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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 Drops CD Rates Again - 7/6/2016

CIT further dropped longer-term CD rates.  It's 5-year Term CD is now at 1.75% APY.  This one-time rate leader is now uncompetitive, although my guess is that, if foreign central banks are allowed to continue driving down rates by producing a flight to US Treasuries, without a peep from the Fed, by year-end, 1.75% APY will look like an attractive 5-year deal. 

5-Year CD Rate Reduction - 3/9/2016

CIT has slashed its 5-year CD rates--to 1.90% APY for term CDs and 1.95% APY for jumbo CDs.  3-year rates seem to be unchanged--1.50% for term and 1.60% for jumbo.  This is more evidence of how the Fed's bungling has flattened the yield curve rather than raised rates.  

CIT Drops Rates - 2/23/2016

Add CIT Bank to the list of banks dropping 5-year CD rates.  What a mess the Fed has created for savers.

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Even Better Months after the OneWest Merger

Posted by: LinPotter | Jul 8, 2016

I was a customer of OneWest Bank (now a division of CIT), which prided itself on exceptional and personal customer service but sometimes lacked the slick systems and range of products of larger banks. When CIT acquired OneWest, I worried that OneWest would lose its personal touch and start imposing a lot of fees. I have been pleasantly surprised. OneWest has kept its personal touch while acquiring the sophistication and competitive products of a much larger bank. The transition has been very smooth, with no noticeable negative differences in the branches, statements, or website, except that now the tellers are reminding me that the rate they're offering on savings is now much higher. The employees seem happy as well, which is a great sign. This company restored my faith that banking can still be a pleasant experience.

Good rates and customer service

I opened a savings account with CIT. Getting the account opened was easy enough, but I found there to be a lack of competitive options. Luckily there was a couple of good rates and I managed to get what I was looking for. So far I haven't had any particular issues with CIT, but I did have an issue where I had a problem depositing my money. I called customer service and found that something triggered their security system. Luckily it was just a false alarm. Getting my account back working was hassle free and the customer service was quite friendly and understanding. So far I have had overall good experiences and will look forward to continuing working with this bank.

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.

They Make It Very Difficult To Get Your Money Out

Posted by: SG | Jul 12, 2016

I had several CDs matured and needed to use the fund. When I called them, I was on hold for over 15 minutes twice and hanged up as soon as the customer service learned I needed to close the accounts. Finally I spoke with a real person. She told me my external account info was lost when they updated their system. I could either request a check or reset up, either method could take several days. I requested a check, and followed up the following day. Nothing happened yet (obviously it would take several days for them to cut a check). At the same time, I reset up the external checking account, provided 2 test deposit amount. The system told me the external account was ready to use, but I was still not able to transfer fund. I called again, and I was told it would take another 2-3 days. They had no issues when I opened the CD accounts, and made it very difficult for me to get my own money out of CIT. I will not use them again even though their CD rate is slightly higher. It is totally not worth it.

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Health
A+

Health Grade Components

Overall
FDIC Certificate #58978
Year Established2009
Employees3717
Primary RegulatorOCC
Profit Margin
Return on Assets - YTD0.54%
Return on Equity - YTD4.21%
Annual Interest Income$447.3MM
Assets and Liabilities
AssetsQ1 2016vs Q1 2015$43.83B$21.29B
LoansQ1 2016vs Q1 2015$29.83B$14.70B
DepositsQ1 2016vs Q1 2015$32.94B$14.48B
Equity CapitalQ1 2016vs Q1 2015$5.60B$2.80B
Loan Loss AllowanceQ1 2016vs Q1 2015$382.0MM$128.2MM
Unbacked Noncurrent LoansQ1 2016vs Q1 2015$597.6MM$555.3MM
Real Estate OwnedQ1 2016vs Q1 2015$4.5MM$26.5MM
  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 Drops CD Rates Again

ChasR   |  
CIT further dropped longer-term CD rates.  It's 5-year Term CD is now at 1.75% APY.  This one-time rate leader is now uncompetitive, although my guess is that, if foreign central banks are allowed to continue driving down rates by producing a flight to US Treasuries, without a peep from the Fed, by year-end, 1.75% APY will look like an attractive 5-year deal. 

Rates
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* 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
0.95%$100-High Yield Savings

CIT Bank CD Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
1.80%$100k-5 Year Jumbo CD
1.75%$1k-5 Year Term CD
1.75%$100k-4 Year Jumbo CD
1.65%$1k-4 Year Term CD
1.53%$50k$250k4 Year RampUp CD
1.45%$100k-3 Year Jumbo CD
1.35%$1k-3 Year Term CD
1.35%$100k-2 Year Jumbo CD
1.30%$1k-2 Year Term CD
1.25%$25k$250k3 Year RampUp CD
1.22%$1k-1 Year Term CD
1.22%$25k-2 Year RampUp Plus CD
1.16%$25k-1 Year RampUp Plus CD
0.45%$1k-6 Month Term CD

CIT Bank IRA Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
1.80%$100k-5 Year Jumbo IRA CD
1.75%$1k-5 Year Term IRA CD
1.75%$100k-4 Year Jumbo IRA CD
1.65%$1k-4 Year Term IRA CD
1.53%$50k$250k4 Year RampUp IRA CD
1.45%$100k-3 Year Jumbo IRA CD
1.35%$100k-2 Year Jumbo IRA CD
1.35%$1k-3 Year Term IRA CD
1.30%$1k-2 Year Term IRA CD
1.25%$25k$250k3 Year RampUp IRA CD
1.22%$1k-1 Year Term IRA CD
1.22%$25k-2 Year RampUp Plus 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