Welcome to our comprehensive review of CIT Bank. In this article, we will explore why CIT Bank is considered one of the best online banks. We will cover its competitive APY rates, ease of digital use, and more. Let’s dive in!
About CIT Bank
CIT Bank is headquartered in Pasadena, California. It is a division of First Citizens Bank. First Citizens Bank holds over $100 billion in assets. CIT Bank is praised for its competitive Annual Percentage Yield (APY) rates and digital ease of use.
Awards And Recognition
GOBankingRates named CIT Bank as one of the Best Online Banks for 2022. It also made the lists for:
- Best CD Accounts
- Best Money Market Accounts
- Best Savings Accounts (Online Savings)
FDIC Insurance
First-Citizens Bank & Trust Company and its CIT Bank divisions are the same FDIC-Insured Institution. This means deposits held under each name are combined. They are not separately insured. This helps determine if a depositor has exceeded the $250,000 federal insurance deposit limit per depositor for each ownership category.
For calculating aggregate deposits, include deposits held in both First-Citizens Bank & Trust Company and CIT Bank.
Account Options
CIT Bank offers various ownership options for personal savings, Certificates of Deposit (CDs), and eChecking accounts. These include:
- Individual accounts
- Joint accounts
- Custodial accounts
- Revocable trust accounts
Personal Savings
CIT Bank offers competitive rates for personal savings accounts. These rates are often higher than traditional banks.
Cd Accounts
CD accounts at CIT Bank offer fixed rates for a set term. This can be a great way to grow your savings.
Echecking Accounts
eChecking accounts provide easy access to your money. You can use online banking and the mobile app to manage your account.
Digital Banking
CIT Bank provides easy access to your accounts through online banking. They also offer a mobile app. This makes it convenient to manage your money from anywhere.
Online Banking
With CIT Bank’s online banking, you can check your balance, transfer money, and more. It’s simple and user-friendly.
Mobile App
The mobile app offers many of the same features as online banking. You can manage your account on the go.
Customer Service
CIT Bank has a customer service team ready to answer your questions. They are helpful and responsive.
Frequently Asked Questions
What Is Cit Bank Known For?
CIT Bank is known for competitive APY rates and digital ease of use.
Is Cit Bank Fdic Insured?
Yes, CIT Bank is FDIC insured under First-Citizens Bank.
Does Cit Bank Offer Joint Accounts?
Yes, CIT Bank offers joint accounts for personal savings, CDs, and eChecking.
What Types Of Accounts Does Cit Bank Provide?
CIT Bank provides savings, CDs, eChecking, and money market accounts.
Conclusion
In conclusion, CIT Bank is a top choice for online banking. They offer competitive rates, easy digital access, and a range of account options. If you are looking for a reliable online bank, CIT Bank is worth considering.
Frequently Asked Questions (FAQs)
| Question | Answer |
|---|---|
| Is CIT Bank FDIC insured? | Yes, CIT Bank is FDIC insured under First-Citizens Bank & Trust Company. |
| What types of accounts does CIT Bank offer? | CIT Bank offers personal savings, CD accounts, and eChecking accounts. |
| Can I access my CIT Bank accounts online? | Yes, CIT Bank offers online banking and a mobile app for easy access. |
| How do I contact CIT Bank customer service? | You can contact CIT Bank customer service through their website or mobile app. |
