Our pick for a CIT Bank product: CIT Bank Savings Builder High Yield Savings Account
Up to 0.95%
- Monthly fees: $0
- Interest compounded daily
- Minimum deposit to open: $100
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Save with competitive APYs and tiered interest rates when you sign up for a CIT Bank checking, savings account or CD.
CIT Group, the parent company of CIT Bank, cracks the list of the top 10 bank-holding companies in the US. As its principal bank subsidiary, CIT Bank holds over $30 billion of customer deposits across its 71 branches and more than $40 billion in assets.
CIT Bank undertakes extensive measures to safeguard your information and hard-earned money. As an FDIC-insured bank, CIT uses antivirus protection and 128-bit SSL encryption to ensure a secure browser connection and monitors transactions and other financial activity to protect your personal and financial information.
CIT Bank is not accredited with the Better Business Bureau, though it earns a B- rating due to four complaints filed against it. It only has one customer review on the Bureau website, which is negative. The long-time customer was upset that the advertised rates online were only for new accounts and not existing CIT bankers.
A majority of complaints on the Consumer Financial Protection Bureau against CIT Bank were about its home loans, but some customers also complained about long wait times to have their online applications approved.
The FDIC gives CIT Bank a satisfactory CRA rating.
Finance your home with fixed or adjustable rates.
Invest in your small business or augment its cash flow with business loans and equipment financing through CIT Bank‘s business division, Direct Capital.
As one of the longest-standing online banks in the US, CIT Bank offers mobile banking and fee-free accounts with the assets of a large institution. If you’re looking for a savings product with high APYs and tiered interest rates, you may be happy with one of CIT Bank‘s options. However, as a strictly online bank, you won’t be able to access your accounts through a debit card or ATM.
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