CIT Bank


Overview / Commentary
855-462-2652
75 North Fair Oaks Ave
Pasadena, CA 91103

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.

Related Posts

CIT Bank Has $100/$200 Bonus On New Savings Builder Account - 2/6/2020

Now through April 315, 2020, CIT Bank is offering a $100/$200 bonus when opening a new Savings Builder account when a minimum $25k/$50k initial deposit of new money.

CIT Savings Builder Is Now 1.80% While Money Market Is 1.85%? - 1/1/2020

https://www.cit.com/cit-bank/bank/savings/savings-builder-account/ This was surprising to me...

$150/$300 Deposit Bonus For New & Existing Customers - 11/13/2019

https://www.cit.com/cit-bank/savings-builder-account-bonus-direct/ For new customers: Open a Savings Builder account with a minimum of $100 and enter the promo code, Bonus19. Fund your account within 15 calendar days of the open date to meet one of the following balance requirements. Bonus Deposit Requirement $150 $25,000 to $49,999 $300 $50,000 or more Maintain the minimum balance requirement for the desired bonus for 90 calendar days. For existing customers: Click on the embedded link to enroll in the promotion. Add funds within 15 calendar days of your enrollment with new money from an external financial institution to meet one of the following deposit requirements. Bonus Additional Deposit Requirement $150 $25,000 to $49,999 $300 $50,000 or more Maintain the minimum balance requirement for the desired bonus for 30 calendar days. Atypical that the existing customer bonus terms are actually better than for new customers.

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11/8/17 - Another Rate Increase on CIT Bank’s 11-Month No-Penalty CD
11/8/17 - 11-Month No Penalty CD Now 1.55% APY
10/25/17 - Premier High Yield Savings Rate
10/6/17 - CIT Bank's Premier High Yield Savings Rate Raised
9/11/17 - CIT Bank Raises Premier High Yield Savings Rate
9/8/17 - CIT Bank Ups Its Premier High Yield Savings To 1.35% For Up To $100K
8/18/17 - CIT Bank Increases Rate on 11-Month No-Penalty CD
7/11/17 - CIT Bank Debuts New Savings Account with Bonus and New No-Penalty CD
5/5/17 - CIT Bank’s New Savings Account Offers Up To $400 Bonus
5/5/17 - New 1.15% and a Bonus, But Concerning Practice
4/5/17 - CIT Bank Ups Bonus To $400 On High Yield Savings
2/3/17 - CIT Bank Extends $200 Bonus For New High Yield Savings Account
1/30/17 - CIT Bank Increases Its 2-Year Rampup Plus CD Rate
1/24/17 - CIT Bank Raises Rates On Shorter Term CDs
1/12/17 - CIT Bank Raises High Yield Savings APY By 10 Basis Points
1/3/17 - CIT Bank’s Limited-Time High Yield Savings Account Bonus - Up to $200
11/17/16 - CIT Bank Savings Account Promo - Up To $200 Plus 0.95% APY
10/26/16 - CIT Bank Gives Some CD Customers Option of Penalty-Free Early Withdrawal
7/6/16 - CIT Drops CD Rates Again
3/9/16 - 5-Year CD Rate Reduction
2/23/16 - CIT Drops Rates
9/23/15 - New Top 1-Year Rate on CIT Bank’s RampUp Plus and Term CD
9/9/15 - The New CIT Bank, N.A. with Some Higher Rates
6/25/15 - CIT Bank Raised Rate On High Yield Savings
6/22/15 - CD Bonus Boosts CIT Bank Customers
5/21/15 - CIT Bank Increases Rates on 1-, 2- and 3-Year CDs and IRA CDs
5/9/15 - CIT Imposing Rate Caps On Rampup Cds
2/20/15 - CIT Bank’s Rate Changes - Higher 1-Year RampUp Plus CD Rate
1/23/15 - CIT 5 Year CD Rate Drop
1/19/15 - CIT Begins Year With IRA CD Promotion
1/2/15 - CIT Bank Premium APY For CD Renewals
12/5/14 - CIT Bank’s Jumbo 5-Year CD Is the New Rate Leader
11/12/14 - My Interview with the CIT Bank President
10/17/14 - CIT Bank Increases Savings Account and CD Rates
10/14/14 - Groups Urge U.S. To Reject CIT Takeover Of OneWest Bank
10/10/14 - Are Regulators About To Let Another Bank Get Too Big To Fail?
9/19/14 - CIT Bank Increases 1-Year and 5-Year CD Rates to Very Competitive Levels
7/3/14 - CIT Bank Increases Rates on Its RampUp CDs
6/23/14 - CIT Bank Keeps The Great Deals Coming
6/11/14 - CIT Bank Launches New RampUp CDs
6/10/14 - Rampup Cds
5/14/14 - Are “Raise Your Rate” Type of CDs a Good Deal?
5/8/14 - Customer Loyalty CD Promotions At CIT Bank
3/20/14 - CIT Bank Takes Back the Top Spot for 5-Year CD Rates
2/13/14 - CIT Bank Savings Account Rate Hike
1/29/14 - CIT Bank - New 5-Year CD Rate Leader for Internet Banks
11/6/13 - Higher CD and IRA CD Rates at CIT Bank
10/28/13 - Review of Today’s Bump-Up CDs - Is the Bump-Up Feature Useful?
4/18/13 - CIT Bank Now Offers IRAs with CDs and the Savings Account
12/4/12 - CIT Bank Cuts Savings Account and Achiever CD Rates
7/9/12 - New Competitive 5-Year CDs at CIT Bank
6/11/12 - Online Transfer Service Now Available to CIT Bank Savings Account Customers
5/15/12 - CIT Bank Raises Savings Account and CD Rates
4/3/12 - CIT Bank Launches an Internet Savings Account
2/26/12 - Improvements In CIT Group's Financial Health
1/9/12 - CIT Bank Launches New 2-Year Achiever CD with Add-On & Rate Bump Features
10/17/11 - CIT Bank Launches Internet CDs with Unique Features & Top Rates

