cit savings account

CIT offers competitive yields on its savings and CD accounts. There are no monthly fees for savings accounts. The checking account earns interest. Thanks to policies by the Federal Reserve, savings account interest rates are WOEFULLY light. The average saving interest rate is around 0.1%. That is pretty. Compare CIT Bank Savings Account rates, fees and services to other national and online banks. Learn if this saving account is the best.

Cit savings account -

CIT Bank High Yield Savings Account Review

CIT Bank app

Saving money is good. Getting an extra incentive to save is even better.

If one of your financial resolutions is to fatten up your emergency fund or save some extra cash for a dream vacation, the CIT Bank High Yield Savings wants to help you reach your goal.

There's no fee to get started with a new account and no ongoing maintenance fees. Plus, the account comes with a competitive annual percentage yield (APY).

In this CIT Bank Savings Account Review, learn about the account's features, fees and services to see if it can help you build your savings faster.

Savings Interest Rate Review

The APY or annual percentage yield that CIT Bank offers is higher than the average interest rate most banks offer. 

Additionally as with any good banking account, all account balances are FDIC insured for up to $250,000 per depositor.

CIT Bank Premier High Yield Savings Account Pros & Cons

ProsCons
  • No monthly fee
  • Very competitive rate
  • Mobile apps available
  • Available as a custodial account

CIT Bank compounds interest daily to give you maximum earning power.

According to CIT Bank, this account offers returns of over 15 times the national average APY.

Tip: Crunch the numbers using MyBankTracker’s APY Calculator to see how quickly your savings could grow.

Compound interest explained

The following example will illustrate the power that interest can have on growing your savings.

You place $1,000 in a savings account and plan to put another $100 into the account each month. After two years, you’ve saved about $2,400.

That's a nice savings, however with compounding interest, you can earn interest on your interest.

After another year, you’ve saved a total of about $3,700. Continue on for another six years, and you’ll have put away $7,600.

Compare that to a savings account that offers 0.01% APY, which is common at many national banks.

The higher interest rate that CIT Bank offers would have earned you more than some other banks with a lower APY. 

No Monthly Maintenance Fee

As far as the fees go, CIT Bank keeps them to a minimum. There’s no account opening fee and no monthly maintenance fee.

You don’t even have to meet a minimum balance to avoid the fee. You’ll never be charged a fee just for keeping the account open.

The only minimum balance you have to note is the opening deposit of $100 to start the account.

24/7 Customer Service

CIT Bank is known for their unparalleled and always available customer service.

With customer service available 24 hours a day, seven days a week, for both Online Banking and Mobile Banking, CIT remains on top.

The bank can be contacted by email or by automated telephone banking.

However, in this day and age, it’s worth pointing out that CIT Bank doesn’t have much of a social media presence. So you can’t expect to send a message via Facebook or Twitter to solve any of the banking issues you may run into.

Funding Your Account

Since CIT Bank is a fully-online bank, there are select options for ways to deposit money into your savings account.

Withdrawals and deposits can be done in any of the following ways:

  • Electronic funds transfer (ACH)
  • By check mailed to CIT Bank’s home office
  • Outgoing wire transfers

However, it's important to note there is a limit of six (6) pre-authorized or automatic transfers or withdrawals, electronic banking transfers to other accounts or similar orders per statement cycle.

Withdrawal and transfer requests submitted by mail do not count toward the limit, nor do withdrawals requested by telephone if the funds are mailed to you in the form of a check.

Deposits are unlimited and can be done via any of the methods outlined above.

Funds made by electronic transfer are available in five business days, whereas if you mail in a check, it can take up to 10 days.

Other Fees to Watch Out For

The best part about this savings account?

There are no fees for opening or maintaining CIT Bank Savings account.

One fee you do have to note is a wire transfer fee if you’re transferring money to your new account from another bank.

You’d also pay this fee if you use a wire transfer to move money out of your CIT Bank account to another bank.

However this fee is only assessed if your average daily balance is less than $25,000.

Here's a snippet of some of the main fees from the account:

CIT Bank High Yield Savings Fees

TypeFee
Minimum Opening Deposit$100
Monthly Maintenance Fee $0
Account Closing Fee$0
Online Transfer$0
Incoming Wire Transfer Fee$0
Outgoing wire transfer for accounts with an average daily balance of $25,000 or more$0
Outgoing wire transfer for accounts with an average daily balance of less than $25,000$10 per wire transfer

How it Compares to Other Online Savings Accounts

CIT Bank isn’t the only online bank that offers high yield savings accounts but it’s one of the few that does so with a high APY. 

