CIT Bank Reviews: A Comprehensive Look
CIT Bank has garnered attention for its competitive interest rates and range of financial products. Originally established in 1908, CIT Bank is a subsidiary of CIT Group, with a focus on both retail and commercial banking. This article provides an in-depth review of CIT Bank’s offerings, customer feedback, and overall performance.
Savings Accounts
CIT Bank’s savings accounts are often praised for their high annual percentage yield (APY). The Savings Builder account, for example, offers a tiered interest rate that rewards customers who maintain a $25,000 balance or make a $100 monthly deposit. This incentivizes consistent savings and responsible money management.
- High APY: Competitive rates compared to traditional banks.
- No Fees: No monthly maintenance fees contribute to higher savings.
- Online Access: Convenient account management through online and mobile platforms.
Checking Accounts
The CIT Bank eChecking account is designed with modern banking needs in mind. It includes features such as bill pay, mobile deposits, and access to a network of over 55,000 ATMs nationwide.
- No Monthly Fees: Eliminates concerns about recurring charges.
- Interest Earning: Account balances earn interest, a rarity among checking accounts.
- Digital Tools: Robust online and mobile banking features.
Certificates of Deposit (CDs)
CIT Bank offers a variety of Certificates of Deposit that cater to different financial goals. The Term CD, No-Penalty CD, and Jumbo CD represent some of their options, providing flexibility and security.
- Term CD: Fixed interest rates over specified terms.
- No-Penalty CD: Allows for early withdrawal without penalties.
- Jumbo CD: Higher minimum deposits with higher interest rates.
Money Market Accounts
The Money Market account from CIT Bank strikes a balance between traditional savings and checking accounts. It offers higher interest rates than typical savings accounts with the added benefit of limited check-writing capabilities.
- Competitive Rates: Superior APY compared to traditional banks.
- Accessibility: Ability to write checks and transfer funds.
- Security: FDIC insured up to the legal limit.
Home Loans
CIT Bank provides a range of home loan products, including fixed-rate mortgages, adjustable-rate mortgages, and home equity lines of credit (HELOCs). Their mortgage services come with the advantage of competitive rates and personalized customer support.
- Diverse Mortgage Options: Suitable for various financial circumstances.
- Customer Service: Dedicated loan officers for personalized assistance.
- Digital Application: Online pre-approval and application processes.
Customer Service
Customer service at CIT Bank is noted for its accessibility and responsiveness. They offer phone support during extended hours and an online messaging feature for quick assistance. Customer feedback generally highlights efficient problem resolution and knowledgeable representatives.
- Extended Hours: Support available beyond standard business hours.
- Multiple Channels: Phone and online support options.
- Responsiveness: Prompt and effective customer service practices.
Mobile and Online Banking
CIT Bank excels in its digital offerings. The mobile app and online banking platform are user-friendly and packed with features such as mobile check deposit, account alerts, and easy fund transfers. Security measures include biometric login and two-factor authentication, ensuring safe and convenient access to accounts.
- User-Friendly Interface: Intuitive design for ease of use.
- Comprehensive Features: Includes all essential banking activities.
- Enhanced Security: Protects against unauthorized access and fraud.
Consumer Feedback
Overall, consumer reviews of CIT Bank highlight the satisfaction with high interest rates and fee-free banking. However, some customers mention occasional issues with mobile app stability and wish for more physical branches. Even so, the bank’s focused commitment to digital banking makes it a strong competitor in the online banking sector.
- High Satisfaction: Positive feedback centered on interest rates and no fees.
- Digital Focus: Praised for online and mobile banking capabilities.
- Room for Improvement: Some minor stability issues and a desire for physical branches.
Final Thoughts
CIT Bank stands out for its superior interest rates, extensive digital features, and commitment to customer service. It’s clear from reviews and the array of products that CIT Bank offers valuable banking options for a wide range of consumers.
“`