CIT Bank is a well-capitalized Internet bank offering personal banking products to consumers. The bank’s acronym is an abbreviation for Commercial Investment Trust, which was a name the company used early on. CIT Bank’s holding company, CIT Group, is a leader in middle market lending across a variety of industries. Since 2008, the company has shifted to a more bank-centric business focus and offers very competitive interest rates on its deposits.
CIT Bank offers three main depository product types: savings accounts, Certificates of Deposit (CDs), and IRA CDs. Each of its products typically comes with one of the top interest rates available nationwide, helped by the fact that the bank does not have the overhead costs associated with operating branch locations because of its wholly online system.
The high yield savings account has a $100 minimum opening and maintenance balance requirement and comes with free money transfers to another account at CIT or to an account with another bank. An outgoing wire transfer fee is the only fee associated with the account and can be avoided by maintaining a balance over $25,000. CIT introduced free ACH transfers for this Internet savings account in the summer of 2012.
The bank offers three Certificate of Deposit options: Achiever CDs, Jumbo CDs, and Term CDs. DepositAccounts.com recognized CIT’s Achiever CD as an excellent option for savers just after it was introduced in March of 2012. The Achiever CD allows for one additional deposit during the life of the 1- or 2-year CD, and one ‘bump-up’ allowance that would achieve a higher rate if the bank increases the rate on that product in the future after the CD has been purchased. IRA CDs are also available and in term lengths ranging from 1 to 5 years.
CIT Bank online banking offers a sophisticated and secure system through which customers can access their savings or CD accounts to view account balances and transfer funds. To apply for an account, consumers must access the bank’s website and fill out a registration form.
CIT Bank was originally established in 2000 as CIT Online Bank before transitioning to its current name two years later. The bank is one of hundreds of subsidiary institutions operating under the umbrella of CIT Group, a Fortune 500 holding company. CIT Group is involved in a variety of financing and leasing activities through hundreds of entities located all over the world. CIT Bank is the group’s retail banking entity headquartered in Salt Lake City, Utah, and serves its customers solely through its online banking system.
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6/23 - CIT Bank Keeps The Great Deals Coming
6/11 - CIT Bank Launches New RampUp CDs
6/10 - Rampup Cds
5/14 - Are “Raise Your Rate” Type of CDs a Good Deal?
5/8 - Customer Loyalty CD Promotions At CIT Bank
3/20 - CIT Bank Takes Back the Top Spot for 5-Year CD Rates
2/13 - CIT Bank Savings Account Rate Hike
1/29 - CIT Bank - New 5-Year CD Rate Leader for Internet Banks
10/28 - Review of Today’s Bump-Up CDs - Is the Bump-Up Feature Useful?
9/11 - How Add-On CDs Can Benefit Savers
8/30 - Higher Long-Term CD and IRA CD Rates at CIT Bank
4/18 - CIT Bank Now Offers IRAs with CDs and the Savings Account
7/9 - New Competitive 5-Year CDs at CIT Bank
6/11 - Online Transfer Service Now Available to CIT Bank Savings Account Customers
5/29 - Best Bank Accounts for a Future of Uncertain Interest Rates
5/15 - CIT Bank Raises Savings Account and CD Rates
4/3 - CIT Bank Launches an Internet Savings Account
3/13 - Flexible CDs and Savings Accounts with Rate Guarantees
2/26 - Improvements In CIT Group's Financial Health
1/9 - CIT Bank Launches New 2-Year Achiever CD with Add-On & Rate Bump Features
Atrocious Service
As a new accountholder, I'm finding the service extremely poor, unprofessional even. Here's the comment I posted in 2-Yr. CD thread on 2/24/12:
"I started process to open a 2-year CD on Monday, 2/20, in the amount of $85K. On 2/23, CIT Bank withdrew the $85K from designated institution by ACH. Ditto on 2/24. CIT attributed mistake to a system error on their part, affecting 50 or so customers. Also, the email that I should have received with directions for logging into my new account has yet to arrived. I subsequently got the information when I returned their call to discuss the duplicate withdrawal. I asked that they call Monday with status update on correction. To date, I'm not filled with confidence about CIT's service."