With little to no fees, free online banking, and stellar customer service, CIT Bank's High Yield Savings Account is a solid choice to store your money and watch it grow. 

However, the bank offers little perks and bonus features, so if you're looking for a bank and account that offers any kind of rewards savings, this account may not be your first choice. 

CIT does offer a mobile banking app where you can check your account balances and transaction history.

So, is the account worth opening?

Generally, this account is a good choice based on the high APY and fees, even if you’re still working on building up your savings.

The rates are competitive when compared to some of the top online savings accounts. Plus, it has no fees to worry about. Just focus on increasing your savings.

Online savings accounts compared:

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21.43 (over 21x National Avg.) Money Market is it Legit or Scam

People often find it difficult when it comes to actualizing their savings goals. This is because they have this I-Can’t- Save-Some mindset.

They say, ‘I only have some, so, I will save when I’ve enough. The truism is that the best time to save is when you have some.

So, all you need is to have what I call ‘Back Pocket’ Will Rogers once said, “The quickest way to double your money is to fold it in half and put it in your back pocket”.

Your ‘Back Pocket’ can be a bank account, an investment, or any platform where you can keep money that you can access easily.

Talking about a savings account, there are several banks that have savings accounts. Among these banks is CIT Bank.

The bank has a CIT Savings Builder account option for people who wants to bring their saving goals to reality.

You may be wondering why I mentioned CIT bank. It’s because CIT Savings Builder has a lot to offer.

So, am I saying that other banks offer less? NO. Each saving bank has unique features that distinguish it from the rest.

With the CIT Savings Builder account, you can be sure of setting aside an emergency fund, handling your personal expenses, and even achieving your savings goals. Also, you will get 0.45% APY no matter the size of your savings. 

Read this CIT bank Savings Builder review that would give you insight into how it works, its pros and cons, and a lot more.

Full CIT Bank Saving Builder Account Review:

What is CIT Bank Saving Builder Account all about?

CIT Bank Saving Builder Account is one of the special rewarding accounts in CIT Bank. It’s designed to reward customers who have $25,000 and above in their account or customers who save up to $100 monthly. With this special account, customers in that category can meet their savings goals.

Aside from achieving your savings goals, the account can help you in your retirement plan, buying and furnishing your house, handling unexpected emergencies as well as planning for your vacation.

How CIT Savings Builder Works

CIT Savings Builder works in a more unique way than other savings accounts. Basically, the account has two options available for its customers to earn the highest amount of interest.

First, they can either maintain a balance of $25,000 or make a deposit of $100 each month as I mentioned earlier.

That means, you can open an account with $100 and if you deposit $100 in the subsequent months, you earn interest of 0.45%APY. The percentage is the highest interest.

And along the line, if you fail to make a deposit the next month, your APY drops to 0.25%. Note, the rates are flexible. Meaning that they can change at any time.

How to Do I get Started?

Having understood how it works, it’s time to get started.

Interestingly, you can complete the process in just 5 minutes either as a new or existing customer.

To join as a new customer, follow the steps below:

  • Go to the Cit Bank official website, click on ‘open account now’
  • Identify what the account you are opening is for. It can either be ‘Personal’ or ‘Custodial’. Then select a product, which is ‘Savings Builder’ and click on ‘continue’.
  • Note, you can open either an individual account or a joint account. So, select the option you want.
  • Input your personal details which must include:
  • Full name
  • Date of Birth
  • Address
  • Phone number
  • Email
  • Social security number
  • Citizenship
  • Mother’s Maiden Name
  • Fund your account with a minimum of $100. This can be done via transfer with E-transfer, mail-in check, or wire.
  • Expect to get a confirmation which will be sent to you by the bank.

CIT Savings Builder review- Features

CIT Bank savings builder account has some unique features that distinguish it from other savings accounts. Here are some of the features:

It has High APY

APY means Annual Percentage Yield. Although the CIT bank savings builder account’s APY is high, it varies. It is of three different savings account interest rates. The table below helps to explain them better.

