CIT Bank is an online bank that offers competitive annual percentage yields (APYs) on its savings accounts, with its Savings Builder in the top tier of APYs. CIT Bank doesn’t offer a checking account, but it does have a money market account – though the money market account doesn’t offer check-writing privileges or a debit or ATM card for ATM access.
CIT offers very competitive yields on its savings and CD accounts. Its savings APY has been among the highest nationally available rates.
It offers flexible fixed- and variable-rate CD accounts, including a no-penalty CD with an attractive yield.
There are no monthly fees for savings accounts.
Minimum deposit amounts for CDs of $1,000 are relatively high, and APYs for CDs are not the very best nationally available rates.
There are no checking accounts available.
You can’t access the Savings Builder and the Money Market account from an ATM.
The app is available for iOS and Android are not highly rated and may be difficult to use.
The bank doesn’t have physical branch locations.
Since CIT doesn’t offer checking accounts, it lacks functionality associated with spending accounts, such as budgeting features. However, CIT says it will soon make a bill pay feature available to CIT Bank Money Market account customers.
The mobile banking app won’t rock your world but it will let you take care of the basics, such as allow you to check your transaction history and transfer funds between CIT Bank accounts. It will also display the balances for your money market account, CDs and savings accounts.
While you won’t be able to use a branch, CIT’s customer service hours are pretty generous. You can reach the bank via the phone from 8 a.m. until 9:00 p.m. (EST) on weekdays. You can also reach a human on weekends, but with reduced hours.
About CIT Bank
CIT Bank is the internet-based bank that is part of CIT Bank, N.A., the principal banking subsidiary of CIT Group, Inc. – a financial holding company founded in 1908. CIT Bank, N.A. was founded in 2009.
As of September 2018, CIT Group had more than $30 billion in deposits and more than $40 billion in assets, according to CIT Bank. CIT Bank has its headquarters in Pasadena, California.
Both CIT Bank, N.A. and OneWest Bank, which is a division of CIT Bank, N.A., are under the same FDIC insurance.
CIT Bank is known for offering a top-tier APY on its Savings Builder and has competitively increasing APYs to stay near the top of Bankrate’s top-saving APYs.