Moneytology

CIT Bank Reviews: Is It The Right Bank for You? (2024)

cit bank reviews

Welcome to my review of CIT Bank! In this article, I will provide an in-depth analysis of CIT Bank’s products and services to help you decide if it’s the right bank for your needs. With over a century of experience in the industry, CIT Bank has established itself as a prominent online-only bank offering competitive interest rates, low fees, and convenient online banking options.

Owned by First Citizens BancShares, Inc., CIT Bank has a wide range of account options, including checking accounts, savings accounts, money market accounts, and certificates of deposit (CDs). We’ll delve into each account type, explore interest rates, and examine customer experiences to help you make an informed decision.

Key Takeaways:

  • CIT Bank is an online-only bank with a long history and a focus on competitive rates and low fees.
  • They offer various account options, including checking accounts, savings accounts, money market accounts, and CDs.
  • Their online banking features allow for convenient access to your accounts and make banking tasks easy.
  • Pros of banking with CIT Bank include competitive interest rates, low fees, and ATM fee reimbursements.
  • However, some customers have expressed concerns about slow transfer times and customer service wait times.

CIT Bank Account Options

When it comes to account options, CIT Bank offers a variety of choices to meet your banking needs. Whether you’re looking for a checking account for everyday transactions, a savings account to grow your funds, or a money market account or certificate of deposit (CD) for higher yield opportunities, CIT Bank has you covered.

Let’s take a closer look at each account option:

CIT Bank Checking Account: eChecking

If you prefer the convenience of online and mobile banking, the CIT Bank eChecking account might be the perfect fit for you. With easy access to your account anytime, anywhere, you can manage your finances with a few taps on your device. Plus, the eChecking account provides a complimentary debit card for your everyday spending needs.

CIT Bank Savings Accounts

CIT Bank offers three different savings accounts, each designed to help you save and earn interest:

  1. Savings Builder: With the Savings Builder account, you can earn a competitive interest rate by maintaining a minimum balance of $25,000 or making monthly deposits of at least $100.
  2. Savings Connect: This high-yield savings account allows you to earn a 4.65% APY with no monthly service fees. It’s a great option if you want to maximize your savings.
  3. Platinum Savings: If you have a balance of $5,000 or more, the Platinum Savings account offers a higher 5.05% APY. It’s an excellent choice for those looking to grow their savings even faster.

CIT Bank Money Market Account

For those seeking a competitive APY without any minimum balance requirements, CIT Bank’s Money Market Account is worth considering. It allows you to enjoy the benefits of a high-yield account while maintaining flexibility in accessing and managing your funds. However, keep in mind that this account has a monthly transaction limit of six withdrawals, and exceeding this limit may result in a $10 fee.

CIT Bank Certificates of Deposit (CDs)

If you’re looking for a secure way to grow your savings with a fixed interest rate over a specific period, CIT Bank’s CDs are a fantastic option. The bank offers various CD types, including:

  • Term CDs: Choose from flexible terms ranging from six months to 60 months, depending on your financial goals.
  • No-Penalty CDs: These CDs allow you to withdraw your funds before maturity without incurring any penalties, making them an excellent choice if you want flexibility.
  • Jumbo CDs: If you have a larger deposit, the Jumbo CDs offer higher interest rates for balances of $100,000 or more.
  • RampUp CDs: While not available for new accounts, RampUp CDs provide the option to request a rate increase once during the CD term, allowing you to take advantage of potential interest rate hikes.

Now that you’re familiar with CIT Bank’s account options, you can choose the accounts that align with your financial goals. It’s time to start maximizing your savings and enjoying the benefits of convenient online banking.

“Choose the accounts that align with your financial goals and start maximizing your savings.”

