CIT Bank has established itself as one of the leading digital banks, offering a range of attractive features and competitive rates. Whether you’re looking for a checking account, savings account, money market account, or certificate of deposit (CD), CIT Bank has you covered. It’s time to explore the possibilities and consider making the switch to a fully digital banking experience.
Who is CIT Bank for?
CIT Bank is the perfect choice for those who are comfortable with online banking and don’t require access to physical branches. The bank offers a variety of accounts, including checking, savings, money market, and CDs. It’s worth noting that CIT Bank does not provide paper checks with its checking accounts and focuses solely on home loans, without offering other loan products or business banking services.
Review of CIT Bank products
CIT Bank checking
CIT Bank’s eChecking account is an excellent all-around online checking option. With no monthly service fees, overdraft fees, or fees for incoming wire transfers, it’s a hassle-free account. Plus, you can enjoy the convenience of making transfers, payments, and purchases using Zelle, Bill Pay, Samsung Pay, and Apple Pay. CIT Bank also reimburses up to $30 per month for ATM fees charged by other banks.
CIT Bank savings accounts
CIT Bank offers three different savings account options. One of the standout choices is the Savings Builder account, which pays 1.00% APY on balances of $25,000 or more. Additionally, there’s the Savings Connect account, which offers a competitive 4.65% APY on all balances, with no monthly fees.
CIT Bank money market account
CIT Bank’s money market account provides a solid rate of 1.55% APY on all balances. While it may not offer the highest rates in the market, it stands out with no monthly service charges.
CIT Bank CDs
CIT Bank offers a range of CDs, including term CDs and a no-penalty CD. With rates of up to 5.00% APY on six-month certificates, CIT Bank’s CDs are an attractive option. The no-penalty CD is particularly appealing, as it allows for early withdrawals without any penalties.
Review of CIT Bank features
CIT Bank goes above and beyond to prioritize the security and convenience of its customers. With a secure messaging portal, ongoing transaction monitoring, layered security protocols, and FDIC insurance for deposits up to $250,000, you can feel confident in your banking experience. Customer service is available 24/7, and you can access your accounts through both online and mobile banking platforms.
More about CIT Bank
CIT Bank is a division of First Citizens Bank, which has a strong presence in the banking industry. With a history dating back to 1908, CIT Bank has evolved into a digital banking platform. While it does not have physical branches or participate in an ATM network, it offers a wide range of online banking services.
How does CIT Bank compare?
CIT Bank stands out among its competitors in several areas. Its savings accounts offer some of the highest interest rates available, especially for balances up to $5,000. Additionally, its CDs provide attractive rates, particularly for shorter-term options. While CIT Bank may not lead the pack in every category, it consistently offers competitive rates across its product lineup.
TIME Stamp: Discover the Best of CIT Bank
CIT Bank offers a range of practical and competitive banking options. From its standout No-Penalty CD to its Savings Connect account with no monthly fees, CIT Bank is worth considering for your banking needs. While it may not offer a full suite of banking services, its commitment to convenience, security, and competitive rates sets it apart from traditional brick-and-mortar banks.
Frequently Asked Questions (FAQs)
How do you close a CIT Bank account?
To close a CIT Bank account, you’ll need to contact a representative as the process is not outlined on the website.
How safe is CIT Bank?
CIT Bank prioritizes security with encryption, firewalls, and limited access to personal information. Rest assured, your accounts and identity are well-protected.
Is CIT Bank insured by the FDIC?
Yes, CIT Bank is FDIC-insured, providing coverage of up to $250,000 per depositor.
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