Featured Savings Rates
Featured Accounts

CIT Bank

Popular Accounts at this Bank

1.22%2-year CD2 Year RampUp Plus CD
1.16%1-year CD1 Year RampUp Plus CD
1.80%5-year CD5 Year Jumbo CD

Overview / Commentary
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 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.  

CIT Drops Rates - 2/23/2016

Add CIT Bank to the list of banks dropping 5-year CD rates.  What a mess the Fed has created for savers.

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Posted by: Katinsc | Oct 21, 2015

I have opened several online banking accounts in the last five years. My experience with CIT Bank was very trouble free. I received prompt emails confirming the process and the site is easy to maneuver around. I appreciated the double layer of security (multi factor questions, the non out of wallet questions as they confirmed and the measures they take to protect my identity). I worked at a financial institution (credit union) as I must say I took notes and will consider adding these layers to our members.

CD Closing Experience

Posted by: Report | 14 hours ago

I was able to get CD funds wired out the day after maturity by following these steps:
1. Register the destination bank account as an external account using their trial deposit method. This can be done well in advance and took me one day to activate.
2. Download and fill out the Wire Transfer Authorization Form from their web site, and fax it to the number shown on the form. For same day transfer, the cutoff time is 10:30 a.m. Pacific Time. I faxed it in the evening before the wire was successfully sent.
3. Be available at the phone number linked to your CIT account to answer security questions mostly drawn from your credit report.
4. I also sent a secure message the evening before to alert them of the wire request, but do not know if it was necessary.
Overall I thought it was a reasonable CD closing experience and I would consider depositing funds with them when the rates are good. The wire transfer was free for account balance greater than $25,000.

Maturing CIT CD's

Posted by: zaqxsw | Nov 14, 2014

I owned a 2yr, high 5 figure CD with CIT. It was coming close to maturing and I inquired on my options to receive the proceeds. I was advised I could ACH transfer the proceeds by giving a bank name, account #, and routing number. I provided those and was told I would receive a confirmation on these instructions. No confirmation after two weeks, so I asked about it again. No confirmation after a total of 3 weeks.

The CD matured on 11/13/14 and I was advised on that day that the ACH transfer could not happen because I had not previously verified the transfer account. Of course, I had given myself a month lead time and could have easily done this had CIT just confirmed my instructions to ACH transfer or clarified that I needed to verify. Now I am trying to just get a check snail mailed to me.

Very disappointing given the month lead time I had provided to get this right.

Worst Bank

I can hardly believe how inefficient this bank is. I inherited them from my One West Bank and attempted to sign in after initial deposit.
I must have spent a total of at least 2 hours over a week or so trying to sign in which was impossible.
I was guided through the same procedures 5 times and was finally told they could not figure it out.
I asked them to transfer my monty to another bank and they informed me they cannot do that since I have to do it online. Obviously it is impossible to transfer online when I cannot sign into my account. Impossible to believe that a bank cannot transfer money to another bank. They have to send a check taking a week. I hope one of my other banks will take over their bank.



Health Grade Components

FDIC Certificate #58978
Year Established2009
Primary RegulatorOCC
Profit Margin
Return on Assets - YTD0.54%
Return on Equity - YTD4.21%
Annual Interest Income$447.3MM
Assets and Liabilities
AssetsQ1 2016vs Q1 2015$43.83B$21.29B
LoansQ1 2016vs Q1 2015$29.83B$14.70B
DepositsQ1 2016vs Q1 2015$32.94B$14.48B
Equity CapitalQ1 2016vs Q1 2015$5.60B$2.80B
Loan Loss AllowanceQ1 2016vs Q1 2015$382.0MM$128.2MM
Unbacked Noncurrent LoansQ1 2016vs Q1 2015$597.6MM$555.3MM
Real Estate OwnedQ1 2016vs Q1 2015$4.5MM$26.5MM
  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 Drops CD Rates Again

ChasR   |  
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. 

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CIT Bank Savings Account Rates

0.95%--High Yield Savings

CIT Bank CD Rates

1.80%$100k-5 Year Jumbo CD
1.75%$1k-5 Year Term CD
1.75%$100k-4 Year Jumbo CD
1.65%$1k-4 Year Term CD
1.53%$50k$250k4 Year RampUp CD
1.45%$100k-3 Year Jumbo CD
1.35%$1k-3 Year Term CD
1.35%$100k-2 Year Jumbo CD
1.30%$1k-2 Year Term CD
1.25%$25k$250k3 Year RampUp CD
1.22%$1k-1 Year Term CD
1.22%$25k-2 Year RampUp Plus CD
1.16%$25k-1 Year RampUp Plus CD
0.72%$1k-6 Month Term CD

CIT Bank IRA Rates

1.80%$100k-5 Year Jumbo IRA CD
1.75%$1k-5 Year Term IRA CD
1.75%$100k-4 Year Jumbo IRA CD
1.65%$1k-4 Year Term IRA CD
1.53%$50k$250k4 Year RampUp IRA CD
1.45%$100k-3 Year Jumbo IRA CD
1.35%$100k-2 Year Jumbo IRA CD
1.35%$1k-3 Year Term IRA CD
1.30%$1k-2 Year Term IRA CD
1.25%$25k$250k3 Year RampUp IRA CD
1.22%$1k-1 Year Term IRA CD
1.22%$25k-2 Year RampUp Plus 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