CIT Bank is a great online bank that is often specifically noted for its money market saving options, checking accounts, and CDs. People also love it for the fact that there are no monthly maintenance fees, and the interest rates are also highly competitive. If you are someone who is looking for a simple and easy to use online bank, you will be very happy with what CIT Bank has to offer. In this CIT Bank review, we will detail all of this thoroughly.
It is one of the longest-running banks having been founded in 2000 in California. It truly is one of the biggest names in online baking right now and will likely continue to be for a long time to come. It is managed by over 3,600 employees and holds far more than $50 billion in assets on behalf of its clients.
Under FDIC, it is fully insured, and this also means that your first $250,000 is guaranteed by the government in case of bankruptcy. Its yields are far higher than the national average despite the low-interest banking environment, this helps it stand out from other online banks as well as its money market account. To continue reading, check out this TopStepTrader review. For now, let’s take a look at the pros and cons of CIT Bank to see if it is the right option for you!
The pros and cons of CIT Bank
If you’re considering looking into CIT Bank, it is recommended that savers take advantage of their high-yield savings accounts. While they may prove less useful for everyday use, it is a rather solid banking option for savers and customers who are looking for a competitive money market account. Now, let’s explore the pros and cons of CIT Bank.
- High APY on checking accounts
- No monthly maintenance fees
- Fantastic high-yield savings interest rates
- No ATM network available
- High minimum deposit when you get started
Is CIT Bank right for you?
CIT Bank is most often praised for its money market accounts on top of many more of its favourable features. It is certainly one of the best options around right now for savers and it is said to continue that way. For everyday use, there are far better alternatives which means that CIT Bank isn’t for everyone. Its huge lack of any physical branches as well as its limited customer support means that this bank doesn’t offer a lot in this sense compared to others.
Its rates are as competitive as ever and the fact that its money market accounts give the top APY to every single account holder is yet another huge bonus of using CIT Bank. It offers the exact same protection as all of the traditional banks, so you are always covered and protected in any instance. If CIT Bank sounds like the right option for you, check out CIT Bank now and open a high-yield money market account today.