Conventional banks and financial institutions have evolved over time. In fact, one of the best markers to know whether a bank is dependable or not is if they’ve existed for a long time. When a bank has existed in different economic periods and has survived many economic crashes, turmoils, and revolutions, it means that the bank knows how to take care of its business and customers alike. The bank that we will talk about today went exactly through that kind of ordeal and is still considered to be one of the leading banks in the United States of America.
CIT Bank has existed since 1908, and they continue to deliver high-quality financial and finance managerial services up to this day. They have very interesting offers, such as their CIT Bank CD rates, which has a ton of features that no traditional certificate of deposit could ever hope to match. With that, let’s explore CIT Bank’s modern-day offerings and find a perfect match for you.
An overview of CIT Bank
- CIT Bank is a US-Based online bank that has a myriad of financial products and services for you to enjoy. Some of these include savings accounts, certificates of deposit (CD), mortgages, and even loans. Founded in 1908, CIT Bank’s headquarters is located in Pasadena, California. The bank is an FDIC-insured financial institution, so the money of each depositor is backed up by the full faith and credit of the US government. Deposits of up to $250,000 per depositor are insured in CIT Bank, so you can rest assured have the peace of mind of saving your money there.
- CIT Bank is not an online-only bank, so it doesn’t have any physical branches. With the availability of the digital world, CIT bank thrives on phones, computers, and software applications. With that also comes different customer support features, most of which are not available within a conventional bank.
No penalty CD!
The conventional meaning of a certificate of deposit/CD is that they are savings accounts with different terms. For one, they are done in a set amount of time (ranging from months to years), and during that maturation duration, your money cannot be withdrawn. They have higher interest rates as compared to traditional savings accounts since your money isn’t as fluid as the latter. If you try to withdraw a CD before its maturation date, you usually have to pay a penalty fee. This is just the way things work, and people are generally stuck between a traditional savings account that is easily withdrawable but has very low-interest rates or a high-interest-rate CD that has penalties for withdrawing.
CIT Bank offers a wonderful product that contains the best of two worlds. They have a no-penalty CD account with very high-interest rates. In fact, their annual percentage yield is even higher than most banks’ offerings. What this means is that you could withdraw money from your account in times of emergencies, and you wouldn’t have to suffer the penalties of a traditional certificate of deposit. You do all of these while still enjoying the higher strata of interest rates for a CD, so you’re winning altogether.
CIT Bank has more offerings other than their no-penalty CDs. For one, they have other CD options that range from different time terms and interest rates. Short-term CDs, long-term CDs, and even step-up CDs are all available at CIT Bank. Step-up CDs are CDs that could have their interest rate increased as the CD matures. Because of that, you could choose exactly what type of CD setup in CIT Bank and align it with your financial goals.
Moreover, CID Bank also has a myriad of savings accounts, high-yield savings accounts, and a money market account. They also have fixed mortgages, jumbo mortgages, and adjustable-rate mortgages for those who are looking to finance a home.