About CIT Bank
CIT Bank was founded in 1978 and is a bank that considers itself an “innovator” when it comes to providing banking and lending solutions.
CIT Bank is still committed to providing banking and lending services that not only help people to live a more productive life, but that truly have them at the center of their focus every single day.
CIT Bank’s online offerings help customers to focus on what they enjoy doing with their time. Whether that’s a good workout, a weekend family trip, or taking a stroll through a local park.
CIT Bank offers a variety of traditional deposit accounts, as well as a range of different lending options. These can be applied for online. There is also a small branch network dotted throughout the United States that can help you with more in-depth information about what’s available.
If you’ve been considering your options for a bank that offers something a little more than just keeping your money safe, take a closer look at CIT.
CIT Bank Savings Products and Rates
A CIT bank review would be incomplete without some discussion of the savings products that they offer. This is the bread and butter of CIT bank and the main reason for the bank’s popularity.
CIT bank offers competitive yields in some of the most popular savings products. Their high interest rates mean that you can grow your savings balance at faster rates than traditional banks (if you can find other accounts with similar interest rate). It’s a great place for individuals and businesses of all sizes to store their cash.
Also, CIT bank offers a number of different savings products. When looking at CIT bank reviews, you will find that most of them tend to focus on only a couple of the savings accounts. On top of large balances, most savings accounts require a set amount of activity each month. This can be a requirement to write a check, set up an automatic transfer, or link a local bank account.
Keeping an eye on this minimum activity requirement ensures that you take full advantage of the savings account.
You will also be able to better compare CIT bank to other banks after you have familiarized yourself with this information.
Savings Builder High Yield Savings
Premier High Yield Savings
CIT Bank offer a decent savings account, with an interest rate just shy of 2.5% (but not FDIC insured). They also offer HELOCs (home equity lines of credit).
I’ve opened a CIT Bank savings account and HELOC in the past (the HELOC was closed in an effort to prevent debt). Their customer service is good and the application process was convenient. However, over time several issues have occurred.
Stash Away Cash for a Down Payment or a Rainy Day
Since the financial crisis of 2008, banks have changed their strategies and methods when it comes to making money. One of the more common ways they do this is by increasing your CD rates. CIT Bank has done this for longer-term CDs. Interest rates on their CDs go up as your CD term increases.
CIT Bank has several types of CDs and one of them is their Money Market CD. These CDs are perfect for those looking to stash away cash for a down payment on a new house or to get a little extra cash to start a new business. They are quite easy to qualify for and have some of the best terms available.
My husband and I put some of our extra dollars into CIT Bank Money Market deposits and they were able to help us save for a new house. The best part was that we were able to draw interest on the money we had on deposit. It really helped us put together a combo of down payment and closing costs.
An account APY refers to the annual percentage yield. This means you get a guarantee that the bank will pay you at least this amount on your money. A CIT Bank CD can be held for any length of time, and, unlike a traditional CD, you can withdraw your money from a CIT Bank CD at any time with no penalty.
You’ll probably find that many of the CDs you’re looking at will have the same interest rate, so picking one is really a matter of deciding on one with the best terms, terms that will help you manage your money according to your personal financial plan.
For most CD investors, that means getting the highest possible interest on your investment. But you might also consider the length of the CD, losing your money if interest rates rise, the liquidity of the CD, and, if you’re thinking about multiple CDs, how well your plans match one another.
Since most CDs pay a fixed interest rate, it’s common for CD investors to look for high-interest online deposit accounts or even treasuries or treasury notes because the interest they pay isn’t tied to a specific investment. By contrast, in a CD, your interest rate will not change, so you make the most of it by not withdrawing your money.
You can learn more about CIT Bank’s No-Penalty CD Accounts and their plans and interest rates.
The RampUp CD is a kind of certificate of deposit offered by CIT Bank. You will earn a higher interest rate than a traditional savings account or a CD. The interest rate will increase each quarter for up to 24 months.
RampUP Plus CDs
If you have a chunk of cash and have been sitting on the sidelines, then this is something to seriously consider. With the RampUp Plus CD, you have the option to lock in a 2% CD for 6, 9, or 12 months. You also have the option to really get the most bang for your buck with a 2.5% CD, giving you money guarantees for 6, 12, 18, and 24 months. These are not short-term CDs, but rather, intermediate time-frame CDs with a lower interest rate. So what’s the catch? The terms don’t actually kick in until the end of the six-month term. So, if you deposit your money today, you cannot withdraw your money for five months. If you want the full rate you are promised, you must be willing to wait until June. (just to be clear, you do not forfeit your interest if you withdraw early, you simply do not earn any more interest until the end of the term).
While the interest rate is right in line with the highest offered by CIT Bank, the account specifics are what set it apart. These CDs are just right for savers that are willing to wait five months for high rates and the security of a 12-month CD term.
