CIT Bank Review
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CIT Bank offers a high interest rate. But how reliable is this online bank? Read this review to find out if what you heard is true.
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CIT Bank Platinum Savings - 4.85% APY | |||
Overall Score | 4.4 | ||
Savings | 5.0 | ||
Checking | 4.5 | ||
Money Market | 4.5 | ||
Customer Service | 4.0 | ||
Mobile App | 4.0 | ||
Pros and Cons
- High savings APY
- No monthly fees
- Low opening deposits
- No check writing
Bottom Line
Solid online bank with excellent rates and no monthly fees
If you're looking for high interest on your savings, CIT Bank is worth a look. CIT's savings accounts and CDs offer some of the highest interest rates on the market. And they all have no monthly fees.
As an online bank, it has fewer overhead costs. In return, it passes along the savings to customers in the form of higher APYs.
Though it's a digital bank, CIT Bank is totally safe. Your savings are protected by FDIC insurance just like traditional banks.
In this review, you'll learn how CIT Bank's Savings Accounts, CD Rates, and Money Market Accounts can help grow your savings faster.
Shortcut: Most people have a regular savings account with very low interest. That's a big mistake. You could earn more for your money with
About CIT Bank
Who is CIT Bank owned by?
CIT Bank is a division of First Citizens Bank. Headquartered in North Carolina, First Citizens has over 600 branches in 22 states. It's the largest family-controlled bank in the US with over $100 billion in assets.
Though First Citizens is a brick-and-mortar bank, CIT Bank is online-only. But CIT Bank customers can now enjoy greater banking convenience from any First Citizens Bank location, through digital banking, by ATM, and by telephone. You can also access products and services offered by First Citizens.
CIT Bank is fully FDIC insured[1] up to $250,000. This is for a combined deposits held between First Citizens Bank and CIT Bank.
What CIT Offers
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CIT Bank offers a variety of accounts to cover your basic banking needs. It's popular for its high yield savings products with better rates than many other online banks. It also offers an eChecking account with interest.
CIT Bank Promotions | FDIC National Average | |
---|---|---|
Benefits and Features | ||
Savings | Platinum Savings: 4.85% APY with a balance of $5,000 or more Savings Connect: 4.60% APY Savings Builder up to 1.00% APY with $25,000+ balance or $100 monthly deposit | |
Checking | eChecking: 0.25% APY with $25,000+ balance and 0.10% APY on balances under $25,000 | |
Money Market | ||
CIT Bank: Pricing information and data points from published website as of 05/09/2023. FDIC National Average: National deposit rate information as of May 15, 2023 |
Take a look at their account types to find the right one for you.
Platinum Savings
CIT Bank's Platinum Savings account is the newest and highest-interest savings product from CIT Bank and there's no monthly fee.
You earn 4.85% APY with a balance of $5,000 or more. The minimum to open is only $100 but in order to receive top-tier APY, you need to maintain a $5,000 daily balance.
Platinum Savings account is best if you can keep at least $5,000 in your savings. If your daily balance is less than $5,000, your account will still earn APY but it will drop to 0.25%.
CIT Bank Platinum Savings - 4.85% APY
- 4.85% APY with a balance of $5,000 or more
- 0.25% APY with a balance of less than $5,000
- $100 minimum opening deposit
- No monthly maintenance fee
- Member FDIC
Savings Connect
CIT Bank's Savings Connect account offers a competitive rate with fewer restrictions and you won't have to worry about keeping a certain balance to get the highest APY.
You earn 4.60% APY on your entire balance. The minimum to open is only $100 and there's no balance requirement after that.
This is one of the highest savings interest rates currently being offered in the nation. It's a great place to park your emergency fund and increase your savings. There's no downside since there's no monthly fee or minimums.
CIT Bank Savings Connect - 4.60% APY
- Earn 11x the national average
- $100 minimum opening deposit
- No monthly maintenance fee
- Member FDIC
Use this calculator to see how much interest you can earn with 4.60% APY.
Savings Builder
CIT Savings Builder account is meant to encourage active saving. You get rewarded with a higher APY by either actively saving or keeping a high balance.
You can earn 1.00% APY if you do one of the following:
- Keep a balance of $25,000+, OR
- Open an account with $100, and deposit at least $100 per month
If you don't meet the requirements, you'll still earn their base tier APY that month. Once you meet the requirements again, your rate will go back up to 1.00%.[2]
As with any savings account, you're limited to 6 withdrawals per month per federal restrictions.
