Introduction to CIT Bank Online Savings Accounts
CIT Bank offers online savings accounts providing competitive interest rates and convenient access to funds. Opening an online savings account with CIT Bank offers several advantages, including higher interest rates compared to traditional brick-and-mortar banks, lower fees, and 24/7 account access through their online platform and mobile app. CIT Bank, founded in 1908, has a long history in the financial services industry.
Initially focused on commercial banking, CIT Bank expanded its services to include online banking, offering a variety of savings accounts and other financial products to consumers. Compared to traditional banks, CIT Bank’s online savings accounts typically offer higher annual percentage yields (APY) and require lower minimum deposits. Traditional banks often have higher overhead costs, which can result in lower interest rates for savers and higher fees.
CIT Bank and its History
CIT Bank, originally known as Commercial Investment Trust, was founded in 1908 in St. Louis, Missouri. Over the years, CIT Bank evolved into a prominent player in commercial lending and leasing. In 2001, CIT Group acquired First-Citizens Bank & Trust Company, expanding its reach into retail banking. Following the 2008 financial crisis, CIT Group filed for bankruptcy and emerged in 2010 with a renewed focus on commercial banking.
The acquisition of OneWest Bank in 2015 further strengthened CIT Bank’s presence in the retail banking sector, solidifying its commitment to offering online savings accounts and other financial products to consumers.
Comparing CIT Bank with Traditional Banks
CIT Bank’s online savings accounts differ from traditional brick-and-mortar bank accounts in several key aspects. Online accounts generally offer higher interest rates, contributing to faster savings growth. Additionally, online banks often have lower overhead costs, which translates to lower or no monthly maintenance fees for customers. While traditional banks require in-person visits for account opening and certain transactions, CIT Bank provides the convenience of managing accounts entirely online, 24/7.
Types of CIT Bank Savings Accounts
CIT Bank offers a variety of savings accounts designed to meet different financial goals. These accounts provide competitive interest rates and flexible options for managing your savings.
Comparing CIT Bank Savings Account Features
Each CIT Bank savings account offers unique features, interest rates, and minimum deposit requirements. The Savings Builder account encourages consistent savings growth with a tiered interest rate structure. The Premier High Yield Savings account offers a competitive interest rate for balances above a certain threshold. The Money Market account combines features of both savings and checking accounts, offering check-writing capabilities and a competitive interest rate.
| Account Name | Interest Rate | Minimum Deposit | Monthly Fee |
|---|---|---|---|
| Savings Builder | Variable, tiered based on balance and deposits | $100 | $0 |
| Premier High Yield Savings | Variable, competitive rate | $25,000 | $0 |
| Money Market | Variable, competitive rate | $100 | $0 |
| CD | Fixed, varies by term length | $1,000 | $0 (penalty for early withdrawal) |
Step-by-Step Guide to Opening a CIT Bank Online Savings Account
Opening a CIT Bank online savings account is a straightforward process.
Steps to Open an Account
- Visit the CIT Bank website and navigate to the savings account section.
- Select the type of savings account you wish to open.
- Click the “Open Account” button.
- Provide personal information, including your name, address, date of birth, and Social Security number.
- Choose a username and password for your online account access.
- Fund your account by linking an external bank account or initiating a transfer.
- Review and agree to the account terms and conditions.
- Submit your application.
Required Information and Documentation
You will need your Social Security number, driver’s license or other government-issued identification, and your current bank account information for funding purposes.
Managing Your CIT Bank Online Savings Account
Managing your CIT Bank savings account online is easy and convenient.
Accessing and Managing Your Account
Log in to your CIT Bank account online using your username and password. Once logged in, you can view your account balance, transaction history, and account details.
Depositing and Withdrawing Funds
You can deposit funds into your CIT Bank savings account through electronic transfers from linked bank accounts or by mailing a check. Withdrawals can be made through electronic transfers to linked accounts or by requesting a check.
Setting up Account Alerts and Notifications
You can customize account alerts and notifications to stay informed about your account activity. Set up alerts for low balance, deposits, and withdrawals.
Security Features of CIT Bank Online Savings Accounts
CIT Bank employs robust security measures to protect customer accounts.
Security Measures and Features
CIT Bank utilizes multi-factor authentication, encryption technology, and fraud monitoring to safeguard your account. Two-factor authentication adds an extra layer of security by requiring a unique code in addition to your password.
Keeping Your Online Banking Information Secure
Create a strong password that is difficult to guess and avoid using the same password for multiple online accounts. Be cautious of phishing emails and websites that may attempt to steal your login credentials.
Customer Support and Contact Information
CIT Bank provides multiple channels for customer support.
Contacting CIT Bank
You can contact CIT Bank customer support by phone at [phone number], by email at [email address], or through their online chat feature.
Frequently Asked Questions (FAQs)
- What is the minimum deposit to open a CIT Bank savings account?
- How do I access my account online?
- What are the interest rates for different savings accounts?
Benefits of High-Yield Savings Accounts
High-yield savings accounts offer significant advantages over traditional savings accounts.
Advantages of High-Yield Savings
High-yield savings accounts offer higher interest rates, allowing your savings to grow faster.
Understanding Compound Interest
Compound interest is calculated on both the principal balance and any accumulated interest, leading to exponential growth over time. For example, if you deposit $1,000 into an account with a 2% annual interest rate compounded monthly, you will earn interest not only on the initial $1,000 but also on the interest earned each month.
Hypothetical Savings Growth Scenario
If you deposit $5,000 into a high-yield savings account with a 4% annual percentage yield (APY), your balance could grow to approximately $6,083 after five years, assuming the interest rate remains constant.
Mobile Banking with CIT Bank
The CIT Bank mobile app offers convenient access to your savings account.
CIT Bank Mobile App Features
The CIT Bank mobile app allows you to view your account balance, transaction history, transfer funds, deposit checks, and set up account alerts.
Using the Mobile App
Download the CIT Bank mobile app from the App Store or Google Play Store and log in using your online banking credentials.
Tasks Performed Using the Mobile App
- View account balance and transaction history
- Transfer funds between accounts
- Deposit checks using mobile deposit
- Set up and manage account alerts
Tips for Maximizing Your Savings
Implementing effective saving strategies can help you reach your financial goals.
Saving Money Effectively
Create a budget to track your income and expenses, identify areas where you can reduce spending, and set realistic savings goals. Consider automating your savings by setting up regular transfers from your checking account to your savings account.
Budgeting Techniques
The 50/30/20 budgeting method allocates 50% of your income to essential expenses, 30% to wants, and 20% to savings and debt repayment.
Saving Goals and Strategies:
- Set a specific savings goal, such as a down payment on a house or a vacation.
- Create a timeline for achieving your savings goal.
- Track your progress regularly and adjust your saving strategies as needed.