Cit Bank Review

2.8 rating

Foundation Year
2000


Office Address
95 South Lake Ave in Pasadena California


Phone number
+1-855-462-2652


Locations
USA


Pros

  • Competitive rates on all accounts
  • Flexible CDs
  • Offers mortgages
  • No monthly fees
  • Mobile and online access 24/7
  • Mobile check deposit capabilities
  • Refunds ATM fees up to $15 per month
  • Small minimum deposit requirements
  • Tiered interest rates to encourage higher balances
  • All accounts except High Yield Savings can be custodial accounts
  • FDIC Insured

Cons

  • No physical locations
  • No IRAs
  • No auto loans
  • No credit cards
  • No checkbooks for eChecking accounts
  • Glitchy website
  • Bad customer reviews

Overview

CIT Bank is an online bank that is part of CIT Bank, N.A., the principal banking subsidiary of CIT Group, Inc. – a financial holding company founded in 1908. CIT Bank was founded in 2009.

The company is under the same FDIC insurance.

The financial institution offers a wide array of banking products completely online. It offers a top-tier APY on its Savings Builder account.

CIT bank routing number is 124084834.

What does CIT Bank stand for?

The company’s name is an abbreviation for an early corporate name, Commercial Investment Trust.

Is CIT Bank same as Citibank?

Many consumers confuse these institutions! Citibank and CIT Bank are two separate companies. Their names sound similar, and they both provide financial services, but they have no more common things.

Citibank is a consumer division of Citigroup Inc, an American multinational investment bank and financial services corporation headquartered in New York City. Citigroup Inc was founded in 1812.

CIT Bank belongs to CIT Group Inc, a financial holding company and bank holding company incorporated in Delaware and headquartered in Pasadena California.

Where Can I Find Cit Bank?

This is an online-only bank, which means it has no physical branches. There’s no way to open accounts or do banking in person.

There is only one physical location at their headquarters in Pasadena:

75 North Fair Oaks Ave
Pasadena, CA 91103

Their customer support is available 24 hours a day, 7 days a week. The bank can be contacted by phone number 855-462-2652 or fax 866-914-1578.

Here are the hours the company is available by phone:

  • Monday – Friday: 9:00 am – 9:00 pm
  • Saturday: 10:00 am – 6:00 pm
  • Sunday: Closed
  • Home Loans Division: Monday – Friday, 9:00 am – 8:00 pm

Users can access their Cit Bank accounts online and by Automated Telephone Banking.

What does CIT Bank offer?

Checking accounts The bank offers only one checking account, known as eChecking. It is an account with tiered interest. You need $100 to open it. You do not have to pay any maintenance fees
Savings accounts There are two savings account options: the Savings Builder or Premier High Yield Savings.  Savings Builder account offers one of the highest savings interest rates on the market today. It’s the best option for you if you are an active saver or high balance saver. It’s perfect to build your emergency fund
Money market account The service has no monthly service fees and requires an opening deposit of at least $100. After the account opening, there are no balance requirements
CDs The bank has a few CD options designed for different needs. All their CD products have no account fees. The options are term CDs, jumbo CDs, and no-penalty CDs
Custodial account This is the account you can open in the child’s name, but you will control it until the child turns 18. You can also designate up to age 25 if desired. You can contribute as much as you can to the account
Business loans A business loan is a loan specifically intended for business purposes. The bank offers business loans up to $150,000 from 6-18 months
Home loans you can get both mortgages and refinance loans at fixed rates or adjustable rates. They also have a Low Down Payment Program that allows you to qualify for a home loan with a 3% down payment
Equipment financing Businessmen can qualify for equipment financing up to $250,000 without financials, or up to $1 million with financials from 12-72 months

Does CIT Bank have a mobile app?

Since this bank is purely operating online, you can access their accounts online through their website or mobile app 24 hours a day.

The mobile app is available on Android and iOS. If you are a client of this bank, downloading the mobile app will make your life much easier.

Their mobile app has a 4.6-star rating on iOS and a 4.0-star rating for Android.

How can I save more money with CIT Bank?

To save more money with this institution, you can open a Savings Builder account with at least $25,000 and earn the highest Annual Percentage Yield (APY) on your money.

If you don’t have $25,000, you can still get the top APY tier by regularly making a monthly deposit of at least $100.

Moreover, if you have a CIT bank account, you can earn a lower home loan rate with relationship pricing.

Check out CIT bank term CD rates:

Term APY
Six Months 0.35%
13 Months 0.35%
18 Months 0.35%
One Year 0.35%
Two-Years 0.40%
Three Years 0.40%
Four Years 0.50%
Five Years 0.50%

Also, review CIT bank jumbo CD rates:

Term APY
Two Years 0.40%
Three Years 0.40%
Four Years 0.50%
Five Years 0.50%

What’s the process for opening an account with CIT Bank?

All accounts in this bank must be opened via the Internet. Here is a step-by-step guide on how to open an account:

1. Go to the bank’s website and click Open a New Account. To qualify, you must be legally live in the U.S. and have valid social security number, driver’s license or other valid state ID, home address, email address, phone number.

2. Fund your new bank account in any of the following ways:

  • Transfer funds electronically from an external checking or savings account. CIT’s Routing/Transit Number is 124084834;
  • Mail a check to CIT Bank, N.A. Attn: Deposit Services, P.O. Box 7056, Pasadena, CA 91109;
  • Wire money to your new account.

3. The bank will make two micro-deposits to your funding account (for test). Within 3 working days, they will send you an email asking you to verify the amounts. After that, your transaction will be processed.

Does CIT Bank compound daily?

Yes, the bank offers daily compounding interest to maximize your earning potential.

Bottom Line

CIT Bank is a great choice for you if you are looking for high-yield savings and CD accounts. If you would like to have access to physical branches or an ATM network, you should choose another bank.

Reviews

4.0 rating

I needed to transfer a large amount of money. And I had a panic moment when I realized I did not remember my account number and the password. But when I called them, the person on the phone was nice and resolved all my issues quickly. The high rate of return was great. i would say CIT Bank is ideal for saving, and I have another bank for my daily activities.

Erik Scheetz
1.0 rating

It has been 7 days and I cannot get access to my money after I opened a bank account.

Kristina Cleveland
3.0 rating

I spent 2 hours trying to open an account with CIT Bank yesterday. All of this time I was on hold trying to get answers to mistakes the bank made online!!! Tired of that and told them to cancel my account. Waste of time.

Jacqueline Morrison
5.0 rating

Highest rate on my savings. This is a perfect bank for me because I prefer doing business online and can solve all issues using their chat. It took a few minutes to open an account. This works great for me!

Michael McEwan
1.0 rating

Run away from this company. It will save your time and money. Don’t ever do business with CIT Bank. Their purpose is to take full advantage of you.

Harold Miller

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