CIT Bank

Deposits held and insured by First Citizens Bank (NC)

Overview / Commentary
855-462-2652
75 N 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 Hike Milestone For A Major Online Bank - CIT Bank Platinum Savings - 7/31/2023

CIT Bank is the first major online bank to increase the APY of its online savings account, Platinum Savings, above 5% in this rate hiking cycle.

Increased Savings Account To 4.95% Apy - 6/16/2023

It went from 4.85% apy to 4.95%, still has the $5000+ requirement.

CIT Bank CD Rate Changes For 5-9-2023 - 5/9/2023

CIT Bank CD rate changes for 5-9-2023 include: 6-month CD @ 5.00% (no change) 11-month NP CD @ 4.90% (was 4.80%) 13-month CD @ 4.65% (no change) 18-month CD @ 4.60% (no change) To view all CIT Bank rates see: https://www.cit.com/cit-bank/bank

View all posts from:

11/30/20 - Interest Rates Decline At CIT Bank
10/18/20 - CIT Bank To Merge Into First Citizens Bank
9/17/20 - CIT Money Market / CIT Savings Savings Both Drop To .60% / .55% APY Respectively
9/2/20 - CIT Starts The Month With New Rate Drops. Now MM To .75%, SV To .65%
8/21/20 - Another Subtle Rate Drop MM From .85 To .80% APY Savings Unchanged
8/12/20 - CIT Rates Drop Aug 12, 2020
7/4/20 - CIT Drops Rates Again On Last Day In June. MM To 1.00%, SV To .95% APY
6/25/20 - CIT Rate Drop MM To 1.06%, SV To 1.01%
6/9/20 - CIT Sneaks In Another Rate Cut On MM To 1.20%, & Savings To 1.15% APY
5/24/20 - Savings Builder And Money Market Cut Again 1.25%/1.30% Respectively
5/15/20 - Savings Builder Cut Again To 1.30%
5/3/20 - Unpublished Offers?
5/1/20 - CIT Bank Cuts Money Market And Savings Builder Rates
4/21/20 - CIT Bank MM/Savings Rate Drop again since two weeks ago
4/8/20 - CIT MM/Savings Rate Drop
3/25/20 - CIT Bank 11-Month No-Penalty CD A Near Rate Leader
2/28/20 - CIT Bank Unveils $150/$300 Savings Builder Bonus
2/22/20 - Cit Bank $150/$300 Renews Larger Savings Bonus
2/6/20 - CIT Bank Has $100/$200 Bonus On New Savings Builder Account
1/1/20 - CIT Savings Builder Is Now 1.80% While Money Market Is 1.85%?
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 (407)

Not Sure About All The Negative Reviews

Posted by: |

A few months ago, I opened savings accounts with CIT Bank, Marcus, UFB Direct and Capital One. Most of these banks have lower reviews and I'm glad I did not rely on those reviews. First off, most of these online banks are regularly featured on sites that share with you the offerings of different banks. Do your own research and look at the bank stat or their parent organization's health. I made transfers for my initial deposits with all these banks and did not have any issues. I have since done a few more transfers and everything went smoothly and each time rates go up a bit, it's reflected in my account. When I had questions, they were promptly addressed.

I'm not sure if I've just had the best of luck with the four accounts I opened with the four different banks but I just don't understand all the negative reviews. Some just silly like the transfer limits, transfer times, etc. Most info are available online or if not, ask before opening your account. Also, online banking does not mean faster banking. And if you want a live person and constant/immediate access to your money, go to a Chase branch and earn 0.1% on your money.

CIT Bank has provided and delivered what was promised to me. Can service be better? Sure, but what outfit nowadays have large headcounts? Hopefully, they are being proactive and have been addressing some of the valid consumer complaints. The great thing for consumers is that there's a large number of banks to choose from. I'm glad I found CIT Bank and will keep my account with them.

Instead Of Boosting Rate, They Create A New Product.

Like most folks here, I'm annoyed that CIT Bank has again created a new savings account with a higher rate instead of raising the rate of my existing account. If not for depositaccounts.com, I wouldn't have known about the new account/rate. However, it took me a little more than two minutes to go to the bank site and fund the new "Platinum" account with my existing "Savings Connect" account. It was very easy to do. Other than that, my experience with CIT Bank has been very good.

Slow Transfers

Posted by: |

Brand new customer. I just opened a platinum savings account and did the micro transactions to get the initial deposit made. I followed the instructions and verified the transactions and everything went well. Now 4 days later still waiting for them to fund the account. Never had this issue at Marcus. Do they want my business or what. Was planning to invest over 250k, but now hesitant and starting to lose confidence in them.

Account On Hold, Very Bad Bank

Posted by: |

So i did the micro deposits, after that i transfer money so no problem. The problem came when i was trying to wire money out, the put account on hold because the name on the other account was a little different, what?????
So they let me transfer money in NO PROBLEM but had one when the money is going out, this is stupid the name don't match because hispanic have two last names, and some stupid banks write them how they feel like it. THE ACCOUNT IS LINK AND CONFIRM, GIME ME MY MONEY BACK!!!!!!!!!

i suggested, ok if u have a problem with that other account that has absolutely nothing to do with you, then take it out and restore my account with you so i can have my money back, crickets so far.
I might need a lawyer soon, is hard because they don't have a branch were i could just walk and get my money

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Health
A

Data as of Q3 2023

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
Employees15821
Primary RegulatorFDIC
Profit Margin
Return on Assets - YTD7.85%
Return on Equity - YTD83.96%
Annual Interest Income$7.29B
Assets and Liabilities
AssetsQ3 2023vs Q3 2022$213.6B$109.1B
LoansQ3 2023vs Q3 2022$131.6B$68.93B
DepositsQ3 2023vs Q3 2022$146.4B$87.63B
Equity CapitalQ3 2023vs Q3 2022$20.41B$10.08B
Loan Loss AllowanceQ3 2023vs Q3 2022$1.67B$881.9MM
Unbacked Noncurrent LoansQ3 2023vs Q3 2022$997.1MM$493.7MM
Real Estate OwnedQ3 2023vs Q3 2022$60MM$53.6MM
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
5.05%*$5k*-Platinum Savings
OTHER TIERS: 0.25% Up to $5k
4.65%--Savings Connect
1.00%*$25k*-Savings Builder
OTHER TIERS: 0.40% Up to $25k
1.00%--Savings Builder w/ monthly deposit

CIT Bank Money Market Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
1.55%--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
5.00%$1k-6-Month Term CD
4.90%$1k-11-Month No-Penalty CD
4.65%$1k-13-Month Term CD
4.60%$1k-18-Month Term CD
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-1-Year Term CD
Locations

CIT Bank is an Internet only bank and does not have branch locations. Its headquarters is located at 75 N 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.