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CIT Bank is a "Top 50 U.S. Bank" seeking to provide online banking to consumers with lower fees and rates. From their phones or computers, consumers can easily access their accounts and conduct banking transactions. It is important to note that CIT Bank does not have any physical branch locations or ATMs that consumers can visit, which may not be preferable for all consumers. On a positive note, online-only banks often offer better deals, such as savings accounts with higher than average interest rates and low fees.
Consumers have various banking options available to them, including money market savings accounts, checking accounts, certificates of deposit (CDs), and high-yield savings options. CIT Bank's high-yield savings accounts are a popular choice among consumers and they consistently rank among the best online savings accounts in the industry.
In addition to consumer banking, CIT Bank also provides business and commercial banking options.
Continue reading for CIT Bank pros and cons.
CIT Bank provides deposit insurance through the Federal Deposit Insurance Corporation (FDIC), covering checking and savings accounts, money market accounts, and CDs. In general, almost all banks have FDIC insurance, protecting a consumer's money in the unlikely event of a bank failure.
CIT Bank has multiple savings accounts and savings options available for consumers in addition to an eChecking account, allowing consumers to choose the best bank account for their needs.
Consumers who are looking for a savings account can choose from the CIT Savings Builder account, similar to a high yield savings account, or CD accounts, or a money market account. Each savings option provides competitive interest rates.
No matter which type of account you choose to open with CIT Bank, there are no monthly fees. This means that you will not be penalized for not meeting specific account requirements, such as maintaining an account balance over a certain threshold. This can provide consumers with peace of mind and flexibility that they will not be charged anything extra on their accounts.
Most online banks do not have monthly fees, but it is important to research any other fees that the bank may charge. Up front, it appears that CIT Bank has no additional fees.
CIT Bank has some of the most competitive rates in the industry, with higher than average APY rate on savings accounts — much higher APYs than you will likely find with a traditional savings account at a brick-and-mortar bank.
The CIT Bank Money Market account also offers a much higher APY than the national average. Interest rates on CDs are also high, allowing the consumer to save more money over time.
Online banks are generally more likely to offer higher, more competitive APY rates than traditional banks, but CIT Bank has been recognized as one the 10 best online banks two years running (2018 and 2019) by GOBankingRates. Therefore, if you are looking for the best rates possible on your savings accounts, CIT Bank could be a good choice for you.
In 2019, CIT Bank began offering an eChecking account. The account has an interest rate set for balances under $25,000. If you want a higher APY, you must have a minimum balance of $25,000 in your account.
The eChecking account provides consumer with a debit card, as well as the ability to deposit checks and make unlimited withdrawals and disbursements through the CIT Bank mobile app. Through the app, consumers can access their account at any time and can have the peace of mind that all their banking is available at their fingertips.
Although the checking account has no monthly fee, there is an overdraft fee on insufficient and unavailable funds, both of $30. A consumer will also be charged if they use their card at an ATM, but CIT Bank does provide a monthly ATM fee reimbursement up to $30.
When opening and maintaining a CIT Bank account, you cannot deposit cash into your account. All deposits must be made via funds transfer (ACH), a mobile deposit through the CIT app, a free wire transfer, or by mailing a check to the CIT office. Besides check, these are all electronic transfer methods. Funds cannot be added to the account via direct deposit.
Transactions can be difficult if you plan on moving your money around. Additionally, this means that setting up an account with CIT may be difficult if you don't have an existing bank account (with a routing number) to transfer the funds from.
As an online bank, CIT Bank has no physical branch locations or ATMs. This may be problematic for some consumers that prefer being able to visit a branch location as needed.
The fact that CIT Bank offers a checking account but has no ATMs is somewhat inconvenient for consumers, as they will have to pay fees if they ever need to withdraw cash from an ATM. It would be important to be mindful of your ATM usage, as those fees can pile up. CIT Bank does provide a monthly ATM fee reimbursement up to $30, but even then this may not be preferable for all consumers.
The minimum opening deposit for the CIT Bank eChecking account is $100. This is quite high within the industry, as some other online banks allow consumers to open checking accounts with a $10 to $25 minimum deposit.
Many online banks, including CIT Bank, do not offer credit cards. For consumers looking for credit card options, online banks such as American Express or Discover may be a better option.
For consumers looking for high APYs and flexibility, CIT Bank could be a great online banking option. Offering some of the best rates in the industry, CIT Bank surpasses its competitors by offering APY rates that consistently exceed the national average, and it has been recognized as one of the 10 best online banks for both 2018 and 2019.
With the company's new checking account offering, consumers have more banking options available to them, allowing them to manage their money all in one place. With CIT Bank's mobile app, your banking information is available at your fingertips, and you can manage transactions on the go. As an online bank, CIT bank has no physical branch locations or ATMs. This could prove to be an inconvenience if you like to have the traditional bank option of visiting a branch location or speaking with a bank associate when needed. In addition, if you ever use an ATM to withdraw cash from your checking account, you will be charged a fee as CIT Bank does not have any of its own ATMs.
Overall, CIT Bank has competitive services and offerings that will likely prove advantageous for the majority of consumers. CIT Bank reviews are limited, thus we would recommend CIT Bank based on their services, but cannot provide any recommendations based on customer reviews.
If you have, or are currently banking with this financial institution, please leave a CIT Bank review and tell us about your experience.
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