In this article, we delve into the various aspects of CIT Bank as discussed by Reddit users, exploring both the positive and negative perspectives shared across multiple threads and comments.
Do Redditors Recommend CIT Bank?
On the positive side, Reddit users frequently highlight CIT Bank's competitive interest rates, which often surpass those of traditional banks. This makes CIT Bank a compelling choice for those seeking higher returns on their savings.
However, negative aspects also surface in these discussions. A common grievance among Redditors is the bank's practice of introducing new account types with better rates, which requires constant vigilance and account switching to avoid losing out on optimal returns.
Additionally, the bank's customer service and online interface receive mixed reviews. While some users praise it, others criticize it for being less user-friendly compared to competitors like Ally or Discover. which are considered good online banks.
Let's see what Redditors discuss in the most popular threads:
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Redditors Think CIT Bank Is Suitable for Parking Money
Many Reddit users consider CIT Bank suitable for parking funds, especially when aiming to take advantage of high-yield savings rates.
In the thread “CIT Bank Platinum Savings”, user CautiousAd9648 (7 upvotes) described how they use CIT Bank’s savings accounts as a place to park money, noting, “I’ve always had more than [the minimum balance], so I have gotten the higher rates.”
Additionally, in the thread “Wanting to Move Savings Over to CIT Bank HYSA”, user Amdgnyc (8 upvotes) highlighted that the bank's high-yield savings accounts offer one of the best rates available, making it an attractive option for those looking to park funds and earn interest over time.
Despite some concerns about transfer speeds and account management, Reddit users generally find CIT Bank’s high-yield savings accounts suitable for storing funds temporarily, especially when maximizing interest is a priority.
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Redditors Complain On Switching Savings Products Regularly
Reddit users generally appreciate CIT Bank's Platinum and Savings Connect rates, particularly for their savings products, but are wary of the bank's tendency to frequently launch new products to offer higher rates, which requires customers to stay vigilant.
In the thread “Sleazy Savings Account Interest Rate Games by CIT Bank”, user bik54red criticized CIT for its “shell game” of offering new accounts with higher rates, which forces customers to continually switch accounts to benefit from the best rates.
This sentiment was echoed by carrythen0thing in the thread “CIT Bank Platinum Savings”, who noted that the bank's practice of launching new accounts leads to an “annoying process of creating a new account” if customers want to enjoy the higher rates.
However, some Redditors, like qdog69 (64 upvotes), countered this sentiment by pointing out that many traditional banks, such as Bank of America and Chase, offer much lower rates.
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Some Redditors Feel That Customer Service Can Be Better
CIT Bank's customer service has been a frequent topic of discussion on Reddit, with users expressing mixed experiences.
Overall, Reddit users generally find that CIT Bank could improve its customer service, especially in terms of user interface and responsiveness.
However, some have had positive experiences, indicating inconsistency in the bank’s customer service quality.
In the thread “Is CIT Bank Trustworthy?”, user Fuzzy_Plastic9475 shared a negative experience with CIT's customer service, describing it as “the absolute worst” and criticizing both the online interface and customer support representatives.
On the other hand, in the discussion “CIT Bank Platinum Savings”, user CautiousAd9648 (7 upvotes) praised CIT Bank for their “great” customer service, mentioning that everyone they spoke to “was able to speak in perfect English.”
The contrasting opinions highlight that customer service experiences with CIT Bank can vary significantly depending on the individual case.
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Accessibility And Convenience Experiences Are Mixed
The accessibility and convenience of CIT Bank's services have been topics of discussion among Reddit users, with mixed reviews.
In the thread “CIT Bank Platinum Savings”, user CautiousAd9648 (7 upvotes) praised the bank for its high transfer limits, stating, “They also are quick with transfers in and out and have $250,000 limit out and $500,000 transfer in limits.” This level of accessibility is advantageous for users managing large sums of money.
On the other hand, in the discussion “Wanting to Move Savings Over to CIT Bank HYSA”, user Amdgnyc (8 upvotes) described CIT Bank as generally slow with money transfers and deposits, advising potential customers to be aware of this before opening an account.
While some users find CIT Bank’s services convenient for specific needs, others experience challenges with its accessibility and speed, highlighting a discrepancy in user experiences.
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Redditors Discuss CIT Bank's vs Brokerage Accounts
CIT Bank’s role in financial planning is a topic of interest for Reddit users, particularly those considering where to allocate their savings for optimal returns.
In the thread “Sleazy Savings Account Interest Rate Games by CIT Bank”, cballowe (35 upvotes) suggested that customers with substantial funds might benefit more from brokerage accounts holding money market funds and treasuries rather than solely relying on high-yield savings accounts like those offered by CIT.
This perspective aligns with user sorbitolerant’s comment in the same thread, where they mentioned using Schwab for ATM fee reimbursement and keeping cash in money market funds or short-dated CDs.
In the discussion “Which High Yield Savings Accounts Would You Recommend?”, Zeddicus11 (16 upvotes) explained their strategy of switching between Discover Savings and Fidelity depending on current yields, illustrating the importance of flexibility in financial planning.
