*Note: CIT Bank was recently acquired by First Citizens Bank
Online banks don’t always have the strength to be your everyday bank, and CIT Bank will pay higher interest rates on your savings account. While still using a traditional bank for your everyday banking needs, you can take advantage of the higher interest rates at CIT Bank.
The exception is the CIT Bank. Competitive rates and fees are offered by CIT Bank, which is an exception to the traditional banking sector. It has a high yield savings account like most online banks, as well as checking accounts, ATM cards, certificates of deposit, and even mortgage loans. Customers can access their accounts and manage their finances from anywhere, anytime with the bank’s digital services.
The strengths of this bank, which include charging no monthly fees, may match your needs. Let’s take a closer look.
Today’s current CIT Bank rates:
| Product | APY | Min Deposit |
|---|---|---|
| CIT Bank Savings Connect | 4.05% APY | $100 |
| CIT Bank Money Market Account | 1.55% APY | $100 |
| CIT Bank Savings Builder | up to 1.00% APY | $100 |
| CIT Bank eChecking | up to 0.25% APY | $100 |
Savings Accounts
CIT Bank got its start as an online savings bank. You can choose from:
- If you have a balance of $25,000 or more, you can earn a higher interest rate by setting up automatic deposits of $100 per month. You can use online account management and access to the bank’s customer service. You would need $100 to open the account. You can watch your money grow over time with this savings account.
- The savings account is similar to the Savings Builder account but without the high minimum balance or ongoing $100 monthly deposit requirement. It is a great way to grow your money. For having these requirements lifted, you earn a slightly lower rate in this online savings account compared to the Savings Builder account. The online savings account is a great way to save money. You will need a $100 deposit to open, but you won’t have a monthly maintenance fee. You can access your account online and through the mobile app.
Next Steps:
Money Market Account
The money market account at CIT Bank has a competitive interest rate. You can access your funds anytime, anywhere with the money market account from CIT Bank. A minimum deposit of $100 is required to open this savings account. Right away, you can earn interest on your savings. Along with no monthly maintenance fee, your rate will not depend on your balance or deposits. You can budget your finances with confidence if you know your rate is secure. This is a good option for a money market account. It is easy to open and manage.
If you want to access your money through an ATM card, you need to transfer the funds into your checking or high yield savings account first. You need to understand the fees associated with any transfers before you start.
The money market account from CIT Bank can be used as a custodial account for a minor. The money market account at CIT Bank is ideal for parents who want to save for their child’s future because they can easily monitor and manage the account.
Certificates of Deposit
If you agree to leave your money untouched until the CD matures, certificates of deposit will have even higher interest rates. Since they are insured up to the maximum amount allowed by law, CDs are an attractive option for people who want to maximize their returns.
Term CDs
You can choose the length of your CD. You can make a custom CD with the exact number of tracks and minutes that you want. Longer terms generate more interest. The investor has more time to benefit from compound interest. CIT’s CDs last from six months to five years. The terms of the agreement can be found in the fine print on CDs. To buy-in, you will need at least $1,000. If you want to play in this game, you need to plan your budget.
The bank’s Compared to the industry average, CD rates are pretty solid, but not much higher than savings rates. It’s important to remember that the return on your CD is fixed for the length of the term, whereas savings rates may fluctuate.
| Product | APY | Min Deposit |
|---|---|---|
| CIT Bank 13 Month CD | 4.65% APY | $1,000 |
| CIT Bank 18 Month CD | 4.60% APY | $1,000 |
| CIT Bank 6 Month CD | 4.15% APY | $1,000 |
| CIT Bank 4 Year CD | 0.50% APY | $1,000 |
| CIT Bank 5 Year CD | 0.50% APY | $1,000 |
| CIT Bank 2 Year CD | 0.40% APY | $1,000 |
| CIT Bank 3 Year CD | 0.40% APY | $1,000 |
| CIT Bank 1 Year CD | 0.30% APY | $1,000 |
No Penalty CD
CIT Bank has a no-penalty CD. Customers can save money and still have the flexibility to access their funds whenever they need them with the no penalty CD from CIT Bank. This product pays a slightly lower interest rate compared to the bank’s other CDs, but you won’t face an early withdrawal penalty if you need to access your funds earlier than planned The interest rate may be lower if you choose to access your funds early.
