Saturday, 7 December 2019

CIT Bank Review: Savings and CD Rates

CIT Bank Review: Savings and CD Rates
28 Nov
6:49

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How CIT Bank’s savings accounts compare

CIT Bank’s savings accounts stand out due to two reasons. The accounts both have:

  • Zero fees
  • A low, easily met minimum deposit

The Savings Builder account currently has one of the higher interest rates on the market. That being said, there are a couple of reasons why you may want to consider another one of our top savings account choices. Firstly, this account doesn’t come with an ATM card — leaving you out in the cold if you really need access to your money on the move. Secondly, CIT Bank doesn’t offer a matching checking account, meaning that you’ll still need to rely on another bank for your daily banking needs.

However, if the lack of an ATM card doesn’t bother you, then you really can’t go wrong with these accounts, especially the Savings Builder.

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How CIT Bank’s checking account compares

Dedicated CIT customers may enjoy this checking account option, but the APY isn’t even close to competitive and the fees are on the normal-to-high side. There are better options out there from other banks, which is a shame since CIT Bank offers solid rates and features for their other accounts. As of this review however, the eChecking option just doesn’t quite measure up to the options other banks offer.

CIT Bank CD rates

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How CIT Bank’s CDs compare

We like the diversity of CD products that CIT Bank offers. Rather than just having a one-size-fits-all term CD, you can also choose from jumbo CDs and no-penalty CDs. The interest rates offered aren’t the highest CD rates listed on our site, but they remain competitive.

Advertiser Disclosure: The products that appear on this site may be from companies from which MagnifyMoney receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). MagnifyMoney does not include all financial institutions or all products offered available in the marketplace.

Lindsay VanSomeren

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Source: https://www.magnifymoney.com/blog/reviews/cit-bank/

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