CIT Bank is committed to helping their clients by providing consumer-based financing in the U.S. and around the world. It has grown by offering quality products that customers can count on. That means, no management fees, a simple application and account-opening process, and personalized service by phone or email. In addition, they have highly competitive rates on all of their products across the board, especially in their selection of available CDs. Now that they’ve helped you, they are focusing on helping your children to get a head start on what they need the most. With a CIT Bank Custodial Account, you can deposit money in the name of a child to provide him or her with education or other benefits with up to 1.75% APY. In addition, you will be able to enjoy added tax benefits, and they’ll have some asset when they need it the most. If you’re interested as to what they have to offer, continue reading to get more insight on how this can benefit you and your child.
CIT Bank Custodial Account:
CIT Bank’s top priority is to help you make the most out of your money by offering high quality low-rate loans to their clients. By opening a CIT Bank Custodial Account, you can start building up assets for your child to use in the future. This account allows you to deposit money in the name of your child and lets you, the depositor, to control his or her assets until they reach the age of 18, unless a later age is designated, up to 25 years of age. There is no deposit limits, and the money is FDIC-insured up to $250,000, so you don’t have to worry about losing your assets. It features simple account setup, and allows the adult depositor to manage the account and view statements online. In addition, part of the earnings may be free of federal taxes. CIT Bank offers various Custodial Account options such as:
- Jumbo CD
- Term: Up to 5 Years
- APY: Up to 1.75% APY
- Minimum Deposit: $100,000
- RampUp Plus CD
- Term: 1- and 2-Year
- APY: Up to 1.27% APY
- Minimum Deposit: $25,000
- RampUp CD
- Term: 3- and 4-Year
- APY: Up to 1.38% APY
- Minimum Deposit: $25,000 for 3-Year, $50,000 for 4-Year
- Term CD
- Term: Up to 5 Years
- APY: Up to 1.70% APY
- Minimum Deposit: $1,000
- Savings Account
- Term: N/A
- APY: 1.15% APY
- Minimum Deposit: $100
Why Bank with CIT?:
CIT Bank is focused to make sure their consumers’ money is secure. The company maintains “rigorous online security measures” that includes a multi-step-login-authentication process, firewalls designed to protect against unauthorized access to its customers’ information, anti-virus protection, and advanced encryption techniques. In addition, CIT Bank focuses on its service and convenience. For example, the bank offers automatic renewals at maturity, and service seven days a week. The bank’s toll-free numbers for service are also open until 9 p.m. EST for the convenience of its customers as well.
Bottom Line
Overall, CIT Bank is providing its customers the best quality services it can offer and its CIT Bank Custodial Account allows you to share that service with your children to create future funds for education or other benefits while growing assets. With no maximum annual contribution limit, a potential to not incur federal gift taxes, FDIC insurance, and the ease of account set up and management, and up to 1.75% APY depending on which service you choose, the CIT Bank Custodial Account will prove to provide you the best that you can give to your loved one. If you’re interested in finding more about this bank, check out our CIT Bank Promotions!
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