CIT Bank

If you want to store your money in high-earning accounts, CIT Bank offers numerous possibilities. These accounts include standard savings accounts, certificates of deposit, checking accounts, and even individual retirement accounts.

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If you want to store your money in high-earning accounts, CIT Bank offers numerous possibilities. These accounts include standard savings accounts, certificates of deposit, checking accounts, and even individual retirement accounts.

PNC High Yield Savings Account, it is $100, whereas, for a CD account, it is $1,000. For the convenience of its customers, the bank has made its website, applications, and accounts simple to use and accessible. Additionally, a bank representative is available by phone around-the-clock. While many people may find banking to be more convenient as a result, you'll need to search elsewhere if you value in-person customer care.

Pros

  • Comparable APYs
  • No ongoing charges
  • Small required minimum deposits

Cons

  • No tangible places
  • For eChecking accounts, there are no checks.
  • No credit cards, IRAs, or vehicle loans

Basics of Account

eChecking

In the latter part of 2019, CIT Bank launched the eChecking account to its lineup of services. Customers of CIT now have access to the full range of financial products thanks to the checking option. They also have access to their checking accounts online or via a mobile app around the clock. Opening deposits of at least $100 are required to open checking accounts.

On CIT Bank eChecking accounts, interest is earned: balances over $25,000 earn 0.25% APY, and balances under $25,000 earn 0.10% APY.

When you create a new checking account, you'll get a free debit card with EMV chip technology. In addition to not charging ATM fees, CIT will repay customers up to $30 in monthly ATM fees from other banks. However, they lack a network of ATMs.

Unfortunately, CIT eChecking accounts do not include paper checks and do not accept them as a form of payment if you are used to using paper checks.

eChecking account

Product

Minimum opening deposit

Balance Tier

APY2

eChecking

$100

<$25,000

0.10%

eChecking

$100

>$25,000

0.25%

Savings

Customers of CIT Bank have access to a two-tiered savings account known as the Savings Builder account.

Specific earning requirements for the CIT Bank Savings Builder account are either:

  • Maintain a balance of at least $25,000
  • Make at least one $100 or higher monthly deposit

Customers who use the CIT Bank Savings Builder can earn up to 1.00% APY. Accounts that don't match the aforementioned criteria will still receive 0.40% APY.

There are no startup or ongoing maintenance charges for Savings Builder accounts. They simply ask for an opening deposit of $100. Although maintaining a balance of $25,000 may not be feasible for everyone, Savings Builder account holders can make $100 monthly installments. This makes earning greater rates more than feasible.

Customers also have the option of opening a CIT Savings Connect account in addition to Savings Builder. With a $100 minimum opening deposit requirement, CIT Bank Savings Connect is a high-yield savings account that pays 4.65% APY at the moment and has no monthly service charges.

Account

APY2

Minimum balances

Platinum Savings

5.05%

Opening: $100

Daily: ≥$5,000

Platinum Savings

0.25%

Opening: $100

Daily: <$5,000

Savings Builder

0.40%*

Opening: $100

Daily: <$25,000

Savings Builder

1.00%**

Opening: $100

Daily: <$25,000 but with monthly deposit of $100 or more

Savings Builder

1.00%

Opening: $100

Daily: ≥$25,000

A CIT savings account is ideal for constructing an emergency fund or other savings goals, such as a vacation fund or saving for a new automobile, regardless of whether you select CIT Savings Builder or CIT Savings Connect.

Money Market

CIT Bank Money Market Account is an additional account choice that offers 1.55% APY. You can get this rate regardless of how much money you deposit each month. This is because there are no minimum balance limitations. It has no monthly service fees and a $100 minimum initial deposit. You can transfer money from any CIT Money Market account to a third party using the free Bill Pay service.

The Money Market account is subject to monthly transaction restrictions, just like the Savings Builder account. The CIT Money Market account has a transaction cap of six each statement cycle, after which there is a $10 excess withdrawal fee.

Money Market Products

Account

APY2

Minimum opening deposit

Money Market

1.55%

$100

CDs

Another way to save money is through a certificate of deposit (CD), and CIT Bank offers a variety of possibilities. Since your money is placed aside for the length of time you select, this sort of savings is not regarded as a liquid.

This means that to avoid paying penalties, you must remove the money until the CD reaches its maturity date. You can always withdraw the money the CD earns without incurring any penalties. But doing so will reduce the total amount of interest you ultimately acquire.

