Low Charges and Excessive APYs From This On-line Financial institution

In the case of banking, most of us are simply on the lookout for one thing handy and free… but it surely’s that a lot better when your checking account can really show you how to earn cash, too.

For those who’re keen to maneuver to a digital-first banking system — that’s, one the place your account is completely on-line and also you don’t have entry to a brick-and-mortar banking location — CIT Financial institution affords each checking and financial savings accounts with no month-to-month upkeep charges and excessive curiosity earnings potential. (Though there’s a minimal opening deposit of $100, it’s fairly cheap given the financial institution’s excessive charges.)

Though foregoing the in-person franchise generally is a little daunting, CIT Financial institution makes it that a lot simpler by providing as much as $15 in third-party ATM charge reimbursement monthly, and also you’ll by no means be assessed an ATM charge on their finish. Nevertheless, in case you’re on the lookout for a financial institution that additionally affords small enterprise options, preserve trying; CIT doesn’t have enterprise checking or financial savings accounts accessible.

Right here’s what we love about CIT Financial institution’s on-line deposit accounts… and what we predict may use some work.

CIT Financial institution Evaluation: The Execs and Cons

What we like:

  • Free eChecking account earns curiosity at a charge increased than the typical financial savings account

  • No month-to-month upkeep charges on any of its deposit accounts

  • Free overdraft safety

What we don’t like:


Grade: A

CIT Financial institution affords the most effective of each doable worlds with regards to checking: an account with no month-to-month upkeep charges and the power to earn curiosity. Their eChecking account earns as much as 0.25{5667a53774e7bc9e4190cccc01624aae270829869c681dac1da167613dca7d05} APY on balances with $25,000 or extra, and 0.10{5667a53774e7bc9e4190cccc01624aae270829869c681dac1da167613dca7d05} APY on balances lower than that. (That’s higher than the typical financial savings account curiosity of 0.04{5667a53774e7bc9e4190cccc01624aae270829869c681dac1da167613dca7d05} APY, per the FDIC.)

The account does, nonetheless, carry a minimal opening deposit of $100, and sure charges might be assessed beneath particular circumstances. As an example, in case you make an outgoing wire switch and carry a median each day stability of lower than $25,000, it would value $10. CIT Financial institution’s inadequate funds charge is $30, and no each day limits are marketed.

Nonetheless, these charges are comparatively straightforward to keep away from, particularly given CIT Financial institution’s free overdraft safety possibility. In addition they keep away from charging ATM charges, and you may obtain as much as $15 monthly in third-party ATM charge reimbursements.

Financial savings

Grade: A

Together with a variety of CDs and a cash market account, CIT Financial institution affords two essential financial savings account choices: the Financial savings Builder and the Premier Excessive Yield Financial savings Account. Each carry a minimal opening deposit of $100, however neither assesses month-to-month upkeep charges.

The Financial savings Builder permits account holders to earn as much as 1.15{5667a53774e7bc9e4190cccc01624aae270829869c681dac1da167613dca7d05} APY relying on their common each day stability and/or month-to-month deposit habits; in case you preserve a stability of a minimum of $25,000 or make a minimum of one month-to-month deposit of $100 or extra, you’ll earn the 1.15{5667a53774e7bc9e4190cccc01624aae270829869c681dac1da167613dca7d05} APY most. Curiosity compounds each day to maximise incomes potential, and deposits and transfers might be made by the cellular app.

The Premier Excessive Yield Financial savings account earns 1.00{5667a53774e7bc9e4190cccc01624aae270829869c681dac1da167613dca7d05} APY with none charges no matter account stability or deposits, and its curiosity can be compounded each day.

Small Enterprise Banking

CIT Financial institution doesn’t supply small enterprise checking and financial savings accounts, although it does supply enterprise loans.


Grade: A-

CIT Financial institution is usually on-line, but in addition contains the OneWest Financial institution Division, which holds greater than 60 places in southern California.

Nevertheless, all CIT Financial institution prospects can entry its customer support staff through phone. The automated system is accessible 24/7 and live-person customer support is accessible Monday by Friday, 9 a.m. – 9 p.m. ET and Saturday 10 a.m. – 6 p.m. ET.

Cellular Banking

Grade: A-

Like most on-line banking choices, CIT Financial institution affords digital options to assist its members entry and handle their funds from the comfort of their smartphones. Its cellular apps are nicely obtained, with rankings of 4.1 stars on Google Play and 4.6 stars on the Apple App Retailer.

The apps enable customers to make transfers between their very own accounts (and to others utilizing third-party platforms like Zelle and Samsung or Apple Pay), in addition to to make cellular examine deposits utilizing the onboard smartphone digicam.

Our Financial institution Evaluation Methodology

The Penny Hoarder’s editorial staff considers greater than 25 components in its checking account critiques, together with charges, minimal each day stability necessities, APYs, overdraft costs, ATM entry, variety of bodily places, customer support assist entry and cellular options.

To find out how we weigh every issue, The Penny Hoarder surveyed 1,500 individuals to search out out what banking options matter most to you.

For instance, we give high grades to banks which have low charges as a result of our survey confirmed that that is the No. 1 factor you search for in a financial institution. As a result of greater than 70{5667a53774e7bc9e4190cccc01624aae270829869c681dac1da167613dca7d05} of you stated you visited a bodily financial institution department final yr, we contemplate the variety of brick-and-mortar places. However greater than one-third of you employ cellular apps for greater than 75{5667a53774e7bc9e4190cccc01624aae270829869c681dac1da167613dca7d05} of your banking, so digital options are additionally thought-about rigorously.

Rankings are assigned throughout the next classes:

Bank card and mortgage merchandise are usually not at the moment thought-about.

Jamie Cattanach’s work has been featured at Fodor’s, Yahoo, SELF, The Huffington Publish, The Motley Idiot and different shops. Study extra at www.jamiecattanach.com.

This was initially printed on The Penny Hoarder, which helps thousands and thousands of readers worldwide earn and get monetary savings by sharing distinctive job alternatives, private tales, freebies and extra. The Inc. 5000 ranked The Penny Hoarder because the fastest-growing personal media firm within the U.S. in 2017.

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