CIT Bank Review – Save, Manage and Earn
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The financial institution you do business with can play a significant role in your finances. Some banks have better products than others, and the right mix can help you save money and earn more interest. CIT Bank is one of the top choices that has been around since 1908, back when it was the Commercial Credit and Investment Company in St. Louis, Missouri. Now, it’s headquartered in New York City and has rebranded itself as Commercial Investment Trusts. In this CIT Bank review, we discuss its strengths and weaknesses.
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What is CIT Bank?
CIT Bank is an online bank that does not have any bank branches or ATMs. The bank does not have an ATM network like other banks, but it reimburses up to $30 in ATM fees each month. It has a higher annual percentage yield (APY) for its savings accounts than most financial institutions.
The company doesn’t only offer savings accounts. You can also open an eChecking account and CDs with competitive rates. CIT Bank also offers home loans with terms ranging from 10-30 years. You can choose between fixed-rate and variable-rate home loans. CIT Bank is an Equal Housing Lender, a member of the FDIC, and a division of First Citizens Bank.
- 4.65% APY
- Minimum opening deposit: $100
- Earn 10x the national savings average
- Deposit checks remotely and make transfers with the CIT Bank mobile app
- No account opening or maintenance fees
- Daily compounding interest to maximize your earning potential
- FDIC insured
How does CIT Bank work?
CIT Bank offers numerous financial products in one place that help people borrow, save, and earn money. The company is an online-only bank, which means there aren’t any physical branches or ATMs. While zero branches may discourage some consumers, the lack of a physical presence allows CIT Bank to offer high APYs on savings accounts and low APRs for its loans.
You can get started with any of CIT Bank’s products, with eChecking and savings accounts being good options for getting started. Once you use one of CIT Bank’s products, you can easily use each of them as you see fit.
CIT Bank also offers commercial banking products for small businesses and service providers. Companies can open business bank accounts and access financing.
How much does CIT Bank cost?
CIT Bank is free to use. You can open a savings account, money market account, or CD and start earning interest right away. CIT Bank also has competitive no-penalty CDs available if you want the option of withdrawing cash early without incurring a fee.
The bank has some fees, such as wire transfer fees for bank accounts and loan origination fees if you need to borrow cash. However, it is free to get started and discover if CIT Bank is right for your money management. Furthermore, the bank doesn’t have overdraft fees and some of the other costs associated with banking.
CIT Bank features
eChecking accounts
You only need a $100 initial deposit to open an eChecking account. You’ll receive 0.10% APY if your balance is below $25,000. Account holders with balances above $25,000 will receive 0.25% APY from their checking accounts.
Savings accounts
CIT Bank offers a few savings accounts that let you earn up to 5.00% APY on your balance. The CIT Bank Platinum Savings account offers this rate if your balance exceeds $5,000. The rate compounds daily, and you won’t have to worry about account opening or maintenance fees. You just need a $100 minimum opening deposit to get started.
The CIT bank Savings Connect account offers 4.65% APY regardless of your balance and also has daily compounding interest. The Money Market account has a 1.55% APY and no monthly service fees. Meanwhile, the Savings Builder account offers 1.00% APY. Each account is insured by the FDIC. You can earn an APY that’s much higher than the national average with any account. CIT Bank offers some of the best high-yield savings accounts around.
CDs
The mobile banking company offers term CDs that range from six months to five years. You need to place a $1,000 minimum deposit to open a CD. Rates are as high as 3.50% APY. CIT Bank also offers no-penalty CDs and jumbo CDs. The term CDs and no-penalty CDs are the best choices for receiving a high APY.
Home loans
CIT Bank lets you choose from variable-rate and fixed-rate mortgages with terms ranging from 10-30 years. You can use this financial product to buy your home and establish yourself in a community.
Small business banking
Small business owners can turn to CIT Bank if they want to open online savings accounts and checking accounts with competitive rates.
Commercial financing
Companies can seek several types of financing through CIT Bank, including credit lines, equipment financing, and asset-based loans. CIT Bank refers customers to First Citizens Bank for commercial financing.
- 4.65% APY
- Minimum opening deposit: $100
- Earn 10x the national savings average
- Deposit checks remotely and make transfers with the CIT Bank mobile app
- No account opening or maintenance fees
- Daily compounding interest to maximize your earning potential
- FDIC insured
Who is CIT Bank best for?
Consumers who save money. CIT Bank offers competitive yields for its savings accounts, CDs, and money market accounts. Your money will grow faster at CIT Bank than at most financial institutions.
People who don’t mind using online banks. Online banks tend to have better APYs than brick-and-mortar banks that have more overhead. If you don’t mind the online banking experience, CIT Bank is among the top choices.
Aspiring homeowners. Homeowners can choose from several types of mortgages with varying term lengths if they do business with CIT Bank.
Who shouldn’t use CIT Bank?
Individuals who prefer to invest their cash. You can earn a higher return with your money if you put it into stocks and real estate. While CIT Bank has competitive savings accounts, it currently does not offer brokerage accounts.
Consumers who prefer physical branches. Some people value the ability to visit a local branch and speak with a representative face-to- face. These types of interactions aren’t possible with a mobile bank like CIT Bank.
People who can’t fulfill the minimum balance requirements for a higher APY. Most of CIT Bank’s savings accounts require high minimum balances to qualify for the maximum APY. Make sure you can keep that much cash stored away before opening an account.