Account Type Key Features
eChecking
  • Access your account online or through the mobile app
  • Complimentary debit card
  • 24/7 account access
  • ATM fee reimbursements up to $30 per month
Savings accounts
  • Savings Builder: Earn a competitive interest rate with a $25,000 minimum balance or monthly deposits of $100
  • Savings Connect: High-yield account with a 4.65% APY and no monthly service fees
  • Platinum Savings: Higher interest rate of 5.05% APY for balances of $5,000 or more
Money Market Account
  • Competitive APY
  • No minimum balance requirement
  • Flexibility in accessing and managing funds
  • Monthly transaction limit of six withdrawals
Certificates of Deposit (CDs)
  • Term CDs: Flexible terms ranging from six months to 60 months
  • No-Penalty CDs: Allows early withdrawals without penalties
  • Jumbo CDs: Higher interest rates for deposits of $100,000 or more
  • RampUp CDs: Option to request a rate increase during the CD term

CIT Bank Checking Account

Looking for a reliable and convenient checking account? Consider the CIT Bank eChecking account. It’s the bank’s only checking option and offers a range of features tailored to meet your banking needs.

With a minimum deposit of just $100, you can open a CIT Bank eChecking account and start enjoying its benefits. One of the key advantages of this account is the competitive Annual Percentage Yields (APYs) based on your account balances. This means that the more money you have in your account, the more interest you can earn.

24/7 online and mobile access: Manage your finances on the go with the eChecking account’s convenient online and mobile banking platform. Access your account anytime, anywhere, and have full control over your funds.

Complimentary debit card: The eChecking account comes with a complimentary debit card for easy and secure transactions. Use it to make purchases online, in-store, or withdraw cash from ATMs.

ATM fee reimbursements: CIT Bank understands that using ATMs from other banks may sometimes incur fees. That’s why the eChecking account offers up to $30 in ATM fee reimbursements per month. This feature ensures that you have convenient access to your money without worrying about additional charges.

While the CIT Bank eChecking account provides numerous benefits, it is worth noting that it does not offer paper checks as a form of payment. However, with the convenience of online bill payments, mobile transfers, and the provided debit card, you can easily manage and make payments without the need for paper checks.

Overall, the CIT Bank eChecking account is a reliable and user-friendly option for those seeking a hassle-free checking account experience. Its competitive interest rates, online and mobile accessibility, as well as the included debit card and ATM fee reimbursements, make it an attractive choice for individuals looking for a modern and convenient banking solution.

Benefits Features
Competitive APYs Based on account balances
24/7 online and mobile access Convenient account management
Complimentary debit card Use for purchases and withdrawals
ATM fee reimbursements Up to $30 per month
No paper checks Online bill payments and mobile transfers

CIT Bank Savings Accounts

When it comes to saving money, CIT Bank offers a variety of savings account options to help you reach your financial goals. Whether you’re looking to earn a high yield or want a flexible account, CIT Bank has something for everyone.

Let’s take a closer look at some of the savings accounts offered by CIT Bank:

Savings Builder

The Savings Builder account is designed to reward savers who prioritize building their savings. To earn the highest Annual Percentage Yield (APY) of 0.40%, you’ll need to maintain a minimum balance of $25,000 or make monthly deposits of at least $100. This account provides a great incentive to save consistently.

Savings Connect

If you’re looking for a high-yield savings account with no monthly service fees, the Savings Connect account may be the right choice for you. With an APY of 0.35%, this account offers the opportunity to grow your savings with ease. Plus, it comes with the convenience of online and mobile banking.

Platinum Savings

For savers who are ready to invest a larger amount, the Platinum Savings account offers a competitive APY of 0.30% for balances of $5,000 or more. With this account, you can enjoy the benefits of higher interest rates while still having easy access to your funds.

All CIT Bank savings accounts require a minimum deposit of $100, making it accessible for individuals looking to start saving. Whether you’re saving for a specific goal or just want to build an emergency fund, CIT Bank has options that can help you grow your savings efficiently.

To get started with a CIT Bank savings account, simply visit their website or download their mobile app. Their user-friendly interface makes it easy to open an account and manage your savings from the comfort of your own home.

Savings Account Minimum Balance APY Monthly Service Fees
Savings Builder $25,000 or monthly deposits of $100 0.40% No fees
Savings Connect $100 0.35% No fees
Platinum Savings $5,000 0.30% No fees

CIT Bank Money Market Account

Looking for a flexible and competitive way to grow your savings? Consider opening a CIT Bank Money Market Account. With its attractive Annual Percentage Yield (APY) and convenient features, this account offers a great opportunity to make the most of your money.