INTEREST TIERBALANCE REQUIREMENTAPY
BaseLess than $25,0000.29%
UpperLess than $25,000 with monthly deposits of at least $1000.45%
UpperMore than $25,0000.45%

No account opening or maintenance fees

This is another unique feature of this savings account. There are no monthly or maintenance charges, other than a $10 outgoing wire transfer fee if you don’t have up to $25,000.

You can Make Transfer smoothly

You can smoothly make transfers between linked accounts. And also make a deposit from anywhere you are. This is because CIT Bank has a mobile app for different devices.

FDIC insured

CIT Bank is backed by the Federal Deposit Insurance Corporation (FDIC), so in the unlikely event that the bank goes under, the FDIC will pay you up to $250,000 per account type.

How can I access my money in the CIT bank savings builder account?

Very simple. CIT Savings Builder has many options available for you to do that. Whether you want to withdraw or deposit, you can do that easily.

For deposit, you can deposit with a Mailed Check, Wire Transfer, E-funds transfer, or do a mobile deposit. Note, you won’t be charged using any of the options except Wire Transfer.

For Withdrawal, you can only do that through Electronic funds transfer, Requesting a mailed check, or Wire transfer. Note, If you choose to do a wire transfer, you’ll pay a $10 fee if your account’s average daily balance is under $25,000.

What are the Pros and Cons of CIT Bank Savings Builder Account?

The table below explains the pros and cons of the CIT Savings Builder Account:

PROSCONS
Multiple ways to earn high interest $100 minimum to open an account
Opportunity to achieve savings goalsThe customer service system is poor
Has good resources that offer calculators, a FAQs page, and info about CIT products.The interest tier APY isn’t competitive 
Has one of the highest APYsIt is open to only USA Residents
No monthly maintenance fees.You can’t get a checking account or credit card with CIT
It is easy to use.

Bottom Line

It is obvious that with CIT savings builder, you can accomplish your savings goals and even handle most of your personal expenses like furnishing your house, getting a car, and so on. Beyond that, you can earn as high of an interest rate of 0.45% APY monthly.

Reference

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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

CIT Bank - Online Savings Account

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

Summary

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

CIT BankFeatures
Banking Account TypesChecking, Savings Accounts, Money Market Accounts, CDs
Other Account TypesMortgages, Small Business Accounts, Custodial Accounts
Minimum Required Deposit to Open Account$100
Number of BranchesInternet Only
ATM Network SizeNo ATM Network
ATM ReimbursementsUp to $15/Month
Remote DepositYes
App AvailabilityiOS, Android, and Mobile Optimized Website
Bill PayYes
Person to Person Money TransfersZelle®
Money TransfersACH, Wire Transfers, Apple Pay, Samsung Pay, Zelle
Customer Service TypesPhone, Email, Mail
Customer Service HoursMon - Fri: 8am - 9pm (ET)
Sat: 9am - 5pm (ET)
Sun: 11am - 4pm (ET)
Member FDICFDIC Certificate #58978
Routing Number / ABA Number#124084834
Current PromotionsSee CIT Bank Promotion Page, or See Article Below
See more Bank Promotions

Additional Features

  • 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 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

Learn More

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

Learn More

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.

Current rates:

Learn More

Interest rate adjustments on both the RampUP and RampUP Plus CDs are limited.

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

Learn More

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.

Learn More

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 – Currently Paused

CIT Bank was recently offering a savings bonus of up to $300 for both current and new customers when they met deposit requirements in a Savings Builder account.

To earn the CIT Bank deposit bonus, customers must meet the following requirements:

  • Open a Savings Builder account with a minimum of $100 and enter the promo code, [offer expired]. (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.

Learn More About the CIT Bank Savings Builder  Account

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.

Conclusion

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.

Some similar banks include USAA, Ally Bank, FNBO Direct, or Capital One 360.

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.

CIT Bank CIT Bank offers some of the highest interest rates in the U.S. for both online savings and Certificates of Deposits (CDs). Visit CIT Bank to learn more. CIT Bank


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Источник: https://cashmoneylife.com/cit-bank-review/
Piggy Bank Savings


If you are tired of paying high account fees at large banks while getting a pittance in interest for the money you’ve got deposited, you are not alone. That is why you should consider keeping your money in an account at an online bank like CIT Bank.

There are many reasons why you would want to have money in a bank account. For example, you are setting up an emergency fund, or saving up for a vacation or a down payment for a home. This money needs to be kept somewhere safe and not under your mattress without the risk of loss from stock market fluctuations or tied up in a certificate of deposit (CD). But you also don’t want to earn nothing while your money is sitting.

