CIT Bank Review

CIT Bank Review

About CIT Bank

CIT Bank is a division of CIT Bank, N.A. It is an online-only bank offering highly competitive savings products to advance the savings strategies of today’s consumer. CIT Bank is insured by the FDIC, which means deposits are insured up to a maximum of US$250,000 by the federal government, a great comfort indeed.

It offers mobile (Android and iPhone) access, online and telephone banking, with customer support available during normal office hours (9am-5pm), eastern time.

The name comes from it’s origin ‘Commercial Investment Trust’. The CIT Group and was established on 11 February 1908 in St. Louis, Missouri and is traded on the NYSE (Ticker: CIT). They are currently headquartered in Pasadena, California, are a Fortune 500 company and are on the SBA (Small Business Administration) Preferred Lender List.

Types of Accounts

CIT Bank offers four types of tiered savings account products: their Money Market Accounts, Premier High Yield Savings Accounts, No Penalty 11-Month CD accounts and their Certificate of Deposits (CD) accounts.

CIT Bank offers some of the highest interest rates in the industry, with up to 2.45% APY with their new Savings Builder account. You’ll enjoy these extraordinary rates if you either maintain a balance of US$25,000 or by depositing at least US$100 every month.

Even without these amounts you can still enjoy some very impressive interest rates which far exceed their competitors. For example, their Money Market accounts yield a whopping 1.85% APY, while their regular high yield accounts earn 1.55% APY.

There are no monthly maintenance fees, no incoming wire transfer fees and no online transfer fees. Furthermore, maintain a daily balance of US$25,000 or more in your account and there are no outgoing wire transfer fees either. I’ve yet to find another bank which offers such attractive freebies.

All you need is a US$100 deposit to open a savings account, after which you’ll start to see your deposits grow with every month you keep adding to it. Interest is compounded daily and is credited into your account each month. This together with your own deposits will mushroom your balance in a relatively short space of time.

For these reasons, CIT Bank stands out from its peers in the sector. Just keep up with your US$100 monthly deposits (or maintain a balance of at least US$25,000) and you’ll be well ahead compare to the rest.

Not forgetting CIT Bank is an online-only bank, with no branches, no ATMs and no checking accounts. The idea is to get your money in there and let it grow. And grow it will. If you need frequent access to your money then this may not be for you.

That’s not to say you cannot access your money when you need it, although as federally mandated for online-only banks like this, there is a maximum withdrawal limit of six times per month. If you need to go beyond this then make sure you make your withdrawals by phone or mail as these limits then no longer apply.

CIT Bank takes deposits and allows withdrawals by electronic transfer, wire and check.

If you’d like to know more please visit their website or open an account by clicking this link.

Summary of Deposit Products

Money Market Accounts

– Earn a 1.85% APY on all balances.
– Minimum deposit of $100 to open
– No account opening or maintenance fees
– Daily compounding interest
– Free online & mobile banking with Bill Pay
– FDIC insured

Premier High Yield Savings Accounts

– Earn between 1.55% to 2.45% APY
– Minimum deposit of $100 to open
– Personal account only; not available for IRAs
– No account opening or maintenance fees
– Daily compounding interest
– Free online & mobile banking with Bill Pay
– FDIC insured

No Penalty 11-Month CD

– Earn 1.85% APY
– Minimum $1,000 deposit
– FDIC insured up to $250,000
– Security and Flexibilty
– No Penalty for early withdraw
– Daily compounding interest
– No monthly maintenance fees

Certificate of Deposits (CD)

– Competitive rates
– Terms up to 5 years
– Low minimum opening deposit
– Daily compounding interest
– No monthly maintenance fees
– FDIC insured

To open an account with CIT Bank you can do so by clicking here.

Disclosure

CIT Bank, N.A. and OneWest Bank, a division of CIT Bank, N.A. are the same FDIC-insured institution. Deposits held under each name are not separately insured, but are combined to determine whether a depositor has exceeded the $250,000 federal deposit insurance limit, per depositor for each account ownership category. For purposes of calculating aggregate deposits held in CIT Bank, N.A., you should include deposits held in OneWest Bank, a division of CIT Bank, N.A.

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