With an APY of up to 5.05% on your money, CIT Bank offers one of the highest rates on savings accounts in a world when most banks give meager interest. That exceeds the national average by over ten times.
Does CIT Bank's high-yield savings account offer the best interest rate available, though? To determine whether CIT Bank is worthwhile, we carefully considered the features, costs, and fine print.
Features of CIT Bank
Online bank CIT Bank offers a range of lending and online banking services. Even if CIT isn't as well-known as Chase or Bank of America, they have the resources to guarantee that your money is in safe hands because in 2022 they merged with First Citizens Bank, one of the oldest banks still in operation.
First Citizens Bank operates as an Internet bank with no branches or ATMs, while CIT Bank has physical branches around the nation. Nevertheless, CIT Bank does provide some Internet banking services, such as mobile check deposits.
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High-Yield Savings Accounts at CIT Bank
Three savings accounts, each with a distinct interest rate and set of restrictions, are provided by CIT Bank. Savings Builder, Savings Connect, and Platinum Savings are a few of these.
There are no monthly fees for any of the three accounts, and opening an account only costs a modest $100. Your potential interest earnings are maximized by the daily compounding of interest. The total quantity of deposits and withdrawals you are permitted to make each month is similarly unrestricted.
Checks can be deposited via the CIT Bank mobile app, or funds can be sent from an external account.
Are High-Yield Savings Accounts From CIT Bank the Best Option?
If you're searching for an online bank with competitive interest rates, you might want to consider the high-yield savings accounts offered by CIT Bank. In addition, CIT Bank provides home loans, CDs, and bank accounts, letting you handle all of your finances in one location.
Those who don't want a lot of bells and whistles in their savings accounts may find CIT Bank to be beneficial. For instance, you won't find very strong analytics tools, but CIT could be able to help you if you need to park some money. To get the maximum APY, depositors with at least $5,000 are usually better off with a CIT bank.
The CIT Bank app has a rating of 2.9/5 on Google Play and 4.6/5 on the App Store. However, CIT Bank falls behind rivals in terms of reviews in general, not only for its mobile apps. CIT, for example, has a 2.1/5 rating on Trustpilot. Inefficient customer service, sluggish transfers, and trouble accessing accounts are among the grievances.
Comparable interest rates are offered by other online banks that feature more straightforward account layouts, such as flat interest rates or a single savings account. You could be better off selecting a different financial institution in some circumstances.
Final Thoughts About CIT Bank
With their great rates and no fees, CIT Bank's high-yield savings accounts are a great option for the right person.
However, CIT Bank probably isn't the greatest option if you demand physical branch access or don't satisfy the balance threshold for the top-tier APY. Similar digital access and automation options are available from many online banks, albeit without some of those restrictions.
Every high-yield savings account has flaws. Thus, consider the factors that are most important to you (fees, accessibility, interest rates) before choosing what is ideal for you.