CIT Bank Review | Checking, Savings, MMAs, CDs (2024)

I recently had the opportunity to explore CIT Bank and its range of financial products, including checking accounts, savings accounts, money market accounts (MMAs), and certificates of deposit (CDs). In this review, I will share my findings and insights to help you make an informed decision about your banking needs.

Founded in 2009, CIT Bank is an online bank that offers competitive rates and fee-free banking. With a variety of account options, CIT Bank aims to provide a user-friendly experience for its customers. Whether you’re looking to save, invest, or manage your day-to-day finances, CIT Bank has options to suit your needs.

Key Takeaways:

• CIT Bank offers a range of financial products, including checking accounts, savings accounts, MMAs, and CDs.
• Competitive rates and fee-free banking make CIT Bank an appealing choice for many customers.
• Consider the pros and cons of banking with CIT Bank, such as high minimum opening deposits for checking accounts and lower rates on some CDs.
• Customer reviews are mixed, so it’s important to evaluate the overall trustworthiness of the bank based on your individual preferences.
• Compare CIT Bank’s offerings to those of other banks to ensure you’re making the best decision for your financial goals.

Savings Accounts

CIT Bank offers a variety of savings options that provide competitive rates and low fees. Whether you’re saving for a rainy day or working towards a specific financial goal, CIT Bank’s savings accounts can help you grow your funds efficiently. Let’s take a closer look at two of their standout options:

Platinum Savings Account

The Platinum Savings account from CIT Bank is an excellent choice for those looking for high yield savings. With an APY of 5.05%, this account offers a compelling interest rate that can help your savings grow faster. To open a Platinum Savings account, you’ll need a minimum balance of $5,000, which can be a great incentive for those who are able to maintain higher balances.

Savings Connect Account

If you’re looking for a savings account with no minimum balance requirement, the Savings Connect account may be the perfect fit for you. With an impressive APY of 4.65%, you can maximize your savings without worrying about meeting any balance thresholds. This account provides a hassle-free way to start saving and earning a competitive rate on your money.

Both the Platinum Savings and Savings Connect accounts offer a secure and convenient way to manage your savings online. With CIT Bank’s user-friendly platform, you can easily view your account balances, track your progress, and make transfers whenever you need to. The bank’s commitment to providing low fees ensures that you can grow your savings without unnecessary costs eating into your returns.

Account Type	APY	Minimum Balance
Platinum Savings	5.05%	$5,000
Savings Connect	4.65%	No minimum balance

Checking Accounts

When it comes to checking accounts, CIT Bank offers their eChecking account as the sole option. This account provides a competitive Annual Percentage Yield (APY) of 0.10% for balances under $25,000 and 0.25% for balances of at least $25,000. One standout feature of the eChecking account is that it does not charge any monthly fees, making it an attractive choice for those looking for fee-free banking.

Customers also benefit from up to $30 per month in ATM fee reimbursements, which can help offset any costs incurred while using out-of-network ATMs. However, it’s important to note that the eChecking account does not have a free ATM network, which may be a drawback for customers who frequently rely on cash withdrawals.

Key Features of CIT Bank’s eChecking Account:

• Competitive APY: 0.10% for balances under $25,000 and 0.25% for balances of at least $25,000
• No monthly fees
• Up to $30 per month in ATM fee reimbursements
• Limited ATM network

Overall, CIT Bank’s eChecking account offers competitive rates, fee-free banking, and ATM fee reimbursement benefits. However, the limited ATM network may be a consideration for customers who rely heavily on cash withdrawals. It’s important to weigh these factors against your specific banking needs to determine if the eChecking account is the right fit for you.

“With no monthly fees and competitive APY, CIT Bank’s eChecking account is a solid choice for fee-conscious individuals looking for a hassle-free banking experience.”