There is a way to avoid the early withdrawal fee if you have a $1,000 minimum opening deposit. Those with less than $1,000 to open an account could benefit from the ability to avoid the early withdrawal fee.
Only an 11-month term is available on this CD. It is one low monthly price that makes it a great value.
| Product | APY | Min Deposit |
|---|---|---|
| CIT Bank 11 Month No-Penalty CD | 4.10% APY | $1,000 |
Other CIT Bank CD Options
- Jumbo CDs: Earn higher rates on deposits of $100,000 or more with 2, 3, 4, and 5-year terms available.
- If the Fed increases rates during your CD’s term, you can increase your CD’s interest rate once. With RampUp CDs, you don’t have to worry about making the commitment to invest in higher-yielding investments. Existing customers can get this certificate of deposit. Current customers can take advantage of the special offer. You need to open another account before opening this CD account. You should talk to your bank about opening a new account.
| Product | APY | Min Deposit |
|---|---|---|
| CIT Bank 4 Year Jumbo CD | 0.50% APY | $100,000 |
| CIT Bank 5 Year Jumbo CD | 0.50% APY | $100,000 |
| CIT Bank 2 Year Jumbo CD | 0.40% APY | $100,000 |
| CIT Bank 3 Year Jumbo CD | 0.40% APY | $100,000 |
Next Steps:
Checking Account
CIT Bank offers interest-bearing eChecking accounts. Larger balances can earn more than double the standard APY. You can even earn interest on your balance by opening an account with any amount of money. Only a few online banks can combine higher rates with a favorable fee structure.
Fees
You don’t have to keep a huge balance to earn interest or avoid the monthly fees for this bank account. The minimum balance is what qualifies you for both. It will help you avoid costly bank fees and earn a higher interest rate if you maintain a minimum balance of $100 in your savings account.
eChecking is the same as any other checking account. It pays you a competitive interest rate, making it an attractive option for those who are looking to maximize their savings. You can pay bills online and get an ATM card. The usual features.
ATM Access
You would have to use another bank’s network because CIT does not have its own ATM network. Customers can still get cash without additional costs if they have access to a large network of fee-free ATMs. CIT will reimburse up to $30 a month in other banks’ fees if you have an ATM. With a wide network of ATMs, you can manage your money without having to worry about fees. If you use the ATMs more than a dozen times, you could be responsible for the additional fees. It is important to keep a record of how often you use the ATMs in order to avoid unexpected fees.
Deposits
Direct deposits, mobile deposits, and transfers from other banks are the easiest ways to deposit money into your account. You can deposit checks using the bank’s app. You can check your balance and manage other aspects of your banking activities with the app. If you want to deposit cash into your eChecking account, you need to transfer the funds from your local branch to your eChecking account. You can make a deposit by mailing a check or money order to the bank’s main office. These transfers are usually done in a few days. Depending on the financial institution involved, this timeline may be different.
Next Steps:
Mortgages
CIT Bank now offers home loans for new purchases and refinances. You can get:
- There are conventional mortgages from 10 to 30 years. The security of a long-term loan with predictable monthly payments is offered by conventional mortgages.
- Adjustable-rate mortgages.
- Subsidized loans through the Federal Housing Authority. Subsidized loans through the Federal Housing Authority can be a great way to finance a home purchase.
- Jumbo loans for properties in hot markets. Jumbo loans have higher interest rates and stricter qualifications than traditional loans.
- You can save on your payment with interest-only loans. Interest-only loans can be a viable option for short-term financial relief, however it is important to have a plan in place for when the loan switches to principal and interest.
You can find a better online mortgage experience through Rocket Mortgage or a similar provider.
Bonus: If you’re already an account holder, you can get $525 cashback by getting a CIT Bank mortgage.
Interest Rates
Traditional banks average 0.09% interest on savings accounts, the FDIC reports. You would make 90 cents a year on a $1,000 balance. You would have to maintain that balance for at least 1,000 years in order to get the full $1,000.
Your $1,000 account opening balance would generate $12 a year in interest with an example rate of 1.20%. The average savings account has an interest rate of around 0.10%.
Savings rates are never locked in (unless you open a CD account). Savings account rates can change without much notice. If you monitor your savings account rate and compare it to other options, you can maximize your returns. Online-only banks have the potential to make more money than traditional banks.
