CIT Bank is a leading online bank that offers a wide range of financial services. Its product offerings include checking accounts, savings accounts, CDs, lending services, and more. This article will focus on the bank's savings accounts and CDs, which are known for their competitive rates and no monthly fees.
One of CIT Bank's most popular savings accounts is the Savings Connect account, which has a competitive APY, helpful customer service, and no monthly fees. To open the account, customers need to have both a Savings Connect account and a linked eChecking account. The Savings Connect account offers tiered interest rates, which means the more money customers deposit, the higher the interest rate they earn. As of August 2021, the account offers a maximum APY of 0.50%.
CIT Bank also offers a savings account called the Savings Builder account. This account used to offer a competitive APY, but the rates have since dropped. To earn the highest APY, customers need to either maintain a minimum balance of $25,000 or make a monthly deposit of at least $100. As of August 2021, the maximum APY for the Savings Builder account is 0.30%.
In addition to savings accounts, CIT Bank also offers Term CDs with terms ranging from six months to five years. The bank's CD rates are competitive and frequently change, so customers should check the bank's website for the latest rates. As of August 2021, the bank's 1-year CD offers an APY of 0.25%, while its 5-year CD offers an APY of 0.50%.
If customers need to withdraw money from their CIT Bank account, the bank offers fee-free access to over 60,000 ATMs nationwide. The bank also reimburses up to $30 per month in ATM fees, making it easy for customers to access their money when they need it.
CIT Bank has received numerous awards and accolades for its financial product and customer service. In 2021, the bank was named the Best Online Bank by Money Magazine and was also recognized as the Best Savings Account Provider by NerdWallet.
If customers are interested in opening a CIT Bank account, the process is simple and can be done online in just a few minutes. Customers will need to provide personal information, such as their name, address, and social security number. They will also need to fund their account, either by transferring money from another bank or mailing a check to the bank.
In conclusion, CIT Bank is a great choice for customers who want to earn competitive rates on their savings without paying monthly fees. The bank's savings accounts and CDs offer some of the highest rates in the industry, and its customer service is top-notch. Customers can easily access their money from over 60,000 fee-free ATMs nationwide, and the bank reimburses up to $30 per month in ATM fees. Overall, CIT Bank is a great option for anyone looking for a reliable online bank.