Average User Rating:2 star rating based on 4 reviews.
CIT Bank
| 2180 South 1300 East, Suite 250 Salt Lake City, UT 84106 855-462-2652 Open an Account: Savings Account, Jumbo CD, Achiever CD, Term CD  |
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CIT Bank is headquartered in Salt Lake City and is the 10st largest bank in the state of Utah. It is also the 111st largest bank in the nation. It was established in 2000 and as of March of 2012, it had grown to 616 employees at 1 location. CIT Bank's savings rates are 73% higher than the national average, and it boasts a 5-star health rating.
Related Posts
CIT Bank Raises Savings Account and CD Rates - 5/15/2012
In today's interest rate environment it's rare to see a bank increasing deposit rates. That happened yesterday at CIT Bank when it increased rates of its savings accounts and CDs. The savings account ...
CIT Bank Launches an Internet Savings Account - 4/3/2012
CIT Bank has recently launched an internet savings account called CIT Savings . CIT Bank first launched its internet bank offering CDs last October. The savings account interest rate isn't that great ...
Flexible CDs and Savings Accounts with Rate Guarantees - 3/13/2012
Certificates of deposit may seem like a bad idea when interest rates are so low. No one wants to be stuck in a low-rate CD. There's always a worry that you'll be stuck in the CD when interest rates st ...
Improvements In CIT Group's Financial Health (Forum) - 2/26/2012
You might be interested in the health of CIT Group if you have accounts at its new internet bank, CIT Bank. According to this Wall Street Journal article, CIT's financial health continues to improve: CIT (CIT) filed for bankruptcy protection in 2009 after
2012
2011
- 11/21 - 4 Internet Banks That Offer Flexible CDs
- 10/17 - CIT Bank Launches Internet CDs with Unique Features & Top Rates
See Rates for: Savings | CD
CIT Bank Savings Account Rates
| Apy | Min | Max | Product | |
| 1.05% | $25k | - | CIT Savings | |
| Start SavingSponsored Note: 25k min for Preferred Rate of 1.05% - Accounts below $25k receive 0.90% APY. | ||||
CIT Bank CD Rates
| Apy | Min | Max | Product | |
| 1.44% | $100k | - | 3 Year Jumbo CD | |
| Start SavingSponsored Note: Supersize Your Savings. Big Deposits Deserve Big Rates. FDIC Insured | ||||
| 1.42% | $1k | - | 3 Year Term CD | |
| Start SavingSponsored Note: Save On Your Terms: You Choose, You Save. FDIC Insured | ||||
| 1.25% | $100k | - | 2 Year Jumbo CD | |
| Start SavingSponsored Note: Supersize Your Savings. Big Deposits Deserve Big Rates. FDIC Insured | ||||
| 1.25% | $25k | - | 2 Year Achiever CD | |
| Start SavingSponsored Note: Bump up your rate and deposit one time. FDIC Insured | ||||
| 1.20% | $1k | - | 2 Year Term CD | |
| Start SavingSponsored Note: Save On Your Terms: You Choose, You Save. FDIC Insured | ||||
| 1.10% | $25k | - | 1 Year Achiever CD | |
| Start SavingSponsored Note: Bump up your rate and deposit one time. FDIC Insured | ||||
| 1.06% | $1k | - | 1 Year Term CD | |
| Start SavingSponsored Note: Save On Your Terms: You Choose, You Save. FDIC Insured | ||||
| 0.45% | $1k | - | 6 Month Term CD | |
| Start SavingSponsored Note: Save On Your Terms: You Choose, You Save. FDIC Insured | ||||
Rates updated: 5/24/2012
Data for Q1 2012
Institution Statistics
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Institution Health
Overall Score:
5 out of 5 
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Opening A CD Account
- seim - Friday, March 2, 2012 - 7:02 PMTrying to open a CD account with CIT Bank has been an unnecessarily difficult and time-consuming process that still isn't finished! If something in your background is even the slighest bit unusual, the bank's consumer research company isn't sophisticated enough to go beyond a yes-or-no answer, and the bank refuses to accept your application at this point. The increasingly angry customer must then try to satisfy the bank with more and more information sent in the exact way the bank prefers. Despite pleas to listen to an explanation that was extremely simple and comprehensible, CIT Bank has made no effort to expedite the matter. We can't keep driving back to town to pay to have more information faxed to their satisfaction. AVOID CIT BANK LIKE THE PLAGUE!
14
Online CD Application Was Easy. Good Followup.
- mochi_chin - Monday, March 26, 2012 - 2:57 PMA 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.
8
Worst Technology In The Industry
- dcust - Thursday, May 17, 2012 - 11:43 AMFor the record, I'd have given this bank zero stars but that is not an option.
A few days ago, I opened a cd and a saving accounts for the rates they are offering, but I'm extremely disappointed with this bank.
It turns out you can set up an external bank account for the intial transfer, but then you can't schedule or make any transfers online because their system doesn't handle that at this point. You need to call customer service and make the tansfers over the phone every time. Really??? This is 2012 people!!!! Give me a break! I'm used to managing all my bank accounts remotedly and doing all transactions online. So, this is not going to work for me.
Now, I want to close the savings accounts and transfer the money back to my old account. Well, there is a 10 business days hold on all new accounts, so I can't get my money back right now.
I'm stucked with the cd account for a year, but once it matures, I'm redeeming it and never ever again dealing with this bank.
Do yourself a favor and take you money somewhere else.
4
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