|Account Type||APY||Account Name||Min||Max|
|Savings||2.25%||Savings Builder||$25k||-||Details »|
CIT Bank, a DepositAccounts.com advertiser, 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: RampUp CDs, Jumbo CDs, and Term CDs. DepositAccounts.com recognized CIT’s RampUp Plus CDs (formerly known as Achiever CDs) as an excellent option for savers just after they were introduced in March of 2012. Of note, the RampUp Plus CDs allow for one additional deposit during the life of the 1- or 2-year CD, as well as 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 6 months 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 Pasadena, California, and serves its customers solely through its online banking system.
I've been very pleased with CIT Bank. It is one of the 6 different online banks I've banked with for the last 2.5 years. I have a pretty good feel now for what I can expect with some online banks. PurePoint Bank and CIT Bank are pretty much now the only banks I deal with online and I have since dropped the other 4 banks. PurePoint and CIT Bank offer among the highest available interest rates from banks that are sizable enough for me to feel safe with, and who has a good track record with customer service, as I don't want my money at a bank that I have to fear getting hacked, or having trouble accessing my money. Nor do I want to bank with an institution that is financially on shaky ground. I have once before transferred $75K out of CIT Bank via ACH, and the process was complete in 18 hours without a hitch and left me feeling very comfortable about doing business with them. With comparing the 2 banks, Pure Point is proactive and usually among the fastest of the large banks to increase their rates to 2.15%, and they do it for you voluntarily, while CIT Bank on the other hand took only a few days longer to increase their rates, and they might make you call them so that you have to jump through small hoops to get it. While CIT Bank did automatically raise my rates for me the last time around some months back to 1.85%, I had to call them this week to get their new higher 2.15% rate. Don't be surprised when CIT Bank (or any other bank) raises their rates substantially, and you find that their phone lines are tied up for over an hour. I had to call and leave my tel number twice with them. On the 2nd attempt the next day, they did call me back within 7 minutes. They are always very friendly and patient. They instructed me to open the new "Saving Builder" account with them to get the higher 2.15% rate. Because I already have an account with them, the process was very fast and easy. You merely go into your existing account and click on the green box to request a new account. You don't change your user name or password. The website page guides you along so that the process is simple, and once you are already a client with this bank the process should remain just as easy for you with any other future rate increases they may have.
The rate are great.
Access is horrible.
1. Phone queues run upwards of 10.”
2. Mobile app is worthless - it lets you see your accounts, but won’t let you do anything, such as transfer funds, or even access customer service
3. Documentation of accounts is substandard - better hope you never have to make a claim - because you’ll have only piecemeal data that won’t hold up to any scrutiny.
4. You can put your funds in a CD, but getting them out, even at maturity, is a virtual minefield of obstacles. There is no online option. There is no call in
option. Send them a “secured message” but even that won’t work.
Management is responsive, but that takes way too much effort - customer service and access are just poorly designed, and until it gets completely overhauled, look for competitive rates and much user-friendlier banking at other institutions.
Let me explain this. Normally, when banks raise their interest rates, you automatically get the benefit of that new rate. This is not true with CIT Bank. Whatever rate you had when you opened your account is still the same. In order to get the new rate, you have to close your old account and open a new one, the one with the new rate. Then you have to transfer the money from the old to the new. To be fair, they make the process easy. But, if you don't pay attention or do not realize this, you could easily miss out in rate increases. So watch this bank and rate increase closely, otherwise your rate will stay the same.
CIT bank is a bank that is advertised as being a great bank. My personal experience with this bank says otherwise. You can of course set up standard accounts with them as well as a couple of special investing accounts. As far as bank security goes, that is another story. I got a phone call from the bank one day asking if someone withdrew a large amount of cash out of my account. I of course told them no because I was home. Apparently someone was able to get into the bank's system and pull the required information to withdraw money from my account along with many other accounts. They did manage to recover my money but it took them months to do so. Afterwards I ended my account with them and moved onto another bank. Overall, the bank got the job done but it could have been done better.
|FDIC Certificate #||58978|
|Return on Assets - YTD||0.98%|
|Return on Equity - YTD||8.05%|
|Annual Interest Income||$1.33B|
|Assets and Liabilities|
|Assets||Q3 2018vs Q3 2017||$40.83B$40.22B|
|Loans||Q3 2018vs Q3 2017||$27.42B$26.55B|
|Deposits||Q3 2018vs Q3 2017||$31.43B$29.83B|
|Equity Capital||Q3 2018vs Q3 2017||$5.01B$5.31B|
|Loan Loss Allowance||Q3 2018vs Q3 2017||$444.0MM$389.6MM|
|Unbacked Noncurrent Loans||Q3 2018vs Q3 2017||$579.3MM$495.9MM|
|Real Estate Owned||Q3 2018vs Q3 2017||$1.7MM$22.8MM|
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* The APY shown varies based on the deposit amount. Expand the listing to see APYs for other deposit amounts.
|APY||MIN||MAX||ACCOUNT NAME||VIEW DETAILS|
|OTHER TIERS: 1.14% → Up to $25k|
|2.25%||-||-||Savings Builder w/ monthly deposit|
|1.55%||$100||-||Premier High Yield Savings|
|APY||MIN||MAX||ACCOUNT NAME||VIEW DETAILS|
|1.85%||$100||-||Money Market Account|
|APY||MIN||MAX||ACCOUNT NAME||VIEW DETAILS|
|2.50%||$1k||-||18-Month Term CD|
|2.25%||$1k||-||13-Month Term CD|
|2.20%||$1k||-||1-Year Term CD|
|2.05%||$1k||-||11-Month No-Penalty CD|
|1.75%||$100k||-||5-Year Jumbo CD|
|1.70%||$1k||-||5-Year Term CD|
|1.60%||$100k||-||4-Year Jumbo CD|
|1.50%||$1k||-||4-Year Term CD|
|1.45%||$100k||-||2-Year Jumbo CD|
|1.40%||$1k||-||2-Year Term CD|
|1.40%||$100k||-||3-Year Jumbo CD|
|1.30%||$1k||-||3-Year Term CD|
|0.72%||$1k||-||6-Month Term CD|
CIT Bank is an Internet only bank and does not have branch locations. Its headquarters is located at 75 North Fair Oaks Ave - Pasadena, CA 91103