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I've been a customer since CIT emerged from the financial crisis as a real competitor in this space (14 years or so). Zero complaints about anything over this time ... until today. Now they are offering a higher rate 0.90% for new customers than for someone like me who has been loyal. The higher 20 basis points is $1,000 a year on my account of $250,000 that they prefer to give to someone who will be there for a couple months instead of to me who would (would have) stayed another 14 years. What gives?
CIT Bank | Jun 6, 2022
Hi RTN1949, we consider a number of marketplace factors when setting or changing the interest rates on our CDs, Savings and Money Market accounts. You can earn a higher rate offered on Savings Connect by opening an account online in 10 minutes or less and transferring the funds from your current account to the new Savings Connect account. Thank you.
| Jul 28, 2022
I agree, I am earning far less now, so I am pulling out and going to another bank with far better interest!!!!!!
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I agree with JN Howard, CIT's rates have fallen into a lower tier. Their website is clunky and slow as well. I did manage to open a few Cds when they were more competitive. At one point earlier this year they offered the best rate I could find with a $1000 minimum deposit.
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I am not sure about all of the rave reviews. I've seen nothing but rate cuts and specious arguments about why I am earning less than the best rate (I have $200,000 on deposit, not $25). The website feels old and does not inspire confidence (versus Purepoint or Marcus). I see no reason to run, but no reason to stay.
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Opened a savings account at 1.85%. Current rates at 2.25% but they keep me at 1.85, said it's a "new type of account". Not worth the hassle. Also concerned about website cybersecurity; they have poor practices. Wait times were on the long side but I was able to get through. Not the best experience but still beats every brick and mortar bank.
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Signed up for a 1.05% promo rate with a bonus if you wait 105 days to be paid the bonus. Then I find out that CIT has new offers at 1.30%.
The rate you receive depends on which deal you got and when. When they raise rates, it is not for everybody.
The only way to get the higher rate is to close your account and open a new account with new funds.
As soon as my promo is over, I will close account and go elsewhere.
RTN1949
Jun 2, 2022 | | Replies 2