When it comes to managing your finances, finding a checking account that offers both ease of use and the potential to earn interest is a big win. CIT Bank, well-known for its strong online banking services, has introduced the eChecking account, which gives you the best of both worlds. In this post, we’ll take a deep dive into how the CIT Bank eChecking account works, its benefits, and what you should consider before opening an account.
What Is CIT Bank eChecking?
CIT Bank’s eChecking is an online checking account designed to provide everyday banking convenience while earning interest. The account offers tiered interest rates based on your balance, which is a standout feature in the world of checking accounts. The account comes with no opening fees, no monthly service fees, and offers competitive interest rates that can help your money grow.
You can open the account with just a $100 deposit, and while there’s no minimum balance requirement to keep it open, the more you deposit, the higher the interest rate you can earn. If you have a balance of $25,000 or more, you’ll earn a 0.25% APY, which is a solid rate compared to the national average for checking accounts. If your balance is under $25,000, you’ll still earn 0.10% APY, which is much higher than what you’d typically find at traditional banks.
While this account doesn’t offer check-writing capabilities, it comes with a debit card for ATM use and supports mobile and online banking, making it easy to manage your money from anywhere.
Benefits of CIT Bank eChecking
One of the biggest perks of CIT Bank’s eChecking account is the ability to earn interest. Most checking accounts don’t offer any interest, or if they do, it’s usually very low. The 0.25% APY on balances of $25,000 or more is a great incentive for those who are looking for a way to grow their savings while still having easy access to their money.
Another significant advantage is the lack of monthly maintenance fees. Many traditional banks charge monthly fees for checking accounts, but CIT Bank’s eChecking account doesn’t, which is a big plus for those looking to avoid unnecessary charges. On top of that, the account reimburses up to $30 in ATM fees charged by other banks every month, making it a solid option for those who frequently need access to ATMs.
Additionally, CIT Bank provides easy access to your account through their mobile app and online banking system. Whether you need to check your balance, pay bills, or deposit checks, you can do it all from the convenience of your smartphone or computer.
Where This Account Falls Short
While the CIT Bank eChecking account has many great features, it’s not perfect for everyone. One notable drawback is the absence of check-writing privileges. This may not be a big deal for many, as online bill pay and mobile payment apps are increasingly popular, but if you prefer writing checks, this might be a limitation.
Another downside is that the highest interest rate is only available for larger balances. If you don’t have $25,000 or more to deposit, you’ll earn a lower rate of 0.10% APY, which is still higher than many traditional banks but not as competitive as some other online checking accounts.
Additionally, CIT Bank doesn’t have physical branch locations, so if you prefer in-person banking, this account may not meet your needs. However, the mobile and online banking features are designed to make up for this, offering convenience for most customers.
Best Ways to Use CIT Bank eChecking
So, how should you use this account? Here are some of the best ways to take full advantage of CIT Bank eChecking:
- Everyday Banking: Use it for regular spending, paying bills, and managing day-to-day transactions. Its interest-earning feature makes it a smart choice for those who want their checking account to do more.
- Bill Payments: CIT Bank’s eChecking comes with online bill pay, allowing you to set up automatic payments for recurring expenses like utilities, subscriptions, or loan payments.
- Saving for Short-Term Goals: Use your eChecking account to fund your savings goals. You can set up automatic transfers to a high-yield savings account like CIT Bank’s Savings Builder, helping you maximize your savings potential.
Final Verdict
CIT Bank eChecking offers a solid combination of benefits, making it a great option for anyone looking for a convenient, interest-bearing checking account. With no monthly fees, competitive interest rates, and reimbursement for ATM fees, it stands out from many traditional checking accounts. It’s especially a good choice if you’re already using CIT Bank’s other products, like the Savings Builder account, to maximize your savings.
While it may not be the best fit for everyone—especially those who require check-writing or prefer in-person banking—the CIT Bank eChecking account provides an easy-to-use and cost-effective solution for everyday banking needs.
If you’re looking for a checking account that can help you earn interest without the hassle of fees, CIT Bank eChecking is definitely worth considering.
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