The RampUp Plus CDs are also available with different options in terms of term length and the interest rate you can earn:
Custodial Accounts (UTMA)
These are funds that you put into a bank for your minor children. Henceforth, any of your children from birth to 18 years old are able to make withdrawals. These are free from taxes but still insured by the FDIC if the bank fails.
How to Sign-up with CIT Bank
In order to open a CIT Bank checking account, you must have an existing deposit or loan with CIT Bank. That being said, if you don’t have a relationship with them, you can have a CIT business relationship manager contact you. Once authorized, you can sign-up for a CIT checking account, which is a relatively quick process.
Go to the CIT Bank main page and click the link for “Apply Online.” It will take you to their application page where you’ll be asked to enter some basic information, including your date of birth and Social Security number.
Upon reaching the “Banking Relationship” page, you’ll be asked to choose between a Private Banking Services Relationship or a Non Private Banking Services Relationship. Choosing the Private Banking Services Relationship will result in a longer application process that mandates an in-person meeting. The Non Private Banking Services Relationship option is pretty much the same as the Private Banking Services Relationship, except it doesn’t require an in-person meeting.
CIT Bank Features and Benefits
CIT Bank has offered many interesting features. They provide online checking with mobile check deposits and bill pay. They also provide ACH payments. If you are looking for a online checking account with bill pay and mobile check deposits CIT Bank might be a great option.
One of the great features CIT Bank offers is a wide variety of accounts for savings, investments and loans. This is a great feature because you don’t need to shop around for a bank with the specific account you need. You can open the account you want directly at CIT Bank.
Another great feature CIT Bank offers is the wealth building campaigns. These campaigns provide additional rewards for depositing money into an account.
CIT Bank is a No Fee Bank Platform
CIT Bank was founded in 2009 to serve the needs of small businesses and start-up ventures who previously couldn’t access low-cost financial products. With an initial investment from the CIT Group, a commercial lending firm, CIT Bank’s goal was to offer no-fee checking and savings accounts, and low-cost business loans. CIT Bank ….as a purpose to help build, grow, and support local communities by expanding and strengthening local economies throughout the U.S.
CIT Bank works with the local community to meet the needs of small businesses and consumers. Instead of opening branches all across the country, CIT Bank partners with local banks to offer their products and services. They have already partnered with more than 400 local banks that offer free savings and checking accounts, and low-cost business loans.
The Good: No branches, online only, small business friendly, local start-up friendly, low interest rates, low-cost business loans, no fee checking accounts, free mobile banking app, and flexible online account access options.
The Bad: Limited deposit options, foreign transaction fees, confusing website, and limited online services.
CIT Bank is the perfect account for anyone who prefers banking online. It offers free checking and savings accounts, good customer service, a local bank partnership, and low-cost business loans.
There are many reasons why CIT Bank makes an excellent choice for basic checking accounts for small businesses and startups.
CIT Bank offers a competitive assortment of savings and online checking accounts ranging from consumer to business oriented products, taking into account the needs of the average saver and business owner.
The main thing that makes them unique is their relationship with eBay, the business-to-consumer marketplace for every day items. That is bolstered by an alliance with the Toyota for their Prius hybrid vehicles earning them the title of the nation’s largest Prius dealer. Also, they have partnered with AAA and car rental companies like Budget to provide a ground transportation program.
However, the main focus of CIT Bank is on offering competitive interest rates, with the highest interest rates available on traditional savings accounts thanks to their online-only structure.
Here are a few that standout for their focus on customers and competitive fees.
CIT Bank Home Loans
I’ve partnered with CIT Bank for a long time. CIT Bank is one of the best online banks as they strive to offer an excellent customer experience and the flexibility to do your banking with greater ease. In addition to great customer service, CIT offers some of the most competitive banking products to consumers in online services and personal loan offers.
Why I Love CIT Bank
I’ve been taking advantage of CIT Bank for a long time. Unlike big-name banks, the customer support that you find at CIT Bank is top notch. When I had an issue with the online banking software, I received an email response within minutes. CIT offers a variety of services, which makes it easy to do all of your banking online.
I’ve been taking advantage of CIT Bank’s home loans for the past 10 years or so. I’ve refinanced my home twice through them, and I’ve always received top notch service. CIT offers some of the most competitive rates in the market. They make it really easy to do your banking online.
CIT Bank Calculators
CIT Bank has a number of tools that are useful when it comes to calculating an intended investment amount, the amount of interest that will be generated, and the amount of time it will take for an investment to be paid off, CIT Bank's Goal Seek tool is particularly useful. The tool is located towards the bottom of the "Calculators" page. Once you've entered the cash outlay amount, the required total balance at the end of the period, and the interest rate, you're able to vary the time period to get the best monthly payment. You can also use this calculator to figure out how long it will take to pay off a debt with an outstanding balance. Just enter the total balance, the interest rate, and the monthly payment amount that you're currently being charged. Given that these calculators use decimal points, they take the guesswork out of figuring out small amounts.