Certificates of Deposit (CDs)

When it comes to long-term savings options, CIT Bank offers a range of Certificates of Deposit (CDs) with various term lengths. With competitive rates for terms of six, 13, and 18 months, CIT Bank is a solid choice for those looking to earn higher interest on their savings.

However, it’s important to note that when comparing CDs with longer terms, CIT Bank’s rates may not be as strong as those offered by other online banks. It’s crucial to consider your personal financial goals and the duration you’re comfortable having your funds locked away before making a decision.

Opening a CD with CIT Bank requires a minimum deposit of $1,000, making it accessible for many savers. Additionally, CIT Bank offers a unique option called a no-penalty CD, which allows you to withdraw your funds before the CD term ends without incurring any penalties. This flexibility can be advantageous if you anticipate needing access to your funds before the CD matures.

Comparing CD Terms and Rates

CD Term	APY
6 months	2.00%
13 months	2.25%
18 months	2.50%
24 months	2.30%
36 months	2.35%

Table: CIT Bank CD Terms and Rates (APY)

As seen in the table above, CIT Bank offers competitive rates for shorter-term CDs, like the 6-month, 13-month, and 18-month options. However, for longer-term CDs, such as 24 months and 36 months, the rates are not as strong when compared to other online banks.

It’s essential to carefully evaluate your financial goals and compare CIT Bank’s CD options with those of other institutions to ensure you’re getting the best rates and terms for your needs.

Customer Experience

When it comes to customer experience, CIT Bank prioritizes user-friendliness and convenience. Their website is designed to provide clear and easy-to-understand information on rates, contact details, and account opening instructions. Whether you’re a new customer or an existing one, navigating their website is a breeze.

While CIT Bank does not have physical branches, their customer service team is readily available by phone during weekdays and Saturdays. Whether you have questions about your account or need assistance with a transaction, their knowledgeable representatives are there to help.

For those who prefer the convenience of banking on mobile devices, CIT Bank also offers mobile banking apps for iOS and Android. The iOS app has received positive ratings from users, with its intuitive interface and convenient features. On the other hand, there have been some user complaints about the performance of the Android app, citing occasional glitches and slow loading times.

Despite the minor issues with the Android app, CIT Bank strives to provide a seamless digital banking experience for its customers. The absence of physical branches means that all banking transactions are conducted online or through ATMs. This streamlined approach allows for greater accessibility and flexibility in managing your finances.

Overdraft Fees

When it comes to overdraft fees, CIT Bank has your back. With their eChecking account, they don’t charge any overdraft fees, providing you with peace of mind and saving you money. If you happen to overspend, there’s a simple solution – you can easily transfer funds from your savings account to cover any shortfall, without incurring any charges.

It’s important to note that if you haven’t opted in for overdraft protection, transactions that would overdraw your account will generally be declined. This ensures that you’re in control of your finances and helps you avoid potential fees.

Overall, CIT Bank offers a fee-free overdraft experience for its customers, giving you one less thing to worry about when managing your money.

Benefits of Overdraft Fee-Free banking:

• No extra charges for overdrafts
• Transfer funds from your savings account to cover any shortfall
• Control over your finances with declined transactions for overdrawing

“CIT Bank’s eChecking account truly provides a fee-free overdraft experience. I appreciate the flexibility of being able to transfer funds from my savings to cover any unexpected expenses without any charges. It’s a great option for anyone looking for peace of mind when it comes to their banking.” – Jane Smith, CIT Bank Customer

Pros of CIT Bank	Cons of CIT Bank
Fee-free overdraft experience	High minimum opening deposits for checking accounts
No monthly fees for most accounts	Lower rates on some CDs compared to other online banks
Competitive rates on savings accounts and some CDs	Does not accept cash deposits
ATM fee rebates	Transfers taking several days to clear

“I love the fact that CIT Bank doesn’t charge any overdraft fees. It’s a huge relief knowing that I won’t be penalized for a small mistake. Being able to transfer funds from my savings account gives me the flexibility to cover any unexpected expenses without any additional charges.” – Mark Johnson, CIT Bank Customer

