CIT Bank Review

CIT Bank is an online-only bank that offers some of the best savings account and CD rates on the market. It doesn't have any brick-and-mortar locations, but this helps it keep overhead costs low and pass those savings on to its customers in the form of competitive APYs.

CIT Bank is a legitimate online banking institution that offers competitive rates and easy-to-use online features. The bank also offers a variety of savings and CD options. It is FDIC insured up to $250,000. To open an account with CIT Bank, you will need to provide some personal information such as your social security number, date of birth, address, and driver’s license. This is done through an online application that walks you through the process step-by-step. You can also transfer funds to CIT Bank using an external checking or savings account or send a check. The company also accepts wire transfers.

CIT Bank has a variety of deposit accounts, including an interest-bearing eChecking account with no minimum balance requirement and a Savings Connect Account that allows you to earn a higher APY on larger balances. It also offers a RampUp CD that allows you to bump up your rate once during the term of the account. In addition to its deposit products, the bank offers a range of mortgage and IRA services. It also has a mobile app and text banking to help you stay on top of your finances.

Pros and Cons of CIT Bank
CIT Bank Review 1

Pros and Cons of CIT Bank

CIT Bank offers high-interest rates on savings accounts, CDs, and money market accounts. It also offers custodial accounts for children and IRAs. In addition, it has no monthly maintenance fees and a $100 minimum opening deposit. The company also uses layers of security to protect customer information, including firewalls and 128-bit Secure Socket Layer encryption.

The bank’s online banking platform is easy to use and provides a range of features, including mobile app access, online bill pay, account alerts, and more. The site also offers free ATM withdrawals at other banks and refunds up to $30 per month in ATM fees from other financial institutions.

One disadvantage of CIT Bank is that it does not offer an ATM card for its savings accounts, although customers can deposit checks by mail. In addition, the company does not allow you to take pictures of checks for electronic deposits, which is a common feature offered by other banks. However, these limitations are not likely to stop many people from using CIT Bank. The bank is a great option for anyone who wants to earn high rates on their savings and does not need access to a physical branch.

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