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CiT Bank Review

Sunday, October 1st

2023 Online Savings Account Reviews

CiT Bank Review 4.5 Star Rating

CiT Bank

4.5 Star Rating
  • Opening balance of $100+ required
  • APY from 0.25% to 4.57%
  • 4 savings account options
  • Mobile app
  • Award-winning service
  • "A-" rating from the BBB

CiT Bank is a company owned by CiT Group, Inc which has been open for 114 years, but CiT Bank itself was founded in 2009. CiT Bank is an online service that offers four different savings accounts including the Platinum Savings, the Savings Connect, the Money Market, and the Savings Builder accounts. CiT requires $100 to open any of the four account types and the APYs range from .025% to 4.75% depending on the account you choose and the balance you maintain.

No regular fees with CiT Bank

The breakdown of the savings account options at CiT Bank is simple. Each has a few different features, and completely different options for your APY, although every account requires a minimum of $100 to open it. The individual options look like this:

  • Platinum Savings
    • Up to 4.75% APY
    • 0.25% APY on balances under $5,000
    • Daily compounding interest
    • No fees
    • FDIC insured
  • Savings Connect
    • 4.5% APY
    • No fees
    • Daily compounding interest
    • FDIC insured
  • Money Market
    • 1.55% APY
    • No service fees
    • FDIC insured
  • Savings Builder
    • Tiered rate account
    • 1% Max APY
    • 0.995% interest rate from the day the account is opened
    • 0.40% for balances under $25,000

CiT Bank's security gets high praise

One of the best features of CiT Bank is its safety and insurance policies. Especially for a fully online bank, the strong focus on the safety and security of their customers' money generates more confidence in CiT Bank. The bank is a member of the Federal Deposit Insurance Corporation (FDIC), which ensures that customers' checking accounts are protected for up to $250,000 per depositor, per account. Not only does CiT Bank offer federal insurance, but they have also been recognized for their excellent banking services by reputable sources such as GoBankingRates, Fintech, NerdWallet, and Bankrate.

Best Online Savings Accounts

Better on iOS than Android

As an online-only banking institution, it's no surprise that CiT Bank has an easy-access mobile app available for customers to manage their accounts. This app provides a variety of services including looking up transactions, transferring funds between CiT Bank accounts, and making mobile check deposits. Although the app is highly rated on the iOS platform with a 4.6 rating, it is important to note that the app has a slightly lower rating on Google Play, with a 3.3 average. As an Android user, you may want to consider this rating when deciding whether to use CiT Bank's mobile app. Despite this, CiT Bank remains committed to providing a smooth and user-friendly experience for all its customers, regardless of platform preferences.

High ratings from bank professionals but not from customers

Despite receiving lower customer ratings than those from financial review sites, CiT Bank has still managed to maintain a loyal customer base. However, customers have only rated CiT Bank as high as 2.1 stars on Trustpilot, which is the highest score it has across different review sites. On the other hand, this company does have an "A-" rating from the BBB and there are tons of positives from professional banking review sites such as Forbes or Bankrate. The customers who did enjoy using CiT Bank praised their customer service response time and helpfulness. For the low reviews, many customers were frustrated with the loan process, but none of the reviews specifically mentioned savings accounts.

High APYs and no fees

Overall, CiT Bank offers a range of savings accounts with high APYs and no regular fees, making it an attractive option for those looking to grow their savings. The bank prioritizes the safety and security of its customers' funds with the FDIC, and CiT Bank remains committed to providing a smooth and user-friendly experience for all customers. While the customer reviews are mixed, customers who enjoyed using CiT Bank appreciated their excellent customer service. With all things considered, CiT Bank is easily one of the top options in our review for your next savings account.

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Where is the Best Place to Open an Online Savings Account?

Feeling let down by your current bank and looking to spruce up your finances? Or maybe you're about to open your very first savings account and want to make sure you're getting all the bells and whistles? Deciding who to trust with your savings is a big deal and it's crucial for your financial wellbeing. With so many banks and online institutions, it can be overwhelming to hunt for the best interest options or rewards. Switching banks, or opening a new savings account, can feel like a lot.

But first, some background: a savings account is a type of bank account that is specifically designed for saving money. It's an account that you can deposit money into and earn interest on the balance. Unlike a checking account, which is used for everyday transactions like paying bills or buying groceries, a savings account is intended for long-term saving.

