CIT Bank Reviews

CIT Bank advertises that accounts can be opened as quickly as 5 minutes, so we set out to see if it was true or not.

Our first step was to navigate to the CIT Bank website and find the green button in the upper right corner that says “Open Account.” Click that and you’re on your way to a high-yielding account. It takes you to a page where you can start a new application as a new customer, start a new application as an existing customer, or resume an incomplete application. We clicked “Open Account Now”.

Next you choose the type of account you’d like to open. You can open an account for yourself, or a custodial account for a minor. You also choose from the different savings, checking, money market, or CD accounts you’re interested in opening.

After choosing your account type you’ll be taken to a page asking for some personal information, such as your name, date of birth, email address, social security number, and your mothers maiden name.

Then they will ask for a phone number and your physical address.

You could save and exit at this point and you’ll get an email with a link that allows you to come back and finish the process at any time, although it does say that incomplete applications are deleted after 30 days – so don’t delay too long. We went ahead to the next page, where it asks for citizenship and employment information.

After clicking to continue here you’ll be presented with a page that shows all the information you’ve entered thus far. You’ll be asked to review that information and confirm that it is correct. If it is correct click the “Save and Continue” button. If changes need to be made there are Edit links you can click to modify any of the previously entered information.

Next you’ll be asked if you want to add a joint wonder for your account, and after making your choice you’ll be taken to the account set-up section of the application.

The following page is where you agree to the bank’s terms and conditions, privacy policy, and schedule of fees.Two tick boxes and you continue to the IRS withholding screen where the bank asks if you are subject to backup withholding by the IRS. After moving on from that page you are asked to confirm your taxpayer identification number (TIN), which for most will be their social security number. Another box to tick and you’re taken to a page where you can create your online login credentials.

Applying for a CIT Bank CD is straightforward and can be completed in three simple steps:

1. Enter Your Information: You’ll need to provide personal details such as your address, phone, email, and social security number.
2. Fund Your Account: A minimum of $1,000 is required to open your account. Funds can be transferred via electronic transfer, mailed-in check, or wire.
3. Confirmation: After completing the application and funding your account, CIT Bank will send a confirmation email.