CIT Bank

Deposits held and insured by First Citizens Bank (NC)

Overview / Commentary
855-462-2652
75 North Fair Oaks Ave
Pasadena, CA 91103
Deposits held and insured by First Citizens Bank (NC)

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

Rate Increases On Savings Accts - 4/2/2022

Looks like CIT just bumped their assorted savings rates up today: Savings Connect 0.60% Savings Builder 0.45% Money Market 0.55% Hard to figure why the one with the most requirements is the lowest, but par for the course.

CIT Bank Promo (Via Jonathan Ping @My Money Blog) Free 1Yr Amazon Prime Membership - 3/24/2022

***Deposit $15,000+, Get Free 1yr Amazon Prime Membership ($139 Value)*** ..Open a CIT Bank Money Market account using the promo code AMZN22. ..Fund your account with at least $15,000 within 15 days and keep a minimum balance of at least $15,000 for 60 days following the 15-day funding period. ..Within 30 days following the end of the funding period, if you’ve fulfilled the requirements, CIT Bank will send you an email with your Prime membership code. ..Yes, this works for existing Amazon Prime users. Customers who are already Amazon Prime members can use the one year of Amazon Prime to renew their membership for an additional year. ..It appears that existing CIT Bank members are eligible, but you do have to open a new Money Market account (you can have more than one) and fund with “new money” outside of CIT Bank.. https://www.mymoneyblog.com/cit-bank-money-market-deposit-promo.html

Earn 0.96 Percent On Savings (conditions apply). - 2/10/2022

My CIT bank monthly statement came showing my apy earned was 0.96 %. I assumed there was a rate increase. It turns out I had 12 dollars in my account and the interest paid this month was rounded up to one penny. All you need to do is scale up your number of accounts with this low balance.

View all posts from:

11/13/19 - $150/$300 Deposit Bonus For New & Existing Customers
11/1/19 - Savings Builder Top Rate Drop AGAIN 1.85%
10/1/19 - And Yet Another .10 % Rate Drop
9/11/19 - Savings Builder Drop To 2.20% APY
6/30/19 - Savings Builder Another Rate Drop.
5/1/19 - Savings Builder Rate Drop
1/5/19 - Has Custodial Accounts
1/3/19 - CIT Bank’s Savings Builder Account Reaches 2.45% APY
1/3/19 - Savings Builder Rate Up To 2.45%
11/21/18 - CIT Bank Ups Rate On Savings Builder Account
11/21/18 - CIT Savings Now At 2.25% APY
10/7/18 - CIT Bank Debuts New Savings Builder Account
10/5/18 - New Savings Builder Account 2.15%
9/13/18 - CIT Bank Raises 11-Month No-Penalty CD Rate
9/12/18 - 11-Month No-Penalty CD, 2.05% APY, $1K Min
7/2/18 - CIT Bank 1-Year Term CD Rate Rises to the Top
6/30/18 - CIT Bank Offering 2.5% 1 -Year CD, $1K Minimum.
5/24/18 - CIT Bank Ups Money Market Account Rate To Very Competitive Level
5/24/18 - CIT MM Is Now 1.85%
5/7/18 - CIT Savings Rate Is Now 1.75%
3/13/18 - CIT Bank Debuts New Money Market Account
3/3/18 - Large Rate Hike On CIT Bank’s 11-Month No-Penalty CD
3/2/18 - CIT Bank 11 Mo No Penalty CD Is No 1.85% APY
1/3/18 - CIT Bank Raises Premier High Yield Savings Rate
1/3/18 - CIT Bank HY Savings Now 1.55% APY
11/8/17 - Another Rate Increase on CIT Bank’s 11-Month No-Penalty CD
11/8/17 - 11-Month No Penalty CD Now 1.55% APY
10/25/17 - Premier High Yield Savings Rate
10/6/17 - CIT Bank's Premier High Yield Savings Rate Raised
9/11/17 - CIT Bank Raises Premier High Yield Savings Rate
9/8/17 - CIT Bank Ups Its Premier High Yield Savings To 1.35% For Up To $100K
8/18/17 - CIT Bank Increases Rate on 11-Month No-Penalty CD
7/11/17 - CIT Bank Debuts New Savings Account with Bonus and New No-Penalty CD
5/5/17 - CIT Bank’s New Savings Account Offers Up To $400 Bonus
5/5/17 - New 1.15% and a Bonus, But Concerning Practice
4/5/17 - CIT Bank Ups Bonus To $400 On High Yield Savings
2/3/17 - CIT Bank Extends $200 Bonus For New High Yield Savings Account
1/30/17 - CIT Bank Increases Its 2-Year Rampup Plus CD Rate
1/24/17 - CIT Bank Raises Rates On Shorter Term CDs
1/12/17 - CIT Bank Raises High Yield Savings APY By 10 Basis Points
1/3/17 - CIT Bank’s Limited-Time High Yield Savings Account Bonus - Up to $200
11/17/16 - CIT Bank Savings Account Promo - Up To $200 Plus 0.95% APY
10/26/16 - CIT Bank Gives Some CD Customers Option of Penalty-Free Early Withdrawal
7/6/16 - CIT Drops CD Rates Again
3/9/16 - 5-Year CD Rate Reduction
2/23/16 - CIT Drops Rates
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 (329)

CIT Bank Is Very Good If You Don't Mind The Really Minor Hoops To Jump.

