CIT Bank

Author: Kaitlyn Short

CIT group was founded in 1908 and has provided commercial lending, leasing, and advisory services for more than one hundred years. Their total assets are more than $21 billion. They have an online bank (BankonCIT) that was founded in 2000 that only provide services for savings, CDs, IRAs, and Custodial accounts. 

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The Good

• Services
• Account options

Services

Company has more than $35 billion in financing and leasing assets. Provides financing, leasing and advisory services to clients and customers in more than 30 industries. They have high APY for savings accounts, and CDs. There are no fees for CD account and savings CIT Bank High Yield because they are only online.

Account Options

CIT bank provides accounts for Savings, CDs, IRAs, and Custodial. There are loans and financing for business that need financing to build ideas. They are available 24/7 on the web as an online bank.

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The Bad

• No checking account
• Investment minimum

No Checking Account

There is no checking account available with this bank because they are an online bank. This also means that there are no physical branches to go visit so all customer interaction is over the phone.

Investment Minimum

Some items of concern if considering investing in a CD for this company are:

• minimum deposits that range from $1,000-$2500
• there may be an early withdrawal penalty fee, which may reduce earnings

For savings accounts the rates are subject to change after the account is opened.

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The Bottom Line

CIT bank supports those with the focus of finding a bank that provide high APY for savings and for CD accounts that want to invest in accounts that will let their money grow. CIT also provides commercial financing, lending and insurance services like: corporate, equipment, real estate, transportation, and international finance.