TABLE OF CONTENTS
CIT Bank – CIT Bank Login | CIT Bank Routing Number | CIT Bank Savings | CIT Bank CD Rates | CIT Online Bank
CIT Bank is popularly used by people around the world today due to its highly competitive interests in the banking industry. Perhaps it is the ease and convenience with which you can access your account directly from your Laptop, android, or ios at any time.
They provide a medium through which users can open bank account quickly and easily, users get high-yield savings and there are no monthly maintenance fees with CIT Bank.
This review explains how you can open a CIT bank, get to know the various types of CIT Bank account, their annual percentage yields (APYs), and more important information that will help your financial faculty.
What is CIT Bank
CIT Banks is a subsidiary of CIT Group Inc. (Commercial Investment Trust), CIT Group Inc. which was created in 1908, 113 years ago in St. Louis, Missouri. It is a financial institution that provides online banking and related services to commercial and individual customers.
CIT bank is a direct bank or a virtual bank that offers its services remotely through online banking and telephone banking. Online banking is a convenient way to deposit your checks, pay your bills online, transfer money, check your account balance, and more online.
CIT bank issues ATM cards often through interbank network alliances. CIT Bank is a member of the Federal Deposit Insurance Corporation (FDIC), which means that depositors cannot deposit more than $250 000 when each account ownership category is summed up.
CIT is a leading commercial bank in the United States with some of the best customer service ratings. It provides a wide range of financial products and services to its customers.
CIT Bank is one of the oldest banks in the US, founded in 1884. It had more than 100 branches until it was purchased by Charter One Financial Corporation in 1998. The company offers its customers a range of banking services, including checking accounts, savings account, mortgages, personal loans, small business loans and credit card products.
CIT Bank has an A+ rating on BBB.gov which means that it is safe to do business with this bank and they have made every effort to resolve any complaints or problems that might arise between their clients and themselves.
CIT Bank is an online bank that offers a variety of loan and deposit products. Users can enjoy the convenience of managing their finances from anywhere with the CIT Bank mobile app which provides a seamless banking experience. The mobile app features the ability to pay bills, transfer money between accounts, make deposits, and more.
Important Features Of CIT Online Bank
CIT Online Bank offers a truly unique banking experience. It is a great opportunity for you to take control of your finances and make the most out of your money. Find your perfect match when it comes to managing your current and savings accounts with our range of flexible products, tailored to suit you.
The CIT Online Bank provides a sound banking experience with state-of-the-art security at the forefront of everything we do.
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Your personal information is protected by innovative security systems so that transactions can be completed in absolute confidence. So there are more features to the CIT Online banking features, some of the important have been highlighted below:
24/7 Service
Thanks to CIT Bank, the bank users can save themselves from the long queue and delay when they entering into a physical bank. With the CIT online banking, payment transactions, bills, transfers, the opening of accounts, answers to solutions can be done in few minutes. The CIT bank offers online banking that provides services to their users on a 24/7 basis
Savings Goal
If you are tired of the annoying bank charges deducted from your hard-earned money. CIT bank gives you the very best place to save your money without any charges at all with a decent interest yield on your savings to help reach your savings goal
Competitive APYs
The Annual Percentage Yields they offer on your savings are very high competing with commercial banks in the country. This has helped them amassed a large customer base. As of 2020, CIT Bank was ranked one of the largest banks in the United States by the Fortune 1000 list of largest American companies.
No Fee
Opening an account with the bank is free. They do not charge opening fees, monthly, or maintenance fees.
Small Opening Deposit
With little as $100, you can open a free CIT Bank account. Yet enjoy a high Annual Percentage Yield lump some (APY)
FDIC Insured
Money saved with CIT Bank below or not more than $250 000 is insured by the Federal Insurance Deposit Corporation. The beauty of this is that no matter what the future holds, in the event of any financial crisis or none, your money is saved and secured without loss.
How To Open a CIT bank Account
CIT Bank is a US-based bank that offers banking services for personal and business customers. Their customer service is available in many different languages, which can be helpful for non-native English speakers.