CIT Savings Builder - 1.00% APY
Earn up to 1.00% APY. Here's how it works: Maintain a minimum balance of $25k OR make at least a $100 minimum deposit every month. Member FDIC
Compare Savings Accounts
Discover Online Savings - $200 Cash Bonus
To get your $150 or $200 Bonus: What to do: Apply for your first Discover Online Savings Account, online, in the Discover App or by phone. Enter Offer Code CY223 when applying. Deposit into your account a total of at least $15,000 to earn a $150 Bonus or deposit a total of at least $25,000 to earn a $200 Bonus. Deposit must be posted to account within 30 days of account open date. Maximum bonus eligibility is $200.
What to know: Offer not valid for existing or prior Discover savings customers or existing or prior customers with savings accounts that are co-branded, or affinity accounts provided by Discover. Eligibility is based on primary account owner. Account must be open when bonus is credited. Bonus will be credited to the account within 60 days of the account qualifying for the bonus. Bonus is interest and subject to reporting on Form 1099-INT. Offer ends 6/15/2023, 11:59 PM ET. Offer may be modified or withdrawn without notice. See advertiser website for full details.
High Yield Savings Account - 5.05% APY
- No fees
- $1 minimum deposit
- 24/7 online access
- FDIC insured
High Yield Savings - 4.25% APY
- 4.25% APY
- $100 minimum opening deposit
- No monthly service fees
Money Market
The CIT Bank Money Market account offers the same interest rate for every balance. You'll earn 1.55% APY no matter how much you have in your account. You will need a minimum of $100 to open the account.
Once the account is open, there are no monthly service fees. Like the Savings Builder, you're limited to 6 withdrawals per month. If you can't commit to saving a certain amount each month, this could be a great option.
CIT Bank Money Market Account - 1.55% APY
- 1.55% APY
- $100 minimum opening deposit
- No monthly maintenance fee
- Member FDIC
Certificates of Deposit (CDs)
CIT Bank also offers competitive rates on their term CDs. The minimum deposit for all term CDs is $1,000. And there are no account fees.
Terms are available from six months to five years. Your rate is locked in for the entire duration. Even if interest rates go down later, you'll still earn the high interest until end of your term.
CDs auto-renew for the same term once they mature, except for 13-month and 18-month CDs. 13-month CDs renew as 1-year CDs and 18-month CDs become 2-year CDs.
CIT Bank Term CDs - Up to 5.00% APY
- Up to 5.00% APY
- $1,000 minimum opening deposit
- No monthly maintenance fee
- Member FDIC
Term | CD Rates |
---|---|
6 Month | 5.00% APY |
1 Year | 0.30% APY |
13 Month | 4.65% APY |
18 Month | 4.60% APY |
2 Year | 0.40% APY |
3 Year | 0.40% APY |
4 Year | 0.50% APY |
5 Year | 0.50% APY |
CDs require you to lock your savings for a set period of time. Typically, withdrawing money from a CD before maturity will incur a withdrawal penalty.
It depends on the term of your CD. Here are CIT Bank's early withdrawal penalties:
- Up to 1 year: 3 months' interest on the amount withdrawn
- From 1-3 years: 6 months' interest on the amount withdrawn
- Over 3 years: 12 months' interest on the amount withdrawn
Note that CDs are not available as IRA or trust accounts. However, they are available as custodial accounts.
No-Penalty CD
If you're nervous about committing your money for a period of time, CIT Bank offer a unique No-Penalty CD.
If something comes up and you suddenly need your money, you can withdraw your full balance with no penalty (starting from 7 days after account funding).
This gives you flexibility and peace of mind knowing your money is still available if you need it. At the same time, you can enjoy the higher locked-in interest rate.
This no-penalty CD product has one fixed term of 11 months. The minimum deposit is also only $1,000.
CIT Bank No Penalty CD - 4.90% APY
- 4.90% APY
- Option to withdraw full balance and interest after 7 days of CD funding date
- $1,000 minimum to open an account
- 11 months
- No monthly maintenance fee
- Member FDIC
Compare CD Rates
Certificate of Deposit
- 4.75% APY for 12-month term
- 4.30% APY for 36-month term
- 4.00% APY for 5-year term
CD Rates - Up to 4.75% APY
- $500 minimum opening deposit
- FDIC insured
Term | CD Rates |
---|---|
6 Months | 5.05% APY |
1 Year | 5.15% APY |
2 Years | 4.50% APY |
3 Years | 4.40% APY |
5 Years | 4.30% APY |
12-Month High-Yield CD - 5.01% APY
- No fees
- $1 minimum deposit
- 24/7 online access
- FDIC insured
eChecking
CIT Bank's eChecking account only needs $100 minimum to open. And, like their savings accounts, there are no maintenance fees.