Posted by: |

I've been very pleased with CIT Bank. It is one of the 6 different online banks I've banked with for the last 2.5 years. I have a pretty good feel now for what I can expect with some online banks. PurePoint Bank and CIT Bank are pretty much now the only banks I deal with online and I have since dropped the other 4 banks. PurePoint and CIT Bank offer among the highest available interest rates from banks that are sizable enough for me to feel safe with, and who has a good track record with customer service, as I don't want my money at a bank that I have to fear getting hacked, or having trouble accessing my money. Nor do I want to bank with an institution that is financially on shaky ground. I have once before transferred $75K out of CIT Bank via ACH, and the process was complete in 18 hours without a hitch and left me feeling very comfortable about doing business with them. With comparing the 2 banks, Pure Point is proactive and usually among the fastest of the large banks to increase their rates to 2.15%, and they do it for you voluntarily, while CIT Bank on the other hand took only a few days longer to increase their rates, and they might make you call them so that you have to jump through small hoops to get it. While CIT Bank did automatically raise my rates for me the last time around some months back to 1.85%, I had to call them this week to get their new higher 2.15% rate. Don't be surprised when CIT Bank (or any other bank) raises their rates substantially, and you find that their phone lines are tied up for over an hour. I had to call and leave my tel number twice with them. On the 2nd attempt the next day, they did call me back within 7 minutes. They are always very friendly and patient. They instructed me to open the new "Saving Builder" account with them to get the higher 2.15% rate. Because I already have an account with them, the process was very fast and easy. You merely go into your existing account and click on the green box to request a new account. You don't change your user name or password. The website page guides you along so that the process is simple, and once you are already a client with this bank the process should remain just as easy for you with any other future rate increases they may have.

A Turn For The Better... From New Management? UPDATED 4/1/22

As often noted here, CITBank doesn't automatically increase the interest rate of your current account. Instead, they start a new higher-rate account under a different name, and expect you to discover it somehow. Then, you had to first close your current account with them and then open the new account from scratch, which was very cumbersome to say the least.

Their top-earning "Savings Connect" account (.60% APY at this writing) is a combination saving and checking account. The checking account required at least one monthly automatic deposit, a deal breaker for me. It made no sense for me to stick with CITBank.

Switching banks is a pain in the neck, so before moving on, I logged-in to CITBank again, and double checked their requirements for their "Savings Connect." This time, I didn't see anything about automatic deposits, so I emailed customer service to make sure it wasn't in small print somewhere. Nope! The automatic deposits are no longer required. Okay, then! I figured I'd delve into their close /open deposit accounts rigmarole again and see if that had changed too.

Wuddiya know, that nonsense has stopped too! Today, I was able to open the new, higher interest accounts (savings and checking), just by funding them with the old account.

Recently, CITBank was taken over by First Citizens BancShares, and it looks like things may be changing for the better. So far, so good. I'll let you know if there's a "gotcha!" or not.

When Rates Increase, You Need To Close Your Acct And Open A New One

Posted by: |

Let me explain this. Normally, when banks raise their interest rates, you automatically get the benefit of that new rate. This is not true with CIT Bank. Whatever rate you had when you opened your account is still the same. In order to get the new rate, you have to close your old account and open a new one, the one with the new rate. Then you have to transfer the money from the old to the new. To be fair, they make the process easy. But, if you don't pay attention or do not realize this, you could easily miss out in rate increases. So watch this bank and rate increase closely, otherwise your rate will stay the same.

Highly Frustrated

Posted by: |

my account is locked & i’ve been trying for 3 days to get through to a human. i’ve been on hold for nearly an hour twice only to be disconnected once it sounded like it was ringing through. i’ve left my phone number 4 or more times for a call back and have not heard from a soul. this is ridiculous & completely unacceptable. seems the only other option is to attempt communication by snail mail which pretty much defeats the purpose of an online account. ANGRY AF!

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Health
A

Data as of Q4 2021

Data displayed below is for insuring bank: First Citizens Bank (NC)
Learn why bank health matters

Health Grade Components

Overall
FDIC Certificate #11063
Year Established1898
Employees6707
Primary RegulatorFDIC
Profit Margin
Return on Assets - YTD0.99%
Return on Equity - YTD11.29%
Annual Interest Income$1.45B
Assets and Liabilities
AssetsQ4 2021vs Q4 2020$58.22B$49.88B
LoansQ4 2021vs Q4 2020$32.34B$32.74B
DepositsQ4 2021vs Q4 2020$51.59B$43.50B
Equity CapitalQ4 2021vs Q4 2020$4.99B$4.62B
Loan Loss AllowanceQ4 2021vs Q4 2020$178.5MM$224.3MM
Unbacked Noncurrent LoansQ4 2021vs Q4 2020$119.6MM$188.8MM
Real Estate OwnedQ4 2021vs Q4 2020$39.3MM$50.9MM
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
0.90%--Savings Connect
0.55%*$25k*-Savings Builder
OTHER TIERS: 0.31% Up to $25k
0.55%--Savings Builder w/ monthly deposit

CIT Bank Money Market Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
0.70%$100-Money Market Account

CIT Bank Checking Account Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
0.25%*$25k*-eChecking
OTHER TIERS: 0.10% Up to $25k

CIT Bank CD Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
0.50%$1k-5-Year Term CD
0.50%$100k-5-Year Jumbo CD
0.50%$1k-4-Year Term CD
0.50%$100k-4-Year Jumbo CD
0.40%$1k-2-Year Term CD
0.40%$1k-3-Year Term CD
0.40%$100k-2-Year Jumbo CD
0.40%$100k-3-Year Jumbo CD
0.30%$1k-6-Month Term CD
0.30%$1k-1-Year Term CD
0.30%$1k-11-Month No-Penalty CD
0.30%$1k-13-Month Term CD
0.30%$1k-18-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 [email protected] 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.