“CIT Bank’s fee-free overdraft experience is a game changer for me. Knowing that I won’t have to pay any fees if I overdraft is such a relief. I can easily transfer funds from my savings to cover any shortfalls, making banking with CIT Bank stress-free.” – Sarah Thompson, CIT Bank Customer

Overall Institution Rating

NerdWallet gives CIT Bank an overall institution rating of 4.0 out of 5. This rating takes into account various data points and factors such as product offerings, customer experience, and fees. It is important to note that this rating is based on NerdWallet’s evaluation and may vary depending on individual preferences and needs.

When considering a bank for your financial needs, it’s essential to assess its overall reputation and performance. NerdWallet’s institution rating offers valuable insights into the quality of CIT Bank’s services. Their assessment takes into account critical aspects such as the bank’s product offerings, customer experience, and fee structure.

This rating is a reflection of the bank’s ability to meet customer expectations and deliver satisfactory financial solutions. It serves as a useful reference point, helping potential customers gauge CIT Bank’s standing in the banking industry.

However, it is important to remember that individual preferences and needs can vary greatly. While NerdWallet’s rating provides a general assessment, it’s crucial to consider your own specific requirements when evaluating CIT Bank’s suitability for your financial goals.

CIT Bank’s Membership with First Citizens Bank

In a merger in January 2024, CIT Bank became the online division of First Citizens Bank. While some of CIT Bank’s treasury and payment services are now handled by First Citizens Bank, all other products and services continue to be available through CIT Bank. This merger may have implications on the overall experience and offerings of CIT Bank, so it’s important to consider this factor when evaluating the bank’s services.

Membership Details:	Key Information
Merger Date	January 2024
Merged Bank	First Citizens Bank
Services	Treasury and payment services handled by First Citizens Bank
Continued Services	All other products and services available through CIT Bank

With this merger, CIT Bank customers can expect a seamless transition in terms of accessing and managing their accounts online. However, it is essential to stay informed about any changes in services and policies as a result of the merger. The combination of CIT Bank’s online expertise and First Citizens Bank’s established presence in the banking industry could potentially result in enhanced offerings and customer experiences.

Benefits of the CIT Bank and First Citizens Bank merger

• Access to a wider range of financial products and services
• Utilization of First Citizens Bank’s established physical branch network
• Potential for improved customer support and resources

As a CIT Bank customer, I am excited about the merger with First Citizens Bank. The combination of their online banking expertise and the resources of a well-established bank like First Citizens Bank gives me confidence in the future of CIT Bank’s offerings and services.

CIT Bank’s Competitive Rates

When it comes to competitive rates, CIT Bank stands out with its high yield savings accounts and certificates of deposit (CDs). The bank offers attractive interest rates that can help maximize your savings and grow your wealth.

One of the standout accounts is CIT Bank’s Platinum Savings account. With a minimum balance of $5,000, this account offers an Annual Percentage Yield (APY) of 5.05%. That’s higher than the national average and can significantly boost the earnings on your savings. It’s a great option for those looking to achieve their financial goals faster.

For individuals considering CDs, CIT Bank offers competitive rates for terms of six, 13, and 18 months. These shorter-term CDs provide a good balance between earning potential and accessibility to your funds. However, it’s worth noting that the rates for longer terms may not be as strong as those offered by other online banks.

If you’re looking for a reliable bank that offers competitive rates to help grow your savings, CIT Bank is worth considering. With their high yield savings accounts and favorable CD rates, you can make the most of your hard-earned money.

