Featured Savings Rates
Featured Accounts
Overview / Commentary
75 North Fair Oaks Ave
Pasadena, CA 91103

CIT Bank 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’s New Savings Account with a 1.15% APY and Up To $400 Bonus - 5/5/2017

The latest internet bank to come out with higher rates is CIT Bank. Late Thursday CIT Bank began offering the Spring Savings Account with a 1.15% APY.

New 1.15% and a Bonus, But Concerning Practice - 5/5/2017

CIT Bank just created a new "Spring Savings" Account offering a $100-$400 bonus and a whopping 1.15% APY. I still find this concerning since they didn't just increase their "High Yield Savings" account to the new rate - so existing customers need to open a new account to take advantage of this higher rate. Seems like a bait-and-switch. https://bankoncit.com/savenow-direct/

CIT Bank Ups Bonus To $400 On High Yield Savings - 4/5/2017

CIT Bank (internet bank) has bonuses of $100 ($15k min), $250 ($100k), and $400 ($300k min) when opening a new High Yield Savings account now through June 30, 2017.

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?
9/11/13 - How Add-On CDs Can Benefit Savers
8/30/13 - Higher Long-Term CD and IRA CD Rates at CIT Bank
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
5/29/12 - Best Bank Accounts for a Future of Uncertain Interest Rates
5/15/12 - CIT Bank Raises Savings Account and CD Rates
4/3/12 - CIT Bank Launches an Internet Savings Account
3/13/12 - Flexible CDs and Savings Accounts with Rate Guarantees
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
11/21/11 - 4 Internet Banks That Offer Flexible CDs
10/17/11 - CIT Bank Launches Internet CDs with Unique Features & Top Rates
4/15/08 - Indymac Bank Raises 5-Month Internet CD Yield to 5.70%
2/21/08 - Indymac Bank CD Rate Update - 5.65% 4-Month, 5.50% 9-Month CD

Reviews (134)

Online CD Application Was Easy. Good Followup.

A month ago, I opened a 24M CD and the process was straightforward.

I had a call from the Customer Service a couple of days later to inform me that there might be an error in

processing the electronic withdrawal for my CD and that my external funding account may have been debited

more than one time.

The customer service agent from CIT apologized for the error and assured me that they will be working closely

with my external bank to correct the situation. She said that CIT will reimbursed me for any overdraft fees incurred.

I checked my external funding account but there was NO double debiting. Anyway, as a 

safety precaution, I called my bank to put a stop payment for 2nd funding. 

Today, I received a letter from CIT formally apologizing for their error although the processing error did not

actually happened. I believe they managed to contact my external bank in time to stop the erroneous withdrawal.

As a good gesture, they enclosed a check representing the interest earned during the period of time they held my

funds which is a FIRST in the industry.

Aong with that, a token sum of $25 as an appreciation for my patience and understanding while they tried to

resolve the erroneous processing. 

I really appreciate their effort in keeping customers happy.

CIT has one of the better CD rates in the market and being FDIC insured, I would not hesitate to open more CDs 

with them in the future.



Long term customer

I have been a long-term CIT customer. Everything they offer seems to be fairly typical of all the major banking institutions. The only big issue I have is with their web design. The website is poorly designed and it makes navigation really hard. This day and age it is important to have a bank which offers as much online interaction as possible, considering how much e-commerce is done.

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 are also very buggy. For example to take advantage of CIT's $100/$200 new account bonus I opened a new high yield savings account via their website on 3/18. I specified that this new account should be funded via an ACH transfer from a new external account at bank X. It has taken until 3/21 for the new CIT account to even appear in my CIT online banking page. The new external account at bank X does not appear in my list of external accounts even though 2 test deposits were made to that account on 3/21. So how am I supposed to validate the new external account? I ended up manually adding the new external account all over again - hopefully things will work the second time around.

The only reason to do business with CIT are the interest rates / special bonus deals - all other aspects of doing business with this bank are clearly inferior compared to most other online banks. If you look at the rate history for CIT you will see that they often attempt to reduce their rates after a while so be prepared to move your money around in the future.

Finally I 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 non Americans. Be forewarned. It might not hurt if depositaccounts.com did a geolocation of the source IP address of people giving reviews. If these IP addresses are outside the United States, I would doubt the authenticity of the review.

Cit Bank -- The Very Worst One I've Ever Used

Horrible experience with their service. Terrible, disorganized website. Tried to open an online savings account for $100,000, instead they opened two (2) savings accounts for $100,000 each -- without my knowledge, of course. More than that, they attempted to ACH $200,000 from my funding external bank account, instead of $100,000. The customer service is totally incompetent, they are not able to comprehend basic things. The customer service manager is unprofessional. All in all, there were not able correct the situation (I simply asked them to delete the second account I never requested to open in the first place, but they could not do that) and they seemingly got prepared to rip off my external bank account by withdrawing $200,000. I had to urgently drive to my non-CiT bank involved in this to put stop payment on any attempt by CiT bank to withdraw funds. Stay clear of these guys!



Health Grade Components

FDIC Certificate #58978
Year Established2009
Primary RegulatorOCC
Profit Margin
Return on Assets - YTD0.9%
Return on Equity - YTD7.28%
Annual Interest Income$429.4MM
Assets and Liabilities
AssetsQ1 2017vs Q1 2016$42.07B$43.83B
LoansQ1 2017vs Q1 2016$27.53B$29.82B
DepositsQ1 2017vs Q1 2016$32.39B$32.94B
Equity CapitalQ1 2017vs Q1 2016$5.29B$5.57B
Loan Loss AllowanceQ1 2017vs Q1 2016$411.5MM$382.0MM
Unbacked Noncurrent LoansQ1 2017vs Q1 2016$500.8MM$597.6MM
Real Estate OwnedQ1 2017vs Q1 2016$33.9MM$21.8MM
  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.

New 1.15% and a Bonus, But Concerning Practice

tbc3   |  
CIT Bank just created a new "Spring Savings" Account offering a $100-$400 bonus and a whopping 1.15% APY. I still find this concerning since they didn't just increase their "High Yield Savings" account to the new rate - so existing customers need to open a new account to take advantage of this higher rate. Seems like a bait-and-switch.


Skip to rates for:
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.

CIT Bank Savings Account Rates

1.15%--Spring Savings

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
1.50%$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

CIT Bank IRA Rates

1.75%$100k-5 Year Jumbo IRA CD
1.70%$1k-5 Year Term IRA CD
1.60%$100k-4 Year Jumbo IRA CD
1.50%$1k-4 Year Term IRA CD
1.45%$100k-2 Year Jumbo IRA CD
1.40%$1k-2 Year Term IRA CD
1.40%$100k-3 Year Jumbo IRA CD
1.38%$50k$250k4 Year RampUp IRA CD
1.32%$1k-1 Year Term IRA CD
1.30%$1k-3 Year Term IRA CD
1.27%$25k-2 Year RampUp Plus IRA CD
1.26%$25k-1 Year RampUp Plus IRA CD
1.20%$25k$250k3 Year RampUp IRA 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