CIT Bank, a division of First Citizens Bank, provides a range of personal and commercial banking services exclusively online. Operating without physical branches, it has designed its offerings to cater to modern banking demands, prioritizing convenience and competitive rates. The bank provides a variety of products, including high-interest savings accounts, checking accounts, money market accounts, certificates of deposit (CDs), and home loans. Each product is structured to meet varied customer needs while emphasizing user-friendliness, with aspects such as daily interest compounding and no monthly fees, setting CIT Bank apart in the digital banking landscape.
Among the savings options, the Platinum Savings account is noteworthy, featuring a 0.25% APY for balances below $5,000 and an impressive 4.35% APY for balances of $5,000 and above. With a minimum deposit of just $100 and no monthly fees, it appeals to a wide range of savers. Similarly, the Savings Connect account provides a competitive 4.00% APY and a minimum deposit requirement of $100, with monthly interest crediting and daily compounding, making it an attractive choice for those seeking growth. For those who can maintain higher balances, the Savings Builder account offers up to 1.00% APY, while the eChecking account earns up to 0.25% APY on balances over $25,000, underlining CIT’s commitment to providing worthwhile interest on deposits.
CIT’s money market account also stands out with a competitive 1.55% APY and an open deposit requirement of just $100, while various certificate of deposit options cater to more sophisticated savers. These include standard CDs with terms ranging from six months to five years, no-penalty CDs for those who may need quick access to funds, and Jumbo CDs for those who can commit larger amounts over extended periods. Additionally, RampUp CDs allow savers to increase their rates over time, further adding to the bank’s versatile offering. Home loans, encompassing purchase and refinance options, add to the robust suite of products that CIT Bank can provide to its clientele.
Despite the many advantages, CIT Bank does have some downsides. The absence of physical branches may deter some customers who prefer in-person banking interactions. Though the bank eliminates monthly maintenance fees, it implements tiered rates that can be less favorable for those with lower account balances. The requirement of a $1,000 minimum opening deposit for CDs may alienate novice savers or those with limited funds, making it less accessible to a broader audience. Nevertheless, these drawbacks are somewhat mitigated by the bank’s strong customer service through secure email and telephone support available 24/7 for general banking inquiries.
CIT Bank’s customer support options include a well-rated mobile app accessible on both Google Play and the App Store, which allows users to manage accounts efficiently, transfer funds, and conduct transactions through services like Zelle. The app’s high user ratings indicate a positive customer experience, reinforcing CIT’s commitment to technological innovation in banking services. Customers seeking assistance can easily engage with representatives during specified hours, ensuring that their banking needs are met without unnecessary delays.
Beyond its financial products, CIT Bank engages in several initiatives aimed at promoting environmental and social sustainability. Partnering with organizations such as One Tree Planted, the bank has taken steps to enhance its ecological footprint by planting over 100,000 trees in response to environmental disasters. Furthermore, CIT’s commitment to community involvement includes employee participation in volunteer initiatives and events supporting cancer research, reflecting its dedication to social responsibility. With programs centered around diversity and inclusion, CIT Bank aims to foster a supportive and engaged workplace culture, emphasizing the bank’s broader mission beyond just financial services. As an FDIC-insured institution, CIT Bank promises safety and security for deposits, making it a viable option for customers looking for an online banking experience that aligns with their values.
