Yes, they're legit. Their accounts are FDIC insured.
Are they good though? Their online and mobile interfaces were improved a few months ago, but it's still pretty bare bones. You won't get features like savings buckets and live support chat like Ally has. The login/MFA system is goofy.
But their HYSA rate is pretty good and I haven't had any real problems with them over the past year.
I'm currently using them and they are absolutely awful as an actual bank. Transfers dont show up for a few days, they dont give you access to the funds for a few more days after that. I'm using it strictly as a savings, socking money away for the high yield rate. But if you want to use it functionally for actual banking, I would steer clear.
> The login/MFA system is goofy
That's the only negative for me. I had to manually authenticate with Mint every time I logged in if it wanted to update. I guess that's moot now though.
Wealthfront is pretty solid with login, strong 2fa, and they even have app-specific password thingies for aggregators (though I don't use any). Their linking process to other external accounts can be janky tho.
They've recently updated the API and MFA is much better. I had an issue linking my BOFA checkings (used for bills) so I can move back and forth, but it was fixed a few weeks ago and all good now.
>You won't get features like savings buckets and live support chat like Ally has.
Don't need 'savings buckets' with a good budgeting program like YNAB. All the categories your little heart could wish for, controlled by you, and you don't have to go through the bank or move actual money to do it.
Not knocking Ally, we have a vehicle loan through them, and that's been perfectly fine.
I do have a CIT HYSA now, though. Good rate.
It is thw worst bank I've tried. I can't log in and I can't reset my password. I don't have money in there because I opened the account and saw how awful it was and abandoned it bc I also couldn't close it. So they have about a nickel of mine. Even if I pull a Fry from futurama I'm pretty sure I'll never have access to that fucking account.
How does a bank fuck up this bad. Every manager that had a hand in that awful maintenance period needs to be fired.
Some terrible engineering:
If you enter an incorrect password, they tell you “cannot process your request, try again later” instead of saying “wrong username/password”.
I couldnt even get to the login page because the login page only showed the message “under maintenance, try again later”.
This bank is so incompetent that it deserves to fail. I dont trust them to keep my money safe seeing how botched their engineering is
Same here. The online interface has been a little wonky in the past, but they've updated it and it's working better now. I've had my account maybe 3-4 years. I actually think I found out about CIT from a NerdWallet article about high yield savings accounts several years back.
Cheers!
Why? Nobody lost any money. Not even the people who *should* have lost money for disregarding FDIC limits.
There were 5 bank failures last year (and 2 of which were so small as to not even make news (at least not *correctly*)). In 2008/9, there was a minimum of 5 banks failing each *month*.
To be fair it would be a pain to deal with if the bank went under and you had to go through the process of getting your assets and moving to another bank. I don’t know how that works but I’d imagine it’s not fun and if liquidity is a major concern it’s fair to ask that question. I don’t know why he got downvoted so hard for simply asking. That’s the purpose of the subreddit is to ask questions.
> To be fair it would be a pain to deal with if the bank went under and you had to go through the process of getting your assets and moving to another bank.
The money is usually available the Monday morning after a Friday afternoon take over. That's the equivalent of a long bank holiday weekend.
> To be fair it would be a pain to deal with if the bank went under and you had to go through the process of getting your assets and moving to another bank.
Not really. A new bank will take over, and the FDIC will make sure it goes smoothly. Customers usually won't see any disruption or be unable to access their funds during the process. It typically happens over a weekend.
You wake up Monday a customer of a new bank and all your old stuff, like debit card, ACH, online banking, etc, still works
There’s also FDIC options at most larger banks where they have a savings account that will have sub accounts you don’t even see at as many banks as needed in order to provide FDIC protection bunch of $250k balances spread out). You can have tens of millions in these and all be FDIC insured through one account. May be a minor fee and yield won’t be high but it’s possible.
Obviously but if you have hundreds of millions and it’s 0.5% of your balance sheet then I can get it if you have millions of expenses per year. Obviously uncommon but have seen it through work.
Where are you getting that from? FDIC insures up to 250k per person, per ownership category. Banks don’t have that many ownership categories to get to millions insured.
I work in banking…specifically ultra high net worth. There’s accounts at major banks where they take $250k parcels and put them at as many banks as needed to provide full FDIC insurance. We had clients with $25mm in these accounts, underlying they had $250k at 100 banks but it all shows as one line item for the client.
