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Overview / Commentary
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

Another Rate Increase on CIT Bank’s 11-Month No-Penalty CD - 11/8/2017

CIT Bank increased the rate of its 11-month No-Penalty CD by 10 bps to 1.55% APY. This is the second rate increase since CIT Bank introduced this product in early July.

11-Month No Penalty CD Now 1.55% APY - 11/8/2017

Ken told us about the No Penalty CD in August. It was 1.45% then. "The No-Penalty CD allows the customer to withdraw the total balance and interest earned without penalty seven days or later after funds have been received. Partial withdrawals of principal are not permitted."

Premier High Yield Savings Rate - 10/25/2017

Received notice today that CIT Bank has raised the rate on its Premier High Yield Savings account from 1.30% to 1.35%.

View all posts from:

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 (182)

Modern banking made easy.

Posted by: Kidstoma | Dec 4, 2017

CIT Bank offers online and mobile banking which is really a necessity in the modern world. I use this bank for my savings account and I'm completely satisfied with the interest rate. I'm able to save my money at a slow and steady pace, but also very securely. The only downside is the cost to open one of these accounts was around $100. Customer service has been extremely friendly and eager to answer my questions, granted I've only had to contact them twice.

Did Anyone Get The Bonus For The Cit Spring Saving Account?

I opened the account in May, and completed 3 full month in 8/31/2017, but I did not get the bonus, anyone here get it?

Terrible Website / Back-End Systems Very Buggy

Posted by: slovokia | Mar 21, 2017

I have banked with CIT since 2014. Initially their website was poorly organized and difficult to use. They revamped their website in 2016 and it actually got even WORSE. It now appears to be a Frankensteinien combination of two different systems.

Their back-end systems and business processes are very cumbersome and not well thought out. It looks like CIT Bank uses a separate website / computer system to open new accounts compared to the system they use to service already existing accounts. These separate systems do not work well with each other and can often get out of synchronization.

For example when I opened a new account and specified that I wanted to fund it via a new external bank account, I was unable to confirm the test deposits sent to the new external account via their regular web site. As I found out later, customers had to return to the website used to open new accounts to verify the newly added external account. There was no documentation about this difference in behavior - customers had to magically figure this out on their own. Their regular website used for existing accounts has it's own separate system of adding and verifying external accounts.

Another example: One cannot open no penalty CD's on CIT bank's website and directly fund them from an existing CIT savings account. Instead you must open your CD's online and specify that they be funded via a check. Then you must call into CIT customer service and ask that they transfer funds from your savings account into the newly opened CD's. Unlike at Ally bank their is no way to redeem or change the interest payment policies of no penalty CD's via CIT's website.

Yet another example: If you hold multiple accounts with CIT bank a separate account statement will be generated for EACH account each month. Other banks like Ally are smart enough to produce a single customer statement each month that incorporates all of your accounts.

The only reason to do business with CIT are the interest rates / special bonus deals - most other aspects of doing business with this bank are clearly inferior compared to most other online banks. (One positive is free outgoing wires for accounts with average balances of > $25K). It now seems clear CIT's strategy is to attract new money with higher rates while leaving established customers languishing with lower rates on previously existing money.

On the customer service front their phone based support is adequate but wait times can be long. One is often left on hold while the customer service staff figure out how to service your request. The background music while you are on hold is highly annoying - silence would be a MUCH better option.

Their online secure message based support is unreliable and very slow to respond - sometimes it seems like they never respond until you call them. I sent a secure message to them on 9/11/2017. A week later they still had not responded to the message. I had to call them before anything was done. I would not rely on their secure message service - they provide no service guarantee. It's more like: "we will respond to your messages if we feel like it and your request does not require much effort on our part."

All in all with CIT Bank what you gain in higher interest rates you will lose in wasted time and aggravation dealing with their overall incompetence.

