CIT Savings Review: Savings Accounts
|Solid account best for those looking for highest APY; requires $100 to open and maintain|
CIT Bank is an FDIC insured, US-based bank founded in 2000 that is a wholly-owned subsidiary of CIT Group Inc. Currently, their online savings account offers an APY of .90%, and is the second highest yielding out of all the savings accounts we review, second to Ally, which is offering .95%. With the CIT Savings account, interest is accrued daily and credited monthly. If you deposit $25,000 or more into your CIT Savings account, you will be granted an APY of 1% and an added bonus of no fees for wire transfers. If you want to open a custodial account for your child, the rate is also 1%. There are no monthly fees or minimum balance to maintain; however, they do require $100 to open the account. Also note that as with all online savings accounts, due to federal regulations users are not allowed more than 6 withdrawals per month. If you ever need assistance with your account, their customer support options include an online form, as well as a call center available from 8 a.m. to 9 p.m. Eastern time on weekdays, 9 a.m. to 5 p.m. Eastern time on Saturdays and 11 a.m. to 4 p.m. Eastern time on Sundays.
The CIT Savings account puts a lot of emphasis on security, as a bank should. Like most online savings accounts, there is a multi-factor authentication login process and automatic logout of your session after inactivity. They also boast 128-bit SSL encryption to create a secure browser connection when you log in. Their application is standard and is comprised of 5 steps: applicant information, beneficiary information, reviewing your information and a statement of qualification. Be sure to have your identification, current bank account number and social security number ready when applying.
Though there is a $100 opening deposit requirement, if you are looking for a savings solution with a high APY, and an even higher APY if you maintain a balance of $25,000, then CIT Bank is a great choice for you.
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CIT Savings Forum Posts
- Where are CIT Bank locations?
CIT Bank is headquartered in New York City, but because they are an online bank, there are no branches. While this is different from a traditional...
- Where are CIT Bank locations?
Do you have branch locations near zip code 06880 in Westport, CT??
- CIT Savings Review
Here is NextAdvisor's review of CIT Savings: http://www.nextadvisor.com/savings_acco ... review.php