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2150 S 1300 East, Suite 400
Salt Lake City, UT 84106

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 Salt Lake City, Utah, and serves its customers solely through its online banking system.

Related Posts

CIT Bank Gives Some CD Customers Option of Penalty-Free Early Withdrawal - 10/26/2016

According to the email, they’re allowing some customers to move their long-term CDs into their High Yield Savings Account with no penalty.

CIT Drops CD Rates Again - 7/6/2016

CIT further dropped longer-term CD rates.  It's 5-year Term CD is now at 1.75% APY.  This one-time rate leader is now uncompetitive, although my guess is that, if foreign central banks are allowed to continue driving down rates by producing a flight to US Treasuries, without a peep from the Fed, by year-end, 1.75% APY will look like an attractive 5-year deal. 

5-Year CD Rate Reduction - 3/9/2016

CIT has slashed its 5-year CD rates--to 1.90% APY for term CDs and 1.95% APY for jumbo CDs.  3-year rates seem to be unchanged--1.50% for term and 1.60% for jumbo.  This is more evidence of how the Fed's bungling has flattened the yield curve rather than raised rates.  

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Great online banking

Posted by: DanielJ | Oct 10, 2016

I opened my CIT account about 6 months ago and have been well pleased with their service. Their interest rate returns on savings are slightly above average in my opinion so that is why I chose them. The CIT website and mobile platform are very easy to navigate and use. Overall, I have no complaints about their services and would recommend them for a good savings account.

Happily Surprised

Posted by: KevinKT | Sep 26, 2016

Having been dissatisfied with traditional banks (and their rates), I was looking for an option to better increase my options. I came across CIT and was interested immediately because of the high rates. Their short term CD rates were among the best I could find and were very easy to open. I have moved about 1/4 of my overall disposable income into their various CDs, and I have not regretted the decision. Customer service has been good, as well. Overall, I am a very happy customer.

Great CD Rates

Posted by: BFAMTD | Sep 21, 2016

I recently opened a couple five year CDs from CIT bank and was offered a great APY. There is a minimum deposit of only $1,000. These CD's are going to help me with my long term goals of purchasing a second home to remodel and sell. I have already increased my overall worth a great deal since opening two of their five year CDs, and I would recommend them to anyone.

Best Rates Around

Posted by: jjdlax86 | Oct 7, 2016

I spent a fair amount of time looking around for the most competitive CD rates. I was drawn to CIT not only for the most competitive rates that I could find, but also because they offer some flexibility through their RampUp products. These give you some market protection in case rates increase dramatically during the term of the CD. These features were the main reasons I chose to open a CD account with CIT. Overall, banking online with CIT has been a positive experience.



Health Grade Components

FDIC Certificate #58978
Year Established2009
Primary RegulatorOCC
Profit Margin
Return on Assets - YTD-0.04%
Return on Equity - YTD-0.35%
Annual Interest Income$890.0MM
Assets and Liabilities
AssetsQ2 2016vs Q2 2015$43.41B$21.65B
LoansQ2 2016vs Q2 2015$29.37B$14.34B
DepositsQ2 2016vs Q2 2015$32.93B$14.89B
Equity CapitalQ2 2016vs Q2 2015$5.42B$2.84B
Loan Loss AllowanceQ2 2016vs Q2 2015$379.7MM$134.1MM
Unbacked Noncurrent LoansQ2 2016vs Q2 2015$547.0MM$497.2MM
Real Estate OwnedQ2 2016vs Q2 2015$3.4MM$30.8MM
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CIT Bank Savings Account Rates

0.95%--High Yield 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
1.40%$100k-3 Year Jumbo CD
1.38%$50k$250k4 Year RampUp CD
1.35%$100k-2 Year Jumbo CD
1.30%$1k-2 Year Term CD
1.30%$1k-3 Year Term CD
1.22%$1k-1 Year Term CD
1.22%$25k-2 Year RampUp Plus CD
1.20%$25k$250k3 Year RampUp CD
1.16%$25k-1 Year RampUp Plus 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
1.40%$100k-3 Year Jumbo IRA CD
1.38%$50k$250k4 Year RampUp IRA CD
1.35%$100k-2 Year Jumbo IRA CD
1.30%$1k-2 Year Term IRA CD
1.30%$1k-3 Year Term IRA CD
1.22%$1k-1 Year Term IRA CD
1.22%$25k-2 Year RampUp Plus IRA CD
1.20%$25k$250k3 Year RampUp IRA CD
1.16%$25k-1 Year RampUp Plus IRA CD

CIT Bank is an Internet only bank and does not have branch locations. Its headquarters is located at 2150 S 1300 East, Suite 400 - Salt Lake City, UT 84106