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CIT Bank
9.7
ratings

Overview

Every individual has a savings account under their name. It is one account that fulfills literally every need of the account holder. Having a savings account is a must in order to achieve financial goals. Whether you use the account for the purpose of salary deposit or for making investments, it is important to choose the right bank or financial institution for the same.

Given the number of banks, credit unions, and other financial institutions in the industry, it could become difficult to decide on the one that is a best fit for you. However, there are a number of things you need to keep in mind. Your decision should be made after considering all the offerings of the institution and comparing the same with your personal requirements.

CIT Bank is not very famous in the industry yet. You might not have heard about it a lot but let that not fool you. It is an institution that offers a solid return and meets the needs of a number of account holders. There are a number of factors which set the bank apart from the rest.

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Pros

  • Above average interest rates on Money Market
  • Flexible CD options
  • No monthly fees

Cons

  • Name recognition is low
  • Premier High-Yield Savings rate is not competitive
  • Average long-term CD rates

Transfer and withdrawals

Making transfers and withdrawals with the bank is quick and easy. You can make basic transactions through online banking. It allows you to view your balances and set up funds transfer with three external accounts. You can transfer funds from an external account using the mobile application or their online service. However, it is important to note that there is a withdrawal limit of 6 transactions in a month. There are no penalties or fees associated if you over run the limit but the bank has the right to close your account.

Access

The bank offers mobile, online, and telephone banking. There is no ATM option and no live support or chat options. There are customer support executives available throughout the week but the support is only available during the working hours. Their mobile application is available for Android and iOS and is easy to use. They also offer text-based banking, where you can view the account history and balance through text commands.

Fees and rates

  • Monthly fees
    Like many other banks, CIT Bank has no fees associated with the opening or maintaining an account. It is important to note that there are certain services which do have fees. There will be bank charges for all the outgoing wire transfers for the accounts, which have less than $25,000. It also has a 6 time withdrawal limit each month and if you go over, there will be no fees charged for the same, but the bank will have the right to close the account. However, for those who make withdrawals through mail or phone, this limit is not applicable.
  • Interest rates
    CIT Bank offers an APY as high as 2.15% and it compounds the interest on a daily basis and the same is credited to your account on a monthly basis. The bank offers two types of saving accounts. One is a Premier High Yield Savings account, which has an APY of 1.55%, and the other is a Savings Builder account, which has an APY of 2.15%. There is a Money Market account between the two, which has an APY of 1.85%. It is important to note that Premier High Yield Savings account and Money Market account have an initial balance requirement of $ In case of the Savings Builder account, the account holder will have to make the initial balance deposit of $100 and then maintain a balance of $25,000 each month in order to earn the high APY.
CIT Bank