The Best Online Savings Accounts Compare Online Savings Accounts Compare Online Savings Account Reviews What are the best Online Savings Accounts Best Online Savings Account Reviews

Online Savings Account FAQ

An online savings account is a type of bank account that is managed entirely online through an institution's website or mobile app. With an online savings account, customers can deposit and withdraw money, check their account balance, view transaction history, and manage their savings goals entirely through an online interface. Online savings accounts typically offer higher interest rates and lower fees than traditional brick-and-mortar banks due to the lower overhead costs associated with online-only banking.
An online savings account offers several benefits over traditional savings accounts. First, online savings accounts typically offer higher interest rates than brick-and-mortar banks. They also usually have no fees - or, at least, lower fees than traditional banks. Finally, online savings accounts are accessible 24/7, providing customers with convenient and flexible access to their funds.
Managing your savings online is generally safe if you take the necessary precautions, such as using strong passwords and regularly monitoring your account. Many online banks are insured by the FDIC, so the funds in your savings account will be insured up to the maximum amount allowed by law, which adds an extra layer of protection. Additionally, online banks use advanced security measures such as encryption to protect your personal information and transactions.
Generally, online savings accounts offer higher APYs compared to traditional brick-and-mortar banks due to lower overhead costs. Some online savings accounts may offer tiered APYs based on the account balance, while others may offer a fixed APY for all account balances. It's important to compare APYs across different online savings accounts to find the one that best suits your needs.
Yes, you can use an online savings account for bill payments and direct deposit in many cases. While savings accounts are typically meant for saving money and not for everyday transactions, most online banks offer features that allow you to easily transfer money between your savings and checking accounts. However, it's important to note that there may be some restrictions or fees associated with using a savings account for these types of transactions, so it's always a good idea to check with your bank to make sure you understand their policies and any potential fees.
Yes, you can deposit checks into an online savings account. Most online banks offer remote deposits through their mobile banking apps. You simply take a photo of the check with your smartphone and submit it through the app. Some banks may also offer other options for depositing checks, such as mailing them in or depositing them at a partner ATM.
While the short answer is usually "yes" , it depends on the online savings account and the bank's policies. Most online banks do not have physical branches or ATMs, so it may not be possible to deposit cash directly into the account. However, you can deposit using a third-party payment service, or depositing cash at a network ATM. It is best to check with your specific online bank to see what options are available for depositing cash.
The minimum balance required for an online savings account varies by bank. Some banks don't require a minimum balance at all, while others require a certain amount to avoid fees or earn higher interest rates.
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Continued from above...

Many people use savings accounts to set aside money for things like a down payment on a house, a new car, or an emergency fund. One of the biggest benefits of a savings account is that it can help you build wealth over time. As you continue to save money, the interest earned on your balance can compound, meaning you earn interest on both the money you deposit and the interest you earn. Over time, this can add up significantly and help you achieve your financial goals. Additionally, savings accounts are generally considered to be low-risk investments, making them a great option for people who are risk-averse or new to investing.

Banks and financial institutions offer various types of savings accounts that cater to different needs and goals. Some common types of savings accounts include a basic savings account, which is a standard account that usually has a low minimum balance requirement and earns interest on the balance. High-yield savings accounts are another option. These typically offer a higher interest rate than basic savings accounts but may require a higher minimum balance in the account.

Money market accounts are similar to savings accounts but often offer higher interest rates and allow you to write a limited number of checks per month. Certificates of deposit (CDs) are time-bound accounts that require you to leave your money in the account for a fixed period in exchange for a higher interest rate. Individual Retirement Accounts (IRAs) are specialized accounts designed for retirement savings and offering tax benefits.

So, how do you find the best savings account for your needs? There are a lot of factors to consider for account types and which institution can offer you the best service overall. If you're not sure where to start, you can check out this list that should help you narrow down your options:

  • Fees: While many online savings accounts offer accounts for no fees, there are just as many that do require minimums, or at least that customers meet a daily balance minimum to avoid fees. Keep in mind how much you're willing to pay each month (and what you need to do to keep an account free of charge) as you look over savings account options.
  • Customer Service: Customer service is key, especially when your money is involved. Looking at feedback for customer service at different banks may help determine who you want to support your financial security.
  • APYs: One of the biggest differences in savings account options is how much you'll make in APYs. Some APYs are fixed, while others depend on your account balance. Keep an eye on how much you'll be earning for your money when you choose your next savings account.
  • Savings Options: General savings accounts aren't the only options to increase your savings. With CDs and Money Market accounts, many banks offer a variety of places to improve your savings. Knowing what kind of account you want will help you decide where to start banking next. Not all banks offer the same benefits or account types.

To make opening your next savings account as easy as 1, 2, 3, Top Consumer Reviews has evaluated and ranked the most popular options on the market. We hope this will help you decide which financial institution is the best place to keep track of your savings.

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