CIT Bank (Commercial Investment Trust) is an online bank and a division of First-Citizens Bank & Trust Company (“First Citizens”).
Known for its competitive annual percentage yields (APYs), CIT Bank offers some of the top rates on savings, money market, and no-penalty CDs.
In light of the COVID-19 pandemic, many Americans are turning to their computers, tablets, and smartphones to make transactions instead of hitting up the local bank branch.
CIT Bank accounts are available to people throughout the United States with the help of a user-friendly mobile banking site and banking app to:
- Open new accounts
- Manage accounts online and through the app
- Make real-time payments
- Use digital wallets
- Access wealth management products and tools
5 Ways CIT Bank makes banking easy with eChecking/Savings Combo
1. No-Fee checking account
CIT does not charge monthly maintenance fees. But, like most online banks, CIT does not have its own ATM network, however, CIT won’t charge you an ATM fee and will reimburse up to $30 a month in other banks’ fees.
2. Flexible banking app
Deposit checks and make unlimited withdrawals and disbursements with the CIT Bank mobile app. Manage your money where and when you need to.
3. Easily move money around
With eChecking you can transfer, pay, and purchase via mobile with Zelle®, Bill Pay, Samsung Pay, and Apple Pay. Online or mobile transfers and incoming wire transfers are free. Outgoing wire transfers are free for accounts with an average daily balance of $25,000 or more.
But the best feature is the linked Savings Connect account that earns 1.20% APY. With the eChecking/Savings Combo you have easy access to your money with a debit card.
4. Earn interest
Earn interest with the CIT Bank eChecking/Savings Connect account. Customers earn interest on all balances at the high rate of 1.20% APY. Combing the eChecking and Savings Connect accounts means you'll earn over 17x the savings rate national average of 0.07% APY.
5. Customer service
Get 24/7 account access online and mobile, plus an automated telephone system. Reach a live person between the hours of 9 am and 9 pm Eastern time on weekdays and from 10 am to 6 pm (Eastern) on Saturdays.
How to open a CIT Bank eChecking/Savings Connect Account
CIT Bank makes banking easy and all account balances are FDIC insured for up to $250,000 per depositor. Open the CIT account in 3 simple steps:
Step 1: Provide your address, phone, email, and social security number (or other taxpayer ID).
Step 2: Fund your account with a minimum of $100 to open your account. You can transfer funds with electronic transfer, mail-in check, or wire transfer.
Step 3: CIT Bank will send you a confirmation email.
Choose how to manage your debit Mastercard®
The CIT Banking mobile app offers a debit Mastercard® with the eChecking/Savings Connect account that gives you control to protect you from fraud. If your card is lost or stolen, you can easily turn it off, plus a few other controls:
- Set where your debit card can be used. You can choose up to three regions where you want to use your debit card. Any card activity outside your chosen regions will be blocked. You can also block international transactions. Disable any region whenever you want.
- Establish threshold limits. You can set a dollar amount limit for card transactions.
- Choose types of transactions. Block transactions like auto-pay or mail/phone order activity by moving the associated toggle switch. You can switch it back at any time.
- Select types of merchants you do business with. Select where you use your card. You can choose to block or allow your card to be used at a variety of merchants such as gas stations or restaurants. You can also restrict use by age.
Open a CIT Bank Savings Connect account to increase your earnings
Checking accounts and savings accounts are practically the same. You can perform most transactions using either type of account, but the savings account can earn you money plus come in handy in case of an emergency. A Savings Connect account from CIT Bank can act as a buffer between you and an unexpected crisis.
When you pair earnings from CIT Bank's eChecking account with the Savings Connect account you can end up with high yields on your money.
Savings Connect Features:
- Earn 1.20% APY
- There are no monthly fees
- Minimum balance to earn interest $0
- Interest compounding daily
- $100 minimum to open
There are other financial products that make CIT one of the best banks for savings accounts.
CIT Bank's eChecking account offers an easy banking environment through its app along with a user-friendly mobile site. CIT Bank is one of the lowest-cost banks around, that's why they can offer one of the highest savings account rates and interest-earning checking.
If you don’t mind doing your banking online or through the mobile app, you’ll pay fewer fees and earn higher interest rates on your eChecking and Savings Connect account.