2024 CIT Bank Review
CIT Bank offers a range of deposit accounts, but the standout is the Platinum Savings account due to its high APY. Although you need to maintain a minimum balance of $4,000 to earn the highest APY, CIT Bank provides other options that make it a worthwhile choice for any savvy saver.
CIT Bank Savings Accounts
CIT Bank offers savings accounts with high annual percentage yields (APYs), but selecting the appropriate one depends on the amount of money you're willing to deposit.
Savings Connect Account
The CIT Bank® Savings Connect offers a high-yield savings account with no minimum balance requirement or monthly service fees. For a minimum opening deposit of $100, you can earn a 4.65% APY, which is a great rate without any monthly fees.
Platinum Savings Account
To earn a competitive APY of 5.00% with CIT Bank Platinum Savings, you must maintain a daily balance of $5,000 or more. For balances under $5,000, the APY is 0.25%. There are no account opening or maintenance fees, but you must make a minimum opening deposit of $100.
Money Market Account
Although the CIT Bank Money Market account has no monthly service fees and offers up to 1.55% APY, which is above the national average for money market accounts, it is not the best option we've seen, and a $100 minimum deposit is required.
Savings Builder Account
The CIT Bank Savings Builder account provides a tiered interest rate based on specific qualifications. Initially, you receive a daily interest rate of 0.995% for the first 2 months after opening the account. After this period, CIT Bank evaluates your account balance and activity to determine your APY. This evaluation occurs monthly thereafter.
The tiered rates and criteria are:
- Balances less than $25,000 earn 0.40% APY.
- Earning 1.00% APY requires a monthly deposit of $100 or more, with a balance less than $25,000.
- Balances of $25,000 or more earn 1.00%.
No account fees, but a minimum opening deposit of $100 is required.
CIT Bank Checking Account
CIT Bank eChecking Account
CIT Bank's eChecking Account is the only checking account offered by the bank and provides interest rates of 0.10% APY on balances under $25,000 and 0.25% APY on balances of $25,000 or more. The account also comes with no monthly or overdraft fees. While the interest rates may not be much, you still earn extra cash just for keeping your money in the account. Additionally, CIT Bank offers a monthly $30 reimbursement for ATM fees at other banks.
CIT Bank Certificates of Deposit
Besides checking and savings accounts, CIT Bank offers CDs with interest rates of up to 3.50% APY. Its traditional CDs have terms from six months to five years and rates from 0.40% to 3.40% APY, with a minimum deposit requirement of $1,000.
CIT Bank offers various types of CDs, including no-penalty CDs, Jumbo CDs, and RampUp CDs, which allow you to access your funds before the maturity date, have a $100,000 deposit minimum, and increase your CD rate if the bank raises its rates during the term, respectively. However, these options are not available to new accountholders.
How does CIT Bank compare?
If CIT Bank doesn't meet your needs, Ally Bank offers competitive rates and minimal fees for online-only banking products. The Ally Online Savings Account and Ally Bank Money Market Account both offer up to 4.20% APY with no monthly fees or minimum balance requirements. Additionally, the Ally Bank CDs offer up to 4.50% APY with terms ranging from 3 months to 5 years, also with no monthly fees or minimum balance requirements.
SoFi Bank offers a SoFi Checking and Savings Account with attractive features, including direct deposit, which allows you to earn a high 4.60% APY on savings or 1.20% APY with no direct deposit, and a 0.50% APY on your checking. New account holders (or current account holders without direct deposit set up) may also qualify for a bonus of up to $300 by meeting specific direct deposit requirements. To receive the full $300 bonus, deposit at least $5,000 within 25 days of your initial direct deposit. Even depositing between $1,000 and $4,999.99 earns you a $50 bonus.
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