Why? They do not pay retail staff like traditional banks. Online banking services allow customers to access their funds wherever and whenever they want. That $12 you’d earn on $1,000 in an online bank this year? It is going into your utility bill. The cost of utilities can be significant, so be sure to budget accordingly. Maintaining the landscaping out front is helping cover employee benefits.
The interest on your checking account balance will be more than at traditional banks. The convenience of online banking and mobile deposits make CIT Bank an ideal choice for those who want to maximize their savings with minimal effort. Your money market account or high yield savings will usually reach 10 times the national average.
Fees
CIT Bank does not charge monthly fees on its checking and savings accounts. The interest rates on its savings accounts are high. The monthly fees are not charged if you don’t meet a string of criteria. With CIT Bank, you can be sure that your money is safe and secure. You should be aware of some other fees, though:
- If you overdraw your eChecking account, you will pay overdraft fees. It’s important to remember that overdraft fees can add up quickly, so it’s best to avoid them.
- Unless you have more than $25,000 in the account, wire transfer fees are $10 per transaction.
- If a check isn’t good or has been deposited somewhere else already, there is a $10 Returned Deposit fee. Please contact us at your earliest convenience if you have any questions.
- You can make six transfers a month out of your Money Market savings account. If you need to make more than six transfers in a month, please contact your financial institution. Up to $50 a month will be charged for additional transactions. Customers who enroll in our premium membership program will not pay this fee. (This is true at most banks.)
- Bill Pay Stop Payment: $30
- One free replacement per year is the cost of the Debit Card Replacement. A fee of $10 will be charged for each additional replacement if you need to replace your card more than once a year.
- There is a 1% fee for international transactions. All international transactions are subject to this fee.
Security
Is CIT Bank safe? As a member of the FDIC, your deposits are insured up to $250,000. Security is more important than ever for online banks. Customers need to protect their accounts and financial information from cyber threats. They have several measures in place to protect your private information such as your Social Security number and personal contact data:
- Transaction and activity monitoring is done by the CIT Bank. Personal information and accounts are at risk from fraud and unauthorized access.
- The bank uses a 28-bitSSL to create a secure browser connection and prevent information from being eavesdropped. The data sent between the bank and customer is safe and secure.
- It is possible for your computer systems to stay virus-free. Regular scans should be done to make sure the protection is up to date.
- Unauthorized individuals can’t access your information on the bank’s systems. Ensuring that only the right people have access to your sensitive information is an effective way of protecting it.
- Customer support reps use a secure messaging portal so they don’t share account numbers over email or phone. The secure messaging portal allows customers to communicate safely and securely with customer support reps without having to worry about their personal information being compromised.
- When you are inactive for a period of time, CIT Bank will sign you out to prevent anyone else from seeing your private information. It is important to sign out manually when using the CIT Bank website.
No bank can promise you will never have a security issue, but they have the resources and the right approach to protect your money and data. It is important to choose a bank that takes security seriously and has the necessary measures in place to safeguard your money and data.
FAQs
How do I withdraw money from CIT Bank?
Opening a You can use the online banking and apps of the CIT Bank account. To keep track of your spending and deposits, you can access your accounts 24/7. To open a checking account and open savings, you would need to transfer at least $100 from another bank. You can withdraw your money in several ways:
- ATM purchases with cash back can be used to shop online. If you want to avoid carrying extra cash, you can use your ATM to get cash back on purchases. You can get money back at many stores. You can get cash without going to an ATM. Within a couple of weeks of opening your account, your ATM will arrive in the mail. You can use your ATM card to make quick and convenient withdrawals once it arrives.
- The bank won’t charge you for using other banks’ ATMs even though it doesn’t have its own branches or ATMs. What about the other banks’ fees? It’s important to look at all of the options before making a decision. You will be compensated up to $30 a month. The reimbursement is available to all customers of the bank.
- More and more retailers accept mobile app payments such as Apple Pay and Zelle. It’s easy to make payments on the go because of this. You could use either of those methods to connect.
- You can transfer money from CIT Bank to another bank that has a local presence. You will need to set up a transfer through the online banking platform of the other bank. Don’t wait until the last minute because these transfers may take a few days. It’s important to have enough time to complete the transfer. You could withdraw the money from your bank after thetransfer is complete. If you want to withdraw money, you need to provide the bank with additional documents.
