CIT Bank Reviews: A Comprehensive Guide for Savvy Customers

CIT Bank is a well-known online bank in the United States, offering a variety of financial products and services to meet the needs of both individuals and small businesses.

As an arm of First Citizens Bank, CIT Bank focuses on competitive savings rates, low fees, and digital-first banking. If you’re considering CIT Bank for your financial needs, this in-depth review covers everything you need to know, including its account offerings, fees, customer service, and frequently asked questions.

Overview of CIT Bank

Founded in 1908, CIT (Commercial Investment Trust) Bank gained prominence for its innovative approach to online banking. In 2022, CIT merged with First Citizens Bank, creating a more robust institution while maintaining its core digital offerings.

CIT Bank has no physical branches, allowing it to focus on high-interest rates for savings products and lower overhead costs. It’s an FDIC-insured bank, providing security and peace of mind to its customers.

Key Features of CIT Bank

1. High-Yield Savings Accounts
   • CIT Bank is particularly recognized for its Savings Connect account, offering competitive annual percentage yields (APYs). With no monthly maintenance fees, this account is ideal for customers looking to grow their savings over time.
2. Money Market Accounts (MMAs)
   • CIT Bank’s MMAs offer high APYs and easy access to funds via electronic transfers, checks, or debit cards. These accounts combine the benefits of savings and checking accounts.
3. Certificates of Deposit (CDs)
   • CIT Bank provides multiple CD options:
     • Term CDs: Fixed rates with terms ranging from 6 months to 5 years.
     • No-Penalty CDs: Flexible withdrawal options without penalties.
     • Jumbo CDs: Higher minimum deposits with higher APYs.
4. Checking Accounts
   • The eChecking account is a digital-friendly solution with no monthly fees, free ATM access, and cashback rewards on purchases.
5. Home Loans
   • CIT Bank offers home loan options, including mortgages and refinancing. Their rates are competitive, making them a viable option for homebuyers.
6. Business Banking
   • CIT Bank caters to small businesses with tailored savings and lending solutions. Business customers can access equipment financing, working capital loans, and commercial real estate loans.

Advantages of Banking with CIT Bank

• Competitive APYs: CIT Bank consistently offers higher interest rates compared to traditional banks.
• No Monthly Fees: Many accounts have zero maintenance fees, helping customers save more.
• User-Friendly Online Platform: Its mobile app and website are intuitive and secure, making banking convenient.
• Flexible Savings Products: Options like No-Penalty CDs and Savings Connect accounts cater to varying needs.
• FDIC Insurance: Deposits are insured up to $250,000 per depositor, per ownership category.

Potential Drawbacks

• No Physical Branches: Customers who prefer in-person banking may find this limiting.
• Limited Product Range: Compared to larger banks, CIT Bank has fewer options for checking accounts and personal loans.
• Minimum Deposit Requirements: Some products, like CDs, require higher minimum deposits.

Frequently Asked Questions about CIT Bank

1. Is CIT Bank Legitimate?
Yes, CIT Bank is a legitimate, FDIC-insured bank. Its parent company, First Citizens Bank, is one of the largest family-controlled banks in the U.S.

2. What Are CIT Bank’s Savings Account Rates?
As of now, CIT Bank offers one of the best rates in the market for its Savings Connect account. Rates may vary, so check the bank’s official website for the latest APYs.

3. How Do I Open an Account with CIT Bank?
You can open an account online by visiting their website. You’ll need to provide your Social Security number, a valid ID, and an initial deposit (if applicable).

4. Does CIT Bank Charge Any Fees?
CIT Bank has no monthly maintenance fees for most accounts. However, there may be fees for wire transfers, insufficient funds, or other services.

5. Is CIT Bank Safe?
Yes, CIT Bank uses advanced encryption technology to protect customer data. Additionally, all deposits are insured by the FDIC.

6. Can I Deposit Cash into My CIT Bank Account?
No, since CIT Bank operates entirely online, it doesn’t accept cash deposits. You can fund your account via ACH transfer, wire transfer, or mobile check deposit.

7. Does CIT Bank Offer Credit Cards?
Currently, CIT Bank does not offer credit cards. Its focus remains on savings, checking, and lending products.

8. How Does CIT Bank Compare to Other Online Banks?
CIT Bank stands out for its competitive savings rates and straightforward fee structure. However, it may lack some of the features offered by competitors like Ally Bank or Discover Bank, such as 24/7 customer support.

9. How Can I Contact CIT Bank’s Customer Service?
CIT Bank provides customer service via phone and secure online messaging. Their customer service hours are generally Monday through Friday from 9:00 AM to 9:00 PM ET and Saturday from 10:00 AM to 6:00 PM ET.

10. What Happens if CIT Bank Merges with Another Institution?
CIT Bank merged with First Citizens Bank in 2022. In such cases, your accounts remain FDIC-insured, and any changes will be communicated well in advance.

Customer Reviews and Feedback

CIT Bank is well-reviewed for its high APYs and no-fee accounts. However, some customers have noted occasional delays in fund transfers and limited customer service availability. Here’s a summary of customer feedback:

• Positive Reviews:
  • “The high savings rate is unmatched. I love the no-fee structure.”
  • “The mobile app is very easy to use, and I’ve had no issues so far.”
• Negative Reviews:
  • “I wish they had a 24/7 customer support option.”
  • “Transfers can take a bit longer than I’m used to with other banks.”

Final Verdict: Is CIT Bank Right for You?

CIT Bank is a solid choice for individuals and small businesses seeking competitive interest rates, low fees, and a seamless online banking experience. However, if you prefer in-person banking or require a wider range of financial products, you may want to explore other options.

Before choosing CIT Bank, consider your financial goals and whether its offerings align with your needs. With its focus on high-yield savings and convenience, CIT Bank is particularly well-suited for digital-savvy customers who want to maximize their savings potential.

This guide should help you make an informed decision about CIT Bank. If you still have questions, check their official website or contact customer support for personalized assistance.