Reviews (306)

They Came A Long Way

Posted by: |

In the beginning CIT bank was just ok. Terrible customer service, if any. Needed to jump through a ton of hoops just to set-up an account. Now, 2 years later CIT bank has turned itself around. Great customer service and any withdrawals is in my bank within 1-2 business days. As they say, you've got to crack a few eggs to make an omelette.

When Rates Increase, You Need To Close Your Acct And Open A New One

Posted by: |

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.

Advertised as great, mediocre at best.

Posted by: |

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.

Savings Builder

Posted by: |

Do they make it confusing to get the Savings Builder bonus by design. Thought I signed up for the bonus but apparently checked the wrong box. Funded the account. No bonus and no recourse from CIT Bank. I find it hard to believe I am the only person to make this mistake. I am a long time customer but will now become an ex-customer along with all members of my extended family. Very disappointed. And why are they always experiencing higher than normal call volume every time you need to call. Their customer service is going down hill. There are better options then CIT Bank

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Health
A+

Health Grade Components

Overall
FDIC Certificate #58978
Year Established2009
Employees3116
Primary RegulatorOCC
Profit Margin
Return on Assets - YTD0.98%
Return on Equity - YTD8.43%
Annual Interest Income$1.46B
Assets and Liabilities
AssetsQ3 2019vs Q3 2018$45.38B$40.83B
LoansQ3 2019vs Q3 2018$28.52B$27.42B
DepositsQ3 2019vs Q3 2018$36.76B$31.43B
Equity CapitalQ3 2019vs Q3 2018$5.16B$5.01B
Loan Loss AllowanceQ3 2019vs Q3 2018$455.4MM$444.0MM
Unbacked Noncurrent LoansQ3 2019vs Q3 2018$384.3MM$579.3MM
Real Estate OwnedQ3 2019vs Q3 2018$21.6MM$1.7MM
  User-submitted Promotions & Notices

This section lists recent deals, promotions and rate changes submitted by our community within the past 90 days. Always verify official rates and promotions with the bank or credit union.

CIT Savings Builder Is Now 1.80% While Money Market Is 1.85%?

  |  
https://www.cit.com/cit-bank/bank/savings/savings-builder-account/

This was surprising to me...

Rates
Report an Issue

Always verify rates and promotions with the bank or credit union. We are not CIT Bank; we are a rate comparison website and cannot provide official rates or promotions.

* The APY shown varies based on the deposit amount. Expand the listing to see APYs for other deposit amounts.

CIT Bank Savings Account Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
1.75%*$25k*-Savings Builder
OTHER TIERS: 1.15% Up to $25k
1.75%--Savings Builder w/ monthly deposit
1.55%$100-Premier High Yield Savings

CIT Bank Money Market Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
1.80%$100-Money Market Account

CIT Bank Checking Account Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
0.25%*$25k*-eChecking
OTHER TIERS: 0.10% Up to $25k

CIT Bank CD Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
1.85%$1k-18-Month Term CD
1.82%$1k-13-Month Term CD
1.80%$1k-1-Year Term CD
1.75%$100k-5-Year Jumbo CD
1.70%$1k-5-Year Term CD
1.70%$1k-11-Month No-Penalty 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
Locations

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

The financial institution, product, and APY (Annual Percentage Yield) data displayed on this website is gathered from various sources and may not reflect all of the offers available in your region. Although we strive to provide the most accurate data possible, we cannot guarantee its accuracy. The content displayed is for general information purposes only; always verify account details and availability with the financial institution before opening an account. Contact [email protected] to report inaccurate info or to request offers be included in this website. We are not affiliated with the financial institutions included in this website.