CIT Bank
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APY Savings
CIT is a national bank founded in 1908 and has been on a massive growth trajectory, establishing branches all over the country and as far away as Canada.
They have acquired a number of other banking companies during their growth, including the Mutual Bank of Omaha, which was officially integrated into their network in 2020.
Like other banks and credit unions, CIT offers a wide range of financial products, from checking and savings accounts to CDs and money market accounts.
CIT Bank can be a perfect fit if:
- You have the funds to qualify for the higher savings rates
- You want a lower minimum deposit for your CDs
- You want an interest bearing checking account
- You already have a credit card from another issuer
- Affordable Banking
- Easy To Use Platform
- Competitive Rates
- Variety of Options
- High Account Requirements
- International Fees
- Overdraft Fees
What CIT Bank products are inflation-proof?
CIT Bank has a decent product line up, but only its lending products are genuinely inflation proof. While the bank has reasonable savings and CD rates, there is nothing to suggest that these will dramatically rise if the rate of inflation starts to increase.
However, there are fixed rate home loans that allow you to lock in your mortgage rate. This means that even if the rate of inflation and interest rates go up, you don’t need to worry that your monthly mortgage payment will also increase.
Can you buy/invest in gold products via CIT Bank ?
CIT Bank does not offer investment products, including gold stock and other gold products. So, if you are looking for a bank that offers day to day banking facilities and investments, CIT Bank is not likely to be the best option for you. You may be better suited to another bank or use CIT along with a third party investment platform.
Can you close CIT Bank bank account over the phone/online?
You can call the customer support line to close your CIT Bank, but the easiest way is through your account dashboard. You should see an option to close the account under the drop down menu and this will walk you through the process.
You will need to have a zero balance with no outstanding transactions. You will need to confirm that you do want to close the account. CIT Bank will then send you an email verification.
Does CIT Bank work for Joint Accounts?
CIT Bank does allow co-ownership of various accounts. You will need to go through the ID verification phase for both parties in order for the names to appear on the account. Once the joint account is open, either party will be able to action requests.
This is a great feature as many banks make it difficult to open a joint account, so if you are looking to combine finances with your partner, CIT Bank is certainly worthy of consideration.
CIT Bank Review
Banking Services | Credit Options | ||
|---|---|---|---|
Savings Accounts | Mortgage | ||
Checking Accounts | Government Mortgage | ||
CDs | Credit Cards | ||
Money Market Account | Debit Card | ||
Investing Capabilities | Personal Loans |
Pros & Cons
Let’s take a look at the benefits and drawbacks of CIT Bank and see if it’s the right bank for your needs:
Pros | Cons |
|---|---|
Affordable Banking | No Credit Cards |
Competitve Rates | Limited Checking Options |
Easy To Use Platform | International Fees |
Variet of Options | Overdraft Fees |
- Affordable Banking
CIT Bank offers a basic package for customers who search for a checking account, without all the bells and whistles.
Although you don’t get paper checks, their app and website make it easy to use your account to pay all your bills digitally.
And the best part is, this account is free as long as you have a direct deposit each month into your account.
- Competitve Rates
CIT bank offers competitive rates compared to the industry average on almost all financial products. The CIT Platinum savings offers Up to 4.55% APY, and this is one of the highest savings account rates.
Since it's an online bank, the low cost of operations helps it stay competitive and offer better customer rates. This is still a good rate compared to other banks.
- Easy To Use Platform
Whether you prefer to use an online website or their mobile app, all of their products are easy to navigate.
This means you can easily pay all your bills right from your phone each month without any additional confusion. And if you do need help, their customer service number can easily help you with any issues.
- Variet of Options
Besides offering low fees and inexpensive financial options, one of the best things about CIT bank is they provide a wide range of products.
This means if their affordable banking package isn’t for you, you have the freedom to choose an account that is better for you. They currently offer a wide range of accounts to suit any financial need.
- No Credit Cards
CIT Bank doen't offer credit cards, which may be a big drawback for many customers who need a credit card from their bank
- Limited Checking Options
CIT has only one checking account. While it can be enough for most customers, there are no special options for premium customers or other categories such as students and seniors.
- International Fees
CIT Bank does have several international locations, which can be helpful when you travel abroad. However, this doesn’t mean their accounts are without international fees.
Their fees vary based on your account package, so make sure you look into these if you plan to make some withdrawals overseas.
Don't forget to compare banking fees before you apply if such a fee is something you will be charged regularly.
- Overdraft Fees
If you are the type of individual who frequently overdrafts their account, be aware that CIT Bank does charge overdraft fees, even if you have money in an adjacent account to sufficiently cover your overdraft purchase.
Although the fee is only $10 each time, this can quickly add up.
CIT Bank Savings
APY Savings
Minimum Deposit