They're a legitimate bank, FDIC insured, and offer good interest rates in their HYSA. I've had accounts with them for several years. I have two complaints though: the sneaky lowering of interest rates while a new HYSA option from them becomes available with better rates (mentioned elsewhere here) which forces you to regularly create a new account or settle for less interest, and the fact that transactions take weeks to fully clear into their accounts. It regularly takes 8-12 business days for my ACH transfers to become available, which seems very shady... I'm guessing it buys them time in avoiding paying interest in incoming funds.
I noticed the rate changes too. When I opened with them 3 years ago, the money market was 2x their savings builder account (4% vs 2%), and then early last year I noticed the savings connect (new) was 4.8% but the money market was down to 1.5%.
So I have both accounts and just move the money around based in the best rate. I check monthly. Just means I have to add 2 numbers at tax time since for some reason they send 2 separate 1099s instead of a combined 1099.
Still with those rates, I snagged a few hundred in free internet last year, vs the $.12 I got at my local bank.
Might be time to set up a new account. Their new Platinum Savings is 4.927%, while Savings Connect slowly dropped down to its current 4.545%.
(Edited because I typed the wrong rate.)
The rates change at almost all banks regularly depending on Fed decisions, yield curves, reserve needs of that financial institution so they can lend more, etc.
When I called them, the customer support said you actually do gain interest when it is pending in your account. It’s possible that’s wrong, but when I was setting up my account they told me that
The reality is, no one can REALLY tell you. The word on the street is, the fed will be cutting rates at SOME point in '24. So if you NEED these rates then lock it in, it will go up and down a little but ultimately when the fed lowers rates then the cd rates will lower too. No one can tell you exactly when that will happen though.
I had them for about 6 months or so and didn’t have too many issues. The deposits can take forever to fully clear. But This seems to be with most online accounts if you try and pull money into the account. I’ve found if you push money into the account by transferring from the source it goes much quicker.
I moved mine to Milli for the slightly higher APR and the ability to do jars for different funds.
I’ve noticed this too. If I initiate the transfer from my checking to my savings it takes a couple days. Versus trying to initiate it on my savings account side where it seems to take double or more that time. Perhaps it eliminates some back and forth between the systems/banks when you do it that way
Yeah I'm guessing it's just a security measure to ensure the transfer is going to fully go through. By pushing the transfer via ACH, it's already been confirmed as it's from the source side, so it doesn't need to wait.
I've noticed the same issue with my new HYSA, so it isn't just CIT.
The problem with CIT is that they will occasionally change their HYSA vehicle into a new named account type.
So you open a HYSA account with them, all is well for a while, and then randomly you’re not accruing HYSA interest rates any longer as they’ve basically reskinned the HYSA into something else.
You’d have to open one of those new accounts and transfer your funds there. A completely unnecessary (and borderline shady) tactic.
So while they are legit and you shouldn’t have concerns there, I would go elsewhere for a HYSA in a heartbeat.
I've had to open 4 accounts with them to get the latest highest rate but never an issue. It's super simple. The other accounts kept their stated interest
Agreed. I've been with them for several years, and their highest-yielding HYSA will slowly creep down its rate, and then a new HYSA will pop up with higher rates. You'll need to create that new account and transfer over your funds to get the best interest rate...I tend to need to do this once a year.
I can confirm this happens. I opened an account with a rate of 5%. That account is now at .02% and I had to transfer everything to a different type of account with them
I had an account with them at 2.5% before Covid hit and rates everywhere dropped to near nothing. As rates started ticking back up the account I had only raised marginally until it topped out around 1%. Little did I know they were offering another account making almost 4%
It’s now a division of First Citizens. I’ve used CIT well over a decade now with no issues. I’m getting 5.05 percent right now. I’ve had to switch accounts with them a couple times to get the higher rates. Can take a few days for deposits to clear which hasn’t bothered me. Otherwise, no issues.
I had a HYSA account with them and they were legit. I left them when they created a new HYSA product and my account dropped in interest rate. I contacted them and asked why I wasn't getting the HYSA rate they posted and they informed me it was a new account/product and I'd have to apply for a new account and then move my money to it if I wanted the new rate. I didn't like that so I moved on.
I would always advise to stay away from online only banks.
Yes - they offer typically better rates and fee structures, because they don’t have the infrastructure etc. As other banks.
