CIT Bank offers and Review
Check out the current CIT Bank offers and find out why this online bank will help build your savings on autopilot.
Have you heard of CIT Bank? CIT Bank is an online bank that will meet all of your banking needs.
Why is CIT Bank great and is CIT Bank Really #1?
What they offer their customers, in terms of online banking, is top-notch. With an interest rate above the national average, you can quickly watch your money grow. Plus, CIT Bank offers several banking options making it a leading competitor when it comes to banking online.
This CIT Bank Review 2021 Will Cover the Following:
- Current CIT Bank offers
- Types CIT Bank accounts
- Pros and Cons of CIT Bank
CIT Bank offers 2021
CIT Bank offers many different services including savings builder account, CDs, and money market accounts. At times, CIT Bank offers sign-on bonuses for these accounts. Currently, there are no offers but check back soon for the latest CIT Bank offer.
What is CIT bank?
CIT Bank is an online bank that offers higher than average interest rates. CIT bank offers many options similar to a traditional brick and mortar bank, yet your banking is done online. You can bank from home or on-the-go with the CIT Bank app.
CIT Bank is owned by CIT group which has been around since 1915 and stands for Commercial Investment Trust, according to Wikipedia.
It is traded on the stock exchange as CIT and its banking and holding company headquarters is in Delaware.
Is CIT Bank the same as Citibank?
In short, no these are two separate entities.
CIT Group owns CIT Bank, not to be confused with Citigroup which owns Citibank. Although the names are similar, they are two separate companies.
Is CIT Bank a real bank?
CIT Bank is a real bank that offers FDIC insurance protection. So rest assured your money is safe.
Becoming ever more popular, online banks are changing the way we handle money. CIT bank is a real competitor in the online banking world with no-fee savings accounts and higher than average interest rates. Check out what CIT Bank offers below.
How Can CIT Bank Help You?
CIT Bank can help you grow your money faster than an average bank or credit union. In fact, there are many account types to suit your individual needs.
If you’re looking for long-term savings or just want a higher interest rate than your average bank, CIT Bank has you covered.
You can choose from a Savings Builder Account, Money Market Account, Certificate of Deposit, Checkings Account, or use a variety of these accounts to reach your savings goals.
Keep reading to find out why CIT Bank is a great option when choosing an online banking account.
How do I get my Money with an Online Bank?
This is a frequently asked question with online banking. Rest assured there are several ways to get you money. Here are three ways you can obtain your money from CIT Bank:
1.Transfer your money to your brink and mortar banks’ checking or savings accounts.
2. Depending on which account you choose, ATMs are an option and you will be reimbursed up to a certain amount each month.
3. CIT Bank will mail you a check for free
Whichever option you choose, your money will still be accessible.
What are the Pros and Cons of CIT Bank?
- No monthly fees for checking and savings accounts
- Excellent rates on Money-Market and Savings Builder
- Checkings offers some interest
- The minimum deposit is reasonable
- The high minimum deposit for checks
- No ATM Networks (but offering cashback to cover ATM fees)
During the year CITbank runs different offers to encourage people to use their bank. Unfortunately, after the pandemic, their offers were paused, but rest assured they will be posted here when any offer from Citibank comes up again.
What Types of Accounts Does CITbank offer?
- Savings Builder
- Money Market Account
- Checking Account
- Certificate of Deposit
Learn more about each account below:
Savings Builder Account
To open, you must deposit at a minimum of $100. CIT Bank currently offers 0.45% on their Saving’s Builder Account. This is above the national average so it fairs well for someone looking to save. Unfortunately, in order to get the higher interest rate, you must deposit $25,000 or commit to adding $100 per month.
If you don’t meet this requirement you will only get .29%, which still beats most banks and credit unions. CIT bank’s interest rate was higher before Covid and may go back up, so stay tuned.
Pros of CIT Bank Savings Builder
- No minimum to open
- No service, opening, or online transfer fees
Cons of CIT Bank Savings Builder
- Must deposit 25,000 or commit to adding $100 per month to get a higher interest rate
CIT Bank’s Savings Builder is a great way to build interest on your money. If you want to build an emergency fund or save for a rainy day fund, this account is perfect for you.
What to Keep In Mind:
The rates for the Savings Builder were higher before Covid and may go back up again.
CIT Bank Money-Market Account
Open a CIT Bank Money Market account and get a 0.50% APY. See site for full terms and conditions on this offer.
Pros of CIT Bank Money-Market Account:
- 0.50% rate which is 7x higher than the national average
- Easy access to funds
- No monthly service fee
- 24/7 secure banking
- FDIC insured
- Deposit checks remotely and uses the app to transfer funds
Cons of CIT Bank Money-Market Account:
- A minimum deposit of $100
CIT Bank eChecking Account
CIT bank checking account is a great option for your checking needs.
CIT Bank offers eChecking which can also earn interest and be used to pay online bills. You must deposit at least $1000 to open a CIT Bank eChecking account and interest earned depends on the amount of money in the account. If you have $25,000 your account will earn 0.25% and if you have under $25,000 your account will earn 0.10% which is still higher than most banks and credit unions. You can use other bank’s ATM machines and will be refunded up to $30 in fees per month. CIT Bank eChecking also offers a debit card with ETM chip technology. You can easily transfer money to pay bills with Zelle, Apple Pay, Bill Pay, and Samsung Pay. Use the mobile app to make unlimited withdrawals and disbursements.
There are overdraft fees of $30 per check for insufficient funds and stop payment. There is also a $10 fee for lost debit card replacement.
Pros of CIT Bank Checkings Account:
- Easy to open
- FDIC insured
- higher than the average interest rate
- Reimbursed up to $30 for ATM fees per month
- Debit Card
- Easily transfer money to pay bills
Cons of CIT Bank Checkings Account
- no paper check
- Minimum $100 to open
- $10 wire transfer fee for accounts with less than $25,000
- $30 fee for insufficient funds
- $30 fee for bill stop- per check
- $10 replacement fee for lost debit card
Certificate of Deposit – CIT Bank No Fee CD
CIT Bank also offers a no-fee CD. Their Certificate of Deposit offers flexibility with access to funds. The minimum to purchase a CD is $1000.
There are no opening or maintenance fees to open a CD and it is also FDIC insured like the rest of CIT Banks accounts. A CIT Bank CD is perfect for anyone looking to start an emergency fund. CIT Banks CD’s offer daily compounding interest so you can watch your money grow.
Pros of CIT Bank CD’s
- No penalty
- 0.30 interest rate
- Access to funds early including interest earned
- locked interest rate
- FDIC insured
Cons of CIT Bank CD’s
- $1000 minimum
Is CIT bank Trustworthy?
Yes, CIT Bank is Trustworthy. This company has been around for nearly a century and is backed by FDIC for up to $250,000. You can trust your money is safe with CIT Bank.
Who Is CIT Bank best for?
- looking for online savings account with no monthly fees
- interested in long-term savings with CD’s
- flexible CD’s with early withdrawal
- does not need CIT Bank to print checks for bill payment
- want ATM rebates and can easily use any ATM
Open an Account Today
CIT Bank Review and Offers Final Thoughts…
If you are looking for an online savings account that offers higher than the national average, CIT Bank will meet your expectations. CIT Bank is recommended by Bankrate and got above a four-star rating. We trust you will love CIT Bank and will not be disappointed with the options. You can easily sign up online, by entering your information after clicking the link below.