With a high-yield online savings or money market account such as CIT Savings Builder or Money Market account, you get much higher interest rates than your neighborhood bank, pay no monthly fees, and your money is always safe thanks to FDIC insurance.

I opened my Money Market account with CIT back a couple of years ago and followed that with their Savings Builder account a few months after that when that was announced. Here is my review of CIT Bank and their online savings accounts.

Who Is CIT Bank?

CIT Bank is a subsidiary of CIT Group Inc., a financial holding company that was founded in 1908. CIT Bank itself was founded in 2000. Their online banking platform was launched in October 2011 and they started offering online savings accounts in 2012.

As of March 2020, CIT Group is #45 on the list of the largest banks in the United States with over $58 billion in assets.

Don’t confuse CIT Group with Citigroup and their Citibank banking division. They are two different companies. They even have different ticker symbols, with CIT Group trading on the NYSE under CIT while Citigroup’s is C.

CIT Bank Fees

CIT Bank is one of the best banks for someone who doesn’t want to be nickel and dimed on fees. Keep more of your money so it will earn you more money.

With CIT Bank, there are:

  • No monthly maintenance fees
  • No fees to electronically transfer money
  • No fees to mail in a check for deposit
  • No fees to receive an incoming wire transfer
  • No outgoing wire transfers fees if you have a current balance of $25,000 or more. Otherwise, outgoing wire transfers are only $10 each

That’s a lot of “No’s”!

There is a minimum initial deposit of $100 to open a checking, savings, or money market account. Once opened, there are no requirements to keep a minimum balance in the account and you don’t have to worry about paying a fee if your account drops below $100. I had 3 cents in my money market account for months and was never charged a minimum balance fee.

CIT Bank Savings Account

CIT Bank’s current savings account offering is the CIT Savings Builder. This account has a tiered interest rate depending on the balance in the account.

The base tier has an interest rate of 0.25% APY as of March 2021.

To receive the higher interest rate tier of 0.40% APY, you have two options:

  1. Have a monthly deposit of $100, or
  2. Have a minimum account balance of $25,000

The first option of depositing $100 a month is easier for many people to achieve. The Savings Builder savings account encourages people to save money regularly and rewards them for doing so.

My recommendation is to set up an automatic transfer from your checking account or set up a $100 direct deposit of your paycheck so you don’t forget and will always get the highest rates.

According to the FDIC, the national average interest on savings accounts is currently 0.05% APY. Even if you do not meet the balance or deposit requirements to get the upper tier rate, CIT Bank’s base rate is still six times more than you’ll get from the average bank.

CIT Bank Money Market Account

CIT Bank offers one of the most competitive money market accounts among online banks.

Currently, the CIT Money Market account earns 0.45% APY.

Yes, their interest rate for their money market account currently beats that of their Savings Builder account and you don’t have to do anything special like keeping a minimum balance or depositing new funds monthly to get that rate.

Besides offering a high-interest rate, additional features that you get with the Money Money account include the ability to make person-to-person payments to friends and family using Paypal and Zelle, and pay bills using Bill Pay. A money market account is like a hybrid between a checking account and a savings account.

Read more: What is the difference between a savings account and a money market account

The downside with the money market account is you are still limited to 6 withdrawals each month due to federal regulations. Excessive withdrawals will result in CIT charging a transaction fee of $10 per transaction. Also, the additional ways to take money out from your account could encourage withdrawals over more deposits.

CIT eChecking Account

The latest banking product launched by CIT Bank is their eChecking account.

You might be saying to yourself that you already have a checking account and why would you want another. This online checking account is way better because it also pays interest on your balance. Compare that to my checking account at Well Fargo that pays zip in interest while charging me a maintenance fee if I don’t keep $1,500 in it.

Accounts with a minimum balance of $25,000 earn 0.25% APY and accounts under that earn 0.10%.

What distinguishes CIT’s checking account from those like my neighborhood bank besides paying you interest is there is no minimum balance besides the initial $100 opening deposit. There are no monthly fees either or monthly direct deposit requirements.

Because it is an online-only checking account with no local ATMs, CIT Bank will reimburse you up to $30 per month in ATM fees. You can deposit money using their iOS/Android mobile app to deposit checks in addition to ACH, free incoming wires, or mailing a check to CIT.