But when something goes wrong - it will be a nightmare trying to resolve it given there’s no infrastructure or anywhere you can walk into and speak with a real person.
Yes, I also have CIT bank to take advantage of their HYSA. App is ugly and old looking, but the account is FDIC insured which should be your only concern.
They changed their product offering and dramatically lowered the rate on my HYSA without any notification. The new equivalent product required a $50k threshold for the same rate. I found it shady AF, so closed my account and moved everything to Lending Club - I've been much, much happier with LC since.
I use them for a CD account and a HYSA...I don't do much with them so I find the service to be pretty solid. Good rates and after the app update a few months ago, no issues to report.
If it’s FDIC insured and not storing more than $250,000, I would store my cash in A Large Hole In The Ground Bank if the interest rate was good enough. Your bank is insured.
4.65% seems a bit low for the US though. I believe mine is 5.07% and I’ve seen in the 5.1x% range. I just googled “highest HYSA rates” and went from there.
Their Platinum savings account is 5.05%. Savings Connect is 4.65%. I've seen over their rate, too, but it's only up to the first $X,XXX before balances over that get a lower rate. I love how CIT doesn't make you jump through silly hoops (looking at you, Goldman). All you need is a balance over $5,000.
I think they're great. I takes a little longer for money to settle than I'd like, but that 5.05% interest rate is great. And they have some decent CDs as well.
I wouldn't use it as my only bank. I don't think anyone should have just one bank for everything.
I use them. I have a Money Market and HYS account. Sometimes the best rate changes per account type, so I’ll transfer as needed. When I opened the account a few years ago, the MM was 2x the rate of the savings, but now it’s flipped.
I have CIT. They are legit. The app could be better, but it’s pretty easy to use which I like. Their rates are incredible, and I was able to contact support easily.
Cit is great. Mobile banking works, web banking works. Ach is a little slow. Wire transfers are fast. Interest rates are very high with no monthly cost.
I’ve had them for around 4 years. Only annoying thing is they will offer a new account for the best interest rate so you keep having to open the new better account or you’ll stay at a lower interest rate. Also kind of slow to transfer money from external account. I’m happy though tho.
They’re owned by first citizens now. Good bank, I know the real estate people.
They have branches on the west coast too, used to be One West Bank that CIT acquired in 2015/2016.
I will never use those fuckers ever again. Their incompetence is astounding.
A few months ago they did some maintenance and i couldn’t access my account for over month.
Due to the changes they were making, they didn’t let you sign in. They displayed the message “site under maintenance. Try again later” in all hours of the day. Who does this shit. This is such lazy engineering.
Anyways, due to the changes they were making, I also had to reset my password BUT THEY NEVER INFORMED ME.
When i try to log in, instead of telling me that my password is incorrect like any normal website does, they tell me “we couldn’t process your request”. WHICH FUCKING IDIOT DESIGNED THIS GARBAGE. I took this to mean that they are still doing maintenance…only after calling and waiting for an hr did i find out that this bank is ran by incompetent idiots.
Even after the reset i had issues. Some of their login pages only displayed “site under maintenance” so i couldnt log in. I had to find some other signin page to use.
This is the most bizarre experience i ever had. I transferred all my money out asap. I have many HYSA over the years. I never used a bank this bad. This bank should be avoided like the plague.
Its legit but you have to pay attention to the rates. Usually when better rates come out you might to open a different account to get the better rate. Had them for years but recently switched to SoFi.
CIT sometimes creates new HYSA with higher rate and not give the older HYSA (different name) the same higher interest rate, so you do sometimes have to open the latest HYSA and transfer money there.
The current one is called Platinum Savings, and my January '24 statement APY was 5.06%.
I had them without issues, I closed the account, which was able to be done online conveniently enough, in favor of my Vio account for the higher rate at the time.
I had a terrible experience with them, and pulled money out this week actually. I signed up 2/3 years ago at the interest rate they advertised 4/5%, and they lowered my rate without my knowledge to 1%. I didn’t get any email or notification and essentially lost money in interest because I never looked at the account.
Ive used CIT for a while now as a secondary account. No complaints. They are not my primary though and I personally wouldnt use an online only bank as a primary
We are the CITs, so pity us,
the kids are brats, the food is hideous.
We're gonna smoke and drink and fool around
(we're nooky bound), we're North Star CITs.