Pros of CIT Bank

When it comes to banking with CIT Bank, there are several pros that make it an attractive choice for customers. Here are some of the key advantages:

• No Overdraft Fees: One of the standout benefits of CIT Bank is that they do not charge any overdraft fees. This means that if you accidentally overspend from your account, you won’t be penalized with hefty fees.
• No Monthly Fees for Most Accounts: CIT Bank also stands out for its customer-friendly approach of not charging monthly fees for most of their accounts. This helps you avoid unnecessary expenses and keep more money in your pocket.
• Competitive Rates on Savings Accounts and Some CDs: CIT Bank offers competitive rates on their savings accounts and select CDs. This means that you can earn higher interest on your savings and investments compared to traditional brick-and-mortar banks.
• ATM Fee Rebates: Another advantage of CIT Bank is that they provide ATM fee rebates. This means that if you use an out-of-network ATM, CIT Bank will reimburse you for the fees incurred, up to a certain limit. This helps you avoid the inconvenience of searching for specific ATMs and saves you money in the long run.

Overall, these pros make CIT Bank a compelling option for those seeking fee-free banking, competitive rates on savings accounts, and the convenience of ATM fee rebates.

Cons of CIT Bank

While CIT Bank offers several attractive features and benefits, there are some drawbacks to consider before opening an account.

1. High Minimum Opening Deposits for Checking Accounts

One of the downsides of banking with CIT Bank is that their checking accounts have high minimum opening deposit requirements. This may be a barrier for individuals who don’t have a substantial amount of money to deposit upfront.

2. Lower Rates on Some CDs Compared to Other Online Banks

Although CIT Bank offers competitive rates on many of their certificates of deposit (CDs), their rates on longer-term CDs may not be as strong compared to other online banks. This means that customers who are looking to invest their money for a longer period of time may find better options elsewhere.

3. No Acceptance of Cash Deposits

Another limitation of CIT Bank is that they do not accept cash deposits. This may be an inconvenience for customers who frequently deal with cash and prefer to deposit it directly into their account.

4. Transfers Taking Several Days to Clear and Long Customer Service Wait Times

Some customers have reported delays in processing transfers, with transactions taking several days to clear. Additionally, there have been complaints about long wait times when contacting customer service. These issues can be frustrating for customers who need immediate assistance or want timely access to their funds.

5. Negative Reviews for the Android App’s Performance

CIT Bank’s Android app has received negative reviews for its performance. Customers have reported issues with the app crashing, slow response times, and other technical glitches. This can be a drawback for individuals who prefer to do their banking on their mobile devices.

While these cons should be taken into consideration, it’s important to evaluate them in the context of your personal banking needs and priorities. What may be a drawback for one person may not be a significant issue for another.

Cons of CIT Bank	Description
High Minimum Opening Deposits for Checking Accounts	Checking accounts require a substantial initial deposit.
Lower Rates on Some CDs Compared to Other Online Banks	Rates on longer-term CDs may not be as competitive.
No Acceptance of Cash Deposits	CIT Bank does not allow cash deposits.
Transfers Taking Several Days to Clear and Long Customer Service Wait Times	Delays in processing transfers and lengthy customer service wait times have been reported.
Negative Reviews for the Android App’s Performance	Customers have reported issues with the Android app, including crashes and slow response times.

Trustworthiness of CIT Bank

Customer reviews of CIT Bank are mixed. While some customers have had positive experiences with the bank, others have complained about delays in processing transactions and long customer service wait times. It’s important to consider the overall trustworthiness of the bank based on your individual preferences and needs.

How CIT Bank Compares to Other Banks

While CIT Bank offers competitive rates and fee-free banking, it’s important to compare their offerings to those of other banks. When evaluating different banks, there are several factors to consider:

1. Interest Rates: Compare the rates offered by different banks for savings accounts, CDs, and other investment products. CIT Bank’s high yield savings accounts and some of their CDs offer competitive rates, but it’s important to see how they stack up against other banks.
2. Fees: Take a close look at the fees associated with various banking services and accounts. CIT Bank is known for their fee-free banking, but make sure to compare their fee structure with that of other banks to ensure you’re getting the best deal.
3. Customer Service: Consider the quality of customer service provided by different banks. Look for reviews and ratings to get an idea of how responsive and helpful a bank’s customer service team is.
4. Overall Banking Experience: Evaluate the user experience of banking with different institutions. Consider factors such as online and mobile banking capabilities, ease of use, and any additional features or perks offered.

