CIT Bank is an online only bank that offers competitive high yield savings and other banking services: eChecking account, two savings account options, Money market account, Term, No Penalty, and Jumbo CD options and Home loans.
PROS
- Higher interest rates than traditional banks
- No monthly fees on any CIT bank account
- Low opening deposits ($100 for checking & savings accounts and $1,000 for CDs)
- Minimal banking fees
- Up to $15 monthly in ATM fee reimbursements
- Remote check deposits
CONS
- No physical bank locations
- No check writing from the checking account
- CD rates not as high as other online banks
- No IRAs
- May experience long wait times on the phone
- No way to deposit cash
Continue reading below to learn why they are a trustworthy online bank!
Is CIT Bank Federally Insured?
CIT Bank is FDIC insured, it’s good to know that your money is safe. Online banks usually follow the same rules and legal regulations as traditional banks would. FDIC insures your deposits up to $250,000 per depositor, per insured bank, for each account ownership category.
If you:
- Open a checking, savings, or a CD account that’s all under your name only, you are insured up to $250,000 total for all 3 accounts.
- Own a joint account with another person, you are both insured up to $250,000 – for a total of $500,000.
- Have your own checking account and a joint savings account with a spouse, you could be covered for up to $750,000 total.
Is CIT the Same as OneWest Bank?
CIT Bank and OneWest Bank are the same financial institution, but they operate as separate financial institutions. So if you’re a CIT Bank customer, you won’t be able to visit a OneWest branch for their banking services.
Money held at both banks would count jointly toward the $250,000 federal insurance limit. They would not be insured separately in the unlikely event of the banks closing.
CIT Bank Security
CIT Bank makes sure that keeping your accounts and information safe is a top priority.
- Transaction and activity monitoring
- Layered security to ensure that only you can access your account information
- Antivirus protection to keep our computer systems virus-free
- Firewalls to help block unauthorized individuals or networks from accessing your information on our systems
- 128-bit Secure Socket Layer (SSL) encryption to create a secure browser connection when you sign in or fill out an application—so your information won’t be intercepted
- Secure messaging portal with communications encryption
- Automatic sign-out of your secure session after a period of inactivity
CIT Banking Services
eChecking Account
CIT Bank’s eChecking account offers tiered interest, plus there’s no monthly fees or minimum balance required (after you deposit $100 to open).
Not only that, if you decide to use an ATM, CIT will not charge any ATM fees plus it will also reimburse up to $15 in Am fees charged by other banks per month.
What’s more is that you also get an overdraft protection when you link your eChecking to a CIT savings account or Money Market account. There’s no fee to have money transferred to cover the transaction.
Savings Builder Account
This savings account actively rewards savers while earning a high interest rate. You will need at least $100 to open it.
You can essentially earn an outstanding APY by taking any of these measures:
- Have an overall balance of $25,000
- Open an account with $100 minimum deposit
- Deposit in your account each month
Money Market Account
Their Money Market account offers much higher interest rates than the High Yield Savings, plus it’s considered the most flexible option as well. Plus, there are no monthly fees or minimum balance requirements to maintain as well. This is a good option if you can’t commit to saving a certain amount each month!
Certificate of Deposits
CIT Bank offers different CD account options and their CDs are known for earning extremely high competitive rates. From their unique No-Penalty CD that allows early withdrawal at no penalty to their Jumbo CDs for those with over $100,000 to deposit.
How to Open An Account
You can easily open an account with CIT Bank, it’s easy and it’ll take you a few minutes! You need to be a U.S. Citizen or a permanent resident before you get started.
- Click this link to start and open a new bank account. You’ll have to provide your name, address, phone, email, and Social Security number (or other taxpayer ID).
- Fund your account via electronic transfer from a linked checking or savings account, bank wire, or mail-in check.
- CIT Bank will first make two “test” micro deposits to your funding account. This is another measure to ensure that you are indeed the owner of the bank account.
After three working days, you’ll get an email asking you to verify the micro deposits. As soon as you have verified, CIT Bank will process the transaction to fund your new account.
CIT Bank Customer Service
CIT Bank is an online nationwide bank so they have two numbers, one in the United States and one outside.
- U.S.: 855-462-2652
- Outside of U.S.: 626-535-8964
Monday – Friday: 9:00 am – 9:00 pm (ET)
Saturday: 10:00 am – 6:00 pm (ET)
Sunday: Closed
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Bottom Line
CIT Bank is a good option if you’re looking for an online bank to sign up for! They offer a variety of online banking products with competitive interest rates and low fees!
If you’re interested in banking with CIT Bank? Learn more about CIT Bank and keep up with the latest CIT Bank Bonuses! For more options from a variety of banks, see our list of the best bank promotions!
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