Finally I strongly suspect some of the positive reviews of CIT bank at depositaccounts are illegitimate and have not been left by real customers of this bank. If you read them closely they seem likely to be authored by foreigners / non customers. The only reason sock puppets would leave fake reviews on sites like deposit accounts would be if someone was paying them. I hope that someone at CIT Bank is not behind this effort.

You Can Checkout Anytime You Like, But You Can Never Leave.

Posted by: daveyjane | Dec 6, 2017

Beware.  This bank's interface is poor, and while that doesn't matter much, getting your money back out again might matter.   I was required to fill in two forms, from the start of my withdrawal.  Two pages, and three pages.   PDF.  Not sent on paper, and once i printed it and signed it (online signature not acceptable) (wet signature required) and digitized it and resent it, it took a week until they denied the withdrawal.  They then required a seven page pdf form,  signed by me, and signed again by the receiving institution with a medallion signature.   Another week and they denied that based on the fact that they don't recognize medallion signatures.   Only Notary signatures.  Which they now required of me.  Twenty days later, another phone call, a declaration by a manager that the notary could be forgone if I sent a hand written letter, signed.   That's another turnaround time. altogether twenty days and i was denied for the final time.  My signature did not, in their opinion, match the one i signed up with some years ago.  I  was not given a chance to see the original, so i have nothing to say about the method or the quality of signatures.  But my 100K is still there.  I'm now looking for another way.   It might be an online bank with no branches, but one cannot do an online transfer.  You must get in the car and drive to a fax machine, a notary, and possibly a lawyer, and then wait for some time for an action.   Wires require another form, available for download of course.  LOL.  Oh yea, they now give a bit higher interest rate than earlier (but not for customer's making an internal transfer), only for new money. Hotel California, "you can checkout anytime you like, but you can never leave". My money is still there!



Health Grade Components

FDIC Certificate #58978
Year Established2009
Primary RegulatorOCC
Profit Margin
Return on Assets - YTD1.17%
Return on Equity - YTD9.18%
Annual Interest Income$1.31B
Assets and Liabilities
AssetsQ3 2017vs Q3 2016$40.22B$42.96B
LoansQ3 2017vs Q3 2016$26.55B$28.58B
DepositsQ3 2017vs Q3 2016$29.83B$32.90B
Equity CapitalQ3 2017vs Q3 2016$5.31B$5.50B
Loan Loss AllowanceQ3 2017vs Q3 2016$389.6MM$393.0MM
Unbacked Noncurrent LoansQ3 2017vs Q3 2016$495.9MM$525.8MM
Real Estate OwnedQ3 2017vs Q3 2016$22.8MM$29.2MM
  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.

11-Month No Penalty CD Now 1.55% APY

Carpline   |  
Ken told us about the No Penalty CD in August. It was 1.45% then.

"The No-Penalty CD allows the customer to withdraw the total balance and interest earned without penalty seven days or later after funds have been received. Partial withdrawals of principal are not permitted."

Premier High Yield Savings Rate

dlweiss0622   |  
Received notice today that CIT Bank has raised the rate on its Premier High Yield Savings account from 1.30% to 1.35%.

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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

1.35%*-$250kPremier High Yield Savings
OTHER TIERS: 1.30% $250k+

CIT Bank CD Rates

1.75%$100k-5-Year Jumbo CD
1.70%$1k-5-Year Term CD
1.60%$100k-4-Year Jumbo CD
1.55%$1k-11-Month No-Penalty CD
1.50%$1k-4-Year Term CD
1.48%$1k-13-Month Term CD
1.45%$100k-2-Year Jumbo CD
1.40%$1k-2-Year Term CD
1.40%$100k-3-Year Jumbo CD
1.38%$50k$250k4-Year RampUp CD
1.32%$1k-1-Year Term CD
1.30%$1k-3-Year Term CD
1.27%$25k-2-Year RampUp Plus CD
1.26%$25k-1-Year RampUp Plus CD
1.20%$25k$250k3-Year RampUp 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