CIT Bank Review: A Comprehensive Look at the Best Digital Banking Experience

CIT Bank Review: A Comprehensive Look at the Best Digital Banking Experience

In the era of digital banking, CIT Bank has emerged as one of the most well-known online institutions. Offering a wide range of financial products, including checking accounts, savings accounts, money market accounts, and certificates of deposit (CDs), CIT Bank has gained popularity for its attractive features and competitive rates.

Who is CIT Bank for?

CIT Bank is an ideal choice for individuals who are comfortable with a fully digital banking experience and do not require access to local branches. With its range of accounts, including checking, savings, money market, and CDs, CIT Bank caters to various financial needs. However, it’s important to note that CIT Bank does not offer paper checks with its checking accounts, and its loan products are limited to home loans. Additionally, the bank does not provide any business banking services.

CIT Bank Checking: eChecking Account

CIT Bank’s eChecking account offers a competitive annual percentage yield (APY) of 0.10% on balances below $25,000 and 0.25% on balances of $25,000 or more. This account has no monthly service fees, overdraft fees, or fees for incoming wire transfers. CIT Bank eChecking also provides ATM fee reimbursements of up to $30 per month for fees charged by other banks. To open an eChecking account, a minimum deposit of $100 is required.

One of the notable features of CIT Bank eChecking is its compatibility with various payment platforms, including Zelle, Bill Pay, Samsung Pay, and Apple Pay. It allows for mobile check deposits and offers unlimited withdrawals and disbursements. While eChecking may not be the top choice for interest-earning, it stands out as a reliable online checking account without the standard fees associated with traditional banks.

Pros of CIT eChecking:

  • Competitive APY on balances
  • No monthly service fees or overdraft fees
  • ATM fee reimbursements
  • Compatibility with popular payment platforms
  • Mobile check deposits
  • Unlimited withdrawals and disbursements

CIT Bank Savings: Savings Builder Account

CIT Bank’s Savings Builder account offers an attractive APY of 0.40% on balances below $25,000 and 1.00% on balances of $25,000 or more. This account has no minimum deposit requirement or monthly maintenance fees. The Savings Builder account is a great choice for individuals who have at least $5,000 to save. With an impressive APY of 5.05% on balances of $5,000 or more, the Platinum Savings account is one of the highest in the industry. For those with less than $5,000, the Savings Connect account is a suitable alternative.

Pros of CIT Bank Savings:

  • Competitive APY on balances
  • No minimum deposit requirement
  • No monthly maintenance fees
  • High APY on Platinum Savings account
  • Savings Connect account for balances below $5,000

CIT Bank Money Market Account

CIT Bank’s Money Market Account offers a competitive APY of 1.55% on all balances. While the account requires a minimum opening deposit of $100, it does not charge any monthly service fees. However, if you are looking for the highest rates on money market accounts, you may find better options elsewhere.

Pros of CIT Bank Money Market Account:

  • Competitive APY on all balances
  • No monthly service fees

CIT Bank CDs: Term CDs and No-Penalty CD

CIT Bank offers a range of CDs, including Term CDs and a No-Penalty CD. The Term CDs provide higher rates, with a 5.00% APY on a six-month certificate. These CDs can be purchased in minimum denominations of $1,000 and have no opening or maintenance fees. The No-Penalty CD offers a competitive APY of 4.90% on all balances and has a term of 11 months. With no early withdrawal penalty, it provides flexibility for those who may need to access their funds before the CD matures. Jumbo CDs are also available for larger investments, with terms ranging from two to five years.

Pros of CIT Bank CDs:

  • Competitive rates on Term CDs
  • No-Penalty CD with high APY and no early withdrawal penalty
  • Jumbo CDs for larger investments

Other CIT Bank Products

CIT Bank focuses primarily on home loans and does not offer auto loans, student loans, personal loans, credit cards, or business services and financing.

CIT Bank Features: Security and Customer Service

CIT Bank prioritizes the security of its customers’ information. It provides a secure messaging portal with encrypted communications, ongoing transaction and activity monitoring, layered security to limit access to information, antivirus protection, firewalls, and 128-bit secure socket layer (SSL) encryption. Deposits are protected by Federal Deposit Insurance Corporation (FDIC) insurance for up to $250,000 per depositor.

Customer service is available via phone, email, and the bank’s online platform or mobile app. CIT Bank’s customer service center operates from 9 a.m. to 9 p.m. ET on weekdays, with shorter hours on Saturdays. The bank also maintains an X (Twitter) account for customer support.

CIT Bank’s Online and Mobile Banking

CIT Bank offers the convenience of online and mobile banking for its customers. The mobile banking app is available for both Android and iOS devices, allowing users to check account balances, monitor transactions, transfer funds between accounts, and pay bills. The app also supports popular payment platforms such as Zelle, Bill Pay, Samsung Pay, and Apple Pay.

Ownership, History, and Reputation of CIT Bank

CIT Bank is a division of First Citizens Bank, which is one of the largest family-controlled banks in the country. First Citizens BancShares, Inc., the parent company of First Citizens Bank, is a publicly held company listed on the NASDAQ exchange. With over $100 billion in assets, First Citizens Bank operates more than 600 branches in 22 states. CIT Bank was founded in 1908 in St. Louis and became part of First Citizens in 2022.

CIT Bank has an A- rating with the Better Business Bureau and is not accredited through the BBB. Trustpilot rates CIT Bank at 2.2 out of five stars based on 391 reviews. The mobile banking app receives a rating of 2.8 out of five stars from Android users and 4.6 out of five stars from iOS users.

Comparing CIT Bank to Other Institutions

CIT Bank offers competitive rates across its range of accounts, making it a strong contender in the online banking space. Its Savings Builder account provides one of the highest interest rates on savings up to $5,000 among the banks compared. However, its money market account may not offer the highest rates compared to other options. In terms of CDs, CIT Bank performs well, particularly with its No-Penalty CD and Term CDs of shorter durations. When it comes to checking accounts, CIT Bank ranks highly alongside Nationwide.

Conclusion: Is CIT Bank the Right Choice for You?

CIT Bank offers a comprehensive range of financial products, including checking accounts, savings accounts, money market accounts, and CDs. While it may not offer the full suite of services provided by traditional banks, CIT Bank excels in providing a digital banking experience with attractive features and competitive rates.

The standout products from CIT Bank are the No-Penalty CD, which offers a high APY without early withdrawal penalties, and the Savings Connect account, which provides an impressive APY on all balances with no monthly fees. Whether you’re looking to save, invest, or manage your day-to-day finances, CIT Bank is worth considering.

Please note that the information provided in this article is based on extensive research and analysis. It is important to conduct your own research and carefully evaluate your financial needs before making any decisions.

For more information about CIT Bank and its products, please visit the official CIT Bank website.

This article is in no way affiliated with or endorsed by CIT Bank.

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