Last updated on December 19th, 2024 at 09:34 pm
Welcome to a comprehensive review by moneyphobia.in. In this article, we will explore CIT Bank established as a part of First Citizens BancShares.
What is CIT Bank?
CIT Bank is an online financial institution known for offering competitive rates on savings products, CDs, and money market accounts. Established as a part of First Citizens BancShares, it caters to customers seeking high-yield savings options and efficient online banking services.
CIT Bank Rates
CIT Bank stands out in the banking world for its attractive rates across various accounts. Here’s a quick look at some of their offerings:
| Account Type | Interest Rate (APY) |
|---|---|
| High-Yield Savings (HYSA) | Up to 4.85% |
| Money Market Account | 4.05% |
| Platinum Savings | Up to 5.05% |
| Certificates of Deposit (CD) | Varies (up to 4.95%) |
These rates often outperform traditional banks, making CIT Bank a go-to choice for savers.
Is CIT Bank FDIC Insured?
Yes, CIT Bank is FDIC insured, meaning deposits are protected up to the standard insurance amount of $250,000 per depositor, per account type. This ensures your money is safe and secure.
High-Yield Savings Account (HYSA)
The CIT Bank High-Yield Savings Account is one of the bank’s flagship products. With an APY of up to 4.85%, it’s an excellent choice for those seeking to grow their savings without risking their principal. The HYSA requires a minimum deposit of $100 to open, and there are no monthly maintenance fees.
CIT Money Market Rate
CIT Bank’s Money Market Account offers an impressive APY of 4.05%. This account allows easy access to funds while providing higher interest rates compared to regular savings accounts. It’s ideal for those looking for flexibility and growth.
CIT Bank Trust Accounts
CIT Bank also provides trust accounts, enabling individuals and families to manage their wealth and assets effectively. These accounts are designed to provide security and control over funds while benefiting from competitive interest rates.
CIT Bank 1099-INT Form
CIT Bank issues a 1099-INT form for any account earning more than $10 in interest during the tax year. This form is necessary for reporting interest income on your tax returns. Customers can access the form through their online banking portal.
CIT Bank Offers and Referral Program
CIT Bank frequently introduces promotional offers for new customers, including bonus interest rates and cash rewards for opening specific accounts. Additionally, the CIT Bank Referral Program lets existing customers earn rewards by referring friends and family.
CIT Bank Online Services
As an online-first institution, CIT Online Bank offers a seamless digital experience. Customers can:
- Access their accounts 24/7.
- Transfer funds easily.
- Set up automatic savings plans.
- Monitor their finances through the mobile app.
CIT Bank’s Address and Stock Information
CIT Bank N.A. is headquartered in Pasadena, California, but primarily operates online. For stock enthusiasts, CIT’s parent company, First Citizens BancShares, trades under the ticker symbol FCNCA.
CIT Platinum Savings Minimum Balance
The Platinum Savings Account requires a minimum balance of $5,000 to qualify for the higher APY of 5.05%. Accounts with balances below this threshold earn a lower APY.
CIT Bank HYSA Review
CIT Bank’s High-Yield Savings Account has received positive reviews for its high interest rates, low fees, and ease of use. Customers appreciate the bank’s commitment to maximizing returns on savings.
CIT Bank offers a robust suite of financial products customized for savers and online banking enthusiasts. With competitive rates, FDIC insurance, and user-friendly services, it’s a top contender in the online banking space. Whether you’re looking for a high-yield savings account, money market account, or trust services, CIT Bank has something to meet your needs.
FAQ – CIT Bank
- What is CIT Bank’s Website?
- You can access CIT Bank’s services at cit.com.
- Is CIT Bank FDIC Insured?
- Yes, deposits are insured up to $250,000 per account type.
- What is the Minimum Deposit for HYSA?
- A minimum deposit of $100 is required to open a High-Yield Savings Account.
- Where is CIT Bank Located?
- CIT Bank is based in Pasadena, California.
- Does CIT Bank Offer a Referral Program?
- Yes, CIT Bank offers rewards for customers who refer new users.