Pros and cons
Pros
- High APYs for savings accounts
- Choose from several types of mortgages
- Get reimbursed for up to $30 in ATM fees each month
Cons
- No brokerage accounts
- You must fulfill a high balance requirement to receive the maximum APY
- No physical branches or ATMs
CIT Bank vs. competitors
CIT Bank isn’t the only financial institution available. You can choose from many banks that offer checking and savings accounts. Some banks offer additional resources, such as brokerage accounts, credit cards, and other financial products that you can’t find at CIT Bank. Here’s how the mobile bank compares with some of the other options.
CIT Bank | Capital One | SoFi | |
Maximum APY on savings account | 5.00% APY | 4.25% | 4.60% |
Physical branches | No | Yes | No |
Minimum opening deposit | $100 | $0 | $0 |
Capital One
Capital One offers a good mix of mobile banking products and physical branches. You can get a 4.25% APY from the 360 Performance Savings account, and you won’t have to worry about fees or minimum deposit requirements. Capital One’s 4.25% APY applies to any balance. You don’t have to fulfill a high minimum balance requirement to receive the high savings rate.
You can set up automatic savings plans that move you closer to your financial goals. Automatic transfers from your checking account to your savings account can maximize how much interest you earn. It only takes five minutes to open one of these accounts, and your account will be insured by the FDIC.
Capital One also offers credit cards, auto loans, mortgages, business credit cards, commercial financing, and other financial products. The company previously offered Capital One Investing, but that service was discontinued in 2019.
While you can get an auto loan and refinance it with Capital One, the bank can also help you find a vehicle. The Capital One Auto Navigator helps you find top-rated vehicles in your area. You can filter search results based on the car’s condition, price point, location, year, mileage, and other details.
The financial institution offers several business credit cards that allow companies to receive cash back on every purchase. The Spark Cash Plus card lets you earn unlimited 2% cashback on your expenses. You can even use the Spark 1% Classic card to build business credit and receive rewards at the same time.
Capital One also offers business financing and corporate cards that you can quickly distribute to your employees. The bank is hard to beat when it comes to business banking solutions and resources.
Capital One customers can regularly monitor their credit scores with CreditWise. While it’s good to stay on top of your finances, Capital One also lets you establish your teen’s banking history. The financial institution offers teen checking accounts that can help your child learn financial discipline and build up toward their savings goals.
SoFi
SoFi is one of the most well-known mobile banks, and it has been around since 2011. The company offers competitive financial products since it doesn’t have to worry about as many overhead expenses as traditional banks. The company’s high-yield savings account offers a 4.60% APY regardless of your balance. You also won’t have to worry about any account fees.
The digital bank also has automatic savings features and no minimum deposit requirements. Your account is insured by the FDIC for up to $2 million. If you open an account and make enough direct deposits, you can even qualify for a $300 welcome bonus. SoFi doesn’t stop with checking and savings accounts. The bank also offers personal loans, a credit card with unlimited 2% cashback, brokerage accounts, student loans, mortgages, refinancing, and other financial products.
The credit card has no annual fee or foreign transaction fees. A SoFi brokerage account lets you invest in IPOs at IPO prices while accessing many stocks and ETFs. SoFi also makes alternative investments readily available for its customers. You can trade funds that include commodities, private credit, pre-IPO unicorns, venture capital, and more. Automated investing and retirement accounts are also available. The fintech company also has a free membership program that offers several perks. You can access financial planners and receive personalized advice to assist with your financial goals.
Rate reductions and discounts are also available when you take out a loan as a SoFi member. The company also recently initiated SoFi Travel, which lets members access premium offers on flights, hotels, and rental cars.
FAQs
Is CIT Bank reputable?
CIT Bank is a reputable financial institution that has been around since 1908. The mobile bank is insured by the FDIC and has an A- rating on the Better Business Bureau.
What is a good APY for a high-yield savings account?
The national average APY for savings accounts is currently 0.46%. Any amount higher than this benchmark is above average, but you can find high-yield savings accounts with yields above 4.00% APY. The yields are at their highest if you explore online banks that have fewer overhead expenses.
Does CIT Bank have physical locations?
CIT Bank does not have any physical branches or an ATM network. The bank compensates for this with elevated APYs and a monthly $30 reimbursement for any ATM fees that you incur.
Who is CIT Bank affiliated with?
CIT Bank is a division of First Citizens Bank, which is still family-controlled. If you still want physical branches, you can use CIT Bank and First Citizens Bank.
Is it safe to put money in CIT Bank?
CIT Bank is an FDIC-insured institution. Your money will be safe if you put it into a CIT Bank account.
- 4.65% APY
- Minimum opening deposit: $100
- Earn 10x the national savings average
- Deposit checks remotely and make transfers with the CIT Bank mobile app
- No account opening or maintenance fees
- Daily compounding interest to maximize your earning potential
- FDIC insured
The bottom line
CIT Bank offers some of the best high-yield savings accounts in the industry that can deliver up to 5.00% APY if you fulfill the balance requirements. The online bank also offers eChecking accounts, mortgages, commercial financing, and other resources that can help you save, manage, and earn money.
However, you won’t get much out of the bank if you prefer to invest most of your money. CIT Bank doesn’t offer any brokerage accounts and only lets you earn money on your extra cash through its interest-bearing bank accounts.
CIT Bank is a competitive choice among online banks that can move you closer to your long-term financial goals. You should compare several options before committing to CIT Bank or any other bank.
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Writer
Marc Guberti is a business freelance writer who specializes in personal finance, digital marketing, and entrepreneurship. His award-winning book "Content Marketing Secrets" teaches readers how to create, promote and optimize content for growth and revenue. Marc also hosts the "Breakthrough Success Podcast," where listeners learn how to master content marketing and get more clients.
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