What You Need to Know About CIT Bank Online Lending

In the last few years, online banking has experienced solid growth in popularity. In fact, a 2017 survey conducted by the American Bankers Association found that four out of 10 Americans manage their bank accounts online. This number is expected to grow, especially as more consumers use mobile banking and other convenient options to manage their money.

Not only are more people using the digital world for banking, but there has also been an increase in online banks. That’s right – there are banks that run entirely online. Online banks are beneficial in that they offer higher interest rates on checking and savings accounts along with CDs. Online banks also offer lower fees and are more likely to lend to a high-risk borrower.

One of the most popular online banks for digital lending is CIT Bank. You can read some recent CIT Bank reviews and complaints to see what past and current customers have to say about the bank. Here’s what you need to know about what CIT Bank offers.

The History of CIT Bank

Not to be confused with Citi Bank, CIT Bank was founded in 1908 as a financial holding company. CIT Bank is a member FDIC and is also an Equal Housing Lender, so you can rest assured that your money and assets are safe. With more than $30 billion of deposits and $40 billion in assets, it's safe to say that CIT Bank is thriving, even in the online world.

CIT Bank typically services middle-market companies and small businesses. The bank also offers products and services to everyday consumers with its savings and CD accounts.

How CIT Bank Works

With no physical brick and mortar locations, you may be wondering exactly how an online-only bank like CIT Bank works. Rest assured that while there is no physical bank branch to visit, you have many ways to access your money. CIT Bank's website provides real-time access to your accounts. Online you can manage your money, transfer funds, and download statements.

CIT Bank also offers a convenient mobile app that allows you to bank on the go. The app offers the same functionality as the website, to include transferring money, depositing checks, checking account balances, and reviewing transaction history. The app is available for iOS and Android devices.

To get started, you can quickly and easily open an account through the CIT Bank website. To open an account you'll need to provide the following information:

1. Social security number
2. Current bank account and routing numbers
3. Name and ID numbers for any joint account holders

Once you open an account, you can add funds using several methods. The easiest and quickest option is to use an electronic funds transfer. CIT Bank also allows members to send a check by mail or to use wire transfer to fund the account.

What CIT Bank Offers

Currently, CIT Bank offers three main depository products, including savings accounts, certificates of deposit (CDs), and money market accounts.

CIT Bank is most known for its high-yield savings account which offers up to a 2.45% APY. To open one of these accounts you must deposit at least $100. The APY that you’re approved for depends on the amount of money that is put into the account on a monthly basis as well as your total balance at the end of each month. The higher your funds and deposits, the higher of an APY you’ll get.

CIT Bank also offers money market accounts, which just like savings accounts, require a $100 deposit and has no monthly fee. This account offers a 1.85% APY which more than 11 times the national average. With a money market account, you're limited to six transactions per statement cycle. This type of account is great to use for building an emergency savings fund or saving to purchase a home.

Last but not least, CIT Bank offers a variety of CD accounts including term, no-penalty 11-month, and jumbo CDs. The type of CD that’s best for you depends on your investment needs. The APY on these accounts varies from 1.75% to 2.50%, a range that far surpasses the national average.

CIT Bank Loans

Aside from high-yield interest accounts, CIT Bank also offers mortgage loans. There are 10, 15, 20, 25, and 30-year loan terms available. By choosing a home loan through CIT Bank, you'll be rewarded for $525 cash back after closing! There are also portfolio loans available to lower your monthly payments.

Conclusion

CIT Bank has become one of the most popular online banks today. No matter if you’re looking for a loan to buy your dream home or you want to enjoy the perks of a high-yield interest savings account, you won’t regret choosing CIT Bank as your lender or provider.

This article does not necessarily reflect the opinions of the editors or management of EconoTimes.