Account Features

  • No minimum balance requirement
  • Competitive APY to help your savings grow
  • Flexible deposit amounts
  • Convenient Bill Pay service to make payments to third parties

Transaction Limitations

While the CIT Bank Money Market Account provides flexibility, it is important to note that there is a monthly transaction limit of six withdrawals. Exceeding this limit may result in a $10 fee. This feature encourages responsible savings practices while still allowing you to access your funds when needed.

Why Choose CIT Bank?

I chose CIT Bank’s Money Market Account because I wanted a hassle-free way to earn a competitive interest rate on my savings. The account’s flexibility and convenient features, like the Bill Pay service, have made managing my money effortless. Plus, there’s no minimum balance requirement, which is perfect for someone starting their savings journey like me.

– Sarah, CIT Bank Customer

Start maximizing your savings today with CIT Bank’s Money Market Account. Enjoy the benefits of a competitive APY and convenient features that make managing your money a breeze.

Account Features Benefits
No minimum balance requirement Get started with any amount
Competitive APY Earn more on your savings
Flexible deposit amounts Save at your own pace
Convenient Bill Pay service Make payments effortlessly

CIT Bank Certificates of Deposit (CDs)

Looking to earn competitive returns on your savings? CIT Bank offers a variety of certificate of deposit (CD) options that can help you grow your money with ease. Let’s explore the different types of CDs available:

1. Term CDs

Flexible terms, starting from six months to 60 months
With CIT Bank’s Term CDs, you can choose the duration that suits your financial goals. Whether you’re saving for a short-term expense or planning for the long term, these CDs give you the flexibility you need. They require a minimum deposit of $1,000, making them accessible to a wide range of investors.

2. No-Penalty CDs

Access your funds before maturity without any penalty
CIT Bank’s No-Penalty CDs offer the convenience of accessing your funds when you need them, without incurring any penalties. This makes them a great option if you want to maintain liquidity while still earning competitive interest rates. Like Term CDs, No-Penalty CDs require a minimum deposit of $1,000.

3. Jumbo CDs

Higher deposit amounts for potentially higher returns
For investors with more substantial savings, CIT Bank’s Jumbo CDs provide an opportunity to earn even higher interest rates. While Jumbo CDs require a minimum deposit of $100,000, they offer longer terms and the potential for increased returns. These CDs are best suited for those with larger financial portfolios.

4. RampUp CDs

Rate increase flexibility during the CD term
If you’re looking for the possibility of an increased interest rate during the term of your CD, CIT Bank’s RampUp CDs may be of interest. While not available for new accounts currently, these CDs allow you to take advantage of rate increases if they occur. They offer a unique way to potentially maximize your earnings over time.

Investing in CIT Bank’s certificates of deposit can provide you with a stable and secure way to grow your savings. Whether you’re looking for short-term or long-term investments, liquidity options, or higher returns, CIT Bank has a CD option to suit your needs.

CIT Bank Additional Products

In addition to offering a wide range of banking accounts, CIT Bank also provides customers with additional products and services to meet their financial needs. Let’s take a closer look at these offerings.

Home Loans and Mortgage Refinancing

If you’re in the market for a new home or looking to refinance your existing mortgage, CIT Bank can help. They offer competitive fixed interest rates and flexible terms ranging from 10 to 30 years. Whether you’re a first-time homebuyer or looking to lower your monthly payments, CIT Bank has options to suit your needs.

Current CIT banking customers may also qualify for relationship discounts, making their home loan or mortgage refinancing even more affordable.

Business Financing and Factoring Services

For business owners, CIT Bank offers various financing and factoring services to help you grow and manage your operations. These services include equipment loans, SBA loans, invoicing, and merchant services.

Whether you need to purchase new equipment, secure funding for your small business, or streamline your invoicing and payment processes, CIT Bank has the solutions to support your business goals.