Since the interest rate on the CIT eChecking account is a lot less than their Money Market or Savings Builder accounts, my recommendation is to open one of those other accounts in addition to the checking account. Keep most of your funds in one of the other two accounts and transfer money to your checking account as needed up to 6 transactions per month.

If you are worried about not having enough funds available for a transaction, you can link your CIT saving or money market account for overdraft protection to automatically cover a withdrawal over what you have available in the eChecking account.

Is CIT Bank Trustworthy and Safe

Like many major banks in the United States, CIT Bank is FDIC insured (FDIC Certificate #58978). Money deposited into a CIT Bank checking, savings, or CD is insured up to $250,000 by the Federal Deposit Insurance Corporation.

Before depositing money into a new bank, especially an online bank, security is on everyone’s mind. CIT Bank’s security page details the steps the bank takes to keep your information and money safe.

This includes:

  • Monitoring transactions and activities
  • Using antivirus software on their computers to prevent malware and viruses
  • Firewalls to keep out unauthorized users and networks from accessing their systems
  • 128-bit SSL encryption so your login details and personal information is encrypted between your browser and their servers
  • Secure messaging through their portal for communications encryption
  • Automatic sign-out to prevent unauthorized access if you forget to logout

Does CIT Bank Have Local Branches

With the completion of the acquisition of Mutual of Omaha Bank on January 1, 2020, Mutual of Omaha Bank retail branch locations have been rebranded to CIT Bank.

CIT has branches in the following states: Arizona, California, Colorado, Florida, Hawaii, Kansas, Nebraska, Nevada, and Texas.

However, CIT’s local bank branches offer different products and rates than their online bank. CIT Bank’s online savings and checking products such as Savings Builder, Money Market, and eChecking accounts are available only on the internet. You are not able to visit a CIT Bank retail location for banking services if you are an online customer.

How To Open A CIT Bank Account

Opening a new CIT Bank account is extremely easy. The entire process takes about 5-10 minutes.

All you need is your home address, a valid email, a phone number, and your social security number.

Once you select the type of account you want to open, created your account login, added your beneficiaries, and accepted the terms and conditions, all you need to do is fund your account.

The preferred way to fund your account is electronically by providing the routing and account number of your existing checking or savings account. Afterward, you will need to verify two small deposits. You can also fund your account by wire transfer or mail them a check.

CIT Bank Pros and Cons

Pros

  • Competitive rates on savings, money market, CDs, and checking accounts
  • FDIC insured
  • No monthly fees
  • No minimum balance requirements
  • Mobile app for account access and check deposits
  • Up to $30 per month in ATM fees refunded

Cons

  • No physical branches
  • $100 initial opening deposit
  • No 24/7 customer support
  • Limited account choices
  • Tiered interest rates with $25,000 account balance to earn the highest rate
  • No credit cards, personal or auto loans, or investment accounts

Closing $ense

If you are looking for bank accounts with competitive rates and ease of access, CIT Bank is a great choice.

The $100 initial deposit may be higher than some other banks that require $0, but all the fee-free features that come with the accounts make up for it. Not many banks offer options to receive and send wires for free, for instance.

Customers who prefer to go into a local bank branch for help or do their banking, CIT Bank won’t be a good option for you. CIT Bank does have local retail branches, but the fees and interest rates for the retail accounts reflect the higher overhead costs. If you are looking for the best rates and lowest fees, you will have to stick with online-only where they will pass the savings on to you.

If you are trying to decide between the CIT Savings Builder or the CIT Money Market account, my recommendation is to open whichever account has the highest interest rate currently. If the rates change, opening a second account at CIT Bank is extremely fast once you are an existing customer and transferring funds between accounts is quick and easy.

Источник: https://www.goodmoneysense.com/cit-bank-review/

CIT Savings Connect Review 2021–Types of Accounts

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The CIT Savings Connect account allows you to get up to 0.50% APY on your Savings Connect account by making an automated monthly deposit of $200 or more into your linked eChecking account. With no maintenance or ATM fees and numerous conveniences, CIT Bank’s Savings Connect account could be an excellent banking solution for many depositors.

What Is a CIT Savings Connect Account?

The CIT Savings Connect account is actually two bundled accounts — an FDIC-insured digital savings account and an eChecking account. The accounts are linked to provide maximum convenience with minimum investment.