If you need to withdraw money, you can use any other bank's ATM. CIT doesn't have a network of free ATMs. But they will reimburse up to $30 per month in ATM fees.
It offers convenient, 24/7 access to your account online and through the app. But this online account unfortunately doesn't come with any paper checks. CIT lets you make payments through Zelle®, Apple Pay, and Samsung Pay. You can also use their Bill Pay feature for electronic payments.
Compare Checking Accounts
Citi Priority Account - Earn up to $2,000 Cash Bonus
- Earn up to $2,000 cash bonus when you open a new eligible Citi Priority Checking Account with required activities
- Within 20 days of opening, deposit the minimum amount of new-to-Citibank funds.
- Maintain a minimum balance for 60 consecutive calendar days from the 21st day.
- If your balance falls to a lower tier at any point during the maintenance period, the bonus changes.
- Bonus will be paid within 30 days after you successfully complete all required activities.
Chase Total Checking® - $200 Bonus
- New Chase checking customers enjoy a $200 bonus when you open a Chase Total Checking® account and set up direct deposit
- Access to more than 16,000 Chase ATMs and more than 4,700 branches
- Chase Mobile® app - Manage your accounts, deposit checks, transfer money and more -- all from your device.
- JPMorgan Chase Bank, N.A. Member FDIC
- Open your account online now
- Available online nationwide except in Alaska, Hawaii and Puerto Rico. For branch locations, visit locator.chase.com.
- Chase Overdraft Assist℠ - no overdraft fee if you're overdrawn by $50 or less at the end of the business day or if you're overdrawn by more than $50 and bring your account balance to overdrawn by $50 or less at the end of the next business day*
*With Chase Overdraft Assist℠, we won't charge an Overdraft Fee if you're overdrawn by $50 or less at the end of the business day OR if you're overdrawn by more than $50 and you bring your account balance to overdrawn by $50 or less at the end of the next business day (you have until 11 PM ET (8 PM PT) to make a deposit or transfer). Chase Overdraft Assist does not require enrollment and comes with eligible Chase checking accounts.
Rewards Checking Plus - Up to 2% Cash Back
- Maximize your rewards with direct deposit
- Up to 2% cash back on purchases
- Add Performance Savings to earn up to 4.81% APY
- Get paid up to 2 days early
- No monthly fees
CIT Bank Services
In addition to banking products, CIT provides some other services, including:
Home Loans
CIT offers both mortgages and refinance loans at fixed and adjustable rates. It also has a Low Down Payment Program that allows borrowers to qualify for a house loan with as little as a 3% down payment.
If you have a CIT bank account, you can get a lower mortgage rate with relationship pricing.
Business Loans
While CIT is best known for their personal banking solutions, you can also find solutions for your business. It offers business loans up to $250,000 from 6-24 months.[4][5]
Equipment Financing
Businesses can get equipment financing up to $500,000 without financials, or up to $1 million with financials from 6-72 months.[6]
Pros & Cons of CIT
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PROS:
- Higher interest rates than traditional banks
- No monthly fees on any accounts
- Low opening deposits ($100 for checking & savings accounts and $1,000 for CDs)
- Minimal one-time fees
- Up to $30 monthly in ATM fee reimbursements
- Remote check deposits
- 24/7 mobile banking on iOS and Android
For | Account |
---|---|
Saving money for emergencies & short term goals | Savings Connect |
Earning interest on money for everyday expenses | eChecking |
Growing money you might need in the future | Other CDs |
Earning high interest and can maintain $5k | Platinum Savings |
CONS:
- No check writing from the checking account
- May experience long wait times on phone calls
- Can't build credit since no credit cards are offered
If you need access to lots of physical locations, we recommend a Chase checking account. Chase has more than 4,700 branches and more than 16,000 ATMs nationwide.
