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2180 South 1300 East, Suite 250
Salt Lake City, UT 84106

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. 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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CIT Bank Increases Rates on Its RampUp CDs - 7/3/2014

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CIT Bank Launches New RampUp CDs - 6/11/2014

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Are “Raise Your Rate” Type of CDs a Good Deal? - 5/14/2014

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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.


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.

Nightmare With Wire Transfer Out From CIT Bank

Nightmare with Wire Transfer out from CIT Bank. I initiated a wire transfer following their exact instructions to payoff my loan. Little did I know, they initiated a verification of all my available funds in account and started contacting all my bank from where I had done ACH transfer using CIT portal after going through Trial deposit. My wire transfer was not processed on the same day. Of course, all of this was done under the pretext of my own safety, security and fraud prevention. Just FYI : to stay away from this Bank. Needless to stay I am less inclined to do future business with this bank.



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.



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

FDIC Certificate #35575
Year Established2000
Primary RegulatorFDIC
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 Margin2.87%
Return on Assets0.8%
Return on Equity5.05%
Interest Income$157.79 million
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CIT Bank Savings Account Rates

0.95%$25k-CIT Savings
0.95%$25k-IRA Savings Account
0.95%$25k-Roth Savings Account

CIT Bank Money Market Rates

0.95%$25k-CIT Savings

CIT Bank CD Rates

2.30%$100k-5 Year Jumbo CD
Learn MoreSponsored Note: Maximize growth and savings. FDIC Insured. Apply Now!
2.25%$1k-5 Year CD
1.95%$100k-4 Year Jumbo CD
Learn MoreSponsored Note: Maximize growth and savings. FDIC Insured. Apply Now!
1.85%$50k$250k4 Year RampUp CD
Learn MoreSponsored Note: Boost Your Rate. No Fees.
1.80%$1k-4 Year CD
1.50%$100k-3 Year Jumbo CD
Learn MoreSponsored Note: Supersize Your Savings. Big Deposits Deserve Big Rates. FDIC Insured
1.40%$25k$250k3 Year RampUp CD
Learn MoreSponsored Note: Boost Your Rate. No Fees.
1.35%$1k-3 Year CD
1.30%$100k-2 Year Jumbo CD
Learn MoreSponsored Note: Supersize Your Savings. Big Deposits Deserve Big Rates. FDIC Insured
1.25%$25k-2 Year RampUp Plus CD
Learn MoreSponsored Note: Boost Your Rate. Boost Your Deposit.
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

2.30%$100k-5 Year Jumbo IRA
2.25%$1k-5 Year IRA
1.95%$100k-4 Year Jumbo IRA
1.85%$50k$250k4 Year RampUp IRA
1.80%$1k-4 Year IRA
1.50%$100k-3 Year Jumbo IRA
1.40%$25k$250k3 Year RampUp IRA
1.35%$1k-3 Year IRA
1.30%$100k-2 Year Jumbo IRA
1.25%$25k-2 Year RampUp Plus IRA
1.05%$25k-1 Year RampUp Plus IRA
1.02%$1k-1 Year IRA
1.02%$1k-2 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