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
6/16 - Increased Savings Account To 4.95% Apy
5/9 - CIT Bank CD Rate Changes For 5-9-2023
5/9 - CIT Bank Platinum Savings Increased To 4.85% APY For $5,000+
4/1 - CIT Bank No Penalty CD Now At 4.80%
3/31 - Platinum Savings Increase From 4.40% To 4.75%
3/17 - Cit Bank---New Savings Called Platinum At 4.40 APY
3/15 - Savings Connect Account From 4.05% To 4.20% APY,1 Effective On March 15, 2023
1/24 - CIT Bank Lowers Rate For 18-Month CD On 1-24-2023
1/6 - CIT Bank CD Rate Changes For 1-6-2023
1/6 - Cit Just Joined The 4% Club.
10/19 - Rate Hike Milestones for CIT Bank’s Savings Connect and 18-Month CD
9/30 - 11-Month No-Penalty CD Up To 2.75% APY
9/22 - 11-Mo NP CD @ 2.50% & Savings Connect @ 2.40% As Of 9-22-2022
8/25 - Rate Hike Cit Bank
8/25 - 11-Mo NP CD @ 2.15% & Savings Connect @ 2.10% As Of 8-25-2022
7/28 - 11-Mo NP CD @ 2.00% & Savings Connect @ 1.90% As Of 7-28-2022
7/12 - CIT Bank Savings Connect Account And No Penalty CD Rate Increases For 7-12-2022
6/30 - CIT Bank Savings Connect Account And No Penalty CD Rate Increases For 6-30-2022
6/16 - Saving Connect Account Rate Increased To 1.20% On 6-16-2022
4/2 - Rate Increases On Savings Accts
3/24 - CIT Bank Promo (Via Jonathan Ping @My Money Blog) Free 1Yr Amazon Prime Membership
2/10 - Earn 0.96 Percent On Savings (conditions apply).
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
Not Sure About All The Negative Reviews
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 To Transfer And Post
Takes longer to initiate and complete a transfer and to post the funds than any bank I have used.
Representatives Are Lack Of Knowledge And Communication
The Cit Bank representative and bankers are all lack of experience , communication and knowledge. I called them since April for a refund, and they didn’t know the right way of how to proceed it. Every time they told you something different and tell you , you missed some info, after months and years, they tell you, you will get a refund in 3 days. Then later, oh you needed everything in hand writing, oh you missed a signature, oh the amount was incorrect. Oh you needed to re-upload documents. Come on, why you cannot tell everything what you needed all at once, now it’s September, you tell me I need to restart everything again when you told me I was going to get a refund in 3 days in May. Please train your staff to be professional don’t put your customers in a miserable life. If you can not help your customers, what are you doing all day at work? No purpose???
I am complaining about the lack of knowledge and communication of your employees, don’t tell me to call them, sounds very ironic.
Data as of Q1 2023
Health Grade Components
| Overall | |
|---|---|
| FDIC Certificate # | 11063 |
| Year Established | 1898 |
| Employees | 16963 |
| Primary Regulator | FDIC |
| Profit Margin | |
|---|---|
| Return on Assets - YTD | 23.56% |
| Return on Equity - YTD | 259.33% |
| Annual Interest Income | $1.21B |
| Assets and Liabilities | ||
|---|---|---|
| Assets | Q1 2023vs Q1 2022 | $214.6B$108.5B |
| Loans | Q1 2023vs Q1 2022 | $136.8B$64.80B |
| Deposits | Q1 2023vs Q1 2022 | $140.3B$91.73B |
| Equity Capital | Q1 2023vs Q1 2022 | $19.48B$10.82B |
| Loan Loss Allowance | Q1 2023vs Q1 2022 | $1.60B$848.2MM |
| Unbacked Noncurrent Loans | Q1 2023vs Q1 2022 | $775.3MM$557.9MM |
| Real Estate Owned | Q1 2023vs Q1 2022 | $45.7MM$43.1MM |