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855-462-2652
75 North Fair Oaks Ave
Pasadena, CA 91103

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

CIT Bank Raises Premier High Yield Savings Rate - 1/3/2018

CIT Bank increased the rate of its Premier High Yield Savings Account by 20 bps to 1.55% APY. Also, this top rate now applies to all balances.

CIT Bank HY Savings Now 1.55% APY - 1/3/2018

CIT upped their HY Savings acct today: 1.55% APY ON BALANCES UP TO $250K 1.55% APY FOR TOTAL BALANCES OVER $250K $100 minimum to open Their savings acct now matches their No Penalty CD acct (which remains at 1.55%)

Another Rate Increase on CIT Bank’s 11-Month No-Penalty CD - 11/8/2017

CIT Bank increased the rate of its 11-month No-Penalty CD by 10 bps to 1.55% APY. This is the second rate increase since CIT Bank introduced this product in early July.

View all posts from:

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 (210)

CIT Bank review

I have been with this bank for about four years. This bank offers more services than the local banks in my community. I have better access to my information when I need it and they are reasonable when I need a change to my account.

Cit Bank, What's With That Silly 1/2 Of 1/10 Percent More You're Offering ??

Posted by: TBT | Feb 9, 2018

At your current 1.55% offering, you are situated 1/2 of 1/10 percent of interest between the top tier online banks that are offering 1.5% interest, and some other good banks offering 1.6% . It's really a silly number for you to have chosen, and is lacking any real incentive for folks to want to bother transferring funds out of their already good paying accounts.

Recently I had over a 100K of cash at Purepoint Bank parked there at 1.40% when all the top competing banks had already raised their interest rates above Purepoint to at least 1.50%. The whole time I also had some money at Live Oak Bank at 1.6% , and at GS/Marcus at 1.50% too. I was finally giving up on Purepoint with their low 1.40% . So I opened an online account at Cit Bank with the required $100 minimum, and was getting ready to transfer my Purepoint cash into Cit Bank when Lo & behold at the last minute PurePoint raised their rate from 1.4% to 1.6% !! I'm in love all over again with Purepoint bank! LOL.

Come on Cit Bank, what's with the 1.55% ?? So many banks are now offering 1.60, and the 1/2 of a 1/10 percent difference you are offering over the big name banks like Marcus and Barclays who are offering 1.50% just isn't worth it for folks to be pulling money out of those accounts they already have for your extra $50 a year on a 100K deposit.

Advertised as great, mediocre at best.

Posted by: Localtype | Dec 30, 2017

CIT bank is a bank that is advertised as being a great bank. My personal experience with this bank says otherwise. You can of course set up standard accounts with them as well as a couple of special investing accounts. As far as bank security goes, that is another story. I got a phone call from the bank one day asking if someone withdrew a large amount of cash out of my account. I of course told them no because I was home. Apparently someone was able to get into the bank's system and pull the required information to withdraw money from my account along with many other accounts. They did manage to recover my money but it took them months to do so. Afterwards I ended my account with them and moved onto another bank. Overall, the bank got the job done but it could have been done better.

Don't Tie Up Funds Here! Keep Only Liquid Accounts.

I was very satisfied when opening savings accounts, especially when I received the bonuses. So I figured they were a reputable bank, and opened "ramp-up" CDs. We all know that these type of CDs offer a lower rate than a regular CD because if rates rise you can ramp up to a higher rate without penalty. I figured rates were on the way up so I chose to take the initially lower rate in the expectation that I would ramp up later.Well, over the last year rates have gone up, but they do not raise the rate of these CDs! It seems once they have your money locked up, they want to keep it at a lower rate. Their liquid accounts now have a significantly higher rate than I have in a CD! This is all very frustrating since it contradicts the entire point of a ramp up. I feel I was suckered! As soon as these CDs mature, I will move those funds to a more ethical bank!

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Health
B+

Health Grade Components

Overall
FDIC Certificate #58978
Year Established2009
Employees3625
Primary RegulatorOCC
Profit Margin
Return on Assets - YTD1.17%
Return on Equity - YTD9.18%
Annual Interest Income$1.31B
Assets and Liabilities
AssetsQ3 2017vs Q3 2016$40.22B$42.96B
LoansQ3 2017vs Q3 2016$26.55B$28.58B
DepositsQ3 2017vs Q3 2016$29.83B$32.90B
Equity CapitalQ3 2017vs Q3 2016$5.31B$5.50B
Loan Loss AllowanceQ3 2017vs Q3 2016$389.6MM$393.0MM
Unbacked Noncurrent LoansQ3 2017vs Q3 2016$495.9MM$525.8MM
Real Estate OwnedQ3 2017vs Q3 2016$22.8MM$29.2MM
  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 Bank HY Savings Now 1.55% APY

Sperry8   |  
CIT upped their HY Savings acct today:

1.55% APY
ON BALANCES UP TO $250K
1.55% APY FOR TOTAL BALANCES OVER $250K
$100 minimum to open

Their savings acct now matches their No Penalty CD acct (which remains at 1.55%)

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
1.55%--Premier High Yield Savings

CIT Bank CD Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
1.75%$100k-5-Year Jumbo CD
1.75%$1k-18-Month Term CD
1.70%$1k-5-Year Term CD
1.70%$1k-13-Month Term CD
1.60%$100k-4-Year Jumbo CD
1.55%$1k-11-Month No-Penalty 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
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