When you open a Savings Connect account, you automatically earn the top-tier interest rate, which is currently 0.50% APY. You only need $100 to open up your accounts. CIT Bank requires you to open your CIT Connect and eChecking accounts simultaneously. You’ll immediately start earning the highest tier interest rate. To keep earning it, however, you’ll have to make a qualifying deposit of $200 or more from another institution every month.

The account has no setup fees and no monthly service charges. The eChecking includes a debit card with ATM access, and CIT Bank charges no ATM fees. In addition, CIT Bank will reimburse up to $30 per month to offset the ATM fees other banks might charge you. CIT Bank has no ATM network of its own.

You conveniently bank with both accounts using CIT’s mobile app. With the app, you can deposit checks digitally to the eChecking account and transfer money or pay bills by using Zelle and Bill Pay. You can make purchases from your eChecking account using Apple Pay, Samsung Pay, or with your debit card.

CIT Savings Connect might be right for:

  • People who are trying to establish a savings habit.
  • Consumers looking for an account with no fees and a high yield.
  • Savers comfortable with online banking.
  • People who do not deal in lots of cash.
  • Consumers who desire an account that’s FDIC-insured.
  • Savers looking to meet short or mid-range goals (not retirement savings).

The CIT Savings Connect account has a lot going for it and offers advantages that most savers can appreciate.

Types of Accounts CIT Bank Offers

Savings Connect is not the only savings option that CIT Bank offers. Here are the others:

Interest rates on all accounts are generally higher than those of traditional brick-and-mortar institutions.

Pros of CIT Savings Connect

CIT Savings Connect offers some unique advantages:

  • It provides an incentive to save by bumping up the interest rate when you make regular qualifying deposits in your account.
  • The minimum balance is low. You can earn the top rate by opening your account with a $100 deposit and making a $200 deposit every month.
  • The eChecking account that’s attached to your Savings Connect account includes a debit card. CIT Bank reimburses ATM fees of up to $30 per month.
  • You earn interest on balances in your checking as well as your savings account.

The eChecking account also offers 24/7 account access online and mobile and an automated telephone system. You can reach a human customer service representative by dialing 855-462-2652 within the U.S. and pressing zero.

Cons of CIT Savings Connect

There aren’t many drawbacks to the CIT Savings Connect account, but the account isn’t perfect for everyone.

  • There are no branches for in-person banking.
  • You cannot use ATMs to deposit cash into your account.
  • You don’t get paper checks.

As long as you are comfortable making monthly qualifying deposits via mobile check deposit, mailing a check, funds transfer from another bank (AHC), or incoming wire transfer, the account is a good fit. Qualifying deposits must be received and processed (which can take up to three days) by the fourth business day before the end of the month.

How CIT Savings Connect Works

CIT’s Savings Connect is a pair of linked accounts — the digital savings account and an eChecking account. You can open the accounts with just $100 and there is no minimum account balance to maintain.

However, to get the higher interest rate tier, you must deposit at least $200 every month, transferred from an external account or via Direct Deposit from your employer.

The idea is to reward account holders who save regularly by bumping up their interest rate every month in which they make a qualifying deposit.

How to Shop for Online Savings Accounts

You probably understand the main benefits of online or digital savings accounts — convenience, higher interest yields, and low-to-no maintenance fees. But when shopping for an online savings account, you should evaluate additional elements.

Cost

CIT Savings Connect with eChecking is a “mostly fee-free” account. But not all online accounts are, and you don’t want to experience a surprise charge. Check out any bank’s fee schedule to make sure it’s right for you. If you use wire transfers a lot, for instance, know their cost (or required minimum balance to get them for free) before opening an account.

Features and benefits

What does this account offer that others do not? Will you use those features? Look for things like minimum balance requirements.

About Author

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Gina Freeman

Gina Freeman is a personal finance specialist with MoneyRates. Her career has covered business credit, bankruptcy, tax accounting, and mortgage financing, and she has been a finance writer or editor for over 15 years. Gina is extremely consumer-focused and enjoys breaking down complex topics to help readers make confident financial decisions.

Источник: https://www.moneyrates.com/reviews/cit-savings-connect-review.htm
16.00 (16x National Avg.)

Check out CIT Bank today to see current competitive rates.

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Author

Claire Tak

Claire Tak is a writer, content creator and strategist. She worked previously as head of content and chief editor for FinTech companies in New York City and San Francisco.

