CIT Bank is an online-only bank that pays competitive rates on checking, savings, CDs, and money market accounts

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CIT Bank (Member FDIC) is an online-only bank that offers savings, checking, and money market accounts, as well as CDs.
The bank doesn’t charge monthly service fees, and it pays competitive rates on all its accounts.
You’ll need at least $100 to open a checking, saving, or money market account, and at least $1,000 to open a CD with CIT Bank.
The bank doesn’t have an ATM network, but it does reimburse up to $30 per month for out-of-network fees.
See Business Insider’s picks for the best high-yield savings accounts »

CIT Bank is an online-only bank that provides a variety of bank accounts and pays relatively high rates. The bank’s strongest products are the CIT Bank Savings Builder High Yield Savings Account and CIT Bank Money Market Account, but its CDs and checking account are also worth consideration.

Table of ContentsShould you use CIT Bank?

You may like banking with CIT Bank if you:

Have at least $100 to open an account (or $1,000 for a CD)
Are looking for competitive rates 
Don’t mind (or prefer) banking online
Want to do all your banking at one institution
Are happy chatting digitally with customer service 24/7

CIT Bank probably won’t be a good fit if you:

Are looking for a bank with an ATM network
Don’t have at least $100 to open an account (or $1,000 for a CD)
Aren’t comfortable banking digitally
Want 24/7 phone access to a live customer service representative

CIT Bank Savings Builder and CIT Bank Premier Savings accounts review
CIT Bank Savings Builder High Yield Savings Account

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You can choose between the CIT Bank Savings Builder and Cit Bank Premier accounts. Here are the rates:

CIT Bank Savings Builder : 0.77% – 0.85%. You get the higher rate if you either maintain a balance of at least $25,000 or set up recurring monthly deposits of $100; You get the lower rate if you don’t meet either of those requirements

Cit Bank Premier: 1.00% on all balance tiers with no balance or direct deposit restrictions

You’ll need an initial deposit of $100 to open either savings account. While this is lower than many banks’ required opening deposit, you can find banks that don’t require an initial deposit at all. CIT Bank doesn’t charge a monthly service fee.

Federal law limits you to six transactions from a savings account per month, regardless of which institution you bank with. CIT Bank charges $10 if you exceed this limit, which is fairly standard.

See Business Insider’s picks for the best high-yield savings accounts »

CIT Bank eChecking Account review
CIT Bank eChecking Account

According to the FDIC, the average checking account interest rate is currently 0.04%, but you’ll earn more with a CIT Bank eChecking Account. The account pays 0.10% on balances under $25,000, and 0.25% on balances of $25,000 or more.

Unlike many banks, CIT Bank doesn’t have an ATM network. However, it doesn’t charge you to use ATMs, and it reimburses up to $30 per month for fees charged by ATM providers. If you use ATMs so often that you’d pay more than …read more

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Source:: Business Insider

      

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