Thanks to their convenience and competitive interest rates, many people are making the switch to online-only bank accounts. If you’re thinking of joining them, you might be overwhelmed by the many options to choose from. In this CIT Bank review, we’ll explore one of the most popular choices.
CIT Bank Review
Product Name: CIT Bank
Product Description: CIT Bank is an online-only bank that offers a variety of account options, including interest-paying checking, savings, CDs, mortgages, business accounts, and more. You can link multiple accounts and deposit checks online through the bank's web app. There are no monthly fees.
- Products & Services
- Interest Rates
- Fees & Charges
- Website / App
- Customer Service
When it comes to Products & Services, we were impressed with CIT Bank’s selection of high interest-paying account options. We were especially happy to find out about CIT Bank’s interest-paying eChecking accounts that let you start earning interest with as little as $100. CIT Bank’s Interest Rates on traditional savings accounts are among some of the highest in the industry. However, you can find better CD APYs elsewhere. We also ranked this bank high for Fees & Charges because there are no fees to open or maintain an account. In terms of Website/App accessibility, CIT Bank is fine, but we’ve heard some complaints of the mobile app crashing. Customer Service isn’t 24/7, but it is available by phone Monday through Sunday during typical business hours. There’s no live chat.
CIT Bank Features
|Banking Account Types||Checking, Savings Accounts, Money Market Accounts, CDs|
|Other Account Types||Mortgages, Small Business Accounts, Custodial Accounts|
|Minimum Required Deposit to Open Account||$100|
|Number of Branches||Internet Only|
|ATM Network Size||No ATM Network|
|ATM Reimbursements||Up to $15/Month|
|App Availability||iOS, Android, and Mobile Optimized Website|
|Person to Person Money Transfers||Zelle®|
|Money Transfers||ACH, Wire Transfers, Apple Pay, Samsung Pay, Zelle|
|Customer Service Types||Phone, Email, Mail|
|Customer Service Hours||Mon - Fri: 8am - 9pm (ET)|
Sat: 9am - 5pm (ET)
Sun: 11am - 4pm (ET)
|Member FDIC||FDIC Certificate #58978|
|Routing Number / ABA Number||#124084834|
|Current Promotions||$150 or $300 Bonus; See CIT Bank Promotion Page, or See Below|
See more Bank Promotions
- Interest-Paying Checking. CIT Bank’s eChecking account pays interest, a real rarity among banks. How much interest you earn depends on how much money you keep deposited in your account.
- ATM Reimbursement. Currently, CIT Bank has no ATMs of its own, nor is it part of an ATM network. However, the bank charges no fees if you use an ATM for its eChecking account and will reimburse you other banks’ fees up to $15 per month.
- FDIC Insurance. Each CIT Bank account is FDIC-insured up to $250,000.
- Interest Compounds Daily. With all CIT Bank products, interest compounds daily and will be accredited to your account on a monthly basis.
- Calculators. CIT Bank offers a number of calculators to help you figure out how to maximize your savings, manage your debt, and plan for retirement.
What Is CIT Bank?
CIT Bank is an online-only bank headquartered in Pasadena, California. And contrary to what you might assume, it has nothing to do with Citibank. CIT stands for “Commercial Investment Trust.”
CIT Bank has a lot of great features that make it a competitive option for your banking needs. Like all good banks, its funds are FDIC insured, so you can rest easy knowing your money is backed by the U.S. government.
CIT Bank’s Online Banking offers real-time access to your account so you can manage all of your banking activity online. This includes making transfers to and from other banks and other accounts that you have with CIT Bank. You can also view and download current and previous statements as needed.
How to Get Started with CIT Bank
Opening an account is easy and takes only a few minutes. All you have to do is find the right page on CIT Bank’s website and have the following information handy:
- Your Social Security number
- Your driver’s license or another form of state-issued identification
- Your bank routing and account numbers for the account you intend to link to fund your new CIT Bank account
- Personal information for any joint account holders or beneficiaries
When you open an account, you’ll need to make a deposit. The minimum for a savings account is $100. The minimum deposit for CDs is $1,000 and up, depending on which type you open.
Funding Your CIT Bank Account. You can fund your CIT Bank account by mailing in a check or by completing a wire or electronic funds transfer. Once you have your account all set up, you can also use remote check deposit.
