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CIT Bank Review: Savings, CDs

Banking, Banking Basics, Banks & Credit Unions, CDs, Savings Accounts
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cit bank review

NerdWallet rating: 3.5/5.0

Where CIT Bank shines:

  • No monthly fees
  • High-yield savings account earns an excellent interest rate

Where CIT Bank falls short:

  • No checking account
  • CDs have average rates

Where CIT Bank shines:

  • No monthly fees
  • High-yield savings account earns an excellent interest rate

Where CIT Bank falls short:

  • No checking account
  • CDs have average rates

Where CIT Bank shines:

  • No monthly fees
  • High-yield savings account earns an excellent interest rate

Where CIT Bank falls short:

  • No checking account
  • CDs have average rates

 

The bottom line

CIT Bank has an online high-yield savings account and a variety of certificates of deposit but no checking account. The bank is a good place to park your money and earn interest, but you’ll have to look elsewhere for an account to use for daily spending.

Best if: You’re looking for a free high-yield savings account that earns great rates.

Learn more at CIT Bank


Read on for details about CIT Bank savings, CDs and more.

Savings: 5.0/5.0

CIT Bank’s Premier High Yield Savings Account is online and has no monthly fee, though you will need at least $100 to open one.

Upside:

Stellar interest rate: The account earns an impressive 1.35% annual percentage yield on balances up to $250,000, well above the national average of 0.06% APY. For balances that go over $250,000, the APY dips slightly to 1.30%. The great rates and no-fee status earn CIT Bank a mention among NerdWallet’s best high-yield online savings accounts.

 

Certificates of deposit: 3.5/5.0

First, the upside:

Variety: CIT Bank has fixed- and variable-rate CDs with terms from six months to five years. Standard CDs with a six-month term earn 0.72% APY. The yields increase for longer periods, going up to 1.70% APY for five-year CDs. These rates are better than those you’ll find at some other banks. The national average APY for six-month CDs is just 0.16%.

Here are some drawbacks:

$1,000 minimum CD deposit: The amount is typical for national banks, but other online banks and credit unions require lower minimums.

Rates are not top of the line: The APYs are above average, but many banks and credit unions — including those with lower minimums — earn comparable or better CD rates. (See NerdWallet’s list of the top CD rates for 2017.) For example, a Barclays online CD with a five-year term is 2.30% APY, and you need just $1 to open an account.

Bank experience: 3.0/5.0

The upside:

Online and telephone presence: CIT Bank has an easy-to-navigate website that clearly shows rates, contact information and instructions on how to open an account. The customer service center is reachable by phone from 8 a.m. to 9 p.m. Eastern time on weekdays, along with shorter Saturday and Sunday hours. You can access online banking 24/7.

The drawbacks:

Poorly rated apps: CIT Bank has mobile banking apps for iOS and Android devices, but of the few reviews available in the app stores, most give poor ratings. The biggest complaints seem to be about glitches and a lack of basic banking functions, such as the ability to transfer money from other bank accounts.

Little social media presence: Consumers shouldn’t expect to resolve any customer service issues on Twitter or Facebook. The CIT Bank Twitter account doesn’t appear to be active, and most CIT Bank Facebook activity seems to have occurred in 2016.

No branches: As an online bank, CIT Bank has no branches to visit, so there’s no way to do your banking in person. Consumers can deposit and withdraw money by electronic transfer to or from another bank account, wire or mail.

More on mobile banks and free accounts

RATINGS METHODOLOGY

NerdWallet’s overall ratings for banks and credit unions are weighted averages of several categories: checking, savings, certificates of deposit or credit union share certificates, customer experience and overdraft fees. Factors we consider, depending on the category, include rates and fees, ATM and branch access, account features and limits, user-facing technology, customer service and innovation.

The stars represent ratings from poor (one star) to excellent (five stars). Ratings are rounded to the nearest half-star.

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