CIT Bank

Discover the features, accounts, and benefits of CIT Bank in this comprehensive guide. Learn why CIT Bank is known for its competitive interest rates and online banking.

Introduction

CIT Bank is an American online bank known for offering a range of banking products with attractive interest rates. With no physical branches, CIT Bank focuses on online and mobile banking, making it a popular choice for tech-savvy customers who prefer managing their finances digitally. This article will guide you through CIT Bank’s primary offerings, key features, and why it might be a good fit for your banking needs.

What is CIT Bank?

CIT Bank is part of First Citizens BancShares and offers a variety of financial products, primarily focused on high-yield savings, money market accounts, and CDs (Certificates of Deposit). Without physical branches, CIT Bank can provide more competitive interest rates by keeping operational costs low. This model appeals to customers seeking better returns on their savings.

Key Features of CIT Bank

1. High-Yield Savings Accounts:
   • CIT Bank is popular for its Savings Connect account, which offers competitive interest rates compared to traditional banks. This account helps customers grow their savings faster by earning more interest.
   • The Savings Builder account is another option that rewards customers with higher interest rates when they meet monthly deposit requirements, encouraging consistent saving habits.
2. Money Market Accounts:
   • CIT Bank’s Money Market Account provides flexibility with a strong interest rate while still allowing easy access to funds. You can use it for saving purposes while having the ability to make limited withdrawals, making it an attractive hybrid between a checking and savings account.
3. Certificates of Deposit (CDs):
   • For those looking to lock in their funds for a set period, CIT Bank offers several types of CDs, including Term CDs, Jumbo CDs, and a No-Penalty CD. The No-Penalty CD is particularly appealing because it allows you to withdraw funds before the term ends without penalty.
4. Home Loans:
   • In addition to savings products, CIT Bank offers home loan options, including mortgages and home equity loans. With competitive rates and online application processes, CIT Bank provides easy access to borrowing solutions for homeowners and buyers.
5. Business Banking Options:
   • CIT Bank also offers products designed for small businesses, including business loans and high-yield savings accounts. These services cater to business owners looking for efficient banking solutions with good returns on savings.

Benefits of Banking with CIT Bank

• Competitive Interest Rates: One of CIT Bank’s biggest draws is its high interest rates on savings accounts and CDs, making it attractive for people wanting to maximize their savings.
• No Monthly Fees: Many of CIT Bank’s accounts come with no monthly maintenance fees, so you can avoid extra charges while earning interest.
• Convenient Online Banking: With its strong digital platform, CIT Bank enables customers to manage accounts, transfer money, and check balances anytime from their devices.
• FDIC Insurance: Deposits in CIT Bank are FDIC-insured up to $250,000 per depositor, providing security and peace of mind.

How to Open an Account with CIT Bank

Opening an account with CIT Bank is straightforward and can be done entirely online in a few steps:

1. Visit the CIT Bank Website: Go to the bank’s official website to select the type of account you’d like to open.
2. Complete the Application: Fill out your personal details and funding information.
3. Verify Your Identity: CIT Bank may ask for identity verification for security.
4. Fund Your Account: Transfer funds into your new CIT Bank account to start taking advantage of its interest rates.

Is CIT Bank Right for You?

CIT Bank is ideal for individuals looking for:

• High-interest savings and CD accounts.
• Flexible online banking without needing in-person branch services.
• A secure and efficient way to manage and grow savings.

However, if you prefer in-person banking, CIT Bank may not be the best fit since it does not offer physical branches. It’s also worth noting that CIT Bank’s mobile app, while useful, may not be as comprehensive as those offered by some larger banks with extensive digital resources.

Conclusion

CIT Bank provides a solid range of online banking products with some of the best interest rates available, particularly for savings and CDs. Its focus on digital banking makes it a practical choice for those comfortable with online management of their accounts. Whether you’re saving for the future, seeking a loan, or looking for business banking options, CIT Bank offers flexible solutions to meet your financial goals.