CIT Bank Review

How does your bank stack up?

  • Financial Rates: 5.0 Star Icon
  • Customer Service: 3.0 Star Icon
  • Website Experience: 5.0 Star Icon
  • Bank Fees: 5.0 Star Icon

Pros:

  • Custodial accounts available
  • Competitive interest rates on accounts
  • Wide range of CDs offered
  • No monthly fees

Cons:

  • High opening required amounts
  • Long transaction periods
  • Hard to access custodial account money
  • High early withdrawal fees for CDs

What You Need to Know

CIT Bank offers custodial accounts. You open the account in your child's name, but you control the account until the child is eighteen years old. There are no limits on how much you deposit into the account. There are tax benefits to having a custodial account.

The interest rates for CIT Bank accounts are very competitive. The high yield savings account rates are much higher than your typical bank. CIT Bank rates are even higher than other online-only accounts. CD rates are also competitive.

CIT Bank offers a variety of CDs including regular term CDs, no-penalty CD, jumbo CDs, and Ramp Up CDs. The no-penalty CD is an eleven-month CD. You earn interest on a CD with the options to withdraw the money at any time after the first seven days. The Ramp-Up CDs allow you to get a better rate once during the term of the CD. With the Ramp-Up Plus CD, you can get a better rate and make a deposit once during the term of the CD.

CIT Bank does not have a fee to open any of their banking accounts. There are no monthly maintenance fees for any of their banking accounts either.

The required amount to open a CD with CIT Bank is high. The minimum deposit for CDs is $1,000, including custodial accounts. Jumbo CDs require $100,000 to open. Other CDs require either an opening balance of $25,000 or $50,000. The minimum deposit to open a savings account is $100.

Transferred funds are not available until five to ten business days after the deposit is made. Deposits transferred from an external account are available after five days. Deposits mailed take ten days after the deposit is received.

Any money deposited into a custodial account is an irrevocable gift. You cannot withdraw or transfer the money from the account. It cannot be used for any purpose that doesn't directly affect the child listed on the account. Once the child reaches eighteen years of age, the money can be accessed.

CIT Banks fees for early CD withdrawals are higher than other banks. The fee for withdrawing money early from a CD with a term of more than three years is twelve months of interest. The fee for terms from one to three years is six months interest. Fees for CD terms up to one year are three months interest.

Cool Things

Knowledge Center

Learn how to operate and grow your small business. You can subscribe to their 'Knowledge Center' newsletter. News, videos, press releases, and more will help you increase your financial knowledge. Topics vary with information on technology, retail, and accounting.

Blog Posts

On the CIT Bank website are a variety of different blog posts. These vary in topics. Some include how to save money on Valentine's Day or information on home buying. Get advice on how to spend your tax refund or build a vacation fund. These posts provide up to date advice on different financial decisions.

History

CIT Bank was first started in 1908 by Henry Ittleson in Missouri. During World War II, CIT Bank offered a month's bonus pay, life insurance, and a guaranteed job when soldiers returned from the war to 2,000 employees who served.

During the 1960s and 1970s CIT Bank created work for minorities and women. They also left the auto financing side. Instead, they started into personal and home equity loans, and equipment leasing.

In 2006 CIT Bank opened the CIT Bank building in New York City, where company headquarters are now. With the downturn of the economy in 2008, CIT Bank was gravely affected. To try and save the bank, they filed for bankruptcy. In less than forty days CIT Bank emerged from bankruptcy still intact.

CIT Bank reorganized their plan and leadership to make banking better for customers. One change they made was offering products online. They introduced a savings account, CDs, IRAs, and custodial accounts. These simple changes have helped make CIT Bank successful. CIT Bank continues to buy different banks to increase their assets and deposits.

Today CIT Bank has been in business for over 100 years. They are a Fortune 1000 company with more than $50 billion in assets and $30 billion in deposits. CIT Bank employs over 5,000 employees.

Awards and Recognition

  • Ranked #98 as "Best Midsize Employers" by Forbes in 2017
  • "Best Savings Account" by Nerdwallet in 2016, 2017, and 2018
  • One of 10 "Best Online Banks and Savings Account" by GOBankingRates
  • "Best CD Accounts" by MyBankTracker in 2016

Giving Back

CIT Bank employees collected over 200 tons of food and supplies to donate to local charities. These charities help the homeless, schools for the deaf and blind, and food banks.

CIT Bank employees volunteered with Hunger Busters. This organization helps make meals for children to ensure they get three good meals each day. Employees helped prepare over 1,500 meals.

CIT Bank sponsored HOPE Inside. This organization offers free credit and money management to individuals. This helps people become more informed and get in control of their money.

CIT Bank employees volunteer their time to help teach local youth. They teach kids about the importance of budgeting and personal finance.

Frequently Asked Questions

Is CIT Bank FDIC insured?

Yes. CIT Bank is FDIC insured. The FDIC is an agency of the United States government that protects funds deposited in banks, up to $250,000 per customer, per bank. The money deposited in FDIC insured banks means money is backed by the full faith and credit of the United States government.

How do I access my money?

By transferring money back into your external account. You can also contact CIT Bank Contact Center to have the money sent to you a different way.

Does CIT Bank offer mobile banking?

Yes. You can check your account balance and see your transaction history. You can transfer money between different CIT Bank accounts. You can deposit checks into your high yield savings account.

Is CIT Bank free?

Yes. There are no fees to open the accounts or any monthly maintenance fees.

Is CIT Bank a good bank?

Yes. CIT Bank offers competitive interest rates. There are no monthly maintenance fees.

Is CIT Bank secure online?

Yes. They offer layered security, firewalls, and encrypt information. You are automatically signed out after a period of inactivity. CIT Bank offers tips and information on how to avoid fraud. There is also a number and website if you are a victim of fraud.

Does CIT Bank offer competitive interest rates?

Yes. CIT Bank's interest rates are some of the highest in online-only banks. Their rates are considerably higher than traditional brick and mortar banks.

Can I use CIT Bank for my business accounts?

No. CIT Bank does not offer specific business accounts. They only offer a high yield savings account, CDs, and a business loan.

How is CIT Bank different from the online banking my bank offers?

The interest rates are considerably higher than your typical bank. All your banking needs are online.

Do CIT Bank checking accounts pay interest?

CIT Bank does not offer checking accounts. They only offer a high yield savings account and CDs.

How do I reach customer service?

By phone, email, or mail.

Does CIT Bank offer bill pay?

No. CIT Bank does not offer checking accounts, so there is no bill pay offered.

Can I deposit cash?

No. You can deposit checks through the CIT Bank app. You can also have money transferred from your external account.

How long do transfers take?

Money deposited by electronic transfers are not available for five business days. Money mailed in by check is not available for ten business days.

Can I sign up for direct deposit to CIT Bank accounts?

Yes. You can sign up for electronic fund transfer. The money transfers to your CIT Bank savings account from your external checking or savings account.

Bank Contact Information

CIT Bank, N.A.
CIT Bank, N.A.
75 North Fair Oaks Ave
Pasadena, CA 91103
855-462-2652

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