The CIT Bank operating hours are Monday through Friday, 7:00 am to 7:00 pm EST. The company has an online chat support service available 24/7, but the wait time may be longer depending on the time of day or day of the week. However, opening any of the CIT bank accounts can be done online in less than 3 minutes! Here are the basic steps to follow:
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Good Internet Connection
Once you have established a good internet connection, you can access the Internet from your android, ios, or PC
Load URL
Open your Web browser e.g. Chrome, Firefox, Internet Explorer, etc. Log onto www.cit.com. And allow the page to load fully. And click on “choose product that best fits your needs”
Choose Account Type
You have to select first what the account is for (personal or custodial). Then choose the type of product that you want. There is a range of options available for you. Checking Account,
Enter Fields
Provide the empty fields with the right answer about you. Questions such as Name, Address, Email address, Country, Sex, Phone number, Social Security Number or Any Taxpayer means of ID, Date of Birth, and others.
Set Up Username And Password
Once an OTP is sent to you, confirm you are the owner of the number. Enter your Username and password to confirm
Fund Your Account
The next step is funding your account at least with the minimum amount required by such account(having read the terms and conditions). The minimum amount to be put in your account varies from one account type to another
Confirmation Mail
A confirmation email will be sent to your email address. You have to confirm this mail to complete your registration
Get Started!
You can now visit www.cit.com on browsing device, click on the sign-in button and enter with your username and password
How do I log into Citibank Online?
If you have already registered and have an online username and password, the steps below are what you need to :
Good Internet Connection
Ensure to have a good internet connection to access the Internet. Make use of any of the Web browsers, Chrome, Firefox, Microsoft Edge, etc on your PC, android, or ios.
Load URL
Log on to www.cit.com, allow the page to fully load. Then click on the login button
Enter your User ID and Password
Input your User ID, it is the same thing as your Username. Put your password and click the login
Begin!
You automatically get logged in and starts exploring your CIT Online Banking
Types of CIT Bank Account
The CIT Bank offers two types of accounts which are :
Personal Account
CIT Personal Account allows individuals to keep and manage their own personal funds. This type of account is opened in the name of the owner of the account. It is not a shared or corporate account. You can deposit checks, pay bills, and do more with your Personal Account.
The Personal Account can be opened under any of the CIT Bank products and still enjoy the benefits accrued to the Annual Percentage Yield (APY)
Custodial (UTMA) Account
A Custodial Account is opened in line with the Uniform Transfers To Minors Act (UTMA) for your child. The account is opened in the name of the child. It is to help the child achieve his future dreams which may seem difficult due to financial obstacles. You will be custodial of the account and control this account.
Until the child attains the age of 18 or more as agreed will you transfer the right of ownership of the account to him? Most CIT Bank products can be opened under the Custodial ( UTMA) account and still enjoy the respective benefits including the Annual Percentage Yield (APY). Except for the eChecking Account which is not applicable under this.
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Are you thinking about what type of product is best for your plan? Below is the list of products offered by CIT Bank you can choose from after you must have taken up a Personal or Custodial (UTMA) Account. Read below
Checking Account (eChecking)
The checking account is opened with $100 as the minimum amount. You will be provided with a complimentary debit card with EMV chip technology once your Checking Account is opened. The debit card is given for free, you also have access to your fund at any time. In addition, CIT Bank put in up to $30 every month in other banks for your ATM card use charges.
Transfer, pay, and purchase are done through mobile with Zelle®, Bill Pay, Samsung Pay, and Apple. Note that Zelle can be used only if you have a bank account with any bank in the US. With your Checking Account, you can set travel alerts or restrict the use of your debit card.
APY ( Annual Percentage Yield) on eChecking Account
Balances of $25,000 or more in your eChecking account balance earn interest of 0.25% APY and balances under $25,000 earn 0.10% APY.
Savings Account
CIT Bank Savings Account has two products categories which are the Savings Builders Account and Money Market Account
Savings Builders Account
The account is opened without any charges, with no opening fee or maintenance fee. The account is opened with a minimum of $100. The account requires that the account user must always maintain a balance of $25, 000 or make a deposit of $100 every month.
Once this requirement is met, Saving Builder Accounts Holders will be able to earn higher rates on their APY. Saving Builders Account Holders are subjected to monthly transaction limits.
They are allowed to make only 6 transactions per statement cycle. Any transaction above this attracts a $10 excess withdrawal charge. This type of product plan is usually opened for an urgent reason such as paying house rent, going on vacation, or buying a car
APY ( Annual Percentage Yield) on Savings Builder Account
When these requirements are met, Savings Builders Account Holders earn up to 0.40% APY. Accounts not meeting the requirements above earn 0.28% APY nevertheless.