Fees and Charges
There are no monthly fees with a CIT savings account. CIT waives many common banking fees you might run into at a traditional bank. All deposit accounts have no:
- Fee to open account
- Maintenance fees
- Account closing fee
- Fees for incoming wire transfer
- Mailed check fees
- No online transfer fees
That said, it's not entirely fee-free. Here are some fees you might encounter:[7]
- $10 outgoing wire transfer fee ($0 for accounts $25,000+)
- $10 excessive transaction (for Money Market account)
- $30 Bill Pay stop payment
- $30 overdraft fee
- $10 debit card replacement (1 free card per year)
- 1% of transaction amount for international ATM withdrawals
Is CIT Bank trustworthy?
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Yes, CIT Bank is a legitimate bank with the same rules and regulations as traditional banks. CIT is owned by First Citizens Bank, which has over 120 years of history. Your funds are FDIC insured (FDIC# 11063) up to $250,000 per depositor, per ownership category in the event that CIT Bank fails.
CIT also uses layers of security to make sure your personal information is safe. It has anti-virus protection, firewalls, 128-bit Secure Socket Layer encryption, and more.
Is Online Banking Right for You?
Do you already do everything online? Or do you prefer to deal with your money in person? If you're part of the first group, online banking has some great perks:
- Higher interest rates than traditional banks
- No or low monthly fees and balance requirements
- Convenient 24/7 online account management
- Easy to open an account online
However, you have to be comfortable with doing everything purely online. Some downsides include:
- No physical branches
- No personal relationships with your banker
- Limited services available
- More hassle to transfer funds
- More limited withdrawals (for example, you can't withdraw crisp $100 notes)
CIT Bank Common Complaints
You can't please everyone, especially if you're a bank. Here are some common complaints from CIT Bank customers.
Customer Service
You can only reach customer support by phone call or email. Customers report long wait times when they phone in with issues.
Hold Times on Incoming Funds
An ACH transfer may be held for up to 5 business days. Checks deposited to your account may be held for 7 business days.[8]
Electronic Transfers May Take a Few Days
If you need to transfer funds to an external account, it won't be available immediately. Make sure you give yourself plenty of time to initiate the transfer.
- Monday - Friday: 9:00 am - 9:00 pm (ET)
- Saturday: 10:00 am - 6:00 pm (ET)
- Sunday: Closed
- Home Loans Division: Monday - Friday, 9:00 am - 8:00 pm (ET)
Or, you can access your account online and by Automated Telephone Banking 24/7.
How to Open a CIT Bank Account
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All CIT accounts must be opened online. Here's how to use its online system.
- Start here to open a new account. You must be a U.S. citizen or a permanent resident and provide the following info:
- Social Security number
- Driver's license or other valid state ID
- Primary home address
- Valid email address
- Valid phone number
- Social Security number
- Fund your new account with one of these methods:
- Transfer funds electronically from an external checking or savings account. CIT's Routing/Transit number is 124084834.
- Mail a check to CIT Bank, N.A. Attn: Deposit Services, P.O. Box 7056, Pasadena, CA 91109
- Wire funds to your new account
- Verify your micro-deposits. CIT will make two "test" micro-deposits to your funding account. Within 3 business days, you'll get an email asking you to verify the amounts. As soon as you have verified, your transaction will be processed.
CIT Bank Platinum Savings - 4.85% APY
- 4.85% APY with a balance of $5,000 or more
- 0.25% APY with a balance of less than $5,000
- $100 minimum opening deposit
- No monthly maintenance fee
- Member FDIC
CIT Bank Savings Connect - 4.60% APY
- Earn 11x the national average
- $100 minimum opening deposit
- No monthly maintenance fee
- Member FDIC
CIT Savings Builder - 1.00% APY
Earn up to 1.00% APY. Here's how it works: Maintain a minimum balance of $25k OR make at least a $100 minimum deposit every month. Member FDIC
Earn 11x National Average
Save smart and earn 4.60% APY at CIT Bank, a CreditDonkey recommended partner.
CIT Bank Mobile App
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CIT offers a mobile app for both iOS and Android, so you can bank on-the-go from anywhere.
On the mobile app, you can:
- Log-in via fingerprint or password
- Transfer funds between CIT accounts and other banks
- Deposit checks by taking a photo
- Set up one-time or recurring bill payments
- Check balances and transaction history
- Send and receive money through Zelle®
- Make secure payments with Apple Pay and Samsung Pay
- Manage debit card preferences
In addition to the mobile app, you can also enroll in text banking. This allows you to check your account balance and recent transactions by texting a simple command.