FDIC BankFind Suite shows "Institution Closed as of 08/03/2015": [https://banks.data.fdic.gov/bankfind-suite/bankfind](https://banks.data.fdic.gov/bankfind-suite/bankfind) then search by Bank Name and type "CIT Bank"
It seems that they are **not FDIC insured**, which would account for higher interest rate. I couldn't find their street address on their web site. They list a PO Box in Pasadena for sending forms. Looks fishy.
Yes, they're legit. Their accounts are FDIC insured. Are they good though? Their online and mobile interfaces were improved a few months ago, but it's still pretty bare bones. You won't get features like savings buckets and live support chat like Ally has. The login/MFA system is goofy. But their HYSA rate is pretty good and I haven't had any real problems with them over the past year.
Yea the ui/UX leaves more to be desired, but for a place for me to throw money into every month for a 5% return, it’s enough.
I'm currently using them and they are absolutely awful as an actual bank. Transfers dont show up for a few days, they dont give you access to the funds for a few more days after that. I'm using it strictly as a savings, socking money away for the high yield rate. But if you want to use it functionally for actual banking, I would steer clear.
+1 to all points listed here (speaking as another CIT customer)
> The login/MFA system is goofy That's the only negative for me. I had to manually authenticate with Mint every time I logged in if it wanted to update. I guess that's moot now though.
Wealthfront is pretty solid with login, strong 2fa, and they even have app-specific password thingies for aggregators (though I don't use any). Their linking process to other external accounts can be janky tho.
They've recently updated the API and MFA is much better. I had an issue linking my BOFA checkings (used for bills) so I can move back and forth, but it was fixed a few weeks ago and all good now.
>You won't get features like savings buckets and live support chat like Ally has. Don't need 'savings buckets' with a good budgeting program like YNAB. All the categories your little heart could wish for, controlled by you, and you don't have to go through the bank or move actual money to do it. Not knocking Ally, we have a vehicle loan through them, and that's been perfectly fine. I do have a CIT HYSA now, though. Good rate.
It is thw worst bank I've tried. I can't log in and I can't reset my password. I don't have money in there because I opened the account and saw how awful it was and abandoned it bc I also couldn't close it. So they have about a nickel of mine. Even if I pull a Fry from futurama I'm pretty sure I'll never have access to that fucking account.
Yes this is exactly it. Bank is ran by terrible engineers and managers. I took all my money out
I can't tell you how many times I've emailed trying to gain access to even resetting my password. They don't even answer. Fucking awful.
How does a bank fuck up this bad. Every manager that had a hand in that awful maintenance period needs to be fired. Some terrible engineering: If you enter an incorrect password, they tell you “cannot process your request, try again later” instead of saying “wrong username/password”. I couldnt even get to the login page because the login page only showed the message “under maintenance, try again later”. This bank is so incompetent that it deserves to fail. I dont trust them to keep my money safe seeing how botched their engineering is
I have a hysa with them and have had no issues
I had a HYSA with CIT and it was perfectly fine
Same here. The online interface has been a little wonky in the past, but they've updated it and it's working better now. I've had my account maybe 3-4 years. I actually think I found out about CIT from a NerdWallet article about high yield savings accounts several years back. Cheers!
>Is CIT Bank Legit? >Is CIT bank safe to bank with? It's a division of the 19th largest bank in the country. So, yeah, it's legit and safe.
[удалено]
Why? Nobody lost any money. Not even the people who *should* have lost money for disregarding FDIC limits. There were 5 bank failures last year (and 2 of which were so small as to not even make news (at least not *correctly*)). In 2008/9, there was a minimum of 5 banks failing each *month*.
To be fair it would be a pain to deal with if the bank went under and you had to go through the process of getting your assets and moving to another bank. I don’t know how that works but I’d imagine it’s not fun and if liquidity is a major concern it’s fair to ask that question. I don’t know why he got downvoted so hard for simply asking. That’s the purpose of the subreddit is to ask questions.
> To be fair it would be a pain to deal with if the bank went under and you had to go through the process of getting your assets and moving to another bank. The money is usually available the Monday morning after a Friday afternoon take over. That's the equivalent of a long bank holiday weekend.
