CIT Bank CIT Bank
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CIT Bank Review

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Rating:
Bottom Line:
Offers more simplistic (if not limiting) features; extremely competitive APY that's perfect for someone planning to save any amount

Full Review:
As a smaller bank, CIT Bank isn't as well-known as some of the other banks we've reviewed, but don't let that fool you. It is an FDIC insured institution and, with a competitive APY of 1.30% (and $100 cash bonus for new accounts), CIT Bank provides a solid return.


Key Features

There are several things that help CIT Bank stand apart. In addition to its high APY, CIT Bank compounds interest daily and credits it to your account on a monthly basis. The bank really only offers one type of savings account, the CIT Bank Premier High Yield Savings account, but with such high interest, that's not really an issue. This account requires a minimum deposit of $100 to open.

The Premier High Yield Savings account has a tiered savings rate, meaning APY interest payouts will depend on how much you have in your savings account. At the present time tier 1, which inlcudes balances up to $100,000, has an APY of 1.35%. Tier 2 which includes balances above $100,000 has an APY of 1.30%. Both tiers at present outclass the vast majority of online and offline banks.

Like all other branchless banks, there are no fees associated with starting or maintaining an account, however, certain services do warrant a fee. The bank charges for outgoing wire transfers for tier one accounts, and then when an account graduates to tier two, the fee no longer applies. Since CIT Bank doesn't offer checking accounts — it's a savings, CD, IRA-only bank — there aren't debit or ATM options available for account holders. If you want to use these options, you'll have to opt for another bank. CIT Bank, like all banks, has a six time withdrawal limit per month, as federally mandated. There are no fees associated with going over, but like many banks it reserves to right to close out your account if you go over the limit. However, if you opt to make withdrawals by phone or mail, this limit does not apply.


Access and Ease of Use

CIT Bank offers online, mobile and telephone banking. Unfortunately, it does not have 24/7 support, and there are no live chat options unlike some of its competitors. Customer support representatives are available Monday through Friday from 7 a.m. to 9 p.m. ET, Saturday 9 a.m. to 5 p.m and Sunday 11 a.m. to 4 p.m. ET.

CIT's online functionality is basic; its primary features include viewing your balances and setting up an electronic funds transfer with up to three accounts outside the bank. The mobile application is accessible for both Android and iPhone platforms, and there is an optimized mobile site available for individuals with other devices. It also offers text-based banking — utilizing text commands to view your account history and balance. Outside of CIT Bank's offerings, the bank makes sure to explicitly spell out its privacy policies and security standards as well as provide tips for dealing with fraud, such as identity theft.


Certificate of Deposit Offerings

Similar to its savings account, CIT Bank has different tiers of CDs: Term, RampUp, RampUp Plus and Jumbo. Each has its own minimum and APY term rates.

Term CDs range from six months (0.72%) to five years (1.70%) and have a minimum opening balance of $1,000.

RampUp has two terms: three and four years with APYs of 1.20% and 1.38%, respectively. The three-year term requires a minimum balance of $25,000 and the four-year requires $50,000.

RampUp Plus has higher rates for shorter terms — one and two years (1.26% and 1.27%, respectively) — and both terms require a minimum of $25,000 to open an account.

The Jumbo CDs require a minimum of $100,000 to open, and the terms vary from two to five years with APYs that range from 1.45% to 1.75%.

Bank Standing and Trustworthiness

CIT Bank is 39th among the largest banks in the US, its total asset value is $43 billion and it is FDIC insured up to $250,000. The bank, however, is not BBB accredited, but it was given an C- by the bureau.


Conclusion

Although CIT Bank's customer support and banking features are basic, if not somewhat lacking, it makes up for this with its extremely competitive APY offerings. If you're solely looking for an account with a high APY and don't really need all the bells and whistles other banks may provide, then CIT Bank is a considerably competitive option.

Sign up for CIT Bank | Compare to Other Savings Accounts

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Service Details

APY:1.30% for Premier High Yeild Savings Account
Monthly Fees:None
Minimum
Balance
to
Maintain:
$0
Minimum to Open Account:$100
Maximum Withdrawals Per Month:6
Deposit and Withdrawal Methods:Electronic transfer, wire, check

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