How CIT Bank Compares
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CIT vs Ally
Ally Bank is an online-only, full-service financial institution with checking, savings, IRAs, and investment services. It uses the Allpoint ATM network across the country. Ally is well known for the excellent 24/7 personal support with real human reps and competitive rates.
Ally Bank charges no account fees for any of its accounts.
CIT Bank Promotions | Ally Bank Promotions | |
---|---|---|
Benefits and Features | ||
Savings | Platinum Savings: 4.85% APY with a balance of $5,000 or more Savings Connect: 4.60% APY Savings Builder up to 1.00% APY with $25,000+ balance or $100 monthly deposit | |
CD | Term CDs up to 5.00% APY. $1,000 minimum opening deposit. | 2.50% to 4.80% APY. Terms of 3 months to 5 years. 12-month CD APY of 4.50% |
Checking | eChecking: 0.25% APY with $25,000+ balance and 0.10% APY on balances under $25,000 | 0.10% APY for daily balances less than $15,000. 0.25% APY for daily balances over $15,000 |
Money Market | ||
Customer Service | Mon - Fri: 9 am - 9 pm ET Sat: 10 am - 6 pm ET Sunday: Closed | |
ATMs | No ATM fees from CIT Bank. Up to $30 in other banks' ATM fees reimbursed per month (for eChecking Account) | Over 43,000 no-fee Allpoint ATMs |
CIT Bank: Pricing information and data points from published website as of 05/09/2023. Ally Bank: Pricing information from published website as of 5/24/2023. |
CIT Bank vs Citibank
Though their names are similar, CIT Bank and Citibank are two different financial institutions.
Citibank, a CreditDonkey partner, is one of the largest banks in the world. It has over 700 locations in the US (mostly in California and New York) and 1,800 branches overseas. You may consider it if you travel abroad often and still want access to branches and ATMs.
Citibank offers checking and savings packages. Like most traditional banks, the accounts have a monthly service fee that can be waived with certain direct deposit or balance requirements.
In comparison, CIT Bank is online only but because of CIT's merger with First Citizens Bank, you can now also bank at any First Citizens Bank location. All of CIT's deposit accounts are free with no monthly fees. It's a good choice if you want higher savings rates and hate banking fees.
CIT Bank Promotions | Citibank Promotions | |
---|---|---|
Benefits and Features | ||
Savings | Platinum Savings: 4.85% APY with a balance of $5,000 or more Savings Connect: 4.60% APY Savings Builder up to 1.00% APY with $25,000+ balance or $100 monthly deposit | Citi® Accelerate High-Yield Savings available in AA, AE, AK, AL, AP, AR, AS, AZ, CO, DE, GA, GU, HI, IA, ID, IN, KS, KY, LA, MA, ME, MI, MN, MO, MP, MS, MT, NC, ND, NE, NH, NM, OH, OK, OR, PA, PR, RI, SC, SD, TN, TX, UT, VI, VT, WA, WI, WV, WY and select markets in Florida and Illinois. |
CD | Term CDs up to 5.00% APY. $1,000 minimum opening deposit. | ![]() |
Checking | eChecking: 0.25% APY with $25,000+ balance and 0.10% APY on balances under $25,000 | Citi Priority Account |
Money Market | ![]() | |
Customer Service | Mon - Fri: 9 am - 9 pm ET Sat: 10 am - 6 pm ET Sunday: Closed | 24/7 Live Customer Service (Telephone) |
Mobile App | ||
ATMs | No ATM fees from CIT Bank. Up to $30 in other banks' ATM fees reimbursed per month (for eChecking Account) | More than 70,000 fee-free ATMs at Citi branches and participating retail locations nationwide, including Target, CVS Pharmacy, Rite aid, Walgreens, Duane Reade and ATMs displaying Allpoint or MoneyPass logo. |
Locations | More than 700 Citibank branches (concentrated in New York, Chicago, Los Angeles, San Francisco, Washington DC and Miami) | |
CIT Bank: Pricing information and data points from published website as of 05/09/2023. Citibank: Pricing information from published website as of 01/31/2023. This content is not provided by Citi. Any opinions expressed are those of the author's alone, and have not been reviewed, approved or otherwise endorsed by Citi. |
CIT vs Synchrony
CIT Bank Promotions | Synchrony Bank Promotions | |
---|---|---|