Money Market Account
This account requires that it is opened with a minimum deposit of $100. There is no stipulated available balance requirement. The owner can leave any amount as his account balance, this does not affect his interest returns. The account can be opened without money charges.
However, Money Market Account Holders are subjected to monthly transaction limitations. They can only make six transactions per statement. If this limit is exceeded, users are charged with $10 excess withdrawal charges.
APY (Annual Percentage Yield) on Money Market Account
Opening the account with a minimum of $100, thereafter any amount as monthly deposit, Money Market Account Holders earn 0.45% APY
CDs ( Certificate of Deposits)
The CIT Bank has three products CDs categories which are
Term CDs.
Term CDs is opened with a minimum of $1,000 minimum deposit. No maintenance or monthly fee is applied. Term CDs account can be opened between 6 to 60 months. The longer the period, the more the interest rate on the money. APY ranges from 0.30% to 0.50%.
APY (Annual Percentage Yield) on Term CDs
Opening an account with a minimum of $1,000 for a period of 6 to 60 months yields APY of 0.30 to 0.50%
No-Penalty CDs.
This CIT Bank account can be opened also without any maintenance fee. It is opened with a minimum of $1,000 and it runs for 11 months. The APY on No Penalty CDs is 0.30%.
The fear of CIT bank users is that CDs do not allow access to funds not until the maturity date. The beauty of No Penalty CDs, however, is that it allows users to access their fund a week after deposit without a penalty fee or charge. Yet the APY remains unaffected i.e 0.30%
APY (Annual Percentage Yield) on No-Penalty CDs
Opening your CDs account with a minimum of $1,000 earns you 0.30%APY
Jumbo CDs.
Jumbo CDs is opened for free, without no opening or maintenance fee. The account requires that the holder make a minimum of $100,000 opening deposit. The Jumbo CDs account can be operated between a period of two to five years. The APY interest returns ranges from 0.40% to 0.50%. However the longer the period, the higher the APY.
- APY (Annual Percentage Yield) on Jumbo CDs
Opening the account with a minimum of $1,000 between the period of two to five years earn an APY of 0.40% to 0.50 %
CIT Bank Open Account Bonus
This section talks about the bonus offered on some of the CIT Bank accounts, this bonus only applies to newly registered accounts
Checking Account Bonus
When you open a checking account with a minimum $1,500 opening deposit. If this amount could be maintained with a minimum average balance of $1500 for 90 days. The bonus on the account is up to $250. This offer is applicable only to new accounts only. And only one customer per checking account is allowed.
Savings Account Bonus
Open any Savings Account, and make an opening deposit with a minimum $10,000 initial deposit. If an average $10,000 balance can be maintained for 90 days. Bonus on the account is up to $250
This is also only applicable to new accounts only. Only one customer per account is allowed
Combined Bonus
A customer who opened both an eligible savings account and an eligible checking account. And was able to fund both accounts within 10 days. Yet both accounts meet the laid down criteria earns an extra $50.
Also, note that the fund used to open such an account must be new money i.e not transferred from an already existing account with CIT Bank.
This bonus will each be paid in the form of a statement credit to the subject account, within 30 days provided all requirements are met. This bonus was from November 1, 2020, to May 31. This bonus offer had stopped at the moment.
Frequently asked questions
How Do I open a Trust Account with CIT Bank?
If you are deciding on opening a trust account with the CIT Bank account. The right account to open is the Custodial(UTMA) account. This account is opened in the name of the person usually a child for an agreed period of time.
The Account Holder seizes to have the right to control the account after when such a child attains a certain age to take charge of the account. The following are the simple steps to take when opening a CIT Bank Trust Account.
Good Internet Connection
Once you have established a good internet connection, you can access the Internet from your android, ios, or PC
Load URL
Open your Web browser e.g. Chrome, Firefox, Internet Explorer, etc. Log onto www.cit.com. And allow the page to load fully. Click on ” choose the product that best fit your needs”
Choose Account Type
You have to select first what the account is for (personal or custodial). In this case, click on Custodial ( UTMA). Then select the type of product you want on the account. There is a range of products available, Checking, Money Market, Saving Builders, or CDs accounts.
These products have already been discussed above
Enter Fields
Provide the empty fields with the right answer about you. Questions such as Your name, the child or beneficiary name, Address, Email address, Country, Sex, Phone number, Social Security Number or Any Taxpayer means of ID, Date of Birth, and others.
