CIT Bank is a well-regarded online bank that has been receiving positive reviews for its attractive interest rates, user-friendly platform, and efficient online banking services. With thousands of satisfied customers, CIT Bank demonstrates that it is a reliable choice for those looking for an online banking solution that combines convenience with competitive rates.
Learn More About CIT Bank
Company Background
CIT Bank, established in 2000 as a subsidiary of CIT Group Inc., is an online bank that has built a strong reputation for providing customers with competitive interest rates and a user-friendly online banking experience. CIT Bank offers a variety of financial products and services, including high-yield savings accounts, money market accounts, CDs, and home loans.
The bank is headquartered in Pasadena, California, and is a member of the Federal Deposit Insurance Corporation (FDIC), ensuring that its customers’ deposits are insured up to the maximum allowed by law.
CIT Bank has managed to set itself apart from many traditional banks by offering highly competitive interest rates and lower fees on its deposit products. By focusing on online banking services, CIT Bank can reduce overhead costs and pass the savings on to its customers in the form of higher interest rates.
Customer Reviews
CIT Bank has an average rating of 4.6 on Apple, with over 8,300 reviews, reflecting the bank’s commitment to providing excellent services and competitive rates. One reviewer praises the bank’s “excellent interest rates” and “easy-to-use online platform.” They also mention that they haven’t felt the need to look elsewhere since choosing CIT Bank after researching online banks.
Another review highlights the convenience of the mobile app, mentioning that it is “so easy to use for deposits and transfers.” The user also appreciates the quick transfer times to their other bank account, with deposits typically becoming available within 1-2 days.
“Thanks for your excellent interest rates and easy to use online platform. After researching online banks, I decided on CIT and haven’t seen it necessary to look elsewhere since.”
“The mobile app is so easy to use for deposits and transfers, and account details are simple to access online. I appreciate that transfers to my other bank account are usually deposited and available in 1-2 days.”
Why CIT Bank is Reputable and Worth Considering
CIT Bank has earned its reputation as a reliable and competitive online banking option for several reasons:
- Competitive interest rates: CIT Bank offers attractive interest rates on its high-yield savings accounts, money market accounts, and CDs, allowing customers to earn more on their deposits compared to many traditional banks.
- User-friendly platform: The bank’s online platform and mobile app are easy to use and provide customers with convenient access to their account information, deposits, and transfers.
- Efficient transfers: Customers appreciate the fast transfer times between CIT Bank and other banks, with deposits typically becoming available within 1-2 days.
- FDIC insured: CIT Bank is a member of the FDIC, ensuring that customer deposits are insured up to the maximum allowed by law.
- Low fees: By focusing on online banking services, CIT Bank can minimize overhead costs and offer lower fees to its customers.
CIT Bank’s Product Offerings and Features
To give readers a better understanding of CIT Bank’s services, it’s essential to take a closer look at its product offerings and features. By doing so, potential customers can determine if CIT Bank’s products align with their financial goals and preferences.
Savings Builder Account: CIT Bank’s Savings Builder Account is a high-yield savings account that offers an attractive interest rate to customers who can meet either of the following requirements:
- Maintain a minimum balance of $25,000.
- Make a monthly deposit of at least $100.
The Savings Builder Account is designed to encourage regular saving habits while offering a competitive interest rate. There is no monthly maintenance fee, and the account can be opened with a minimum deposit of $100.
Money Market Account: CIT Bank’s Money Market Account offers a higher interest rate than traditional savings accounts and comes with no monthly maintenance fees. This account allows customers to make up to six transactions per month without incurring any fees. The Money Market Account can be opened with a minimum deposit of $100.
Certificates of Deposit (CDs): CIT Bank offers various CD terms, ranging from 6 months to 5 years, allowing customers to choose a term that best suits their financial goals. The bank offers competitive interest rates on its CDs, with longer-term CDs typically offering higher rates. There is a minimum deposit of $1,000 required to open a CD.
Home Loans: CIT Bank provides a range of home loan products, including fixed-rate mortgages, adjustable-rate mortgages, and jumbo loans. They also offer mortgage refinancing options for customers looking to lower their interest rates or change their loan terms.
CIT Bank Reviews & Ratings: Final Thoughts
CIT Bank has emerged as a popular and reliable online banking option for those seeking competitive interest rates and a user-friendly platform. The bank’s commitment to providing excellent services and convenience has garnered numerous positive reviews and a strong reputation among its customers.
With an impressive average rating of 4.6 on Apple and thousands of satisfied customers, CIT Bank has proven to be a reputable choice for those looking for an online banking solution. Its competitive interest rates, easy-to-use platform, and efficient banking services make CIT Bank an attractive option for both new and experienced customers.
However, it is essential to consider your individual banking needs and preferences when choosing a financial institution. While CIT Bank may be a suitable choice for some, it may not be the best fit for others, depending on their banking habits and preferences.
CIT Bank is a reputable and highly regarded online banking option, with competitive interest rates and user-friendly banking services. Its positive reviews and strong reputation demonstrate its commitment to providing excellent customer service and convenience.
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