CIT Bank is an online bank known for its money market savings options, checking accounts and CDs. Known as one of the longest running online banks, it was founded in California in 2000. It made a name for itself and is now also one of the biggest names in the entire online banking world that you can see in this CIT Bank review.
More recently, however, it has seen this surge and while it has always been considered a good and genuine bank, its popularity is far greater today than it used to be. This leads to people wondering if it’s legitimate and of course the answer is yes! You may still hesitate, but by reading this article you can get an idea and find out exactly what CIT Bank is all about.
It tends to stand out from others because of its money market account. The returns are well above the national average, even though they are in a low-interest banking environment. Since its inception in 2000, the company has operated solely as an online bank, which means it has absolutely no physical branches to do business in. This can make some people wary as many online banks have been proven to be a scam. However, we promise that it is legitimate.
Unlike other online banks, there is no free ATM network. This means that ATM withdrawals sometimes come with a fee, depending on different variations of your transaction. Other than that, CIT Bank is a great option for savers. To find out more, keep reading and if you find it interesting, check out this great BlockFi review too.
Is CIT Bank the Right Choice for You?
CIT Bank offers extremely competitive interest rates and their money market accounts offer the highest APY to all account holders, which can be very attractive to people and is a great bonus too. CIT Bank reviews usually put a lot of praise on their money brand accounts and people are crazy about 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 those looking to save so the final decision is in the hands of the consumer.
Limited customer support is available due to the lack of physical offices. This could be a bank’s downfall for many people as it means the options for that bank may be very limited. Now we’re going to take a look at the banking options available from CIT Bank.
Many people believe that the best option for CIT Bank is the high yield savings account. It’s much less useful for everyday use and general purchases; However, it is an extremely solid banking option for savers and customers specifically looking for a competitive money market account.
Certificates of deposit
CIT Bank Certificates of Deposit, also known as CDs, are a good choice for people looking to be more conservative in their money. There are many different CDs available to all consumers that you usually won’t find if you go to other online banks. This is perhaps one of the biggest things that sets CIT Bank apart from other banks.
New users can choose between standard, jumbo and no-penalty CDs. However, standard CDs have a minimum deposit of $ 1,000. CIT Bank’s CD returns have risen above the national average.
Money market accounts
The returns on CIT Bank money market accounts are incredibly competitive. In fact, their money market accounts are one of the biggest draws for many of their clients. All customers, regardless of their account balance, receive the highest APY level, in contrast to the standard current account, which is also offered by the CIT Bank.
It only costs $ 100 to open an account and there is no monthly maintenance fee to worry about. Although the APY returns are particularly high with their money market accounts, higher returns are available elsewhere.
Unlike other online banks, CIT Bank offers interest rates that are applied to their regular checking accounts. Because of the low-interest financial landscape, this is much less than 1%. However, it’s still a bonus that other banks just don’t offer their customers. Again, this makes CIT Bank far better than most online banks.
It only costs $ 100 to open an account, and the Top APY is only available to customers with a minimum balance of $ 25,000. This is a major downside to CIT Bank as many other online banks allow customers to open their accounts with a minimum balance of $ 0.
The bottom line is that CIT Bank is very popular and a great option for savers. Check out CIT Bank and open a high yield money market account today.