Set Up Username And Password
Once an OTP is sent to you, confirm you are the owner of the number. Enter your Username and password to confirm
Fund Your Account
The next step is funding your account at least with the minimum amount required by such account( having read the terms and conditions) The minimum amount to be put in your account varies from one account type to another
Confirmation Mail
A confirmation email will be sent to your email address. You have to confirm this mail to complete your registration
Log in!
You can now visit www.cit.com, click on the sign-in button and enter with your username and password
How To Open An Investment Account With CIT Bank
According to the FDIC, savings accounts at traditional banks are earning about 0.09% interest on savings. on average pennies for many people. A high-yield savings account, on the other hand, can earn you 20 times more than the traditional local banks. Who does not like free money?
The CIT bank opens the floor to start up an investment plan. They offer exclusive products plan where you can save money without touching and gets accumulated with high-interest returns
Out of all the products offered by CIT Bank, users have tended to be using the money market savings account. Here are the important features of why the Money Market is used as an investment account. Thus:
Free Account
Money Market savings account can be opened online through the CIT Official URL www.cit.com. Just the same way as to how to open a CIT Bank Account. There is no maintenance fee or opening fee. It is absolutely free
Small opening Deposit
With a minimum of $100, you can open your Money Market Account and starts earning 0.45% APY
Start Earning!
It does not matter how much exactly is your account balance. You can decide to put or not to put in any amount in your Money Market Account every month and still earns a 0.45% Annual Percentage Yield which other traditional banks cannot offer.
More Savings! More Interest!
It creates a self-discipline attitude for you. The six transactions only in a month limit included in the product plan will assist you to stop touching your savings at all times and help build your fund. The more the savings, the more the interest.
For instance, if you have $10 000 in your Market Money Account and you were unable to contribute to it, but the money remains untouched. You can still earn up to $200 compared to when you are able to contribute to it.
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Another investment account you could check out for in CIT Bank is the Term CDs account. Opening an account with a minimum of $1,000 for a period of 6 to 60 months yields an APY of 0.30 to 0.50%. So the longer you saved, the higher the interest on it annually. To open the account is free, no monthly charge or opening fee is required.
Is It Safe To Open An Account With CIT Bank?
It is totally safe to open an account with CIT Bank. Once you start saving with them, your money gets secured by the Federal Deposit Insurance Corporation (FDIC). Your money is protected against future risk in which the account holder is refunded $250, 000.
What is CIT Routine Number For Domestic Transfer?
A wire transfer with CIT Bank is a fast and secure way for you to send money in the U.S. and internationally, with funds arriving in as little as one business day. To receive a domestic wire transfer, use the routing number 124084834.
Take note of the following whenever you want to make a domestic transfer:
-
Recipient’s name as it appears on the account.
-
Location of the recipient’s bank (For example; city and state). Recipient’s account number.
- Bank routing number.
We’ll need to know the recipient’s name as it appears on the account, the location of the recipient’s bank (including city and state), and account number.
CIT doesn’t charge for wire transfers either incoming or outgoing. For customers with a balance greater than $25,000 they are free, otherwise, you can pay a fee.
What is CIT Routine Number For Int’l Transfer?
International wire transfers are often required for international businesses, family, or friends. The process of wiring money internationally can be time-consuming and expensive. However, CIT Bank offers the ability to receive incoming international wires in your CIT Bank account.
Simply provide the routing number for CIT Bank, which is 124084834. They don’t have a SWIFT code, which is the international equivalent of our U.S. routing numbers.
Conclusion
CIT Bank is a perfect alternative to Traditional Banking. They have a highly competitive interests rate and do not deduct bank charges as the brick and mortar banks do. Because they do not have a brick-and-mortar location for their online banking, they were able to evade overhead costs which in turn gives them an edge over other banks on their high interest rate.
They do not offer in banking person-to-person customer service, thus if you are the type that desires meeting with the banker for a better banking experience, it’s unfortunate CIT Bank does not offer such.
The good side is they offer 24/7 online banking solutions directly from your phone or PC. Over a couple of years, CIT Bank has proven to be the perfect alternative to local banking. With its fast-growing pace, it has been able to boast of massive users around the world.
And that’s a wrap! Thank you for reading from the beginning to the end. I do hope you find this article educative. Join me again for another educative moment!
