CIT Bank is the banking support of the financial services company CIT Group.
The bank is located in Pasadena, California. CIT Bank consists of an online banking platform and its OneWest Bank division, a Southern California branch with more than 60 locations along with the state.
They seem financially ok, by March 31, 2019, CIT Bank had assets of $44.32 billion.
As of January 31 of the same year, CIT Bank was the 42nd largest bank in the United States. They are committed to their customers by safeguarding their finances, providing economic support and social security to their customers.
For this reason, today we will review their services for you.
How can CIT Bank offer higher rates than other banks?
As a single online bank, CIT Bank does not have the same expensive overhead costs as traditional banks, so you can transfer those savings to their customers in the form of higher interest rates for their savings products and CDs, and that’s how you can get higher rates on your savings.
They also do not charge account opening or closing fees or monthly service fees to receive their stated APY, which refers to the annual percentage yield.
Savings Builder Account what it is and how to open it
- The Savings Builder account is one that generates interest and pays a tiered rate based on the established ratings.
- The minimum amount required to open the account is $100.
- CIT Bank is committed to helping its clients grow while preserving their savings safely, as they are FDIC-insured.
- When you choose CIT Bank as your ideal bank to help you reach your savings goals.
- It will require only $100 to open one more account, a single deposit with a minimum amount of $100 per month to earn their highest interest rate.
- Interest is compounded daily and credited to the account monthly.
How to earn a higher rate?
To increase your interest rate you must complete each of the following requirements:
For Monthly Savings: Just make at least one deposit of $100 or more during the first period, where your status will be evaluated and then each subsequent evaluation period.
The first evaluation period begins the third business day before the end of the month following the month the account was opened and ends at 4 p.m.
Thereafter, each evaluation period begins the day after an evaluation day and ends at 4 p.m. on the next evaluation day.
You must remember that additional deposits made between the account opening date and the start of the first Evaluation Period will not be eligible.
For High balance savings: For this type of savings you must have an account balance of $25,000 or more on each evaluation day.
The evaluation day is the fourth business day before the end of the month.
How do I access funds in my CIT Bank account?
Accessing the funds in your account is very simple just follow the steps explained below:
- To make free wire transfers between your Savings Builder account and an account at another bank.
- Or outgoing wire transfers, where there is a $10 fee for accounts with balances under $25,000; and call us to send you a free check.
- The Savings Builder account is limited to six preauthorized or automatic transfers or withdrawals, wire transfers to other accounts, or similar per statement cycle.
However, mailed withdrawal and transfer requests do not count toward the limit, nor do telephone requested withdrawals if the funds are mailed in the form of a check.
Open a savings-generating account in just three steps
1. Step: Enter your information
Here you must provide your address, telephone number, e-mail address, and social security number (or other taxpayer identification).
2. Step: Fund Your Account
Minimum $100 to open your account. You can transfer funds by wire transfer, mail by check or bank transfer.
3. Step: Your registration is complete!
You will receive a confirmation email and be ready to go!
As you can see, the investment and savings rate is quite appealing as the service works with a steady rhythm evaluation.
You can count on CIT Bank when it comes to being in search of a good bank to trust your savings, while it also promises to safeguard your economic security being one of the largest banks in the United States.
Open an account easily with the steps provided above, we hope it will be useful and beneficial to you.Visit CIT Bank