Pros Explained

• No monthly fees on deposit accounts – CIT Bank does not charge monthly fees on its checking, savings, and 澳洲幸运5官方开奖结果体彩网:money market accounts.
• Refunds ATM fees up to $30 per month – Because the bank does not have its own ATMs, it does not charge customers when using another bank’s ATM. If that bank charges a fee, you are refunded up to $30 per month.
• Tiered interest rates to encourage higher balances – As your savings account balances grow, CIT Bank will increase the interest rate that you earn. These 澳洲幸运5官方开奖结果体彩网:interest rate tiers encourage customers to deposit more money to earn a higher rate.

Cons Explained

• No bank branches or ATMs – CIT Bank is completely digital and does everything online. If you want to visit a branch, that is not an option. Although CIT Bank refunds up to $30 per month in bank ATM fees, customers who access ATMs more frequently may exceed that amount.
• Limited account options – Customers are offered only one checking account, three savings accounts, and one money market account.
• Does not offer 24/7 customer support – As a digital bank, most inquiries are handled online, through its app, or via automated telephone banking. Customer support hours are limited at CIT Bank. Live telephone support is available from 9 a.m.–9 p.m. Monday through Friday and 10 a.m.–6 p.m. on Saturday. Customer service is not available on Sundays.

Who Is CIT Bank Best For?

CIT Bank is a good fit for customers who prefer a digital bank offering ch🍒ecking and savings accounts that can be opened online with no fees. It allows digitally savvy customers to:

• Earn a competitive rate on checking and savings accounts
• Open a checking account that refunds bank ATM fees
• Have access to an 11-month no-penalty 澳洲幸运5官方开奖结果体彩网:certificate of deposit (CD)

What Does CIT Bank Offer?

As an online-only bank, CIT Bank offers a limited selection of deposit accounts. Because it is not burdened by the expense of branches and ATMs, it can offer higher rates than traditional bank accounts. CIT Bank also offers relations🍰hip pricing on home loans for its customers. On its menu are:

• Checking accounts
• Savings accounts
• Money market accounts
• CDs

Checking Account

CIT Bank offers only one checking account, called “eChecking.” This account has no monthly fees and can be opened with as little as $100. Accounts receive a debit card with 澳洲幸运5官方开奖结果体彩网:EMV technology. Although CIT Bank does not have any ATMs, customers are refunded up to $30 per month in ATꦇM fees charged by other banks. CIT Bank does not charge customers for using another bank’s ATM.

Customers receive interest on their checking account. Deposits up to $25,000 receive one interest rate, while customers who maintain $25,000 or more in their account each month will receive a higher interest rate.

Savings Accounts

Customers have three savings account options with CIT Bank: the Savings Builder, the Savings Connect, and the Platinum Savings account. All three accounts have no monthly service fees and a minimum opening deposit requirement of $100. The Platinum Savings accounts requires a $5,000 balance for its advertised rate. For balances less than $5,000, the APY is 0.25%.

Money Market Account

There is only one money market account at CIT Bank. The CIT Bank Money Market account has no monthly service fees and requires an opening deposit of $100 or more. It earns an APY of 1.55%. CIT Bank customers can use online bill paym🍷ent services with their money market accounts.

Certificates of Deposit (CDs)

CIT Bank 澳洲幸运5官方开奖结果体彩网:offers a number of CD options for 𓄧custom𓂃ers, including term CDs, 澳洲幸运5官方开奖结果体彩网:jumbo CDs, and an 11-month no-penalty CD. Its RampUp CD🌸s are no longer available for new customers.

Term CDs offer terms ranging from six months to five years, while 澳洲幸运5官方开奖结果体彩网:jumbo CDs range from two to 𒀰fi💝ve years. The no-penalty CD is an 11-month term wi♚th a 3.50% APY, but customers can withdraw funds with no penalty. This feature is available at any time starting seven days after making the initial deposit.

The minimum opening deposit for a term CD or no-penalty CD is $1,000. Jumbo CDs require a minimum opening deposit of $100,000.

Early withdrawal penalties are based on the term of your CD. Terms up to one year have a penalty of three months of simple interest. CDs up to three years have a penalty of six months of interest, while terms of more than three years incur a penalty of 12 months of interest.

Other Financial Products Offered by CIT Bank

In addition to deposit ac𒉰counts, CIT Bank offers the following oth🔯er services:

• Purchase Mortgages
• Refinance Mortgages
• Custodial Accounts

CIT Bank Customer Service

Customer service at CIT Bank is available six days a week at 1-855-462-2652. Its call center is open Monday through Friday from 9 a.m.–9 p.m. EST. On Saturday live phone agents are available from 10 a.m.–6 p.m. EST. The call center i✃s closed on Sundays.

Customers have access to thei🔥r accounts through telephone banking, the CIT Bank website, or its mobile app.

The CIT mobile a♏pp is available on both iOS and Android devices, and has strong consumer reviews. With the app, users can

• Check your account balances
• Deposit checks remotely
• Pay bills
• Transfer money between accounts at CIT or external institutions
• Use to send money to friends or family
• Make payments online or in-store with Apple Pay or Samsung Pay

CIT also has a text banking feature which allows you to text an alphanumeric command to a phone number and get a response via SMS for a few basic details. You can get responses for a summary of available account balances, recent transactions per account, and a handful of "help" links.

How to Bank With CIT Bank

To open an account with CIT Bank, apply through its website or mobile app. Because CIT Bank does not have any branches, you cannot walk into a br🌊anch to open an account.

Methodology

Investopedia is dedicated to providing consumers with unbiased, comprehensive reviews of banks. We collected over 20 data points across more than 80 banks—including products available, interest rates, fees and accessib෴ility—to ensure that our content helps users make the right decision for their saving🎐s and banking needs.