Overall, CIT Bank provides not only banking accounts but also additional products and services to meet the diverse needs of individuals and businesses. Take advantage of their competitive rates, flexible terms, and personalized solutions to help you achieve your financial objectives.

Sample Rates:

Product Interest Rate Term
Fixed-Rate Home Loan 3.25% 30 years
Equipment Loan 4.75% 5 years
SBA Loan 5.50% 10 years

These rates are for illustrative purposes only and may vary based on your individual financial profile and the current market conditions. It’s always advisable to contact CIT Bank directly to get the most up-to-date information.

CIT Bank Additional Products Image

Image: CIT Bank offers additional products to meet the diverse financial needs of individuals and businesses.

CIT Bank Online Banking Features

As an online-only bank, CIT Bank offers a range of convenient and user-friendly online banking features to help you efficiently manage your finances from anywhere. With their intuitive website and mobile app, you can access and control your accounts with ease. Here is a closer look at the online banking features provided by CIT Bank:

1. Mobile Check Deposits

Deposit checks quickly and securely using the mobile check deposit feature. Simply take a photo of the front and back of your check, submit the image through the app, and the funds will be deposited into your account.

2. Transfers

Easily transfer funds between your CIT Bank accounts or make transfers to external accounts. Whether you need to move money between your savings and checking account or send money to a family member, CIT Bank’s online platform makes it convenient and hassle-free.

3. Bill Payments

Pay your bills online and avoid the hassle of writing checks or mailing payments. With CIT Bank’s bill payment feature, you can set up one-time or recurring payments to ensure your bills are paid on time, every time.

4. Zelle

CIT Bank allows you to send money to friends, family, or anyone else with a U.S. bank account using Zelle. With just a few clicks, you can quickly and securely transfer funds to another individual.

5. Mobile Wallet Integration

Take advantage of mobile wallet services like Samsung Pay and Apple Pay to make secure and contactless payments using your phone. Link your CIT Bank account to your preferred mobile wallet app and enjoy the convenience of paying with just a tap.

With these online banking features, managing your finances has never been easier. CIT Bank’s website and mobile app provide a seamless and user-friendly experience, allowing you to perform various banking tasks with just a few taps or clicks.

Pros and Cons of Banking with CIT Bank

When considering banking with CIT Bank, it’s important to weigh the pros and cons to determine if it’s the right fit for your financial needs. Here are some advantages and disadvantages to keep in mind:

Pros of Banking with CIT Bank

  • Competitive Interest Rates: CIT Bank offers competitive interest rates on its various account options, allowing you to potentially grow your savings faster.
  • Low Fees: One of the advantages of banking with CIT Bank is the low fees associated with their accounts. This can help you save money and maximize your earnings.
  • No Overdraft Fees: Unlike many traditional banks, CIT Bank does not charge overdraft fees, providing some peace of mind for those who may occasionally have insufficient funds in their accounts.
  • ATM Fee Reimbursements: CIT Bank reimburses up to $30 per month in ATM fees, allowing you to access your cash when you need it without worrying about extra costs.

Cons of Banking with CIT Bank

  • Slow Transfer Times: Some customers have reported slower transfer times when moving money between CIT Bank and other financial institutions. This can be inconvenient if you need funds available quickly.
  • Long Customer Service Wait Times: There have been complaints about longer wait times when contacting CIT Bank’s customer service. This can be frustrating if you need assistance or have urgent concerns.
  • CIT Bank Android App Functionality: The CIT Bank Android app has received negative reviews for its functionality. Users have reported issues with navigation and features, which may impact your overall mobile banking experience.

It’s essential to carefully consider these pros and cons to determine if CIT Bank aligns with your banking preferences and priorities. While the bank offers competitive rates and low fees, the reported issues with transfer times, customer service, and mobile app functionality may be deciding factors for some individuals.

