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 Extends $200 Bonus For New High Yield Savings Account - 2/3/2017

CIT Bank (internet bank) is offering a $100 (minimum $15k) or $200 (minimum $150k) bonus when opening a new High Yield Savings account now through April 28, 2017.

CIT Bank Increases Its 2-Year Rampup Plus CD Rate - 1/30/2017

CIT Bank recently increased the 2-year RampUp CD rate from 1.22% to 1.27% APY. Minimum deposit is $25,000. Interestingly, the 2-year rate is now just 1 bps higher than the 1-year rate. It’s a small increase, but those with this RampUp Plus CD need to be updated on all rate increases so they can decide when to use the step-up option on this CD. For these readers, you may want to use our alert service for CIT Bank that can email you whenever there are CIT Bank rate changes.

CIT Bank Raises Rates On Shorter Term CDs - 1/24/2017

CIT Bank (internet bank) has raised the rates on its 1-year CD (1.32% APY), 1-year RampUp Plus CD (1.26% APY), 2-year CD (1.40% APY), and 2-year Jumbo CD (1.45% APY).

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 (116)

CIT Bank is a great experience

I have been a CIT bank member for over 30 years now. It is a bank that offers everything I need as far as my savings account. The customer service with this bank is excellent. They help me save anything I need for my future retirements. For example, my aunt gave me these bonds when I was a child. I wanted to make sure I put these bonds in a savings. CIT bank made sure I made the most money with these bonds. When I put these bonds in with CIT, they were only a $1000.00. 30 years later, they are now worth $30,000. I also have been saving $50.00 a month for the last 15 years from my checking account. CIT bank makes sure they take it out automatically for me the 15th of every month. I am so glad to be a CIT customer.

Great for personal savings accounts

My sister and I both have a savings account with CIT bank. I have never had a negative experience and I've never heard my sister complain about them either. We both decided to open savings accounts with them when we made the resolution last year to save a minimum of $100 a month, but found that having cash in our underwear drawer was too tempting to spend. Anyways, customer service is straightforward and always helpful, which is my main concern. The website is easy and organized. There's no fees either which is way better than the last bank I used, especially when you're trying to actually save. We personally both have high yield accounts, but there may be other kinds.

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.

Extremely SLOW

Posted by: cutter | Jan 30, 2017

Opened a new account with CIT. It took them four business days to open it. By taking this long it made me ineligible for the $200 bonus they where offering (deliberate?). When I tried to call to inquire if they would honor the bonus (since their processing was the reason for missing the deadline) I was put on hold. After 15 minutes on hold I decided if it was this difficult to put money in their bank I would hate to try and get money out and will not be funding the account.



Health Grade Components

FDIC Certificate #58978
Year Established2009
Primary RegulatorOCC
Profit Margin
Return on Assets - YTD0.31%
Return on Equity - YTD2.46%
Annual Interest Income$1.33B
Assets and Liabilities
AssetsQ3 2016vs Q3 2015$42.95B$43.58B
LoansQ3 2016vs Q3 2015$28.58B$29.99B
DepositsQ3 2016vs Q3 2015$32.90B$32.42B
Equity CapitalQ3 2016vs Q3 2015$5.54B$5.56B
Loan Loss AllowanceQ3 2016vs Q3 2015$399.7MM$307.5MM
Unbacked Noncurrent LoansQ3 2016vs Q3 2015$525.8MM$604.2MM
Real Estate OwnedQ3 2016vs Q3 2015$29.2MM$24.4MM
  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 Increases Its 2-Year Rampup Plus CD Rate

Ken Tumin   |  
CIT Bank recently increased the 2-year RampUp CD rate from 1.22% to 1.27% APY. Minimum deposit is $25,000. Interestingly, the 2-year rate is now just 1 bps higher than the 1-year rate.

It’s a small increase, but those with this RampUp Plus CD need to be updated on all rate increases so they can decide when to use the step-up option on this CD. For these readers, you may want to use our alert service for CIT Bank that can email you whenever there are CIT Bank rate changes.

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

1.05%--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
1.45%$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