If you are looking for a checking account that pays you interest, CIT Bank’s eChecking account is a great choice. On balances under $25,000, CIT Bank will pay you a 0.10% APY, which is almost 10x the national average, which stays around 0.01%.
On balances over $25,000, CIT Bank will pay 0.25% APY on the funds in your checking account. On top of that, CIT Bank does not charge any ATM fees and gives you up to $30 in fee reimbursements per month for using other bank’s ATMs.
Some other benefits of CIT Bank’s eChecking account include:
- Debit card with chip technology
- No monthly service fee
- No ACH transfer fees
- No incoming wire transfer fees
- 24/7 online access (the case with most modern banks)
- Ability to deposit checks with the CIT bank mobile app
- Easy integration with Apple Pay, Samsung Pay, Zelle, and more
CIT Bank Savings Builder
Min. balance for APY
Savings Builder is a savings account by CIT Bank that will pay you up to 0.45% APY. However, there are a few requirements you must maintain to earn this APY. For example, you must have a minimum balance of $25,000 or deposit $100 into the account monthly.
If you fail to meet at least one of these requirements, your account’s APY will drop from 0.45% to 0.29%. However, even 0.29% is still above the national average.
To get started with CIT Bank’s Savings Builder account, you’ll need to deposit a minimum of $100. The account does not have any maintenance fees. Like most savings accounts, you are limited to six transactions per statement cycle.
Money market accounts
A CIT Bank Money Market account will earn you an annual percentage yield (APY) of 0.50%. Considering that the national average savings rate sits between 0.01% and 0.06%, this makes CIT Bank’s offer that much sweeter.
A money market account is a type of savings account that has checking account features. For example, it’s not uncommon for a money market account to come with a debit card and checks—both things usually reserved for checking accounts.
Unfortunately, CIT Bank’s Money Market account does not come with check-writing privileges or a debit card. However, you can still deposit checks and make transfers with the CIT Bank app.
Like most online banks, CIT Bank does not charge any monthly service fees for holding an account. Additionally, there are no minimum balance requirements. There is a minimum opening deposit of $100, but that’s only a one-time deposit.
Certificate of deposits (CDs)
All of CIT Bank’s CDs pay an above-average APY. Like most CDs, the longer the term of the CD, the higher the interest you earn. For example, a 1-year CD by CIT Bank will pay you 0.30% APY, whereas a 5-year CD will pay 0.50% APY.
CIT Bank’s CDs all require a minimum opening deposit of $1,000. This opening deposit is standard among most banks. However, some banks don’t have any CD minimum deposit requirements.
It’s also worth mentioning that CIT Bank offers a No-Penalty CD. If you liquidate or remove your money from the CD early, you won’t be charged an early withdrawal fee. Most CDs do charge a penalty for early withdrawals unless explicitly expressed otherwise.
CIT Bank has a well-built website and a mobile app that gets the job done. Their website is clean and easy to navigate, which can be helpful when dealing with confusing banking products. Although nothing special, their mobile app lets you bank on-the-go or from the comfort of your bed.
Being an internet-only bank, CIT Bank does not have a physical branch location. If you like to build relationships with bank tellers, CIT Bank is not the best bank to do that.
Although CIT Bank doesn’t have any physical branches, they still provide generous customer support. You can call customer support Monday through Friday from 9:00 AM to 9:00 PM ET and Saturday from 10:00 AM to 6:00 PM ET.
Of course, you can access your CIT Bank account online 24/7 or use their automated telephone banking system.
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