Founded in 1908, CIT Bank, short for its former corporate name, Commercial Investment Trust, has been aimed at providing financial products and helping customers maximize their personal incomes.
This bank provides financing, leasing and advisory services to small businesses and related services to individual customers. It is online-based and has no free ATM networks. As a number of the Federal Deposit Insurance Corporation (FDIC), CIT bank is relatively safe than many counterparts.
If you’re interested in making a deposit into CIT bank, check out the following services to learn more about this bank:
1. Savings Builder
Savings builder is one type of savings accounts. You only need to pay $100 to activate your account. To those who’d like to keep a high level of savings, Savings builder is very attractive, because it implements a tiered interest rate system. People keeping a deposit balance more than $25,000 or committing to make a $100 deposit monthly will get APY as high as 0.95%. Thus, if you prefer to maintain a high level of saving rate, Savings Builder is your best choice.
2. Money Bank Account
Among the saving services in CIT bank, Money Bank Account has the highest APY as high as 1%, compared by 0.95% of Saving Builder and 0.75% of Premier High Yield Savings. Moreover, Money Bank Account also supports payment through PayPal and Zelle, which makes it far more convenient than others. The only defect is its transaction fee. You will pay $10 for each transaction and higher if you once violated its rules. And as Savings Builder does, it requires a minimum deposit as $100 to open an account.
3. Certificate of Deposit (CD)/No penalty CD
Certificate of Deposit is a time deposit whose interest rate usually increases as the maturity period extends. For example, in CIT Bank, you can get your APY as high as 1.05% if you choose Term CD with 5-year maturity. This service guarantees a stable payback, but you will risk losing your interests resulted from an early withdrawal. To avoid this situation, you can choose No penalty CD in which you can withdrawal you deposit without any loss. However, at the expense of it, you can only get 0.75% APY accordingly. The minimum opening deposit is $1,000 for both of them.