To start a bank term CD account with CIT Bank, you must have a minimum deposit of $1,000. You can open accounts for terms as little as six months and as long as five years. This kind of CD is the standard kind of CD. You cannot add additional funds after making the initial deposit, and your term and interest rate are locked for your selected duration. For instance, if you decide to support a three-year term for $3,000, that is all there is to it. You cannot put more money into the CD if a year or two has passed. Once the funds are deposited into the account, the principal, also referred to as the CD initial deposit, is determined. You can open a custodial CD account with CIT Bank for a child you are responsible for.

Term CD Products

Term

APY2

Minimum opening deposit

6-Month

4.15%

$1,000

1-Year

0.30%

$1,000

13-Month

4.65%

$1,000

18-Month

4.60%

$1,000

2-Year

0.40%

$1,000

3-Year

0.40%

$1,000

4-Year

0.50%

$1,000

5-Year

0.50%

$1,000

FAQs

Where is CIT Bank Located?

Online banking is offered by CIT Bank. On a desktop computer or a mobile device, you can visit the website every day of the week, 24 hours a day.

If you don't have access to the internet, you can check your account balance by calling the automated telephone banking system 24 hours a day, 7 days a week. Call (855) 462-2652 during business hours (Eastern) on Monday through Friday from 9 a.m. to 9 p.m. or on Saturday from 10 a.m. to 6 p.m. to speak with a customer service person in the United States.

On CIT Bank's contact page, you can also find a mailing address and an email address to use for any bank forms.

What Can You Do With CIT Bank Online?

You may perform nearly all tasks on the bank's website. This is because it was created to be an online savings bank. Several activities indicate you should contact customer care. However, since there are no physical facilities, everything can be done online. CIT Bank does not require you to speak to a live person. Only over the phone or online.

You can open and manage your accounts entirely online. You may check on your savings accounts, track the maturities of your CDs, and deposit and transfer money electronically.

Checks cannot, however, be deposited online. CIT Bank does not offer any apps that enable clients to photograph cheques for an electronic deposit like other banks do. You'll have to mail it, and it will take some time for the processing to take effect and show up on your account.

There is no need to download an additional app. You can view the site on a desktop or mobile. You can access the website as long as you have your login and password. On its website, CIT Bank offers a blog with articles on topics like saving money and other money-related topics.

Another option to save cash is through custodial accounts. It may be advantageous to start saving for your child's future in a CD or savings account rather than a piggy bank. Because up to a certain amount can be deducted from taxes. Additionally, you should speak with your financial counselor and carefully weigh your alternatives if you're considering using CIT Bank's IRA possibilities. Although this organization offers savings accounts, they may not always be the greatest investment.

How Can I Access My Money?

Online money transfers, phone withdrawal requests, and requests for checks to be mailed to you are all options. There is no cap on the number of payments that may be made directly to you. Especially if it's by check written out to you, according to CIT Bank's frequently asked questions section. Otherwise, each statement cycle is restricted to six transfers and withdrawals (combined).

Only a few banks offer ATM cards with savings accounts, which can increase convenience when accessing your money, however, CIT Bank does not. A digital withdrawal is most likely the quickest option to get your money.

You must keep your money in a CD for the duration of the period you selected (with the specific exception of a no-penalty account). If you choose to withdraw the funds, there will be a charge.

The only other choice you have is to merely remove the interest that has already accumulated, which you can do without incurring any penalties. Although letting your interest build up inside the CD will result in longer-term gains, you can withdraw it. You can arrange an electronic transfer to another CIT Bank account or external account by calling the CIT contact center and requesting a withdrawal.

To Sum Up

A wide range of CD and savings alternatives are available from CIT Bank at highly attractive interest rates. However, it may be argued that CIT Bank is more appropriate for people who have more money.

CIT Bank is near the top of the list of online banks in terms of minimum deposits, with CD minimum deposits starting at $1,000. It also wants a $100 minimum deposit to start a savings account.

This business offers the possibility of opening a custodial savings account or certificate of deposit. As a result, you can begin setting aside money in a separate bank account for your child. If you want to build a fund for your child, this may be an excellent option because not many banks offer it.

Finally, the accessibility of CIT Bank is on the lower end of the spectrum. Even though you have access to automated phone systems and customer support, you are unable to make remote check deposits.

Bank Monthly Service Charge Minimum Deposit to Open APY
CIT Savings Builder Account 0 $100 1.00% APY
CIT Bank CDs 0 $1000 4.90% APY
CIT Bank eChecking Account $0 $100 0.10% - 0.25% APY
CIT Money Market Account 0 $2500 1.55% APY
CIT Bank Platinum Savings $0 $100 0.25% - 5.05% APY
CIT Bank Savings Connect Account $0 $100 4.65% APY