December 17, 2018

CIT Savings Review

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Simple. Thrifty. Living.

CiT Banks is one of the foremost online banking companies. It offers all the products a traditional bank offers — from savings accounts to CDs to home loans — without having to deal with in-person branches or additional fees. Here a breakdown of what CiT Bank offers and how it can help you with your savings.

CIT Savings Review

CIT Bank website

CIT Savings Review image
  • Best for: High rate on investment. Since CIT is an online-only bank, it can offer higher interest rates for savings accounts because it saves money on not having brick and mortar branches.
  • Price: CIT offers no fees for its high-yield savings accounts, which is great, especially compared to traditional banks. CIT also offers no monthly fees on its Money Marketing accounts. You do have to have a minimum deposit of $100 to open the account.
  • Accounts: Like most other online and traditional banks, CIT offers high-yield savings accounts, CDs (both traditional and no-penalty), as well as Money Market accounts. Interest rates on all of these vary depending on the economy, but all the accounts offering higher interest rates than traditional banks.
  • Customer Service: CIT has high-engaged and responsive customer service. You can reach them by either phone or email through the website.

CiT actually will cost you a lot less than a traditional bank. Since it is an online bank, and doesn’t have the cost of traditional physical branches, it can offer more savings to its customers, which includes getting rid of a lot of the fees that traditional banks employee.

Fees and minimum deposits: There is no management fee or fee to open a high-yield savings account with CiT Bank. There is, however, a $100 minimum deposit to open an account. CDs also don’t require open or maintenance fees, but there is a $1,000 minimum deposit for a CD. There is also no fee for opening or maintaining a Money Market account with CiT.

CiT works much like a traditional bank would. You go onto its website, pick the savings product you want to open, go through the enrollment process and then fund the account. CiT will maintain the account as long as you have the minimum balance in your account.

You also have the option of opening a Savings Builder account with CiT. These accounts offer a higher interest rate, so you can earn more money, but it requires you to make a minimum deposit of $100 each month, and have a minimum balance of more than $25,000 to get the highest interest rates.

Interest rates obviously vary based on the economy and the federal reserve, but, in general, you’ll get the best interest rates from a CD or Money Market, with savings accounts having slightly lower interest rates because of the flexibility they offer.

If you are looking for a no-hassle, no-monthly-fee savings account, or a high-yield CD or Money Market account, CiT is a good bet for you. It doesn’t charge the same fees as traditional banks and has the ease and flexibility of an online-only bank. Since it is an online-only bank, it also offers higher interest rates than traditional banks, which makes it a better choice for saving your money.

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