Like many online banks and financial institutions, CIT Bank will make two small test deposits to your account. You must then verify the deposit amounts before you can officially link your account. Once this has been accomplished, you can transfer money between accounts.
You can make your initial deposit via an electronic funds transfer, or you can mail a check to CIT Bank.
Here is the CIT Bank Routing/Transit #: 124084834
Here is the CIT Bank address to mail a deposit:
CIT Bank, N.A.
Attn: Deposit Services
P.O. Box 7056
Pasadena, CA 91109-9699
CIT Bank Account Options
CIT Bank eChecking
CIT Bank’s eChecking account is new to the lineup, and we’re glad CIT added it. The best thing about this account is that it accrues interest, a rarity among both brick-and-mortar and online-only banks.
How much interest you earn depends on how much you deposit. You’ll receive 0.10% APY on balances as low as the minimum, $100. But you can earn slightly higher APY on balances of $25,000 or more.
The biggest drawback to the eChecking account is that CIT Bank doesn’t have any ATMs or its own, nor does the bank participate in an ATM network, such as Allpoint. However, CIT Bank never charges fees for using anyone’s ATM. And the bank will also reimburse you up to $15 per month for other bank’s ATM fees.
CIT Bank doesn’t charge any regular maintenance fees, but if you overdraw on your account, you’ll have to pay $30 per item. That’s standard for many banks nowadays.
CIT Premier High Yield Savings Accounts
The CIT Bank Premier High Yield Savings Account is a tiered savings account. The tiers are broken out as follows:
- Balances of $1 to $250,000
- Balances of over $250,000
CIT Bank is one of the leaders among national banks when it comes to savings account interest rates. The base interest rate on its Premier High Yield Savings account is higher than what you’ll find at most other online banks.
Due to frequent interest rate changes, I recommend visiting the CIT Bank website to check current interest rates.
You can also compare CIT Bank to other banks on our list of best online banks.
CIT Bank Money Market Accounts
The CIT Bank Money Market account is similar to the High Yield Savings account but offers slightly higher interest rates.
You can use this account for deposits, withdrawals, and transfers, including Bill Pay (coming soon to CIT Bank).
Federal banking regulations limit transfers and withdrawals from money market accounts to six withdrawals per statement cycle. So this account is best used for parking cash for your emergency fund or long-term savings.
The minimum to open an account is $100.
CIT Bank Certificates of Deposit
Although CIT Bank offers stellar rates on high-yield savings and money market account, its CD rates aren’t the highest. However, they’re still better than rates you can find at traditional brick-and-mortar banks. If you’re CD shopping, you might want to check out some of the competition.
CIT Bank offers a variety of CDs, including RampUP CDs, which allow you to increase your interest rate once during the term, and no-penalty CDs, which allow you to withdraw the balance before the term.
RampUP CDs: This is a flexible long-term CD designed to protect against market fluctuations.
With the RampUP CD rate advantage feature, you have the option to adjust your rate once during the term of the CD, if rates increase. If they fall, you can stay with the original APY. Current rates & terms:
- 3-year CD – Minimum opening deposit – $25,000
- 4-year CD – Minimum opening deposit – $50,000
RampUp Plus CDs: This account has a minimum deposit of $25,000. It gives you the opportunity to increase your rate of return one time during the term of your CD if rates rise.
This CD is compounded daily, giving you a slight increase to your total returns. You will also have the option to add funds one time during the term of this CD.
- 1-year CD
- 2-year CD
Interest rate adjustments on both the RampUP and RampUP Plus CDs are limited, as follows:
Term CD: These are standard certificates of deposit, with terms ranging from six months to five years. The minimum deposit for opening a Term CD is $1,000.
Common CD terms include:
- 6-month CD
- 1-year CD
- 13-month CD
- 2-year CD
- 3-year CD
- 4-year CD
- 5-year CD
Jumbo CD: These CDs have a minimum deposit requirement of $100,000. You can choose either two-, three-, or five-year terms. Rates vary by term.
Each of the CD options offers daily compounding. They also feature automatic renewal at the conclusion of the term unless you opt to withdraw the funds.
No-Penalty CDs: This CD comes with CIT Bank’s early withdrawal advantage feature. It allows you to access your funds early.
You can withdraw the total balance, including interest earned, without penalty, beginning seven days after the funds have been received. This CD is a minimum opening deposit of $1,000 with a term of 11 months.