Her work has appeared on FOX Business, Bloomberg, and Forbes.

Источник: https://wellkeptwallet.com/cit-bank-review/
is it Legit or Scam

People often find it difficult when it comes to actualizing their savings goals. This is because they have this I-Can’t- Save-Some mindset.

They say, ‘I only have some, so, I will save when I’ve enough. The truism is that the best time to save is when you have some.

So, all you need is to have what I call ‘Back Pocket’ Will Rogers once said, “The quickest way to double your money is to fold it in half and put it in your back pocket”.

Your ‘Back Pocket’ can be a bank account, an investment, or any platform where you can keep money that you can access easily.

Talking about a savings account, there are several banks that have savings accounts. Among these banks is CIT Bank.

The bank has a CIT Savings Builder account option for people who wants to bring their saving goals to reality.

You may be wondering why I mentioned CIT bank. It’s because CIT Savings Builder has a lot to offer.

So, am I saying that other banks offer less? NO. Each saving bank has unique features that distinguish it from the rest.

With the CIT Savings Builder account, you can be sure of setting aside an emergency fund, handling your personal expenses, and even achieving your savings goals. Also, you will get 0.45% The newton real estate group patty newton and kimberly zilton no matter the size of your savings. 

Read this CIT bank Savings Builder review that would give you insight into how it works, its pros and cons, and a lot more.

Full CIT Bank Saving Builder Account Review:

What is CIT Bank Saving Builder Account all about?

CIT Bank Saving Builder Account is one of the special rewarding accounts in CIT Bank. It’s designed to reward customers who have $25,000 and above in their account or customers who save up to $100 monthly. With this special account, customers in that category can meet their savings goals.

Aside from achieving your savings goals, the account can help you in your retirement plan, buying and furnishing your house, handling unexpected emergencies as well as planning for your vacation.

How CIT Savings Builder Works

CIT Savings Builder works in a more unique way than other savings accounts. Basically, cit savings account account has two options available for its customers to earn the highest amount of interest.

First, they can either maintain a balance of $25,000 or make a deposit of first federal savings and loan coffeyville ks each month as I mentioned earlier.

That means, you can open an account with $100 and if you deposit $100 in the subsequent months, you earn interest of 0.45%APY. The percentage is the highest interest.

And along the line, if you fail to make a deposit the next month, your APY drops to 0.25%. Note, the rates are flexible. Meaning that they can change at any time.

How to Do I get Started?

Having understood how it works, it’s time to get started.

Interestingly, you can complete the process in just 5 minutes either as a new or existing customer.

To join as a new customer, follow the steps below:

  • Go to the Cit Bank official website, click on ‘open account now’
  • Identify what the account you are opening is for. It can either be ‘Personal’ or ‘Custodial’. Then select a product, which is ‘Savings Builder’ and click on ‘continue’.
  • Note, you can open either an individual account or a joint account. So, select the option you want.
  • Input your personal details which must include:
  • Full name
  • Date of Birth
  • Address
  • Phone number
  • Email
  • Social security number
  • Citizenship
  • Mother’s Maiden Name
  • Fund your account with a minimum of $100. This can be done via transfer with E-transfer, mail-in check, or wire.
  • Expect to get a confirmation which will be sent to you by the bank.

CIT Savings Builder review- Features

CIT Bank savings builder account has some unique features that distinguish it from other savings accounts. Here are some of the features:

It has High APY

APY means Annual Percentage Yield. Although the CIT bank savings builder account’s APY is high, it varies. It is of three different savings account interest rates. The table below helps to explain them better.

INTEREST TIERBALANCE REQUIREMENTAPY
BaseLess than $25,0000.29%
UpperLess than $25,000 with monthly deposits of at least $1000.45%
UpperMore than $25,0000.45%

No account opening or maintenance fees

This is another unique feature of this savings account. There are no monthly or maintenance charges, other than a $10 outgoing wire transfer fee if you don’t have up to $25,000.

You can Make Transfer smoothly

You can smoothly make transfers between linked accounts. And also make a deposit from anywhere you are. This is because CIT Bank has a mobile app for different devices.

FDIC insured

CIT Bank is backed by the Federal Deposit Insurance Corporation (FDIC), so in the unlikely event that the bank goes under, the FDIC will pay you up to $250,000 per account type.

