Overview / Commentary
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 1-Year Term CD Rate Rises to the Top - 7/2/2018

Late last week, CIT Bank raised the rate of three of its Term CDs. The most noteworthy of the three is the 1-Year Term CD which now has a 2.50% APY.

CIT Bank Offering 2.5% 1 -Year CD, $1K Minimum. - 6/30/2018

For those that don't know already CIT Bank is offering a 2.5% 1-year term CD with a minimum $1,000 deposit. Interest is compounded daily and paid monthly.I am not sure if this is a promotional rate or not since it is better than their 13 month, 2 year, and 3-year rates. If you have a existing MM or savings with CIT and wish to use that account to fund a new CD at CIT you will need to choose the mail-in option when opening the CD online. After you complete the online CD application you will need to call customer service with the new account number and CIT will transfer the funds for you. There is no option online to fund the CD from internal accounts. It is a easy process and took only a few minutes.

CIT Bank Ups Money Market Account Rate To Very Competitive Level - 5/24/2018

CIT Bank raised the rate of its Money Market Account by 10 bps to 1.85% APY. CIT Bank introduced the Money Market Account about two months ago on March 13th.

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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 (253)

Very Happy Banking Here.

I'm "over the moon" with their interest rates, so what's not to love. With a very minimal deposit you get a great rate. Customer service is also good; easily accessible to get a human who can help you.

Transfer Problem

Trying to set up a transfer connection with Citizens Access FAILS! After a long excruciating encounter with customer service it turns out that CIT does not recognize Citizens Access routing number!!! Guess their IT department FORGOT to add CA to the routing number table!!!!! Amateur hour! STILL WAITING for a resolution!!!!!

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.

No Robust System To Support Transfer Money Between Accounts And Fund Accounts

Posted by: 4markusha | Aug 6, 2018

CIT ban has great advertising and very attractive rates for their Money Market and CD accounts. However they do not have robust system that supports opening these accounts, transfer money between accounts and fund these accounts. Their IT department is way behind with the online and mobile application. They are simply not ready for it. For example, the online application does not allow to fund CD account(s) from your Money Market account. You have to add your MM account as an external account, go through the verification process and then transfer the funds as from an external bank (even though it is happening within the same bank). Obviously this is serious logical flaw. The other work around process is to call customer support and ask for “issue a physical check” from your MM account to your CD. This so ridiculous to me. On top of it, the application puts 5 business hold on the funds even though the money comes from an account within the same bank. Customer service people are quite friendly. But, on few occasions provide confusing and inaccurate information. Personally, I think they have a long way to go if they wish to become a normal user friendly online bank.

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Health

Health Grade Components

Overall
FDIC Certificate #58978
Year Established2009
Employees3555
Primary RegulatorOCC
Profit Margin
Return on Assets - YTD0.82%
Return on Equity - YTD6.77%
Annual Interest Income$428.4MM
Assets and Liabilities
AssetsQ1 2018vs Q1 2017$42.93B$42.07B
LoansQ1 2018vs Q1 2017$27.59B$27.53B
DepositsQ1 2018vs Q1 2017$32.21B$32.39B
Equity CapitalQ1 2018vs Q1 2017$5.04B$5.29B
Loan Loss AllowanceQ1 2018vs Q1 2017$418.9MM$411.5MM
Unbacked Noncurrent LoansQ1 2018vs Q1 2017$464.2MM$500.8MM
Real Estate OwnedQ1 2018vs Q1 2017$17.3MM$33.9MM
  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 Offering 2.5% 1 -Year CD, $1K Minimum.

WheelinDealin   |  
For those that don't know already CIT Bank is offering a 2.5% 1-year term CD with a minimum $1,000 deposit. Interest is compounded daily and paid monthly.I am not sure if this is a promotional rate or not since it is better than their 13 month, 2 year, and 3-year rates. If you have a existing MM or savings with CIT and wish to use that account to fund a new CD at CIT you will need to choose the mail-in option when opening the CD online. After you complete the online CD application you will need to call customer service with the new account number and CIT will transfer the funds for you. There is no option online to fund the CD from internal accounts. It is a easy process and took only a few minutes.

CIT MM Is Now 1.85%

WheelinDealin   |  
CIT raised their rate on Money Market accounts to 1.85% for existing and new customers.

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 Money Market Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
1.85%$100-Money Market Account

CIT Bank CD Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
2.50%$1k-1-Year Term CD
2.50%$1k-18-Month Term CD
2.25%$1k-13-Month Term CD
1.85%$1k-11-Month No-Penalty CD
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
1.30%$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

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 feedback@depositaccounts.com 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.