on these CDs.
WHAT ARE THE OTHER FINANCIAL PRODUCTS CIT BANK OFFER?
In the last section, we provided you with the major products that CIT Bank offers.
Now, apart from those, the bank also allows customers to borrow money through the following:
- Business Loans
- Home Purchase Loans
- Mortgage Refinancing
HOW TO DO BANKING WITH CIT BANK?
At this time, you are probably wondering already how to start banking with CIT Bank.
Well, to open an account with CIT Bank, all you have to do is download its app or visit its website, and follow the process stated there.
Remember, CIT Bank is a digital bank with no physical branches or locations. Thus, everything is done online.
IS CIT BANK SAFE?
Just like most digital banks out there, security is a top priority for CIT Bank. To ensure all accounts are protected, it does have SSL encryption, account monitoring, antivirus protection, firewalls, and other security measures.
More so, the bank provides support in circumstances of fraud or identity theft.
Meanwhile, in the event of bank failure, CIT Bank is an FDIC insured bank, which means the federal government protects your money for up to $250,000 for every account ownership category.
WHAT TO LIKE ABOUT CIT BANK?
In this part of our CIT Bank review, we are going to provide you with some of the advantages of CIT Bank. Hopefully, this helps you gauge better if the bank is indeed the one you are looking for.
Based on the information we already provided, here are some of the things to like about CIT Bank:
- Competitive Annual Percentage Rate (APY) – CIT Bank offers competitive rates among all its products, which is great and a real come-on among customers.
- eChecking Accounts Earn Interest – It is not that common for banks to offer checking accounts with interest, but not with CIT Bank as they do pay interest for checking accounts. Although not that remarkable, still pro for customers.
- No Monthly Maintenance Fees – Unlike other banks out there, CIT Bank does not charge a monthly maintenance fees across all its products.
- 24/7 Mobile and Online Access – CIT Bank is an online-only bank, which makes perfect sense that it is accessible anytime, anywhere for as long as there is an internet connection, of course.
- Low Minimum Deposit Requirements – As compared to other banks, CIT Bank requires a fairly low minimum deposit requirement in all its products.
- Refunds ATM Fees Up to $30 per month – Since the bank does not have its own ATMs, it does not charge its customers when they use another bank’s machine. In fact, when the customer is charged, they are refunded for up to $30 a month.
- FDIC Insured – All money deposit on CIT Bank are FDIC-insured, which means, should something happen to the bank, customers won’t be left with anything.
WHAT NOT TO LIKE ABOUT CIT BANK?
While there is a lot to like about CIT Bank, there are also some disadvantages on the side.
Some of the things we particularly not like about CIT Bank include the following:
- No Physical Branch/Location or ATMs – Unfortunately, if you are the type who prefer the traditional way of banking, CIT Bank does not offer that. Again, it’s an entirely online bank, which explains the absence of a physical branch as well as their own machines.
- No Checkbooks for eChecking Accounts – Another downside of the bank is that it does not offer checkbooks on its eChecking Account. But then again, the bank is an online-only bank explains it all.
- Limited Account Options – Contrary to other banks of the same type, CIT Banks has limited account options. So, if you want wider account options, this may not be perfect for you.
- APYs for CDs is Not the Best Nationally – The APYs for CIT Bank’s CDs are not the best in line. There are other banks that offer better CD rates out there.
- Does Not Have 24/7 Customer Support – Since CIT Bank is a digital bank, most customer inquiries are handled online through its app or through automated telephone banking. Also, the customer support hours are limited, which is only available from 9 a.m. to 9 p.m. Monday through Friday and 10 a.m. to 6 p.m. on Saturday. Customer service is, unfortunately, not available on Sundays.
FINAL THOUGHTS ON CIT BANK REVIEW
CIT Bank is just one of the many digital bank options out there.
Apart from the fact that CIT Bank is an online-only bank, it also makes an ideal choice for people who want to have 24/7 access to their bank accounts, at the same time, enjoy earning higher rates.