CIT Bank Review

Headquartered in Pasadena, California, CIT Bank started offering financing options to businesses in 1908. The bank was initially located in St. Louis, Missouri. It does offer basic consumer deposit products as well as some loans online nationally and at Southern California locations through its subsidiary, OneWest Bank.

CIT checking is great for consumers who want a seamless online banking experience without any fees. CIT money market accounts offer a higher than average APY, approximately 12 times the national average. CIT savings come in two options: Savings Builder and Premier High Yield Savings, both of which offer a lower than average APY for online banks. CIT CDs come in short-term options, a no-penalty 11-month option, jumbo CDs for long-term options, and higher yield RampUp for mid-term savings.

However, CIT Bank sticks largely to commercial banking operations and mainly extends lines of credit to small- to medium-sized business and real estate developers. It also offers treasury management services, property and railcar leasing, and capital funding.

CIT Bank may not be for everyone, but it’s important to learn more about this bank, as it might suit your particular needs.

How CIT Stacks Up

Pros
  • No charge for ATM fees
  • Diverse CD options
  • Low money market minimum
Cons
  • Low APY for high-yield savings accounts
  • Low CD rates
  • Lack of transparency in mortgage rates

What’s Interesting About CIT Bank

CIT Bank’s online checking syncs with Apple Pay, Zelle, Samsung Pay and other digital payment options. It also offers an impressive range of CDs for consumers looking for short and mid-term savings.

Things to Consider

If you need more hands-on consultation from a financial professional, then this bank’s laissez-faire treatment of online banking may not be for you. It’s designed for a self-sufficient consumer.

Checking and Savings Accounts

CIT checking is excellent for online savvy, mobile focused consumers. Everything is done online, from opening to debit card order, and a CIT checking account works with several other digital payment options. Checking account clients also get $15 worth of reimbursements toward ATM fees from other banks. CIT Bank does not charge ATM fees.

Savings account options are decent. The Savings Builder option has an APY up to 1.80% with a $100 minimum opening deposit and subsequent $100 monthly deposit. Clients need to put $25,000 into the account in order to waive the mandatory monthly deposit. The Premier High Yield Savings account has a 1.55% APY with a $100 minimum opening deposit. No fees are required to maintain the account.

Money Market Accounts

CIT Bank’s money market accounts have great rates — up to 12 times the national average as of late 2019. CIT offers a 1.85% APY with a $100 minimum opening deposit. Interest is compounded daily and paid out monthly.

CDs

CIT Bank’s certificates of deposit are geared toward helping consumers grow short-term savings. Its rates are decent. The bank offers term CDs at 0.72% to 1.85% APY for 6-month to 18-month terms and a no-penalty CD at 1.80% APY for an 18-month term with a $1,000 opening deposit. It also offers jumbo CDs from 2- to 5-year terms at 1.45% to 1.75% APY with a $100,000 minimum opening deposit. Its 1- to 4-year RampUp CDs have APY rates between 1.26% and 1.38%. The 1-year, 2-year and 3-year RampUp CDS have a $25,000 minimum opening deposit. The 4-year CD has a $50,000 minimum opening deposit.

Credit Cards

CIT Bank doesn’t offer a traditional credit card. It does, however, offer an EMV-equipped credit/debit card to its online checking customers. That account and credit/debit card can be used in conjunction with Zelle, Samsung pay, Bill pay, and Apple Pay.

Personal Loans

CIT Bank does not offer personal loans. If you are looking for online personal loans, try Rocket Loans. It offers customized personal loan options for medical bills, home improvement and debt consolidation. A $10,000 5-year personal loan through Rocket Loans would carry a 13.26% APR and 11% interest rate.

Mortgage Loans

CIT Bank offers 10, 15, 20, 25 and 30-year loan terms. It does not publish APR and interest rates for mortgage loans. Clients who have a Savings Builder account have the opportunity to earn a lower interest rate than applicants applying with no existing savings account at CIT Bank. CIT Bank and OneWest Bank account holders can earn a $525 cash back deposit after they close on home loan.

Mortgage Refinancing

CIT Bank allows qualified clients to refinance their loans to lower their payments and get a more affordable a 30-year loan term and fixed interest rate. It also offers interest only adjustable-rate mortgages, specifically 5/1, 7/1 and 10/1 options. That means that borrowers pay the same amount as they would if they had a fixed interest rate for the first five, seven or 10 years.

If you’re looking for an online lender for mortgage refinancing, try Rocket Mortgage. You can use its digital mortgage calculator to determine how much you can reduce your payment and how much you can shorten your loan terms.

Home Equity Loans and HELOCs

CIT Bank does not offer home equity loans or HELOCs. If you’re looking for a home equity loan through an online lender, we offer some great options. The entire process is done online.

Car Loans

CIT Bank offers commercial vehicle financing for its small- to medium-sized business clients. It provides leasing for business cars, trailers, box trucks and trucks. CIT bank also enables business clients to sell and lease commercial vehicles to their customers. It does not offer car loans to consumers.

If you are looking for online auto loans, try Bank of America and U.S. Bank. Both allow you to apply for car loans online and lock in competitive fixed interest rates based on your vehicle and location.

The Final Word

CIT Bank is an excellent option for mobile and online bankers who rely on debit and use digital bill pay. It has encyclopedic offering of CDs, which is ideal for people who want high-yield short-term savings. Terms range from 6 months to 5 years. The minimum opening deposits start at $100 and max out at $50,000. CIT Bank’s money market accounts offer a highly competitive APY, making the money market account the bank’s most compelling product. Home loans are limited, and the process and rates involved are not entirely transparent. The savings accounts have mainly just OK rates. CIT Bank does offer a high-yield savings account with a low minimum opening deposit, which is excellent for low-to-moderate-income consumers.