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

11-Mo NP CD @ 2.00% & Savings Connect @ 1.90% As Of 7-28-2022 - 7/28/2022

The CIT Bank Savings Connect Account rate increased to 1.90% (was 1.65%). Other CIT Bank rate increases include: 11-month No Penalty CD now at 2.00% (was 1.85%). To see all CIT Bank rate changes see: https://www.cit.com/cit-bank/bank

CIT Bank Savings Connect Account And No Penalty CD Rate Increases For 7-12-2022 - 7/12/2022

The CIT Bank Savings Connect Account rate increased to 1.65% (was 1.35%). A linked CIT Bank eChecking Account is required for this account. Other CIT Bank rate increases include: 11-month No Penalty CD now at 1.85% (was 1.40%). https://www.cit.com/cit-bank/bank

CIT Bank Savings Connect Account And No Penalty CD Rate Increases For 6-30-2022 - 6/30/2022

The CIT Bank Savings Connect Account rate increased to 1.35% on 6-30-2022. A linked CIT Bank eChecking Account is required for this account. Other CIT Bank rate increases include: 11-month No Penalty CD now at 1.40% and their Money Market account which is now at 1.00% https://www.cit.com/cit-bank/bank

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 (343)

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.

Your Wait Time Will Be 190 Minutes

Currently have very good savings rates but phone customer support is abysmal. Wait time message has ranged from 2 hours to a record setting 3 hours wait. So if you need to get something accomplished quickly or can't sit by a phone pending a call back 3 hours later, forget it.

In case it needs to be stated -- when any company's CS recording states "due to unexpected high call volumes you may experience longer than usual call wait times", it really means: this company has chosen not to pay CS reps enough to attract a reasonable number of employees. So customers will have to put up with unreasonable hold times.

BE AWARE...RECENT EXPERIENCE

Posted by: |

It's unfortunate because I have been a customer with 3 accounts for probably 3+ years with CIT that I found satisfactory.

1) While their habit of extending their competitive rates to ONLY a NEW account style/name, is well documented below, and a PIA to monitor, and to establish a new account with new beneficiaries and new ACH references, their rates were decently competitive.

While that MO/business-style is in my book a tell-tale sign, please be aware of my recent experience.

2) My notes from my original accounts show they have a $2 million daily limit for ACH transfers. Several days ago, I went to transfer less than 20% of that amount, and my transfer was rejected as "being over their ACH limit"

There was NO indication of just what their ACH limit was. Their was a button directing me to information, which took me to a 59 page, (small print) Account Agreement.

Reading thru that 59 page agreement, I found ONLY a VAGUE reference on page 32-33 that they had a right to set and change their ACH limits.

They additionally offered a phone number to call, which I tried and was informed my ESTIMATED hold time was 112 minutes.

Had I required that "push" transfer timely for a RE purchase, I'd been in trouble. I have an alternative to "pull" that money, which I employed... but that will take 4-5 business days and including a weekend will tale 6-7 days.

That time period, created/imposed by CIT, will cost me approximately $65+ INTEREST.

3) Additionally I'll point out another small concern. In establishing my estate files for my children, I requested CIT's "TRUTH IN SAVINGS DISCLOSURE". My other banking relations offer this concise disclosure that I thought was a Fed Reserve requirement...not sure though.

They forwarded me their 59 small print page Account Agreement and told me that suffices for their "Truth in Savings" disclosure.?????

All right its not the end of the world, CIT cost me only $65+ of interest...but I still do not know their ACH limits.

It's a shame, as I like their Web Site in general and they do offer decent (not highest) competitive rates. But if you need timely customer phone service, you can expect none...and it makes me think I'd better go study the fine print of a 59 page account agreement...not the best way to establish and have good banking relationships.

CIT Savings Switcheroo

Posted by: |

CIT now has a savings account (called Savings Connect) with a 1.65% interest rate which is pretty good right now.

I have had saving account with them since 2016 and generally they have done the basics well.

HOWEVER, at least twice in the past when rates have gone up, they create a new type of savings account with a new name that has the good rate.

Existing accounts DID NOT GET the new rate. I had a "Savings Builder" account and another one (don't remember the name) before that. So many people will miss this.

Live Oak Bank is my favorite and they have never done this. They also email me when the rate does down which I don't think anyone else does.

VIEW MORE REVIEWS

Health
A

Data as of Q1 2022

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
Employees10370
Primary RegulatorFDIC
Profit Margin
Return on Assets - YTD1.31%
Return on Equity - YTD13.83%
Annual Interest Income$710.5MM
Assets and Liabilities
AssetsQ1 2022vs Q1 2021$108.5B$53.82B
LoansQ1 2022vs Q1 2021$64.80B$33.15B
DepositsQ1 2022vs Q1 2021$91.73B$47.40B
Equity CapitalQ1 2022vs Q1 2021$10.82B$4.70B
Loan Loss AllowanceQ1 2022vs Q1 2021$848.2MM$210.7MM
Unbacked Noncurrent LoansQ1 2022vs Q1 2021$557.9MM$193.9MM
Real Estate OwnedQ1 2022vs Q1 2021$43.1MM$48.5MM
Rates
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.

* 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
1.90%--Savings Connect
0.80%*$25k*-Savings Builder
OTHER TIERS: 0.36% Up to $25k
0.80%--Savings Builder w/ monthly deposit

CIT Bank Money Market Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
1.30%$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
2.10%$1k-13-Month Term CD
2.00%$1k-11-Month No-Penalty 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-6-Month Term CD
0.30%$1k-1-Year 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.