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.
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.
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.
Takes longer to initiate and complete a transfer and to post the funds than any bank I have used.
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.
Overall | |
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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 |
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.
APY | MIN | MAX | ACCOUNT NAME | VIEW DETAILS |
---|---|---|---|---|
1.55% | - | - | Money Market Account |
APY | MIN | MAX | ACCOUNT NAME | VIEW DETAILS | |
---|---|---|---|---|---|
0.25%* | $25k* | - | eChecking | ||
OTHER TIERS: 0.10% → Up to $25k |
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