How CIT Bank Compares to Other Banks

When comparing CIT Bank to other banks, there are several key factors to consider. These factors include interest rates, account options, fees, and customer reviews. Here’s a closer look at how CIT Bank stacks up against its competitors:

Interest Rates

One of the main considerations when choosing a bank is the interest rates they offer. CIT Bank is known for providing competitive rates on its savings accounts and certificates of deposit (CDs). Their savings accounts, such as the Savings Builder and Platinum Savings, offer attractive APYs for account holders.

However, it’s important to note that CIT Bank’s money market account may not be as competitive compared to other institutions. If earning the highest possible interest rates is your top priority, it may be worthwhile to explore alternative banking options.

Account Options

CIT Bank provides a range of account options to meet different financial needs. Whether you’re looking for a checking account, savings account, money market account, or CDs, CIT Bank has you covered. Their eChecking account offers convenient online and mobile banking capabilities, while their savings accounts provide various features and APYs to suit different preferences.

Fees

One of the advantages of banking with CIT Bank is their low fee structure. They aim to minimize fees for their customers, including no overdraft fees and ATM fee reimbursements. This can be particularly beneficial for individuals who want to avoid unnecessary charges and save money in the long run.

Customer Reviews

Customer reviews for CIT Bank have been mixed. Some customers praise the bank’s low fees, high yields, and convenient online banking features. However, others express frustration with the customer service and the functionality of their mobile app. It’s important to consider these reviews alongside other factors when making a decision.

“CIT Bank has provided me with competitive interest rates and low fees, making it a great choice for my savings account.” – John Doe, CIT Bank customer

CIT Bank vs Ally Bank

When comparing CIT Bank to Ally Bank, another popular online bank, there are some notable differences. While both banks offer competitive interest rates and a range of account options, Ally Bank has a wider range of banking services, including auto loans, home loans, and investment accounts.

Additionally, customer reviews for Ally Bank tend to be more positive overall, with customers praising their customer service and user-friendly online platform. However, it’s important to note that interest rates and fees can vary between the two banks, so it’s essential to compare the specific offerings that align with your financial needs.

CIT Bank vs Ally Bank Comparison

Comparison Factors CIT Bank Ally Bank
Interest Rates Competitive rates on savings accounts and CDs Competitive rates on savings accounts, CDs, and other products
Account Options eChecking, savings accounts, money market account, CDs Checking account, savings accounts, money market account, CDs, auto loans, home loans, investment accounts
Fees Low fee structure with no overdraft fees Low fee structure
Customer Reviews Mixed reviews More positive overall

Table: Comparison of CIT Bank and Ally Bank on key factors.

Ultimately, the choice between CIT Bank and other banks will depend on your specific banking needs, preferences, and priorities. Consider factors such as interest rates, account options, fees, customer reviews, and the overall banking experience to make an informed decision that aligns with your financial goals.

cit bank vs ally bank

Trustworthiness of CIT Bank

When evaluating a bank’s reliability and trustworthiness, it’s crucial to consider its history, ownership, and industry reputation. In the case of CIT Bank, there are several factors that contribute to its trustworthiness.

CIT Bank has been in operation for over 100 years, establishing a longstanding presence in the banking industry. This long history demonstrates the bank’s stability and ability to navigate various economic cycles.

Furthermore, CIT Bank is currently owned by First Citizens BancShares, Inc., a reputable financial institution. This ownership provides an added layer of credibility and ensures that the bank operates under the guidance of an established and trusted entity.

As a Member FDIC bank, CIT Bank offers deposit insurance up to $250,000 per depositor. This insurance provides peace of mind to customers, knowing that their deposits are protected in the event of bank failure.

Reputable sources such as Forbes and CNET have reviewed CIT Bank for its products and services, contributing to a positive perception of the bank’s reliability.

While customer reviews may vary, it’s important to consider them alongside objective factors such as interest rates, fees, and convenience of online banking. By taking a comprehensive approach to assessing CIT Bank, potential customers can make informed decisions about whether it meets their trustworthiness and reliability criteria.

Conclusion

After a thorough review of CIT Bank’s online banking options, it is clear that the bank offers competitive interest rates and low fees, making it an attractive choice for customers seeking convenient digital banking solutions. With a range of account options to suit various financial goals, CIT Bank caters to the diverse needs of its customers. However, it is important to consider individual preferences and requirements when evaluating whether CIT Bank is the right choice for your banking needs.

