Brief Look at CIT Bank
The digital bank CIT belongs to the large American holding company CIT Group Inc and was founded in 1908. Since 2022, CIT Bank has been part of First Citizens Bank and is regulated by the Federal Reserve Board (FRB), the Federal Reserve Bank of New York (FRBNY), the United States Office of the Comptroller of the Currency (OCC), and the Utah Department of the Treasury (UDFI). CIT Bank provides services to individuals and legal entities and offers home loans, financing, and leasing solutions for small and large businesses. The range of available accounts includes current (settlement) accounts, savings, deposits, and custodial accounts for children. Only US citizens and residents can open an account with CIT Bank.
- State regulation and participation in the FDIC federal compensation scheme.
- A wide range of savings accounts with different terms and annual rates of return.
- Accrual of interest income on the balance of free funds on current accounts.
- Opportunity to get a mortgage for up to $3 million, including with partners.
- No fees for opening and maintaining accounts, processing, and standard delivery of debit cards by mail.
- Free withdrawal of funds from ATMs of the CIT Group network.
- A functional mobile application with which you can conveniently manage funds, active accounts, and cards.
- Limited choice of services, for example, you can not get insurance, and loans are represented only by mortgages.
- The bank does not offer credit cards and does not accrue cashback on debit cards.
- CIT Bank customers can only transfer funds to accounts in the US. International bank transfers are not currently available.
TU Expert Verdict
Chief Analytics Officer
CIT Bank offers personal, custodial, business, and commercial accounts, with options including eChecking, multiple savings accounts, money market accounts, and certificates of deposit. As a U.S. digital bank that is part of CIT Group Inc and now under First Citizens Bank, it is regulated by the Federal Reserve Board, the Federal Reserve Bank of New York, the OCC, and the Utah Department of the Treasury. All accounts are FDIC-insured up to $250,000 per client. Customers benefit from a wide range of savings solutions, no fees for opening or maintaining accounts or standard debit card delivery, and interest accrual on both current and savings accounts.
A few disadvantages are CIT Bank does not offer credit cards or cashback on debit purchases, and its only loan product is a mortgage, with no insurance or broader lending options. International transfers are unavailable, restricting transactions to U.S. accounts only. CIT Bank is suitable for U.S. citizens and residents seeking secure digital banking with interest-earning accounts but is not ideal for those needing global transfers, credit products, or multicurrency support.
CIT Bank Summary
Via CIT Bank's secure website. Your capital is at risk.
| 💼 Main types of accounts: | eChecking, Money Market, Savings Accounts (Savings Builder, Savings Connect, Spring Savings, High Yield Savings, Premier High Yield Savings), Certificates of Deposit/CD (Term, No-Penalty, Ramp Up, Jumbo), personal, custodial, business, commercial |
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| 💱 Multi-currency account: | Unavailable (only US dollars, conversion at the rate of MasterCard) |
| 💵 Deposit terms and conditions: | From $100, from 6 months to 5 years, the rates are from 0.1% to 1.4% per annum |
| 💳 Loan terms and conditions: | Overdraft fee $0-25, mortgage up to 3 million dollars with a rate of 0.1% |
| ☂ Deposit insurance: | Available (up to $250,000 per client) |
| 👛️ Savings options: | Savings accounts, discounts on the mortgage rate when making a down payment of 10% of the total amount |
| 📋 Types of payment: | Plastic debit cards, ACH, Zelle, Bill Pay, PayPal, bank transfer, Apple Pay, Samsung Pay |
| ➕ Additional features: | Financing plans for small and large businesses |
CIT Bank does not offer multi-currency accounts, so all transactions are carried out in USD. Deposits can be made using ACH, an incoming bank transfer, or by mailing a check to the bank. CIT Bank has a large selection of current and savings accounts, which accrue an income rate which is either fixed or calculated using a compound interest formula. All accounts are FDIC-insured. Credit cards are not available.
