CIT Bank is a nationwide direct bank that offers a range of personal banking products to consumers, including CDs, high-yield savings accounts and home loans. Customers around the country can utilize CIT Bank’s online banking options, and those living in Southern California can bank at OneWest Bank retail branches as well.
Check out this CIT bank review to find out more about their online banking products and services.
CIT Bank Review
With CIT Bank, you can access your accounts 24/7 with your CIT Bank login via online banking and mobile banking. You can even bank via text. If you prefer to bank in person, you can visit one of Southern California’s 70 OneWest retail locations. Deposits up to $250,000 in any CIT Bank account are insured by the FDIC.
CIT Bank Products and Services
CIT Bank offers a number of savings account and CD options, as well as home loans.
Choose from two CIT Bank savings accounts — Money Market account or Premier High Yield Savings account — to earn interest on your money while still having access to your funds.
- Money Market Account: Money Market accounts with CIT have high yield rates — up to 1.85% APY — and allow you to have flexible access to your funds. The minimum opening deposit for this account is $100.
- Premier High Yield Savings Account: The APY can be as high as 2.45% APY with this traditional savings account. A minimum opening balance of $100 is required.
Certificates of Deposit
CIT Bank offers a number of CDs to fit your needs, with minimum opening deposits starting at $1,000. Check out these CIT Bank CD rates:
- Term CDs: Choose from terms ranging from six months to five years, and earn up to a 1.70% APY. All CD accounts require a minimum deposit of $1,000.
- No-Penalty CD: You can open a CD and have flexible access to your funds with this option. This CD has an 11-month term and 2.05% APY. A $1,000 minimum deposit is required.
- RampUp Plus CDs: With these CDs, you can increase your rate and your deposit once during your term. Available terms are one and two years, and rates range from 1.26% to 1.27% APY. The minimum opening deposit is $25,000.
- RampUp CDs: Like with the RampUp Plus CDs, you can increase your rate and your deposit once during your term. However, these CDs have longer terms — three and four years — and higher minimum opening balances: $25,000 to $50,000, depending on the term. Enjoy a rate of 1.20% APY for three years and 1.38% APY for four years with this product.
- Jumbo CDs: The minimum opening deposit for these CDs is $100,000, but the rates are higher as well. Choose from a two-, three-, four- or five-year term, and get as high as 1.75% APY.
Related: 10 Best CD Accounts of 2018
Whether you want to refinance your home or purchase a new home, CIT Bank offers a variety of loan options.
- Refinance Fixed-Rate Mortgages: With these loans, your interest rate and monthly payment of principal and interest will stay the same for the life of the loan. Choose from a 30-year FHA, conforming or jumbo loan. APR rates range from 3.798 to 4.483 percent, and interest rates range from 3.725 to 4.462 percent, as of June 12, 2018.
- Refinance Adjustable-Rate Mortgages: CIT Bank offers an interest-only payment option on jumbo ARM loans up to an 80 percent loan-to-value. The interest rate with this loan is 3.775 percent, and the APR is 4.548 percent, as of June 12, 2018.
- Purchase Fixed-Rate Mortgages: As with the refinance fixed-rate mortgages, your interest rate and monthly payment of principal and interest will stay the same for the life of the loan. Choose from a 30-year FHA, conforming or jumbo loan. APR rates range from 3.789 to 4.472 percent, and interest rates range from 3.725 to 4.462 percent, as of June 12, 2018.
- Purchase Adjustable-Rate Mortgages: CIT Bank offers an interest-only payment option on jumbo ARM loans up to an 80 percent loan-to-value. The interest rate with this loan is 3.750 percent, and the APR is 4.537 percent, as of June 12, 2018.
CIT Bank Pros and Cons
With both CIT online and mobile banking options, you can manage your CIT Bank accounts remotely whenever you want. You can also deposit checks to your high-yield savings account with mobile deposit. CIT Bank also offers a wide range of CDs and mortgages, so you can likely find a product that works for you.
CIT Bank is not the best option for those who prefer to bank at a brick-and-mortar location, and do not live near a Southern California OneWest location.
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