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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 Debuts New Money Market Account - 3/13/2018

CIT Bank introduced its Money Market Account that earns 1.75% APY on all balances. Minimum opening deposit is $100. There are no monthly fees.

Large Rate Hike On CIT Bank’s 11-Month No-Penalty CD - 3/3/2018

CIT Bank increased the rate of its 11-month No-Penalty CD to 1.85% APY. This is the largest rate increase of this product since CIT Bank introduced it in July 2017.

CIT Bank 11 Mo No Penalty CD Is No 1.85% APY - 3/2/2018

CIT Bank just upped their no penalty CD .3%. It is up from 1.55% to 1.85%. https://www.bankoncit.com/no-penalty-cd/

View all posts from:

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 (233)

My Experience With CIT Has Been Good

Posted by: Jerry B. | Apr 13, 2018

I'm posting not to invalidate the recent bad experiences people have reported, but to share my counterexample.

I have had CIT savings, CDs, and money market accounts for over a year. I've had to call into customer service a few times -- like when rolling an existing no-penalty CD into a new no-penalty CD with a higher rate. All of those experiences have been very good for me. I did not have a very long wait on the phone. The customer service rep was knowledgable and walked me through the process very easily and quickly.

I have had no trouble getting money into or out of my CIT accounts from a couple different linked bank accounts (credit unions).

I don't know if this is all a case of good versus bad luck or what, but I've been very pleased with CIT so far.

Money Market Vs No Penalty CD

Posted by: s1dest3p | Mar 21, 2018

Any reason to get the Money Market over the No Penalty CD? The CD has a higher rate...and no penalty :P

Advertised as great, mediocre at best.

Posted by: Localtype | Dec 30, 2017

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.

One Of The Worst Online Banks

Posted by: jhasrouni | Mar 25, 2018

I opened an account with this bank one month ago and it took them almost 2 weeks to open the account. They asked a lot of information including Federal Tax Returns. I have no idea why this bank would ask for private information.
After verifying my account information, I was able to link it to an external account and transfer the minimum $100 deposit to try this bank prior to moving a much larger amount.
I was surprised that after wasting all this time to open the account, access to my account was restricted by the bank for an unknown reason and I was asked to contact customer service.
I tried to call customer service but was put on hold for more than 15 minutes and had to hang up.
I sent email to customer service asking them why they restricted access to my account. They sent me a one line reply asking me to call customer service.
I was finally able to call customer service and asked why they have restricted access to my account. The representative told me that the bank decided to end the relationship with me without providing any additional information and will be sending me the check by mail.
I do not understand how this bank expects to do business with customers when they do not treat them with courtesy.
I have another account open at Live Oak Bank, which offers a very competitive rate currently 1.7% and treat their customers with respect at the same time.
I am glad that I did not send a large transfer to this bank. I can't wait for my account to be closed and to get my money back from this bank.
I usually do not like to post comments online but wanted to share my experience with this bank so others can benefit from it.

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Health
B+

Health Grade Components

Overall
FDIC Certificate #58978
Year Established2009
Employees3570
Primary RegulatorOCC
Profit Margin
Return on Assets - YTD0.73%
Return on Equity - YTD5.78%
Annual Interest Income$1.73B
Assets and Liabilities
AssetsQ4 2017vs Q4 2016$40.75B$42.23B
LoansQ4 2017vs Q4 2016$27.45B$28.12B
DepositsQ4 2017vs Q4 2016$30.09B$32.36B
Equity CapitalQ4 2017vs Q4 2016$5.12B$5.19B
Loan Loss AllowanceQ4 2017vs Q4 2016$403.5MM$406.6MM
Unbacked Noncurrent LoansQ4 2017vs Q4 2016$452.7MM$536.5MM
Real Estate OwnedQ4 2017vs Q4 2016$19.8MM$21.7MM
  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 Bank 11 Mo No Penalty CD Is No 1.85% APY

Sperry8   |  
CIT Bank just upped their no penalty CD .3%. It is up from 1.55% to 1.85%.
https://www.bankoncit.com/no-penalty-cd/

Rates
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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

APYMINMAXACCOUNT NAMEVIEW DETAILS
1.55%--Premier High Yield Savings

CIT Bank Money Market Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
1.75%$100-Money Market Account

CIT Bank CD Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
1.85%$1k-11-Month No-Penalty CD
1.75%$100k-5-Year Jumbo CD
1.75%$1k-18-Month Term CD
1.70%$1k-5-Year Term CD
1.70%$1k-13-Month 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
1.38%$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
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 feedback@depositaccounts.com 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.