CIT never called on Monday, as promised. The following day, upon my formal report of the unauthorized debit, the other institution got my money back that same day. At week's end, on Saturday, 3/3, CIT called to say they would ACH back a few days interest at start of the following week, Monday, 3/5. It's Friday and there's no sign of that interest. In my call to follow up, CIT said they would initiate ACH today.
The pattern seems clear: There's no accountability or evidence of customer care. When confronted, they say they're sorry; their actions woefully indicate otherwise.
Sylvia
Online CD Application Was Easy. Good Followup.
A month ago, I opened a 24M CD and the process was straightforward.
I had a call from the Customer Service a couple of days later to inform me that there might be an error in
processing the electronic withdrawal for my CD and that my external funding account may have been debited
more than one time.
The customer service agent from CIT apologized for the error and assured me that they will be working closely
with my external bank to correct the situation. She said that CIT will reimbursed me for any overdraft fees incurred.
I checked my external funding account but there was NO double debiting. Anyway, as a
safety precaution, I called my bank to put a stop payment for 2nd funding.
Today, I received a letter from CIT formally apologizing for their error although the processing error did not
actually happened. I believe they managed to contact my external bank in time to stop the erroneous withdrawal.
As a good gesture, they enclosed a check representing the interest earned during the period of time they held my
funds which is a FIRST in the industry.
Aong with that, a token sum of $25 as an appreciation for my patience and understanding while they tried to
resolve the erroneous processing.
I really appreciate their effort in keeping customers happy.
CIT has one of the better CD rates in the market and being FDIC insured, I would not hesitate to open more CDs
with them in the future.
my mistake. They were not open on Columnbus da
It's one of my worst decision to open a saving account @CIT Bank.
Though they list a customer service phone number on their website, after you dial in and select the option to speak to a customer representative, you will listen to their office hour and be disconeected. I tried to call them during morning, noon and afternoon, I never got luck to talk to any live person.
I faxed them a wire transfer form on Sunday night, I would expect it to be executed on Monday, but it's not executed at 5:00pm on Monday.
I wrote them through secure message marked as urgent, nobody responds.
If there is 0 or negative star, I would gave them those.
Great Bank To Have An Account
switched to CIT Bank in the last 5 years ago, and haven't entered a bank since. Couldn't be happier.
Free checking and savings accounts, easy online access, and I love mailing my checks in (using prepaid envelopes) rather than going to a bank to deposit them.
I've also used other features.. Their online interface is slightly more user-friendly, and they make it very easy to set up different accounts for different savings goals. However, you still need a brick and mortar bank to use ING, because they don't accept deposits. Ever bank supplies you with pre-paid envelopes to send in your checks.
Data for Q1 2014
Institution Health
Texas Ratio
The Texas Ratio is an indicator of how much capital a bank has available compared to the total value of loans considered at risk. As of March 31, 2014 CIT Bank had $77.65 million in non-current loans and owned real-estate with $2.85 billion in equity and loan loss allowances on hand to cover it. This gives CIT Bank a Texas Ratio of 2.72% which is excellent. Any bank with a Texas Ratio near or greater than 100% is considered at risk.
Texas Ratio Trend
The Texas Ratio for CIT Bank experienced no significant changes from 0.35% as of March 31, 2013 to 2.72% as of March 31, 2014, resulting in a negative change of 688.21%. This indicates that the balance sheet and financial strength for CIT Bank has had no significant changes in recent periods.
Deposit Growth
In the past year, CIT Bank has increased its total deposits by $2.5 billion, resulting in 23.55% growth for the year. A strong track record of growth is an indicator of consumer confidence and the bank's ability to strengthen its balance sheet. The growth CIT Bank has shown is excellent.
