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Why an Online Bank is the Perfect Solution During the Pandemic

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More people than ever are conducting business, making purchases, and more online. That's why now is the perfect time to switch to an online bank.

This is a sponsored post written by me on behalf of CIT Bank. All opinions are 100% mine.

It’s no surprise that 2020 has been life changing for many people. Chances are you’ve been touched by the coronavirus pandemic in one way or another.

Despite the fact that everyone is dealing with many of the same issues, we’re all looking for ways to find our new normal. Although we still have to work, shop, learn, and do many other routine activities, we have to do them in different ways.

For example, more people than ever are conducting business, making purchases, learning, and more online. With the movement of so many of our everyday activities from in-person to online, you may also be looking for more convenient ways to meet your financial needs, and CIT Bank can help.

Who is CIT Bank?

 

CIT Bank is a leader in the online banking space. To be clear, CIT Bank is not the same as Citibank.

CIT Bank was built on the heritage of over 110 years of experience from their parent, and has billions of dollars in assets and deposits. While CIT Bank does have a sister bank with a physical branch in Southern California, called OneWest Bank, most of their business is done online.

While you can’t cash a check with CIT Bank unless you’re at a branch, there are other ways to cash a check when you need to.

CIT Bank offers competitive rates on savings products, as well as mortgage products.

CIT Bank Products

 

There are several ways CIT Bank can help with your financial transactions. Their products include:

Online savings accounts are CIT Bank’s primary product, and they offer competitive interest rates on them.

Why Choose CIT Bank?

 

If you’re looking to switch to an online bank, CIT Bank is an excellent choice for several reasons.

1. Convenience

 

Online Banking

If you haven’t already, chances are good that you’ll have to quarantine at home due to COVID-19. CIT Bank offers online and mobile banking, giving you the ability to conduct financial transactions whether you’re out and about or stuck at home.

You can also make withdrawals by phone and have a check mailed to you, or connect your CIT account to another bank for ACH transfers, schedule a wire transfer (fee may apply), or simply use their ATM card to access your funds right away. CIT does not operate any of their own ATMs however you do have access via any ATM that is part of the MasterCard network (most ATMs in the U.S.).

Transferring Money

It’s easy and fast to transfer money to someone else, regardless of where they bank, using Zelle® with CIT Bank. Zelle lets you send money between any two bank accounts in the U.S. within minutes, using just an email address or phone number.

Debit Card

Do you like to pay for things using a debit card? CIT Bank has you covered. You can get a chipped Mastercard debit card for your eChecking account, turn it off and on, set threshold limits, and also create customized alerts to help you stay in control of your money.

2. They Pay Interest on Your Accounts

 

CIT Bank offers several different daily compounding interest-bearing banking products.

eChecking Accounts

One of the newer CIT Bank products is their eChecking account. You can open an account with a $100 minimum deposit and earn .10 percent1 on your account with balances up to $25,000. For balances above $25,000, you’ll earn .25 percent.

You’ll pay no monthly fees or ATM fees with CIT Bank eChecking and you can get up to $30 of ATM fees from other banks reimbursed each month.

As mentioned previously, you can get a chipped Mastercard debit card for your banking convenience as well as deposit and withdraw money using the mobile app.

Savings Builder Accounts

When you want to earn interest but retain access to your money, consider CIT Bank’s Savings Builder Account. While it only takes $100 to open an account, those with at least $25,000 or the ability to deposit at least $100 every month will earn a higher interest rate.

With a Savings Builder Account you can earn up to .45 percent interest (as of October 24, 2020), or 10x the national average, on your savings.

Money Market Accounts

You can get a competitive interest rate of .50 percent (as of October 24, 2020),  with a CIT Bank Money Market Account. That’s 7x the national average and you only need to deposit $100 to open it. At the same time, your money is still FDIC insured up to $250,000, just like a regular savings account.

A money market account allows you to earn interest and still have access to your funds when you need them. That accessibility allows you to set up an emergency fund, travel fund, or other savings fund, while still earning interest.

You’re normally limited to six withdrawals per month, including automatic transfers or pre-authorized withdrawals however this is currently lifted due to the Covid crisis. Additionally, money market accounts are subject to overdraft fees and stop payment fees when applicable.

3.  They Offer Low Interest Loans

 

Mortgage rates are at historic lows, leading many people to look into purchasing or refinancing a home. CIT Bank offers low interest loans to purchase or refinance a home.

To get started with a home loan from CIT Bank, you’ll need to provide the home’s value, loan amount, and zip code as well as whether the home will be a primary residence or second/vacation home.

You’ll also need to provide a credit score when requesting a home loan through CIT Bank. In addition, it helps if you’ve already worked to get your credit ready to buy a house.

4. There are Low Minimum Opening Deposit Requirements

 

Most accounts with CIT Bank can be opened with a minimum deposit of only $100. Certificates of Deposit (CDs) are the exception to this rule and require anywhere from $1,000 to $25,000 or more to open.

Keep in mind that the interest rates on your account may vary depending on your account type and balance.

Should I Open a CIT Bank Account?

 

Clearly, there are lots of reasons CIT Bank is a smart choice if you’re looking for an online bank during the pandemic. If you want easy access to your money while still earning interest, CIT Bank can help.

 

Are you having trouble getting your banking done during the pandemic? Are you considering opening an online bank for your financial needs?

1 CIT Bank Savings, Money Market and eChecking accounts are variable-rate accounts. Interest rates and APYs are subject to change without notice. Money Market and eChecking fees could reduce earnings on the accounts.

2 CDs may be subject to an early withdrawal penalty, which will reduce earnings.

3 Upon maturity, CDs are renewed for the same term automatically. The exception to this are the 13-Month CD and the 18-Month CD; upon maturity, the 13-Month CD will be automatically renewed as a 1-Year Term CD at the then-published APY, and the 18-Month CD will be automatically renewed as a 2-Year Term CD at the then-published APY.

4 With a No-Penalty CD, you may withdraw the total balance and interest earned, without penalty, beginning 7 days after funds have been received for your CD. No withdrawals are permitted during the first 6 days following the receipt of funds.

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Kayla is an online business expert who helps entrepreneurs who feel chained by your finances bet on yourselves. At KaylaSloan.com, it's all about making your work life something you truly, truly love. Kayla is also the founder of $10K VA, her flagship program where she teaches you how to make a consistent $10,000 per month as a virtual assistant!

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