Cit Bank Reviews

High APYs: CIT Bank offers competitive annual percentage yields (APYs) on its savings accounts, including the Platinum Savings account which pays 4.35% APY on balances of $5,000 or more.

No Monthly Fees: All of its savings options have zero monthly fees, and the checking account also does not charge any monthly service fees.

ATM Fee Reimbursement: CIT Bank reimburses up to $30 per month in out-of-network ATM fees, which helps offset the lack of a free ATM network.

FDIC Insurance: Deposits are insured by the FDIC for up to $250,000, providing a high level of security for customers.

No Overdraft Fees: CIT Bank does not charge overdraft fees, and transactions that would overdraw the account are generally declined without incurring a fee.

FDIC Insured: This ensures the safety of deposits up to a certain amount.

Zero Account Opening or Maintenance Fees: This makes banking more affordable for customers.

Daily Compounding Interest: This allows customers to earn more over time.

Remote Deposit Checks: This provides convenience for customers who can't visit a bank branch.

Transfers via CIT’s Mobile App: This offers flexibility and ease of banking from anywhere.

No ATM Network: CIT Bank does not have its own ATM network, which may be a disadvantage for customers who prefer in-person banking or a robust ATM network.

High Minimum Opening Deposit: The eChecking account requires a $100 minimum opening deposit, which is higher than some competitors.

Limited Branch Access: As an online-only bank, CIT Bank does not have physical branch locations, which may be a drawback for those who prefer in-person banking.

Variable Mobile App Ratings: The mobile app has received mixed ratings, with 4.6 out of 5 stars in the Apple Store but only 2.9 out of 5 stars in the Google Play Store.