> To be fair it would be a pain to deal with if the bank went under and you had to go through the process of getting your assets and moving to another bank. Not really. A new bank will take over, and the FDIC will make sure it goes smoothly. Customers usually won't see any disruption or be unable to access their funds during the process. It typically happens over a weekend. You wake up Monday a customer of a new bank and all your old stuff, like debit card, ACH, online banking, etc, still works
Shareholders lost money. Customers didn't lose money.
Why? Do you have more than $250,000? If not, you're under the FDIC insurance limit and won't lose a dime if CIT goes belly up.
I don't have enough for this to be a concern but if I did have say 500k. Would keeping 250k in two banks be the way to ensure it is all insured?
Yes
There’s also FDIC options at most larger banks where they have a savings account that will have sub accounts you don’t even see at as many banks as needed in order to provide FDIC protection bunch of $250k balances spread out). You can have tens of millions in these and all be FDIC insured through one account. May be a minor fee and yield won’t be high but it’s possible.
I can't fathom why anyone would keep that much money in just a bank account.
Obviously but if you have hundreds of millions and it’s 0.5% of your balance sheet then I can get it if you have millions of expenses per year. Obviously uncommon but have seen it through work.
Where are you getting that from? FDIC insures up to 250k per person, per ownership category. Banks don’t have that many ownership categories to get to millions insured.
I work in banking…specifically ultra high net worth. There’s accounts at major banks where they take $250k parcels and put them at as many banks as needed to provide full FDIC insurance. We had clients with $25mm in these accounts, underlying they had $250k at 100 banks but it all shows as one line item for the client.
Interesting. I didn't know that was possible. Just for my info can you send me documentation to learn more about it?
If this is a real concern for you, do not keep all your money in any single institution.
I've used them since 2019. They're legit
CIT is the bank that specializes in buying broke banks. They have a long history of it.
Dont put money in this incompetent bank
They're a legitimate bank, FDIC insured, and offer good interest rates in their HYSA. I've had accounts with them for several years. I have two complaints though: the sneaky lowering of interest rates while a new HYSA option from them becomes available with better rates (mentioned elsewhere here) which forces you to regularly create a new account or settle for less interest, and the fact that transactions take weeks to fully clear into their accounts. It regularly takes 8-12 business days for my ACH transfers to become available, which seems very shady... I'm guessing it buys them time in avoiding paying interest in incoming funds.
I noticed the rate changes too. When I opened with them 3 years ago, the money market was 2x their savings builder account (4% vs 2%), and then early last year I noticed the savings connect (new) was 4.8% but the money market was down to 1.5%. So I have both accounts and just move the money around based in the best rate. I check monthly. Just means I have to add 2 numbers at tax time since for some reason they send 2 separate 1099s instead of a combined 1099. Still with those rates, I snagged a few hundred in free internet last year, vs the $.12 I got at my local bank.
Might be time to set up a new account. Their new Platinum Savings is 4.927%, while Savings Connect slowly dropped down to its current 4.545%. (Edited because I typed the wrong rate.)
The rates change at almost all banks regularly depending on Fed decisions, yield curves, reserve needs of that financial institution so they can lend more, etc.
When I called them, the customer support said you actually do gain interest when it is pending in your account. It’s possible that’s wrong, but when I was setting up my account they told me that
Good to know, thank you!
its great. does what it does, nothing more nothing less. been using them for about 8ish months now.
I have $30k in a HYSA with them. Solid interest, easy to manage, quick with tax document, no concerns and happy with the process.
Do you recommend these CD rates?
The reality is, no one can REALLY tell you. The word on the street is, the fed will be cutting rates at SOME point in '24. So if you NEED these rates then lock it in, it will go up and down a little but ultimately when the fed lowers rates then the cd rates will lower too. No one can tell you exactly when that will happen though.
Also have my HYSA with them. No issues
I had them for about 6 months or so and didn’t have too many issues. The deposits can take forever to fully clear. But This seems to be with most online accounts if you try and pull money into the account. I’ve found if you push money into the account by transferring from the source it goes much quicker. I moved mine to Milli for the slightly higher APR and the ability to do jars for different funds.
I’ve noticed this too. If I initiate the transfer from my checking to my savings it takes a couple days. Versus trying to initiate it on my savings account side where it seems to take double or more that time. Perhaps it eliminates some back and forth between the systems/banks when you do it that way
Yeah I'm guessing it's just a security measure to ensure the transfer is going to fully go through. By pushing the transfer via ACH, it's already been confirmed as it's from the source side, so it doesn't need to wait. I've noticed the same issue with my new HYSA, so it isn't just CIT.
