CIT Bank Review: Online Savings with a Top Yield

With interest rates still terribly low by historical standards, it seems stocks are the only place to get any type of return. Even the 10-year U.S. Treasury note is yielding less than 3%.While it is true that interest rates are low, things are slowly changing. The Fed raised rates three times last year and is on track for at least three more this year.The good news is that savings account rates are increasing as well. There are rates offered by large institutions such as Citibank, Chase, and Wells Fargo that are still very low, require fairly high initial deposits, and often charge a fee if certain deposits aren’t met.Then there are what’s called high-yield savings accounts. These types of accounts are very different: much better rates, low deposits, and no fees. They are often banks that you have probably never heard of and keep most of their activity online (i.e., no branch offices). One such bank is , not to be confused with Citibank. They are two independent companies.Check out our CIT Bank review, and see why CIT Bank is usually in our top 10 money market account list. Plus, CIT Bank’s new Money Market Account is one of our top picks for savings accounts! One of the best yields out there!

As mentioned above, CIT Bank isn’t associated with Citi. They even have two different stock tickers: CIT Bank = CIT and Citi = C. The CIT ticker actually belongs to CIT Group Inc., which owns CIT Bank.CIT Bank has been around for quite a while and provides a wide range of services. From their website:In other words, they’re not a fly-by-night operation by any means. You can feel confident your money will be safe with them.

The CIT Bank currently offers their Savings Builder account which offers an APY of . That’s one of the highest interest rates we’ve seen on savings accounts.We love CIT Bank because they consistently offer some of the best rates on savings products out there. The cool thing with this product is that you can earn that high rate by either depositing $25,000, or by ensuring that you deposit at least $100 per month.If you can’t make that commitment, you still earn a decent rate of 1.10% APY. However, in this case, you might be better served by one of their other products.Plus, CIT Bank Savings Builder usually has a great bonus offer.Check out the .

CIT Bank also offers one of the most competitive money market accounts out there. They always make our list of the best money market accounts.Right now, the CIT Bank Money Market account earns  APY.If you can’t meet the requirements of the Savings Builder account, their money market accounts might make the most sense to save your money in. With no commitments required, and rates that are consistently competitive, CIT Bank has a great money market product.. 

Finally, CIT Bank has one of our favorite Certificate of Deposit products available. They offer an 11-month penalty-free CD, which makes our list of the best CD rates available.This product is awesome because, unlike most CD products that charge a penalty if you withdraw your funds early, this CD product from CIT Bank doesn’t charge a penalty after 7 days. Plus, it offers a really competitive interest rate for an 11-month CD.The current APY on the 11-month penalty free CD is . That’s awesome.They also have a range of other certificate of deposit products that might match your goals.

CIT recently launched a checking account called eChecking. It’s an online checking account that also pays interest on the amount in your account.This makes the account compelling and puts it on par with our best free checking accounts.The account has no monthly maintenance fees, no minimum balance requirements, and offers up to $15 per month in ATM reimbursements. It also offers online check deposit via the mobile app.

As mentioned above, there aren’t any monthly fees for maintaining a CIT Bank savings account. The initial deposit is only $100. Also, there are no fees for opening the account. The website does not mention anything about fees if the balance drops below $100. But given they prominently print that there are no fees at the top of the savings account page, it’s a good indication that you won’t need to be concerned if the balance falls below $100.

Security is always a concern with any financial institution, especially one you’ve probably never heard of. CIT Bank takes security very seriously, as it should given all of the federal regulations required of financial intuitions in the U.S.There are degrees of security across financial institutions. It’s good to see that CIT Bank doesn’t seem to just settle for what is required of it in regards to federal security regulations. On their security page, they discuss in detail the measures the bank takes to ensure customer data is safe.Some notable features include:As well, communication with the bank is secure through their message portal. On the same page are links to their policies on privacy and fraud protection.

There are a large number of banks that are currently offering savings accounts well above 1.00% APY. ButAPY seems to be the top offering for now. As the Fed continues to hike rates, you are likely to see savings account rates increase. Although, with some lag.Banks offering savings rates in the top tier should continue their trend up and remain right at the top of savings rates. Being in the top tier, CIT Bank should continue to be one of the best offerings out there for high-yield savings.If you’d like to open a CIT Bank high-yield savings account, .

Here’s some of the most common questions we see about CIT Bank.Is CIT Bank FDIC Insured?Yes! CIT Bank is FDIC insured. Their FDIC Certificate is shared with their partner bank OneWest Bank. It’s FDIC Certificate #58978.What products and services does CIT Bank offer?CIT Bank offers checking, savings, money market, and certificates of deposit. They are most well-known for their savings and money market products.Does CIT Bank offer loans?CIT Bank does not offer lending products such as home loans or auto loans.Does CIT Bank have a network of ATMs?No, CIT Bank does not have any of their own branded ATMs, and they do not participate in any networks. However, their checking account does reimburse ATM fees up to a certain amount.

Written by Investors Wallets

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