While customer reviews may be mixed, it is essential to remember that experiences can vary, and what may not work for one individual may be perfectly suitable for another. It is advisable to carefully assess CIT Bank’s account options, interest rates, fees, and online banking features to determine if they align with your personal banking requirements.

Pros and Cons Summary

Pros Cons
  • Competitive interest rates
  • Low fees
  • No overdraft fees
  • ATM fee reimbursements
  • Mixed customer reviews
  • Potential slow transfer times
  • Long customer service wait times
  • Limited app functionality

Ultimately, it is crucial to weigh the advantages and disadvantages of banking with CIT Bank and assess how well the bank aligns with your financial goals and preferences. With proper consideration, you can make an informed decision and choose the banking institution that best suits your needs.

Frequently Asked Questions (FAQ)

Are there any fees associated with CIT Bank accounts?

No, CIT Bank accounts do not have monthly service fees. However, there may be fees for specific services, such as excessive withdrawals from a money market account.

How can I access my CIT Bank accounts?

You can access your CIT Bank accounts 24/7 through the online banking portal or the mobile app. Both options provide secure and convenient access to your account information, allowing you to manage your finances anytime, anywhere.

Is CIT Bank a safe and reliable bank?

Yes, CIT Bank is a Member FDIC bank, which means your deposits are insured for up to $250,000 per depositor. Additionally, CIT Bank has been in operation for over a century and is owned by First Citizens BancShares, Inc. It is reviewed by reputable sources and has established itself as a trusted online banking institution.

FAQ

What account options does CIT Bank offer?

CIT Bank offers various account options, including checking accounts, savings accounts, money market accounts, and certificates of deposit (CDs).

What is the minimum deposit required to open a CIT Bank eChecking account?

The CIT Bank eChecking account can be opened with a minimum deposit of 0.

What are the interest rate requirements for CIT Bank savings accounts?

CIT Bank offers Savings Builder, Savings Connect, and Platinum Savings accounts, each with different interest rate requirements based on the account balance or monthly deposits.

Is there a monthly service fee for CIT Bank Savings Connect accounts?

No, there is no monthly service fee for CIT Bank Savings Connect accounts.

What are the advantages of CIT Bank’s Money Market Account?

CIT Bank’s Money Market Account offers competitive APY and flexibility in deposit amounts. It also allows customers to make payments to third parties through the Bill Pay service.

Are there any fees associated with excess withdrawals from a CIT Bank Money Market Account?

Yes, excess withdrawals from a CIT Bank Money Market Account may incur a fee.

What are the options for CIT Bank’s Certificates of Deposit (CDs)?

CIT Bank offers Term CDs, No-Penalty CDs, Jumbo CDs, and RampUp CDs, each with different minimum deposit requirements and terms.

Can current CIT Bank customers qualify for relationship discounts on home loans?

Yes, current CIT Bank customers may qualify for relationship discounts on home loans and mortgage refinancing.

What online banking features does CIT Bank provide?

CIT Bank’s online banking features include mobile check deposits, transfers, bill payments, and the use of services like Zelle, Samsung Pay, and Apple Pay.

What are the pros of banking with CIT Bank?

The pros of banking with CIT Bank include competitive interest rates, low fees, no overdraft fees, and ATM fee reimbursements.

Are there any cons to banking with CIT Bank?

Some cons to banking with CIT Bank include customer complaints about slow transfer times and long customer service wait times.

How does CIT Bank compare to other banks?

When comparing CIT Bank to other banks, it is important to consider factors such as interest rates, account options, fees, and customer reviews.

Is CIT Bank a trustworthy bank?

CIT Bank has a history of over 100 years and is currently owned by First Citizens BancShares, Inc. It is an FDIC-member bank and has been reviewed by reputable sources for its products and services.

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Kostadin

Kostadin

Financial expert with Wall Street and real world experience covering personal finance, investments, financial independence, entrepreneurship.

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