CIT Bank is an online bank that is noted for its money market savings options, checking account, and CDs. It is known for being one of the longest-running online banks and it was founded in California in the year 2000. It has made its way up the ranks and is now also one of the biggest names in all of the online banking world which you can see in this CIT Bank review.
However, it has more recently made this spike and while it has always been regarded as a good and genuine bank, the popularity of it now is far more prominent than it once was. This leads people to wonder whether it is legit and the answer, of course, is yes! You may still be hesitant, but by reading this article, you will be able to gain an understanding and find out exactly what CIT Bank is actually about.
It tends to stand out from others because of its money market account. Its yields are far higher than the national average despite being in a low-interest banking environment. Since its inception in 2000, it has operated strictly as an online bank which means that it has absolutely no physical branches to do business in. This can make some people cautious because of how many online banks have proven to be scams, however, we promise that this one is legit.
Unlike other banks online, there is no free ATM network which means that ATM withdrawals may sometimes come with a fee depending on different variants of your transaction. Aside from this, CIT Bank is a great option for savers. To find out more, keep reading and if you find it interesting, feel free to also check out this great BlockFi review.
Is CIT Bank the right choice for you?
CIT Bank offers extremely competitive rates and its money market accounts also give the top APY to all account holders which can be very attractive to people and it is also a huge bonus. CIT Bank reviews usually send a great amount of praise to its money mark accounts and people are going nuts over them right now. It is believed that CIT Bank may not be the best online bank for everyday use, but it is the best option available for people wanting to save so the final choice does rest in the hands of the consumer.
Because of the lack of physical branches, there is limited customer support available. This could be a downfall of the bank for many people because it does mean that options for this bank may be very limited. Now, we will take a look into the CIT Bank banking options available.
Banking options
Many people believe that the best option to go with for CIT Bank is the high-yield savings account. It is much less useful for everyday use and common purchases; however, it is an extremely solid banking option for savers and customers that are specifically looking for a competitive money market account.
Certificates of Deposit
CIT Bank certificates of deposit, also known as CDs, are a great choice for people who are looking to invest their money more conservatively. There are many different CDs available that are offered to all consumers that you won’t usually find when you choose other online banks. This is perhaps one of the biggest things that sets CIT Bank apart from other banks.
New users can choose from standard, jumbo, and no penalty CDs, though a minimum deposit does apply when it comes to standard CDs and it is set at $1,000. CIT Bank yields on CDs have skyrocketed above the national average.
Money Market Accounts
The yields on CIT Bank money market accounts are incredibly competitive. In fact, their money market accounts are one of the biggest drawing points for many of their customers. All of the customers get the highest APY level regardless of their balance, unlike the standard checking account also offered by CIT Bank.
It only costs $100 to open an account and there is no monthly maintenance fee that you will need to worry about. Although the APY yields are particularly high with their money market accounts, there are higher yields available elsewhere.
Checking Account
CIT Bank, unlike other online banks, offers interest rates that are applied to their ordinary checking accounts. Due to the low-interest financial landscape, this is much less than 1%, however, it is still a bonus that other banks simply do not offer to their customers. This once again makes CIT Bank far better than most online banks out there.
It only costs $100 to open an account and the top APY is only available to customers who have a minimum balance of $25,000. This is one large downside of CIT Bank because many other online banks allow customers to open their accounts with a $0 minimum balance.
The bottom line is that CIT Bank is rather popular, and it is a great option for savers. Check out CIT Bank and open a high-yield money market account today.