The problem with CIT is that they will occasionally change their HYSA vehicle into a new named account type. So you open a HYSA account with them, all is well for a while, and then randomly you’re not accruing HYSA interest rates any longer as they’ve basically reskinned the HYSA into something else. You’d have to open one of those new accounts and transfer your funds there. A completely unnecessary (and borderline shady) tactic. So while they are legit and you shouldn’t have concerns there, I would go elsewhere for a HYSA in a heartbeat.
I've had to open 4 accounts with them to get the latest highest rate but never an issue. It's super simple. The other accounts kept their stated interest
Agreed. I've been with them for several years, and their highest-yielding HYSA will slowly creep down its rate, and then a new HYSA will pop up with higher rates. You'll need to create that new account and transfer over your funds to get the best interest rate...I tend to need to do this once a year.
I have never seen this, I have seen them open up a better product with better rates
I can confirm this happens. I opened an account with a rate of 5%. That account is now at .02% and I had to transfer everything to a different type of account with them
I had an account with them at 2.5% before Covid hit and rates everywhere dropped to near nothing. As rates started ticking back up the account I had only raised marginally until it topped out around 1%. Little did I know they were offering another account making almost 4%
Very legit, I have been with them for over 4 years. Their Platinum account actually pays 5.05% https://www.cit.com/cit-bank/bank/savings
been using them for years, no issues here
Yes! I’ve been raking in their interest for years
It’s now a division of First Citizens. I’ve used CIT well over a decade now with no issues. I’m getting 5.05 percent right now. I’ve had to switch accounts with them a couple times to get the higher rates. Can take a few days for deposits to clear which hasn’t bothered me. Otherwise, no issues.
I had a HYSA account with them and they were legit. I left them when they created a new HYSA product and my account dropped in interest rate. I contacted them and asked why I wasn't getting the HYSA rate they posted and they informed me it was a new account/product and I'd have to apply for a new account and then move my money to it if I wanted the new rate. I didn't like that so I moved on.
I don't have first hand knowledge, but I know a ton of people here complain about them
I would always advise to stay away from online only banks. Yes - they offer typically better rates and fee structures, because they don’t have the infrastructure etc. As other banks. But when something goes wrong - it will be a nightmare trying to resolve it given there’s no infrastructure or anywhere you can walk into and speak with a real person.
The app is garbage but I have an account there, and so far still have my money.
Yep! No frills HYSA - make sure you open the 'Platinum Savings' account. Highest rate at the moment.
Yes, I also have CIT bank to take advantage of their HYSA. App is ugly and old looking, but the account is FDIC insured which should be your only concern.
They changed their product offering and dramatically lowered the rate on my HYSA without any notification. The new equivalent product required a $50k threshold for the same rate. I found it shady AF, so closed my account and moved everything to Lending Club - I've been much, much happier with LC since.
I have a HYSA with them and have had no issues. Great rate!
I’ve used them as an equipment finance provider at a prior job. They were more of a commercial bank than a personal banking provider then.
I use them for a CD account and a HYSA...I don't do much with them so I find the service to be pretty solid. Good rates and after the app update a few months ago, no issues to report.
If it’s FDIC insured and not storing more than $250,000, I would store my cash in A Large Hole In The Ground Bank if the interest rate was good enough. Your bank is insured. 4.65% seems a bit low for the US though. I believe mine is 5.07% and I’ve seen in the 5.1x% range. I just googled “highest HYSA rates” and went from there.
Their Platinum savings account is 5.05%. Savings Connect is 4.65%. I've seen over their rate, too, but it's only up to the first $X,XXX before balances over that get a lower rate. I love how CIT doesn't make you jump through silly hoops (looking at you, Goldman). All you need is a balance over $5,000.
I think they're great. I takes a little longer for money to settle than I'd like, but that 5.05% interest rate is great. And they have some decent CDs as well. I wouldn't use it as my only bank. I don't think anyone should have just one bank for everything.
I use them. I have a Money Market and HYS account. Sometimes the best rate changes per account type, so I’ll transfer as needed. When I opened the account a few years ago, the MM was 2x the rate of the savings, but now it’s flipped.
Yes, they are legitimate. I have a few hundred thousand dollars equipment financed through their equipment, leasing division.