How can I access my money in the CIT bank savings builder account?

Very simple. CIT Savings Builder has many options available for you to do that. Whether you want to withdraw or deposit, you can do that easily.

For deposit, you can deposit with a Mailed Check, Wire Transfer, E-funds transfer, or do a mobile deposit. Note, you won’t be charged using any of the options except Wire Transfer.

For Withdrawal, you can only do that through Electronic funds transfer, Requesting a mailed check, or Wire transfer. Note, If you choose to do a wire transfer, you’ll pay a $10 fee if your account’s average daily balance is under $25,000.

What are the Pros and Cons of CIT Bank Savings Builder Account?

The table below explains the pros and cons of the CIT Savings Builder Account:

PROSCONS
Multiple ways to earn high interest $100 minimum to open an account
Opportunity to achieve savings goalsThe customer service system is poor
Has good resources that offer calculators, a FAQs page, and info about CIT products.The interest tier APY isn’t competitive 
Has one of the highest APYsIt is open to only USA Residents
No monthly maintenance fees.You can’t get a checking account or credit card with CIT
It is easy to use.

Bottom Line

It is obvious that with CIT savings builder, you can accomplish your savings goals and even handle most of your personal expenses like furnishing your house, getting a car, and so on. Beyond that, you can earn as high of an interest rate of 0.45% APY monthly.

Reference

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Источник: https://worldscholarshipforum.com/wealth/cit-savings-builder-review/

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 cit savings account to choose from. In this CIT Bank review, we’ll explore one of the most popular choices.

CIT Bank Review

CIT Bank - Online Savings Account

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 cit savings account. There are no monthly fees.

  • Products & Services
  • Interest Rates
  • Fees & Charges
  • Website / App
  • Customer Service

Summary

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 cit savings account 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

CIT BankFeatures
Banking Account TypesChecking, Savings Accounts, Money Market Accounts, CDs
Other Account TypesMortgages, Small Business Accounts, Custodial Accounts
Minimum Required Deposit to Open Account$100
Number of BranchesInternet Only
ATM Network SizeNo ATM Network
ATM ReimbursementsUp to $15/Month
Remote DepositYes
App AvailabilityiOS, Android, and Mobile Optimized Website
Bill PayYes
Person to Person Money TransfersZelle®
Money TransfersACH, Wire Transfers, Apple Pay, Samsung Pay, Zelle
Customer Service TypesPhone, Email, Mail
Customer Service HoursMon - Fri: 8am - 9pm (ET)
Sat: 9am - 5pm (ET)
Sun: 11am - 4pm (ET)
Member FDICFDIC Certificate #58978
Routing Number / ABA Number#124084834
Current PromotionsSee CIT Bank Promotion Page, or See Article Below
See more Bank Promotions

Additional Features

  • 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 victoria secret pink logo png to $250,000.
  • Interest Compounds Daily. With all CIT Bank products, interest compounds daily and will be accredited to your cit savings 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 cit savings account 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 state bank of cross plains to link to fund your new CIT Bank account
  • Personal information for any the giving keys inc 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 cit savings account 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 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 cit savings account $250,000
  • Balances of over cit savings account More

    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 The reach key west spa 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

    Learn More

    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.

    Current rates:

    Learn More

    Interest rate adjustments on both the RampUP and RampUP Plus CDs are limited.

    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

    Learn More

    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.

    Learn More

    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 cit savings account the total balance, cit savings account 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 Cit savings account 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 priority one bank in collins ms 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 – Currently Paused

    CIT Bank was recently offering a savings bonus of up to $300 for both current and new customers when they met deposit requirements in a Savings Builder account.

    To earn the CIT Bank deposit bonus, customers must meet the following requirements:

    • Open a Savings Builder account with a minimum of $100 and enter the promo code, [offer expired]. (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.

    Learn More About the CIT Bank Savings Builder  Account

    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.

    Conclusion

    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.

    Some similar banks include USAA, Ally Bank, FNBO Direct, or Capital One 360.

    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.

    CIT Bank CIT Bank offers some of the highest interest rates in the U.S. for both online savings and Certificates of Deposits (CDs). Visit CIT Bank to learn more. CIT Bank


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Источник: https://cashmoneylife.com/cit-bank-review/

CIT Savings Builder Review 2022: How it Works 21.43 (over 21x National Avg.) Money Market

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