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.
Honestly, it's been a really great bank so far. They have a policy where if you're planning on taking money and switching banks due to a higher rate you call them, and they usually offer a better rate or some type of reward- a huge plus. When speaking with customer service they were super quick and helpful, I never had to wait longer than 3 minutes. The app is really nice as well, but you can't check your APY, only on the website you're able to. Overall, I love CIT and the rates they offer!
Currently have very good savings rates but phone customer support is abysmal. Wait time message has ranged from 2 hours to a record setting 3 hours wait. So if you need to get something accomplished quickly or can't sit by a phone pending a call back 3 hours later, forget it.
In case it needs to be stated -- when any company's CS recording states "due to unexpected high call volumes you may experience longer than usual call wait times", it really means: this company has chosen not to pay CS reps enough to attract a reasonable number of employees. So customers will have to put up with unreasonable hold times.
Savings accounts constantly change at CIT. If Fed rates go down, savings rates go down. When Fed rates increase you have to open a new account in order to get the advertised rates. Another way of saying this is you will have to open a new savings account to get the advertised rate. If you don't watch your account closely you will miss out on a lot of interest.
CIT now has a savings account (called Savings Connect) with a 1.65% interest rate which is pretty good right now.
I have had saving account with them since 2016 and generally they have done the basics well.
HOWEVER, at least twice in the past when rates have gone up, they create a new type of savings account with a new name that has the good rate.
Existing accounts DID NOT GET the new rate. I had a "Savings Builder" account and another one (don't remember the name) before that. So many people will miss this.
Live Oak Bank is my favorite and they have never done this. They also email me when the rate does down which I don't think anyone else does.
Overall | |
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FDIC Certificate # | 11063 |
Year Established | 1898 |
Employees | 10475 |
Primary Regulator | FDIC |
Profit Margin | |
---|---|
Return on Assets - YTD | 1.17% |
Return on Equity - YTD | 12.06% |
Annual Interest Income | $1.47B |
Assets and Liabilities | ||
---|---|---|
Assets | Q2 2022vs Q2 2021 | $107.5B$55.10B |
Loans | Q2 2022vs Q2 2021 | $66.96B$32.68B |
Deposits | Q2 2022vs Q2 2021 | $89.43B$48.55B |
Equity Capital | Q2 2022vs Q2 2021 | $10.92B$4.78B |
Loan Loss Allowance | Q2 2022vs Q2 2021 | $850.3MM$189.1MM |
Unbacked Noncurrent Loans | Q2 2022vs Q2 2021 | $597.0MM$183.4MM |
Real Estate Owned | Q2 2022vs Q2 2021 | $45.2MM$43.7MM |
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.
APY | MIN | MAX | ACCOUNT NAME | VIEW DETAILS |
---|---|---|---|---|
1.55% | $100 | - | Money Market Account |
APY | MIN | MAX | ACCOUNT NAME | VIEW DETAILS | |
---|---|---|---|---|---|
0.25%* | $25k* | - | eChecking | ||
OTHER TIERS: 0.10% → Up to $25k |
CIT Bank is an Internet only bank and does not have branch locations. Its headquarters is located at 75 N Fair Oaks Ave. - Pasadena, CA 91103