CIT Bank review: making online banking painless

By Holly Johnson

I have a confession. When it comes to banking, I'm somewhat technology-averse. Out of all of my family and friends, I was the last one to sign up for online banking of any kind. And up until a few years ago, I was insistent on paying all of my bills with the dinosaur of personal finance, a personal check. Even more tragic is that I mailed everything via snail mail, sometimes waiting as long as 10 days for a payment to post to my account. It was so ... slow.

Looking back, I can't believe I chose such an inefficient method for something as important as my personal banking. And now that I'm up-to-date with modern banking methods, I'm a staunch proponent of doing all of my transactions online. That's why I was excited when my editor asked me to review CIT Bank's online savings accounts and CDs. Now that I understand the merits of online banking, I'm in a much better place to portray CIT Bank's services in a way that makes sense.

About CIT Group, Inc.

Founded in 1908, CIT Group, Inc. (NYSE: CIT) opened its doors with the goal of offering high quality low-rate loans to reputable commercial clients. Since then, CIT Group has evolved into a leading bank holding company that strives to provide necessary financing to clients in the U.S. and abroad. And with customers in 30 countries around the world, CIT Group is considered a leader in middle-market lending, aerospace, equipment, and rail leasing, retail finance and factoring.

Built on the heritage of its parent company, CIT Bank came to fruition in 2000. With its Internet-based business model, the FDIC-insured institution has worked diligently to add to its customer base and built client loyalty. And from that perspective, CIT Bank has done quite well. As it stands, CIT Bank currently has more than $11.8 billion in deposits and $14.7 billion in assets.

With such growth in a relatively short amount of time, you've got to wonder how CIT Bank is luring in so many customers. Fortunately, there's no need for concern. The company hasn't bought into any cheesy gimmicks or used questionable business practices to feed its expansion. Nope, CIT bank has grown the old-fashioned way: by offering quality products that customers can count on. And by accessing their user-friendly online interface, you can count on them too.

What does CIT Bank have to offer?

In short, a lot. Upon the completion of my research, I wanted to share a few key features and products that I thought were worth noting. First, CIT bank offers highly competitive rates on all of their products across the board. This feature is especially noticeable when it comes to their selection of available CDs, which range from as short as six months to as long as five years in length. After comparing rates with other banks, I found that CIT Bank's CD rates were currently somewhat higher than the rates of their competition. That's always a good thing, right?

In addition, CIT Bank offers competitive rates on its CIT Savings Accounts, with the added bonus of "daily compounding, FDIC insurance and no account fees." And as if that wasn't enough, they also boast easy-to-access custodial accounts and IRA accounts.

Open a CIT Bank savings account

User-friendly and secure

From a convenience standpoint, CIT Bank couldn't get much better. By logging in at BankonCIT.com, customers can set up new accounts, access detailed account reviews or make deposits. Customers who need assistance by phone can also access a real, live human being during the extended customer service hours the bank offers seven days a week.

CIT Bank also boasts rigorous online security measures intended to keep your transactions secure. This includes anti-virus protection, firewalls, automatic log-out and a multi-factor authentication log-in process. In a world where hackers and thieves would love nothing more than your log-in and password, these features are no longer a bonus. They're necessary.

The final word

If you're looking for an online savings account, IRA, custodial account or CD with great customer service, an easy-to-access online interface and competitive interest rates, then CIT Bank might be the bank for you. With the click of a mouse and some basic personal information, you can set up an online account in less than 10 minutes. When it comes to online banking, you can't ask for much more than that.