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If you’ve spent any time researching high yield online savings accounts, surely you have come across CIT Bank by now (not to be confused with CitiBank). We’ve been getting lots of questions from readers about CIT, so I decided to do some research of my own to see how CIT Bank’s Premier High Yield Savings Account compares to other major online banks.
CIT Bank Review At a Glance:
The Pros of CIT Bank:
- Extremely high interest rates
- No monthly fees
Where CIT Bank Struggles:
- Mobile app can be glitchy
- Mixed reviews on customer service
The Bottom Line: If your main priority is getting the highest yield on your savings and you don’t plan to touch the money often, CIT Bank is a solid choice. Due to the lack of checking accounts available and a poor mobile app, CIT Bank is not a good fit for someone looking for a daily use bank.
Best for: Someone looking for a savings account with no fees and an exceptionally high interest rate.
Continue reading for more details about CIT Bank Premier High Yield Savings.
The most important thing to consider when it comes to assessing an online bank’s legitimacy is asking one simple question: “Is it FDIC insured?”
CIT Bank is FDIC insured for all deposits up to $250,000. Here’s their actual listing on the FDIC website.
Here’s a snippet from the FDIC explaining what FDIC insurance is:
CIT Bank is owned by CIT Group Inc., which was founded in 1908 (CIT stands for “Commercial Investment Trust”). The bank currently holds over $30 billion in deposits.
Admittedly, I had never heard of this bank until about 6 months ago. I initially thought it was a spin off of Citibank, but it turns out they are completely unrelated.
👍 Easy web navigation: The CIT Bank website is very simple and straightforward to use. All interest rates for each product are shown clearly, and opening an account only take a few minutes. Nothing but good things to say here.
👍 Customer service via phone: Even though online banking is accessible 24/7, sometimes you might need to talk to someone on the phone. CIT’s customer service phone line is staffed on weekdays from 8 a.m. to 9 p.m. EST. Weekend hours are reduced.
The not so good:
👎 Poorly rated mobile app: CIT Bank has iOS and Android apps available, though a quick look at the reviews reflect very poor user experiences. This is the biggest drawback I have found with CIT, although if you are using a CIT Bank Premier High-Yield Savings Account as a place to park your savings, the normal online banking functionality should be more than enough. Still, I’d like to see improvements here.
👎 No brick and mortar branches: This is part of the trade off with online banks. The reason why online interest rates are so high compared to national averages is because there is no overhead of running branches all over the country. Those savings are passed along to the customer. If you absolutely must have an in-person branch, CIT Bank won’t be the best option for you. For most people, though, this is not a significant issue.
Speaking of interest rates…
This is where CIT’s Premier High Yield Savings Account shines the most. It’s got one of the highest APYs in the online banking industry:
Online Savings Account Comparison Table
Chart current as of April 26, 2018
No CIT Bank review would be complete without talking about fees.
Here’s a rundown of CIT’s Fee Schedule:
Folks who are always looking for the highest rates will be happy to have another option. CIT Bank is a current standout amongst the increasingly competitive online high yield savings industry, and has shown a pattern of consistently increasing their rates.
If you can handle not relying on a mobile app (which really shouldn’t be a problem, since this is a savings account and not a checking account. You shouldn’t need to look at your savings account everyday on your phone), then a CIT Premier High Yield Savings Account is worth trying out.