As we increasingly rely on our mobile devices to stay connected, so do our banks. CIT Bank, for example, offers mobile banking for both iPhone and Android devices. The app is called CIT Mobile….
CIT Bank offers a number of services to individuals and businesses. They offer business credit cards, Merchant processing, Personal loans, and personal checking/savings accounts. If you’re interested in any of those services, give them a call.
You should call to apply for any of CIT’s products or services and very likely also need to call if you’re experiencing problems with your account. Here are some of the more common reasons to call customer service at CIT:
- No interest on a savings account
- Fraud alert on a credit card
- Password doesn’t work
- Contact information hasn’t updated
- Login problems
- Question about a savings certificate
- Unable to log into my online account
- Low balance alert
- Account disabled
Customer service can’t help you, but you still want to fill out a report.
CIT Bank Security
CIT Bank is one of the biggest mobile financial service providers in the United States. CIT Bank offers some of the most popular deposit accounts such as checking and savings accounts, CDs and IRAs. Moreover, CIT Bank has recently gone online to grow its core services and to improve its services for the customers.
But the online model of the financial service provider has raised many security concerns among the customers. Online accounts have been hacked, and security issues are still a concern that we should address. CIT Bank, however, assures all its customers that they’ve taken the safety and security of their online accounts very seriously. The financial service provider, therefore, monitors all the accounts and updates its security based on the latest technologies. Let’s find out more about the security features of CIT Bank so that you can feel safe about your online accounts.
Let’s start with the login.
FDIC Insurance on all Deposits
CIT Bank is a nationwide full-service bank, with a variety of deposit products available to consumers, small businesses and the corporate market. Each deposit account is eligible for Federal Deposit Insurance (FDIC) protection up to the maximum allowed by law.
The bank has numerous accounts for consumers to choose from, including Mobile Checking, Interest Checking, High Yield Checking, Premier High Yield Checking, and Advantage Checking.
CIT Bank Pros and Cons
CIT Bank is a division of Citizen’s Bank, an affiliate of Citizen’s Financial Group.
CIT Bank is FDIC insured, so funds are guaranteed, and your account is always protected.
A highly rated customer service department is available via phone, email, and chat to help you with your CD and investment accounts.
There are several ways to open an account, including through your local branch, online, or over the phone.
CIT Bank also offers personal and business accounts (i.e., checking and savings accounts).
You can manage both your CIT Bank and Citizen’s Financial Group accounts from a single login.
The CIT Bank platform is both mobile and online, so you can bank however and wherever you want.
CIT offers various CD terms and CD rates, so you can find the right rate for you.
To qualify for military rates with CIT Bank, you must be a veteran.
CIT offers military rates up to 1.50% APY on CDs of all lengths.
CIT Bank is open to consumers nationwide, including residents of the Pacific and Great Lake states.
If you’re trying to decide between CIT Bank or EverBank, CIT offers the best rates.
CIT Bank Pros
CIT Bank is a banking institution that offers high yield checking accounts, savings accounts, CDs, business accounts and more. The high yield checking account is different in that they offer a reward if you meet a certain balance requirement. So depending on your spending habits this can be a great way to earn a little extra on your account.
CIT Bank can be a good option for any saver. However, CIT Bank reviews site visitors and customers about their experience with their bank. The number of people that will rate CIT Bank a 1-star or a 5-star was quite disappointing. Most people that rated CIT a 1-star did so because of the difficulty in reaching a customer service rep. It’s hard to do much with your money when you are spending most of your time on the phone trying to have a question answered and not waiting on hold for too long.
The company has many happy customers that have had a positive experience with them. However, people that have had a hard time with customer service may still have had a positive experience with the financial institution. The bank is currently FDIC insured with the most recent review taking place on March 1, 2014 and the last review took place on 3/12/07. The bank has earned a rating of 4 out of 5 stars.
CIT Bank Cons
Top Complaints and Reviews
Well respected, and established in 1908, CIT Bank has been around for almost 100 years. Despite its age, it maintains its competitive edge and continues to be a leading lender in a number of consumer and business banking categories.
CIT Bank offers its customers a number of different financial services like lending, corporate banking, and commercial real estate financing. It is a 100% online bank, which is perfect for those who prefer to do all of their banking online.
As with any new bank, you’re bound to have a few questions, concerns, and maybe even some complaints about CIT Bank. For some, the common complaint is that CIT Bank doesn’t have a local branch location. For others, the complaint is that there is a CIT Bank fee.