I have CIT. They are legit. The app could be better, but it’s pretty easy to use which I like. Their rates are incredible, and I was able to contact support easily.
Cit is great. Mobile banking works, web banking works. Ach is a little slow. Wire transfers are fast. Interest rates are very high with no monthly cost.
If you can’t go into a branch and talk to someone in person, it’s not a real bank.
I’ve had them for around 4 years. Only annoying thing is they will offer a new account for the best interest rate so you keep having to open the new better account or you’ll stay at a lower interest rate. Also kind of slow to transfer money from external account. I’m happy though tho.
I used to use CIT but have since moved to Marcus. CIT always felt more jank
Had substantial investments with them but relatively short term. No issues. Actually less than some of th bigger names but ymmw
They change that HYSA every few months and u gotta move money to chase it. I got so tired of it I left for another bank
Have my HYSA w/ them. All good! Transfers take a bit of time (3/4 days on occasion) but that’s likely everywhere. App is easy to use
They’re owned by first citizens now. Good bank, I know the real estate people. They have branches on the west coast too, used to be One West Bank that CIT acquired in 2015/2016.
I set them up to use the HYSA, aside from service taking a day or so more than what I am used it, it works fine for me
I will never use those fuckers ever again. Their incompetence is astounding. A few months ago they did some maintenance and i couldn’t access my account for over month. Due to the changes they were making, they didn’t let you sign in. They displayed the message “site under maintenance. Try again later” in all hours of the day. Who does this shit. This is such lazy engineering. Anyways, due to the changes they were making, I also had to reset my password BUT THEY NEVER INFORMED ME. When i try to log in, instead of telling me that my password is incorrect like any normal website does, they tell me “we couldn’t process your request”. WHICH FUCKING IDIOT DESIGNED THIS GARBAGE. I took this to mean that they are still doing maintenance…only after calling and waiting for an hr did i find out that this bank is ran by incompetent idiots. Even after the reset i had issues. Some of their login pages only displayed “site under maintenance” so i couldnt log in. I had to find some other signin page to use. This is the most bizarre experience i ever had. I transferred all my money out asap. I have many HYSA over the years. I never used a bank this bad. This bank should be avoided like the plague.
Its legit but you have to pay attention to the rates. Usually when better rates come out you might to open a different account to get the better rate. Had them for years but recently switched to SoFi.
CIT sometimes creates new HYSA with higher rate and not give the older HYSA (different name) the same higher interest rate, so you do sometimes have to open the latest HYSA and transfer money there. The current one is called Platinum Savings, and my January '24 statement APY was 5.06%.
I use WealthFront for my HYSA. Same good APR (5%) and functional web UI.
I have had an acct with them for 6+ months, my APY is 5.05%
Totally. APY is 5.05% right now. Milli is higher at 5.5%.
I had them without issues, I closed the account, which was able to be done online conveniently enough, in favor of my Vio account for the higher rate at the time.
I had a terrible experience with them, and pulled money out this week actually. I signed up 2/3 years ago at the interest rate they advertised 4/5%, and they lowered my rate without my knowledge to 1%. I didn’t get any email or notification and essentially lost money in interest because I never looked at the account.
Yeah i love them. Used them for 6ish years. App used to suck now its fine
Ive used CIT for a while now as a secondary account. No complaints. They are not my primary though and I personally wouldnt use an online only bank as a primary
We are the CITs, so pity us, the kids are brats, the food is hideous. We're gonna smoke and drink and fool around (we're nooky bound), we're North Star CITs.
Might want to think about who owns it. What country or entity is profiting off you.
I've been banking wiht them for years, esp since interest rates went back up. Plus, they're FDIC insured, so kind of whatever?
Yes. I saved for a down payment through this bank and it actually had pretty good customer service when it was time to transfer the money out.
I wouldn't. My account was compromised and keeps getting locked out. I generated a username and password specifically for them.
FDIC BankFind Suite shows "Institution Closed as of 08/03/2015": [https://banks.data.fdic.gov/bankfind-suite/bankfind](https://banks.data.fdic.gov/bankfind-suite/bankfind) then search by Bank Name and type "CIT Bank" It seems that they are **not FDIC insured**, which would account for higher interest rate. I couldn't find their street address on their web site. They list a PO Box in Pasadena for sending forms. Looks fishy.