CIT Bank is a leading online-only bank that offers a wide range of financial products and services, catering to individuals and businesses seeking competitive interest rates, low fees, and a convenient banking experience.
As an online bank, CIT Bank can provide better rates and lower fees than many traditional brick-and-mortar banks, making it an attractive option for those looking to maximize their savings and manage their finances efficiently. In this article, we will provide an overview of CIT Bank, exploring its various features, offerings, and key elements that set it apart from other financial institutions.
CIT Bank: A Competitive Online-Only Bank
CIT Bank, a subsidiary of CIT Group Inc., was founded in 2000 and has since grown to become one of the most popular online banks in the United States. By operating exclusively online, CIT Bank can minimize its overhead costs and pass the savings on to customers in the form of competitive interest rates and low fees.
This online-only model allows the bank to offer attractive financial products, including savings accounts, money market accounts, and certificates of deposit, without the need for physical branches.
Competitive Rates and Account Offerings
CIT Bank offers a variety of bank accounts, each designed to cater to different financial needs and preferences. These include:
- Savings Builder: This high-yield savings account offers a competitive annual percentage yield (APY) and has a low minimum opening deposit requirement. To earn the highest APY, customers must maintain a minimum balance of $25,000 or make monthly deposits of at least $100.
- CIT Bank Money Market Account: This account offers a competitive interest rate, with no minimum balance requirements and no monthly service fees. It also features mobile check deposit, electronic transfers, and access to an extensive ATM network.
- Certificates of Deposit (CDs): CIT Bank offers a range of CD terms with competitive interest rates, allowing customers to lock in a guaranteed return on their investment. Minimum deposit requirements vary depending on the CD term, and early withdrawal penalties may apply.
- CIT Bank eChecking: This online-only checking account comes with a debit card, mobile deposit, and no monthly maintenance fees. However, it requires an initial deposit of $100 to open.
Fees and Minimum Balance Requirements
CIT Bank is known for its competitive rates and low fees. The bank does not charge a monthly service fee for its Savings Builder, Money Market, or eChecking accounts, and there are no minimum balance requirements for its Money Market Account. While there is a minimum deposit requirement for the Savings Builder and eChecking accounts, these are relatively low compared to many traditional banks.
Additionally, CIT Bank charges no overdraft fees and offers free incoming wire transfers. However, there is a fee for outgoing wire transfers, and customers may be subject to fees when using out-of-network ATMs.
Convenient Banking Features
CIT Bank offers a user-friendly online banking experience, with features like mobile check deposit, electronic transfers, and direct deposit. Customers can also easily transfer funds between their CIT Bank accounts and external bank accounts. The bank’s mobile app allows customers to manage their accounts, deposit checks, and pay bills on the go.
CIT Bank also offers a unique savings account option called Savings Connect, which rewards customers with a higher APY when they link their eChecking account and make monthly deposits of at least $200.
Enhanced Security and Account Protection
As an online-only bank, CIT Bank recognizes the importance of providing a secure banking experience for its customers. In this section, we will discuss the various security measures and account protection features that CIT Bank employs to ensure that your personal information and finances are safe.
Multi-Layered Security Measures
CIT Bank implements a multi-layered approach to security, combining both technology-driven and user-focused measures to protect customer accounts and data. These measures include:
- Data Encryption: CIT Bank uses advanced encryption technology to protect sensitive data during transmission and storage, ensuring that your personal and financial information remains private and secure.
- Secure Access Codes: When you first log in to your account or perform sensitive transactions, CIT Bank may require you to enter a one-time secure access code, which is sent to your registered email address or mobile number. This additional layer of authentication helps to prevent unauthorized access to your account.
- Two-Factor Authentication (2FA): CIT Bank offers optional 2FA for account login, providing an extra layer of security by requiring both your password and a unique verification code generated by an authenticator app on your mobile device.
- Account Monitoring and Fraud Detection: CIT Bank actively monitors customer accounts for unusual or suspicious activity, and employs advanced fraud detection systems to identify and prevent potential threats.
- Automatic Logout: To protect your account from unauthorized access, CIT Bank’s online banking platform automatically logs you out after a period of inactivity.
ATM Network and Customer Support
While CIT Bank does not have its own ATM network, it partners with the Allpoint ATM network, providing customers with access to over 55,000 fee-free ATMs across the United States. However, customers may be subject to fees when using out-of-network ATMs.
CIT Bank provides customer support through phone and secure messaging, with representatives available during regular business hours. The bank also offers an extensive online help center with answers to frequently asked questions and detailed information about its products and services.
Final Thoughts: What is CIT Bank?
CIT Bank is a competitive online-only bank that offers a wide range of financial products and services, including high-yield savings accounts, money market accounts, and certificates of deposit. Its commitment to providing competitive interest rates and low fees, along with convenient banking features like mobile check deposit and electronic transfers, makes it an attractive option for those looking to maximize their savings and manage their finances efficiently.
While the bank does not have physical branches, its partnership with the Allpoint ATM network and user-friendly online banking platform ensure that customers can access their accounts and manage their finances with ease. If you’re looking for a financial institution that offers competitive rates, low fees, and convenient online banking features, CIT Bank may be the right choice for you. Click here to get started with CIT Bank today.