Video Review of CIT Bank
Account Types
Investment Options
As an investment solution, CIT Bank offers accounts with an annual percentage yield (APY). The amount depends on the selected account, balance, and the selected period during which the funds will be held. So, after depositing $100, the client can receive different incomes: when choosing an eChecking account it is 0.1% -0.25% per annum, and in the case of savings accounts, it is 0.25% -1.35%. On CD accounts, you can get 0.25% -1.4% per annum, but they require a deposit of $1,000, and for some types of accounts (Ramp Up and Jumbo), the required deposit is $25,000-$100,000. For CD deposit accounts, there are certain periods during which money cannot be withdrawn or transferred. The minimum blocking period is 6 months, and the maximum is 5 years. The No-Penalty CD account with the highest APY rate must be funded with a minimum of $1000, deposit terms are 11 months.
If you are a large investor and plan on investments over $10,000, contact us at vip-invest@tradersunion.com or by the feedback form on our website. Our professional team will take you through all the intricacies of the deal and all the steps from signing up to withdrawal of profits.
Contacts
| Foundation date | 2008 |
|---|---|
| Official site | https://www.cit.com/ |
Detailed review of CIT Bank
Credit and investment company CIT Bank was founded in 1908 in St. Louis (Missouri), but later its headquarters moved to New York. In the 1980s, the company experienced a rebranding and significantly expanded the range of services, turning into a commercial bank, which after 2008 re-qualified as a digital bank. In January 2022, CIT Bank and its OneWest Bank division became part of the Nasdaq-listed First Citizens Bank holding company with a combined capital of over $3.5 billion. All current and deposit accounts of CIT Bank are insured by the FDIC, the state-owned Federal Deposit Insurance Corporation of the United States.
CIT Bank by the numbers:
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the bank was founded over 114 years ago;
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during the past 5 years it received more than 40 awards for banking products and corporate social responsibility;
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the retail chain, known as OneWest Bank, has 70 branches throughout Southern California;
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the bank offers 8 types of personal accounts;
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the maximum annual rate of return is 1.4%.
You can manage your CIT Bank account directly on the bank’s website, but it’s more convenient to do it in a mobile application. Its interface allows you to transfer funds via Zelle and Bill Pay, as well as pay for purchases using Samsung Pay and Apple Pay. In the mobile application, you can generate a statement of all open accounts and contact a technical support representative 24/7. It is also available to set up notifications about actions with a debit card and set restrictions and limits on it.
Userful functions of CIT Bank:
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Help Center. It contains all useful information for the user about accounts, services, and savings options. Also, there are educational articles, news, legal documentation, and contacts for communication.
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Savings account calculator. It can be used to calculate interest income after a selected period of time. The calculation is made by taking into account the initial deposit amount, additional investments, and APY rates.
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Deposit account calculator. It allows you to calculate compound interest for keeping funds on the CD account.
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Recommendations on financial planning. These regard buying a house and emergency savings.
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Twitter@CITgroup. The company’s tweets focus on smart savings strategies, financial news, investment tips, and more.
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Video section. It has instructions for working with savings accounts and recommendations for getting the best interest rate.
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Card blocking from unauthorized access. The cardholder can set supported limits, regions, transaction types, and merchants. The card is blocked if a third party uses it for their own purposes.
Advantages:
Fully digital account opening without the need to visit a physical branch of the bank.
The minimum deposit for opening current, savings, and Money Market accounts is $100.
The deposit rate reaches 1.4%, which is higher than the average for US banks.
The mobile application has all the necessary functionality for the convenient management of funds and accounts.
The bank offers loan programs and financial planning solutions for businesses, including small ones.
Clients have access to various types of mortgages with variable rates and repayment periods.
In CIT Bank, you can open personal and custodial accounts, as well as business accounts.
Issuance and standard delivery (by mail) of debit cards are free of charge.
Popular fast payment services such as PayPal, Zelle, and Bill Pay are available in mobile banking.
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