Benefits and Features | ||
Savings | Platinum Savings: 4.85% APY with a balance of $5,000 or more Savings Connect: 4.60% APY Savings Builder up to 1.00% APY with $25,000+ balance or $100 monthly deposit | 4.15% APY. No monthly service fee and no minimum deposit. An ATM card is provided for easy withdrawal. Synchrony will refund ATM fees for other banks up to $5 per statement cycle |
CD | Term CDs up to 5.00% APY. $1,000 minimum opening deposit. | 2.25% to 5.00% APY. Terms of 3 months to 5 years. No minimum deposit to open. |
Checking | eChecking: 0.25% APY with $25,000+ balance and 0.10% APY on balances under $25,000 | |
Money Market | 2.25% APY. No monthly service fee and no minimum deposit. | |
Customer Service | Mon - Fri: 9 am - 9 pm ET Sat: 10 am - 6 pm ET Sunday: Closed | Mon-Fri 8:00 am - 10:00 pm (ET); Sat-Sun 8:00 am - 5:00 pm (ET) |
Mobile App | ||
ATMs | No ATM fees from CIT Bank. Up to $30 in other banks' ATM fees reimbursed per month (for eChecking Account) | Any ATMs with Plus or Accel logos |
CIT Bank: Pricing information and data points from published website as of 05/09/2023. Synchrony Bank: Pricing information from published website as of 4/11/2023. |
CIT vs Discover
In addition to credit cards, Discover also offers a full range of online banking services, including checking, high yield online savings, and student loans.
CIT Bank Promotions | Discover Bank | |
---|---|---|
Benefits and Features | ||
Savings | Platinum Savings: 4.85% APY with a balance of $5,000 or more Savings Connect: 4.60% APY Savings Builder up to 1.00% APY with $25,000+ balance or $100 monthly deposit | |
CD | Term CDs up to 5.00% APY. $1,000 minimum opening deposit. | 2.00% to 4.75% APY depending on terms. $2,500 minimum |
Checking | eChecking: 0.25% APY with $25,000+ balance and 0.10% APY on balances under $25,000 | Cashback Debit Account: 1% cash back on up to $3,000 in debit card purchases each month. See website for details |
Money Market | 3.80% APY under $100,000; 3.85% APY $100,000 or more. $2,500 minimum deposit. | |
Customer Service | Mon - Fri: 9 am - 9 pm ET Sat: 10 am - 6 pm ET Sunday: Closed | |
Mobile App | ||
ATMs | No ATM fees from CIT Bank. Up to $30 in other banks' ATM fees reimbursed per month (for eChecking Account) | |
CIT Bank: Pricing information and data points from published website as of 05/09/2023. Discover Bank: Pricing information and data points from published website as of 05/29/2023. |
CIT vs Capital One 360
CIT Bank Promotions | Capital One 360 Promo Code | |
---|---|---|
Benefits and Features | ||
Savings | Platinum Savings: 4.85% APY with a balance of $5,000 or more Savings Connect: 4.60% APY Savings Builder up to 1.00% APY with $25,000+ balance or $100 monthly deposit | |
CD | Term CDs up to 5.00% APY. $1,000 minimum opening deposit. | 3.30% to 4.75% APY. Terms of 6 months to 5 years. 12-month CD APY of 4.75% |
Checking | eChecking: 0.25% APY with $25,000+ balance and 0.10% APY on balances under $25,000 | |
Money Market | ||
Customer Service | Mon - Fri: 9 am - 9 pm ET Sat: 10 am - 6 pm ET Sunday: Closed | |
Mobile App | ||
ATMs | No ATM fees from CIT Bank. Up to $30 in other banks' ATM fees reimbursed per month (for eChecking Account) | Over 70,000 no-fee Capital One & Allpoint ATMs |
CIT Bank: Pricing information and data points from published website as of 05/09/2023. Capital One: Pricing information from published website as of 5/28/2023. |
What the Experts Say
It's not easy finding the right bank. As part of our series on banking and saving, CreditDonkey asked a panel of industry experts to answer some of our readers' most pressing questions:
Bottom Line: Is CIT Good?
CIT is a safe online bank with good deposit products, including eChecking account and savings options. It offers interest rates higher than many other competitor online banks and credit unions.
The Savings Connect is a premier high yield savings account with relatively low deposit requirements. But If you can maintain a balance of at least $5,000, then go with Platinum Savings to grow your money even more and save more.