CIT Bank Early Withdrawal Penalties on CDs
CIT Bank’s early withdrawal penalties for CDs are as follows:
- Terms up to 1 year – 3 months interest on the amount withdrawn
- Terms more than 1 year up to 3 years – 6 months interest on the amount withdrawn
- Terms more than 3 years – 12 months interest on the amount withdrawn
CIT Bank Mortgages
CIT Bank offers home mortgages for its customers. The loan programs available include both fixed- and adjustable-rate mortgages, Jumbo mortgages, interest-only loans, and both rate and term with a cash-out refinancing loan. Loan programs are available for first-time homebuyers down payments as low as 3%.
CIT Bank Small Business Loans and Equipment Financing
CIT Bank offers financing programs for small businesses, in addition to savings products and mortgage loans. It currently offers both business loans and equipment financing.
The financing programs are available through the Direct Capital division of CIT Bank, N.A.
Business loans can be used for purchasing inventory, equipment and tech upgrades, or providing extra capital for marketing, staffing or even as a cash flow supplement. You can borrow up to $150,000, with terms ranging between six and 18 months.
Equipment financing program is more specific, but also more flexible. You can use the program to acquire computer hardware and software, restaurant equipment, construction equipment, POS terminals, capital equipment, and even commercial vehicles.
You can borrow up to $250,000 without supplying financial statements. Alternatively, if you do supply financial statements, you can get financing for up to $1 million. Equipment financing terms are between 12 months and 72 months.
You’ll need to contact CIT Bank for more information regarding business loans or what is needed to open a business bank account.
CIT Bank Customer Service
Although you can’t mosey on down to your neighborhood CIT Bank branch to talk to a teller when you have a pressing question, there are still plenty of ways to contact the bank’s customer service team.
CIT Bank offers 24/7 automated telephone services for basic account inquiries. In addition, you can call the customer support team seven days a week: Monday through Friday, 8:00 a.m. to 9:00 p.m.; Saturday, 9:00 a.m. to 5:00 p.m.; Sunday, 11:00 a.m. to 4:00 p.m. (all times Eastern).
- CIT Bank telephone number: 1-855-462-2652
- CIT Bank address: CIT Bank, 75 North Fair Oaks Ave, Pasadena, CA 91103
CIT Bank Savings Builder Promotion – Earn up to $300
CIT Bank is currently offering both current and new customers a bonus when they meet deposit requirements in a Savings Builder account.
Customers must meet the following requirements to earn the CIT Bank deposit bonus:
- Open a Savings Builder account with a minimum of $100 and enter the promo code, Spring20. (Current customers must sign up via the promotion page and enter the promo code).
- Earn a $150 bonus with a minimum deposit of $25,000 within 15 days.
- Earn a $300 bonus with a deposit of $50,000 or more within 15 days.
- Maintain the minimum balance requirement for 90 calendar days (new customers) or 30 calendar days (current customers) following the end of the 15-day Funding Period to be eligible for the bonus.
- Offer valid on new or current Savings Builder accounts funded between February 19 and May 30, 2020.
- Customers enrolled in a Savings Builder bonus promotion prior to January 17, 2020, are not eligible for this promotion.
CIT Bank Pros & Cons
CIT Bank Pros
- High Interest Rates. CIT Bank pays some of the highest interest rates in the nation on its savings accounts. Plus, there’s now an interest-paying checking account, too.
- No Monthly Account Fees. Fees are few and far between with CIT Bank.
- eChecking Account. Now that CIT Bank offers a checking account (that pays interest, to boot), you can make this bank your one-stop-shop.
CIT Bank Cons:
- Online Only. You won’t find a CIT Bank branch office anywhere — although that’s growing less strange as time wears on.
- No Free ATM Network. Unfortunately, CIT Bank doesn’t offer access to a free ATM network. However, the bank will reimburse you up to $15 per month of the other guys’ fees.
- $100 Minimum on Checking. $100 is a bit on the high side for checking account minimums. Still, there are no fees to open and keep your account running, and the account does pay interest, too.
Overall, I would put CIT Bank among the industry leaders in online bank accounts.
I recommend this as a great place to stash your cash if you’re looking for a solid return on your savings and don’t need additional features at this time.
If you’re interested primarily in the interest rate on a high-yield savings account, the CIT Bank will do just fine. Plus, you can now earn interest (albeit at a lower rate) on checking with the new eChecking account.
To learn more or to open an account, visit the CIT Bank website.