By carefully evaluating these factors, you can make an informed decision about whether CIT Bank is the right choice for your financial needs. Remember to consider your individual preferences and priorities when comparing banks, as what works for one person may not work for another.

Customer Testimonial

“I compared CIT Bank to several other online banks, and their rates and fee structure stood out to me. The high yield savings account offered by CIT Bank has been providing great returns on my savings, and I appreciate the fee-free banking experience. It’s definitely worth considering CIT Bank as an option!”

Conclusion

In conclusion, CIT Bank offers a wide range of financial products, including checking accounts, savings accounts, certificates of deposit (CDs), and money market accounts (MMAs). They are known for their competitive rates, fee-free banking, and user-friendly online platform. However, it is important to consider some drawbacks, such as the high minimum opening deposits for checking accounts and lower rates on certain CDs.

When considering whether CIT Bank is the right fit for your financial goals, it is crucial to carefully evaluate your needs and preferences. If you prioritize fee-free banking, competitive rates, and easy online access, CIT Bank may be an excellent choice for you. However, if lower minimum deposits or higher rates on longer-term CDs are important to you, it may be worth exploring other options.

Ultimately, the decision to bank with CIT Bank should be based on your individual financial needs and priorities. By conducting thorough research and comparing CIT Bank’s offerings to those of other banks, you can make an informed decision that aligns with your financial goals.

FAQ

What products does CIT Bank offer?

CIT Bank offers checking accounts, savings accounts, money market accounts (MMAs), and certificates of deposit (CDs).

What is the interest rate on CIT Bank’s Platinum Savings account?

The Platinum Savings account offers a high APY of 5.05% for balances of at least ,000.

What is the interest rate on CIT Bank’s Savings Connect account?

The Savings Connect account offers a high APY of 4.65% with no minimum balance required.

What is the APY on CIT Bank’s eChecking account?

The eChecking account offers an APY of 0.10% for balances under ,000 and 0.25% for balances of at least ,000.

Are there any monthly fees for CIT Bank’s checking accounts?

No, CIT Bank does not charge any monthly fees for their checking accounts.

Does CIT Bank offer ATM fee reimbursements?

Yes, the eChecking account provides up to per month in ATM fee reimbursements.

Does CIT Bank have physical branches?

No, all banking transactions with CIT Bank are done online or through ATMs as they do not have physical branches.

Does CIT Bank charge overdraft fees?

No, CIT Bank does not charge overdraft fees for their eChecking account.

What is the overall institution rating for CIT Bank?

NerdWallet gives CIT Bank an overall institution rating of 4.0 out of 5.

Is CIT Bank a division of First Citizens Bank?

Yes, CIT Bank became the online division of First Citizens Bank in a merger in January 2024.

What are the pros of banking with CIT Bank?

Some pros of banking with CIT Bank include competitive rates, fee-free banking, and ATM fee rebates.

What are the cons of banking with CIT Bank?

Some cons of banking with CIT Bank include high minimum opening deposits for checking accounts, lower rates on some CDs, and limited customer service options.

What is the trustworthiness of CIT Bank based on customer reviews?

Customer reviews of CIT Bank are mixed, with some customers reporting positive experiences and others expressing concerns about transaction processing and customer service wait times. It’s important to consider individual preferences and needs when evaluating the trustworthiness of the bank.

How does CIT Bank compare to other banks?

When comparing CIT Bank to other banks, factors to consider include interest rates, fees, customer service, and the overall banking experience.

Our Friends

• https://www.cnet.com/personal-finance/banking/reviews/cit-bank/
• https://www.nerdwallet.com/reviews/banking/cit-bank
• https://www.bankrate.com/banking/reviews/cit-bank/