CIT Bank is a popular online bank known for offering competitive rates on savings accounts, certificates of deposit (CDs), and other financial products. With no physical branches, CIT Bank operates entirely online, providing a streamlined experience for tech-savvy customers. But is it the right choice for you? Let’s explore reviews, features, and benefits to help you decide.
Overview of CIT Bank
Established in 2000, CIT Bank is part of First Citizens BancShares, one of the largest financial institutions in the United States. The bank focuses on providing high-yield savings accounts, CDs, and money market accounts to customers seeking better returns on their deposits compared to traditional banks.
Products and Services Offered by CIT Bank
CIT Bank offers a range of financial products designed to help customers grow their savings:
1. Savings Accounts
The CIT Savings Connect and Savings Builder accounts offer competitive interest rates, rewarding customers who meet certain deposit or balance requirements.
2. Certificates of Deposit (CDs)
CIT Bank’s CDs come with various term lengths, from 6 months to 5 years, offering fixed rates for guaranteed returns.
3. Money Market Accounts
The CIT Money Market Account provides a high-interest rate and easy access to funds through online transfers.
4. Home Loans
CIT Bank also offers home loans, including mortgages and refinancing options, making it a versatile choice for financial needs.
Pros and Cons of CIT Bank
Here’s what customers appreciate about CIT Bank, as well as some drawbacks to consider:
Pros
- High Interest Rates: CIT Bank consistently offers competitive rates on savings products.
- Low Fees: No monthly maintenance fees on most accounts.
- Online Convenience: Access accounts anytime, anywhere through a user-friendly online platform and mobile app.
- FDIC Insurance: Deposits are insured up to $250,000 per depositor, per account category.
Cons
- No Physical Branches: Limited to online banking, which may not suit customers who prefer in-person services.
- Minimum Deposit Requirements: Some accounts require a minimum deposit to earn the highest interest rates.
- Limited Account Variety: Focused on savings and loans, with no checking accounts available.
Customer Reviews of CIT Bank
Customer feedback is a valuable resource for understanding CIT Bank’s strengths and weaknesses. Here are some common themes from reviews:
Positive Reviews
- Many customers praise the high interest rates on savings accounts and CDs.
- The online platform is described as intuitive and easy to navigate.
- Responsive customer service via phone and online chat receives high marks.
Negative Reviews
- Some users report delays in fund transfers, especially when linking external accounts.
- Lack of physical branches is a common concern for those who prefer face-to-face banking.
- A few reviews mention issues with account setup and verification processes.
FAQs About CIT Bank
Is CIT Bank safe?
Yes, CIT Bank is FDIC-insured, ensuring that deposits up to $250,000 are protected.
What fees does CIT Bank charge?
CIT Bank does not charge monthly maintenance fees on most accounts. However, certain services, like wire transfers, may incur fees.
Can I access cash with CIT Bank?
CIT Bank does not offer ATM or branch access. Customers must transfer funds to an external account for cash withdrawals.
Who is CIT Bank best for?
CIT Bank is ideal for customers seeking high-interest savings and are comfortable with online-only banking.
Conclusion
CIT Bank is a strong contender for anyone looking to maximize their savings with high-interest accounts. While the lack of physical branches may be a drawback for some, the bank’s competitive rates and online convenience make it an attractive option for tech-savvy savers. Consider your banking needs and preferences to decide if CIT Bank is the right fit for you.