CIT Bank CIT Bank
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4 5stars

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 two competitive APY offers, CIT Bank provides a solid return.


Key Features

There are several things that help CIT Bank stand apart. In addition to its high APY accounts, CIT Bank compounds interest daily and credits it to your account on a monthly basis. The bank has two major savings accounts, the Premier High Yield Savings account which offers an decent APY of 1.55% and the Savings Builder, a tiered account that at its highest tier provides a whopping 2.15% APY. In between both of these accounts stands CIT Bank's Money Market account which offers an APY of 1.85%.

Neither the Money Market account or the Premier High Yield Savings account have tier requirements to earn their high APYs, though both accounts require a $100 initial balance. The Savings Builder account, however, has several tiers with various requirements that need to be met to earn the impressive 2.15% APY. First, account holders must make an initial deposit of at least $100. From there, account holders who maintain a balance of $25,000 or who make a deposit of $100 or more every month can keep earning the 2.15% APY. Accounts that meet neither of these requirements will earn a 1.14% APY.

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 accounts with less than $25,000. 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 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. CIT Bank also offers a 11 month No-Penalty CD with an APY of 2.05% which can be opened with just $1,000 initial balance as well.





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 42nd among the largest banks in the US, its total asset value is $41 billion and it is FDIC insured up to $250,000. The bank, however, is not BBB accredited, but it was given an F by the bureau based on 4 consumer complaints in the last four years.


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

If you have a question or concern we haven't answered on our site, please let us know. Due to volume, we aren't able to respond to every question, but we answer as many as we can.



Service Details

APY:1.55% for Premier High Yeild Savings Account; 2.15% for Savings Builder w/ $100 monthly deposit
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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