Even if you only have $100, you can still earn competitive interest in their
Or if you have at least $1,000 set aside and aren't concerned about liquidity, you can take advantage of higher yields with an 18-month
References
- ^ FDIC Certificate ID 11063
- ^ CIT Bank Savings Builder
- ^ CIT Bank. FAQs: What are the penalties for Term, Jumbo, Ramp-Up and Ramp-Up Plus CDs?, Retrieved 12/8/2022
- ^ CIT Bank. Small Business Finance, Retrieved 12/8/2022
- ^ CIT Bank. Working Capital Business Loans, Retrieved 12/8/2022
- ^ CIT Bank. Business Equipment Financing, Retrieved 12/8/2022
- ^ CIT Bank Schedule of Fees, Retrieved 12/14/2020
- ^ CIT Bank Agreement for Personal Accounts (p. 12), Retrieved 12/14/2020
CIT Bank Platinum Savings - 4.85% APY
- 4.85% APY with a balance of $5,000 or more
- 0.25% APY with a balance of less than $5,000
- $100 minimum opening deposit
- No monthly maintenance fee
- Member FDIC
Citi Priority Account - Earn up to $2,000 Cash Bonus
- Earn up to $2,000 cash bonus when you open a new eligible Citi Priority Checking Account with required activities
- Within 20 days of opening, deposit the minimum amount of new-to-Citibank funds.
- Maintain a minimum balance for 60 consecutive calendar days from the 21st day.
- If your balance falls to a lower tier at any point during the maintenance period, the bonus changes.
- Bonus will be paid within 30 days after you successfully complete all required activities.
Discover Online Savings - $200 Cash Bonus
To get your $150 or $200 Bonus: What to do: Apply for your first Discover Online Savings Account, online, in the Discover App or by phone. Enter Offer Code CY223 when applying. Deposit into your account a total of at least $15,000 to earn a $150 Bonus or deposit a total of at least $25,000 to earn a $200 Bonus. Deposit must be posted to account within 30 days of account open date. Maximum bonus eligibility is $200.
What to know: Offer not valid for existing or prior Discover savings customers or existing or prior customers with savings accounts that are co-branded, or affinity accounts provided by Discover. Eligibility is based on primary account owner. Account must be open when bonus is credited. Bonus will be credited to the account within 60 days of the account qualifying for the bonus. Bonus is interest and subject to reporting on Form 1099-INT. Offer ends 6/15/2023, 11:59 PM ET. Offer may be modified or withdrawn without notice. See advertiser website for full details.
Chase Total Checking® - $200 Bonus
- New Chase checking customers enjoy a $200 bonus when you open a Chase Total Checking® account and set up direct deposit
- Access to more than 16,000 Chase ATMs and more than 4,700 branches
- Chase Mobile® app - Manage your accounts, deposit checks, transfer money and more -- all from your device.
- JPMorgan Chase Bank, N.A. Member FDIC
- Open your account online now
- Available online nationwide except in Alaska, Hawaii and Puerto Rico. For branch locations, visit locator.chase.com.
- Chase Overdraft Assist℠ - no overdraft fee if you're overdrawn by $50 or less at the end of the business day or if you're overdrawn by more than $50 and bring your account balance to overdrawn by $50 or less at the end of the next business day*
*With Chase Overdraft Assist℠, we won't charge an Overdraft Fee if you're overdrawn by $50 or less at the end of the business day OR if you're overdrawn by more than $50 and you bring your account balance to overdrawn by $50 or less at the end of the next business day (you have until 11 PM ET (8 PM PT) to make a deposit or transfer). Chase Overdraft Assist does not require enrollment and comes with eligible Chase checking accounts.
Business Checking - Up to 2.0% APY
- 2.0% APY on your balance up to $250,000 for customers that meet monthly eligibility requirements
- $0 minimum opening deposit
- $0 monthly service fee
Donna Tang is a content associate at CreditDonkey, a bank comparison and reviews website. Write to Donna Tang at donna.tang@creditdonkey.com. Follow us on Twitter and Facebook for our latest posts.
Note: This website is made possible through financial relationships with some of the products and services mentioned on this site. We may receive compensation if you shop through links in our content. You do not have to use our links, but you help support CreditDonkey if you do.
This content is not provided by Citi. Any opinions expressed are those of the author's alone, and have not been reviewed, approved or otherwise endorsed by Citi.
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