Capitalization
Both FDIC and NCUA consider capitalization levels of banks and credit unions to be of high importance. Higher capitalization allows for a greater buffer when cover loans that may fail in the future. CIT Bank has $16.77 billion in assets with $2.85 billion in equity, resulting in a capitalization level of 17.01%, which is excellent.
Institution Statistics
| Overall | |
|---|---|
| FDIC Certificate # | 35575 |
| Year Established | 2000 |
| Employees | 920 |
| Primary Regulator | FDIC |
| Assets and Liabilities | |
|---|---|
| Assets | $16.77 billion |
| Loans | $12.43 billion |
| Deposits | $13.13 billion |
| Equity Capital | $2.63 billion |
| Loan Loss Allowance | $223.28 million |
| Unbacked Noncurrent Loans | $77.65 million |
| Real Estate Owned | $0 |
| Historic Data - March 2013 | |
|---|---|
| Assets | $13.30 billion |
| Equity Capital | $2.48 billion |
| Loan Loss Allowance | $151.71 million |
| Unbacked Noncurrent Loans | $77.65 million |
| Real Estate Owned | $0 |
| Profit Margin - Quarterly | |
|---|---|
| Net Interest Margin | 2.87% |
| Return on Assets | 0.8% |
| Return on Equity | 5.05% |
| Interest Income | $157.79 million |
Always verify rates and promotions with the bank or credit union. We are not CIT Bank, we are a rate comparison website and can not provide official rates or promotions.
CIT Bank Savings Account Rates
| Details | APY | MIN | MAX | PRODUCT |
|---|---|---|---|---|
| 0.95% | $25k | - | CIT Savings | |
| 0.95% | $25k | - | IRA Savings Account | |
| 0.95% | $25k | - | Roth Savings Account |
CIT Bank Money Market Rates
| Details | APY | MIN | MAX | PRODUCT |
|---|---|---|---|---|
| 0.95% | $25k | - | CIT Savings |
CIT Bank CD Rates
| Details | APY | MIN | MAX | PRODUCT | |
|---|---|---|---|---|---|
| 2.30% | $100k | - | 5 Year Jumbo CD | ||
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| 2.25% | $1k | - | 5 Year CD | ||
| 1.80% | $100k | - | 4 Year Jumbo CD | ||
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| 1.70% | $50k | $250k | 4 Year RampUp CD | ||
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| 1.65% | $1k | - | 4 Year CD | ||
| 1.50% | $100k | - | 3 Year Jumbo CD | ||
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| 1.40% | $25k | $250k | 3 Year RampUp CD | ||
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| 1.35% | $1k | - | 3 Year CD | ||
| 1.30% | $100k | - | 2 Year Jumbo CD | ||
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| 1.25% | $25k | - | 2 Year RampUp Plus CD | ||
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| 1.17% | $1k | - | 2 Year CD | ||
| 1.05% | $25k | - | 1 Year RampUp Plus CD | ||
| 1.02% | $1k | - | 1 Year CD | ||
| 0.45% | $1k | - | 6 Month CD | ||
CIT Bank IRA Rates
| Details | APY | MIN | MAX | PRODUCT |
|---|---|---|---|---|
| 2.30% | $100k | - | 5 Year Jumbo IRA | |
| 2.25% | $1k | - | 5 Year IRA | |
| 1.80% | $100k | - | 4 Year Jumbo IRA | |
| 1.65% | $1k | - | 4 Year IRA | |
| 1.50% | $100k | - | 3 Year Jumbo IRA | |
| 1.35% | $1k | - | 3 Year IRA | |
| 1.30% | $100k | - | 2 Year Jumbo IRA | |
| 1.25% | $25k | - | 2 Year RampUp Plus IRA | |
| 1.17% | $1k | - | 2 Year IRA | |
| 1.05% | $25k | - | 1 Year RampUp Plus IRA | |
| 1.02% | $1k | - | 1 Year IRA |
CIT Bank is an Internet only bank and does not have branch locations. Its headquarters is located at 2180 South 1300 East, Suite 250 - Salt Lake City, UT 84106