Saturday, September 14th
2024 Online Savings Account Reviews
CiT Bank
- Opening balance of $100+ required
- 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 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
- Daily compounding interest
- No fees
- FDIC insured
- Savings Connect
- No fees
- Daily compounding interest
- FDIC insured
- Money Market
- No service fees
- FDIC insured
- Savings Builder
- Tiered rate account
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.
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.
More Online Savings Account Reviews
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.
Online Savings Account FAQ
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.
Compare Online Savings Accounts
Select any 2 Online Savings Accounts to compare them head to head
Trending Online Savings Account News
Related Online Savings Account Reviews
Since you're interested in Online Savings Accounts, here are some other reviews you might find interesting.
Newest Reviews