This is how online-only banking works, you cannot walk into a branch and make a withdrawal without planning. You can access your money with just a few clicks with online-only banking.
You will get a lot in return for losing the convenience of face-to-face banking. It’s worth considering the switch if online banking can offer a level of convenience and security that traditional methods don’t.
Is CIT a legitimate bank?
Your deposits are insured by the FDIC up to $250,000, just like any other American bank. No matter what happens, your money is safe.
People wonder about the legitimacy of online banks. Many people still question the security and trustworthiness of online banks, but with the right measures in place, they can feel safe. You don’t see branches in busy shopping centers and downtown districts across the nation. It is difficult for consumers to access financial services due to the lack of banks in these areas.
The answer is yes, the bank is legitimate. The bank has been providing banking services for over 100 years. It is part of the century-old CIT Group, a holding company and commercial lender with a national reach. Since 1908, CIT Group has been a trusted source of financial services for businesses and consumers.
OneWest Bank is a subsidiary of CIT Bank and may be seen by customers on the West coast. Customers of OneWest Bank can expect the highest level of service and financial solutions.
With no branches or ATMs of its own, CIT Bank interacts with its customers online, through apps, and indirectly by connecting to your other banks. A wide range of online banking and financial services can be found at CIT Bank.
Are CIT Bank and Citibank the same?
It’s time to clear up some confusion. Let’s break down the facts and figure out the myths. There are two different banks. Both financial institutions have the same name, but the similarities end there. The way banks and credit unions operate is vastly different.
Citigroup is a multinational investment bank and financial services corporation founded in 1812. Over 200 million customers are served by Citibank, a global leader in the banking and financial services industry. The bank is owned by the financial holding company. Commercial banking, leasing, and other financial services are provided by the CIT Group. The bank is based in Pasadena. Since 1908, the bank has provided financial services to customers.
Does CIT Bank have good customer support?
Customer service is important when you use an online bank. Ensuring that the online bank has an excellent customer service system in place is important. If you can’t remember your password or ask someone a question, a great annual percentage yield is not worth it. A reliable customer service team can help you out when you’re stuck.
You can reach someone between 9 am and 9 pm Eastern time on weekdays and from 10 am to 6 pm on Saturdays. If you need help outside of these hours, you can submit a request through our website and we will get back to you as soon as possible.
The automated phone system and online customer support features are available all the time. Your questions can be answered by the customer service team. The apps from CIT are adequate but not great.
Who are CIT Bank’s main competitors?
More and more banks are embracing the online banking model, but few online banks have a full range of services. For customers looking for a convenient and secure way to manage their finances, CIT Bank is an excellent choice. A couple of other financial institutions do measure up well, though:
- Ally Bank : Ally has the strength to serve as your everyday bank while also paying higher yields on your savings. Ally has an investing app that is fun to use.
- Capital One Bank : Capital One started out as a credit card issuing bank but now has a full range of bank accounts available to customers online, including checking and high yield savings accounts.
Can I open an account for a minor?
The high yield online savings option can be opened as a custodial account. The custodial account is a great option for parents who want to save money for their children. When you don’t plan to access the money, higher interest rates are the best option for custodial accounts. It is an ideal choice for custodial accounts due to its features such as no monthly maintenance fees and easy access to account information.
I recommend using the money market account from CIT as a custodial account. CIT’s money market account offers competitive interest rates and low minimums, making it an ideal choice for parents looking to save for their children’s education. The minimum opening deposit is $100 and it pays higher rates than most credit union or bank branches. It has a wide array of account options to suit different needs. There is no requirement for a monthly deposit to keep the high rate. You can open an account with as little or as much money as you want, and still benefit from a great rate of interest.
Is CIT Bank for You?
If you don’t depend on a personal relationship with bankers you know, CIT Bank can deliver as long as you don’t have to pay any fees. Savings accounts, money market accounts, and certificates of deposit are some of the banking services provided by CIT Bank.
Even if you don’t want to choose CIT as your go-to bank, consider opening a Money Market accounts can be linked to your local bank online.
You will be happy to see the power of high-yield compounding interest. You can reach your financial goals faster with compounding interest.
