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CIT Bank Advantage Checking review

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Earn interest on your checking account, but only if you maintain a daily balance of at least $100.

finder.com’s rating: 3.7 / 5.0

★★★★★

The CIT Bank Advantage Checking account, formerly known as the Mutual of Omaha Bank Advantage Checking account, has an avoidable $10 monthly fee and the potential to earn 0.05% interest if you keep a $100 minimum balance. But you can only open it in person.

$10 per month

Fee

0.05%

APY

$100

Minimum deposit to open

Details

APY0.05% on balances of $100+
Fee$10 per month
To waive the feeOR maintain a daily balance of at least $100.
Minimum deposit to open$100
ATMs22,000 free ATMs nationwide
ATM transaction fee$0
Out-of-network ATM fee$3
Overdraft fee$5
Nonsufficient funds fee$5
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Review by


Peter Carleton is a writer that covers banking and investing, breaking down what you need to know about where you put your money. When Peter's not thinking about cutting-edge banking apps and robo-advisors, he runs a creative agency and spends his spare time cooking or reading.

Expert review

The CIT Bank Advantage Checking account is best for those looking for an interest-bearing account. You’ll earn 0.05% APY as long as you maintain a balance of $100.

But the account was newly acquired by CIT Bank, which means its features could change in the future. Plus, you must open it in person at a local CIT Bank location and you’ll need to keep at least $100 in your account to avoid the $10 monthly fee.

Unless you live near a local branch in AZ, CA, CO, FL, KS, NE, NV, or TX, it may be easier to open a regular CIT Bank checking account online.

Mutual of Omaha Bank acquired by CIT Bank

As of January 2021, Mutual of Omaha Bank has been acquired by CIT Bank. All existing Mutual of Omaha Bank accounts have been rebranded to CIT Bank accounts.

How do I open a CIT Bank Advantage Checking?

The Advantage Checking account must be opened in-person at a local CIT Bank branch in AZ, CA, CO, FL, KS, NE, NV, TX. Visit banking.cit.com to find the location nearest you.

Required information

  • Name
  • Birthdate
  • Contact information — address, phone and email
  • Income and expenses information
  • Social Security number
  • Funding account information

Eligibility

  • US citizen or resident alien
  • At least 18 years old
  • Valid phone number and email address
  • Social Security number
  • State-issued ID: driver’s license, military ID or passport
  • A minimum deposit of at least $100

What are the benefits of a checking account with CIT Bank?

CIT Bank’s Advantage Checking account comes with a debit card, unlimited checkwriting privileges and free bill pay, as well as these unique perks:

  • Earns interest. Earn 0.05% interest on balances above $100. But you might find higher rates elsewhere.
  • Discounts. Your first box of checks is free and you get $4 off a safety deposit box when you set up auto-pay from your checking account.
  • Low opening deposit. Most interest-bearing accounts have an opening deposit of $500 or more. This one only requires you to have $100 to get started.
  • Avoidable monthly fee. You only need to maintain $100 in your account to avoid the monthly fee.

    What should I look out for?

    In addition to this account being newly acquired by CIT Bank, there are a few drawbacks you should watch out for:

    • Can’t open online. You’ll need to visit a local branch to open the Advantage Checking account.
    • Overdraft protection conditions. Access to overdraft protection is subject to credit approval.
    • Expensive fees. Expect to pay $3 for out-of-network ATMs, $40 for incoming international wires, 50 cents for person-to-person electronic transfers and $5 for overdraft protection transfers.
    • Poor customer service. Many customers report having difficulties with customer service, which could be frustrating without the option to get help at a branch. But this may now change due to the recent CIT acquisition.

    If you prefer a higher yield checking account, you’ll want to keep looking. As always, compare your options when looking for a checking account.

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    HSBC Premier Checking
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    HSBC Premier Checking
    0.01%
    $1
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    Get a 3% cash bonus in the first six months (up to $600) or $450 welcome bonus when you open your account with qualifying activities. Must open HSBC Premier checking account through offer page by June 30, 2021, and set up qualifying direct deposits into the new account. Conditions apply. Deposit products are offered in the US by HSBC Bank USA, N.A. Member FDIC.
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    Chime Spending account
    N/A
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    38,000 fee-free ATMs nationwide
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    Axos Bank Essential Checking
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    Axos Bank Essential Checking
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    OnJuno
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    CIT Bank’s ATM network and fees

    This account comes with a Mastercard debit card that allows you to shop both online and in person. It comes with access to over 22,000 free CIT Bank ATMs nationwide. But using out-of-network ATMs will cost you:

    • Domestic: $3 per transaction plus ATM owner fees
    • International: $5 per transaction plus ATM owner fees

    How do I deposit or withdraw money from my Advantage Checking account?

    Once your account is open, here’s how you can access your money:

    Deposits

    • Direct deposit
    • Mail a check
    • Mobile check deposit
    • At an ATM
    • Online or wire transfer

    Withdrawals

    • Bill pay
    • Online or wire transfer
    • At an ATM
    • Cashback from a participating retailer
    • Check

    How do I contact CIT Bank customer service?

    All questions about your Advantage checking account and the CIT Bank/Mutual of Omaha Bank acquisition should be directed to 866-351-5646 weekdays from 7 a.m. to 7 p.m. CT. You can also visit a rebranded CIT Bank location for help.

    What other checking options does CIT offer after the acquisition of Mutual of Omaha Bank?

    CIT Bank had one checking account before the acquisition of Mutual of Omaha Bank. CIT Bank has acquired all of Mutual of Omaha’s accounts including these checking account options:

    • eChecking Account. Open online and enjoy 0.1% APY on balances under $25,000 and 0.25% on balances of $25,000 or more. Plus, $15 in non-network ATM refunds a month.
    • Basic Checking. An affordable checking account with no monthly fee and mandatory direct deposit.
    • Classic Checking. A no-frills checking account that doesn’t require direct deposit but has a higher minimum deposit and monthly fee.
    • Investment Checking. Earn interest on balances of $1,000 and get free money orders and discounts on loans for a higher minimum deposit and monthly fee.
    • Platinum Checking. An account with a $100 minimum deposit and $10 monthly fee earns interest on balances over $100.

    Frequently asked questions

    Checking account ratings

    ★★★★★ — Excellent

    ★★★★★ — Good

    ★★★★★ — Average

    ★★★★★ — Subpar

    ★★★★★ — Poor

    We analyze top checking accounts and rate them one to five stars based on factors that are most important to you. These factors include: monthly fees, the ease at which monthly fees can be waived, the breadth of ATM access, ATM and overdraft fees, and customer service.

    Read the full methodology of how we rate checking accounts.

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