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855-462-2652
2150 S 1300 East, Suite 400
Salt Lake City, UT 84106

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 Salt Lake City, Utah, and serves its customers solely through its online banking system.

Related Posts

CIT Bank’s Limited-Time High Yield Savings Account Bonus - Up to $200 - 12/1/2016

CIT Bank is offering a cash bonus of up to $200 for opening its High Yield Savings account. The minimum initial deposit to qualify for the bonus is $25,000.

CIT Bank Savings Account Promo - Up To $200 Plus 0.95% APY - 11/17/2016

Open a High Yield Savings account by December 31, 2016, and get a .95% APY and up to $200 Cash Bonus $200 bonus requires a $100,000 deposit $125 bonus requires a $50,000 deposit $95 bonus requires a $25,000 deposit The lowest average monthly balance from among the first three monthly statement cycles will determine the bonus amount, based on the schedule below. Any Bonus for which the customer qualifies will be deposited to the account within 30 days of the end of the third monthly statement cycle. Link to offer

CIT Bank Gives Some CD Customers Option of Penalty-Free Early Withdrawal - 10/26/2016

According to the email, they’re allowing some customers to move their long-term CDs into their High Yield Savings Account with no penalty.

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Reviews (102)

CIT Bank a great choice.

Posted by: Mesaa | Dec 2, 2016

CIT Bank is one of my best banking experiences overall to this date. The deposits come through very fast, which is very good considering some banks. My experience was near perfect with customer service. I have had it once where a transaction wasn't getting through. I gave CIT bank a call and didn't get put on hold and was able to get the issue fixed within 15 minutes. I have had the bank able to fix issues in minutes that any other bank would take at least 1 hour to fix. Overall their customer service is fantastic. It is an easy and clean experience on the web. They show everything on their website and it's easy to navigate. Best of all their fees. I hardly notice their fees due to how small they take absolutely brilliant of them.

Cit good for me

Posted by: moneyme | Nov 30, 2016

I am hoping this review of CIT bank will be useful for anyone searching for better savings account options. I really like CIT because I feel their rates are among the very best available. They offer a 6 month CD that is way higher than my other bank. I do still keep active accounts at another bank for checking and a second savings account as well as my credit cards, but I earn a lot more on my savings here at CIT Bank. Overall, I am very happy with them. I love that the money I have there is making money quicker than if it were with my main bank. Their site is fairly easy to use, although it could use a few updates (in my opinion). I feel they are trustworthy and are not hiding fees from you. I think that CIT is a great option in terms of anyone wanting to generate a big return on there money or, like me, have a safety net for a rainy day.

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.

Stay Away -- Bad Customer Service

Posted by: Pam Lacey | Nov 10, 2016

Tried these folks out for a year. Here are my experiences - Website is subpar, telephones are always busy, they do not promptly respond to secured email. Plus -- they don't follow your instructions. Need I say more. Pulling my $ out.

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Health
A

Health Grade Components

Overall
FDIC Certificate #58978
Year Established2009
Employees3698
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 Savings Account Promo - Up To $200 Plus 0.95% APY

stevel   |  
Open a High Yield Savings account by December 31, 2016, and get a .95% APY and up to $200 Cash Bonus

$200 bonus requires a $100,000 deposit
$125 bonus requires a $50,000 deposit
$95 bonus requires a $25,000 deposit

The lowest average monthly balance from among the first three monthly statement cycles will determine the bonus amount, based on the schedule below.

Any Bonus for which the customer qualifies will be deposited to the account within 30 days of the end of the third monthly statement cycle.

Link to offer

Rates
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CIT Bank Savings Account Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
0.95%--High Yield Savings

CIT Bank CD Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
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
1.40%$100k-3 Year Jumbo CD
1.38%$50k$250k4 Year RampUp CD
1.35%$100k-2 Year Jumbo CD
1.30%$1k-2 Year Term CD
1.30%$1k-3 Year Term CD
1.22%$1k-1 Year Term CD
1.22%$25k-2 Year RampUp Plus CD
1.20%$25k$250k3 Year RampUp CD
1.16%$25k-1 Year RampUp Plus CD
0.72%$1k-6 Month Term CD

CIT Bank IRA Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
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
1.40%$100k-3 Year Jumbo IRA CD
1.38%$50k$250k4 Year RampUp IRA CD
1.35%$100k-2 Year Jumbo IRA CD
1.30%$1k-2 Year Term IRA CD
1.30%$1k-3 Year Term IRA CD
1.22%$1k-1 Year Term IRA CD
1.22%$25k-2 Year RampUp Plus IRA CD
1.20%$25k$250k3 Year RampUp IRA CD
1.16%$25k-1 Year RampUp Plus IRA CD
Locations

CIT Bank is an Internet only bank and does not have branch locations. Its headquarters is located at 2150 S 1300 East, Suite 400 - Salt Lake City, UT 84106