CIT Bank


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 Money Market / CIT Savings Savings Both Drop To .60% / .55% APY Respectively - 9/17/2020

The above Per CIT website. CIT is now following the leaders vice being a leader. Banks are flooded with deposits they can't loan out, thus "assets are a liability" and deposit rates plummet! Chasing a savings rate is akin to playing golf in the rough: frustrating and not worth the reward. At these paltry levels I'd think go for "service and convenience" and not worry about 10 bps differences. Even on $100K+~ account balances the interest differences after taxation are too minimal to chase! I've got laddered jumbo CD's coming due beginning early 2022 through late 2024 and can only hope by then rates climb back somewhat....

CIT Starts The Month With New Rate Drops. Now MM To .75%, SV To .65% - 9/2/2020

Less then 2 weeks ago they dropped the MM rate by .05% but kept the SV rate untouched. New month and rates dropped by .10% on both products.

Another Subtle Rate Drop MM From .85 To .80% APY Savings Unchanged - 8/21/2020

CIT dropped the MM rate ever so subtle by .05% to .80% APY last night. The savings rate is still holding at .75% APY

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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

Reviews (324)

CIT Bank Is Very Good If You Don't Mind The Really Minor Hoops To Jump.

Posted by: |

I've been very pleased with CIT Bank. It is one of the 6 different online banks I've banked with for the last 2.5 years. I have a pretty good feel now for what I can expect with some online banks. PurePoint Bank and CIT Bank are pretty much now the only banks I deal with online and I have since dropped the other 4 banks. PurePoint and CIT Bank offer among the highest available interest rates from banks that are sizable enough for me to feel safe with, and who has a good track record with customer service, as I don't want my money at a bank that I have to fear getting hacked, or having trouble accessing my money. Nor do I want to bank with an institution that is financially on shaky ground. I have once before transferred $75K out of CIT Bank via ACH, and the process was complete in 18 hours without a hitch and left me feeling very comfortable about doing business with them. With comparing the 2 banks, Pure Point is proactive and usually among the fastest of the large banks to increase their rates to 2.15%, and they do it for you voluntarily, while CIT Bank on the other hand took only a few days longer to increase their rates, and they might make you call them so that you have to jump through small hoops to get it. While CIT Bank did automatically raise my rates for me the last time around some months back to 1.85%, I had to call them this week to get their new higher 2.15% rate. Don't be surprised when CIT Bank (or any other bank) raises their rates substantially, and you find that their phone lines are tied up for over an hour. I had to call and leave my tel number twice with them. On the 2nd attempt the next day, they did call me back within 7 minutes. They are always very friendly and patient. They instructed me to open the new "Saving Builder" account with them to get the higher 2.15% rate. Because I already have an account with them, the process was very fast and easy. You merely go into your existing account and click on the green box to request a new account. You don't change your user name or password. The website page guides you along so that the process is simple, and once you are already a client with this bank the process should remain just as easy for you with any other future rate increases they may have.

When Rates Increase, You Need To Close Your Acct And Open A New One

Posted by: |

Let me explain this. Normally, when banks raise their interest rates, you automatically get the benefit of that new rate. This is not true with CIT Bank. Whatever rate you had when you opened your account is still the same. In order to get the new rate, you have to close your old account and open a new one, the one with the new rate. Then you have to transfer the money from the old to the new. To be fair, they make the process easy. But, if you don't pay attention or do not realize this, you could easily miss out in rate increases. So watch this bank and rate increase closely, otherwise your rate will stay the same.

Beware For Your Heirs

Posted by: |

Apologies in advance for the length of this review and any stilted language.  I want to share a cautionary tale without exploitable personal details.  We've tried quite a few online banks and thought we'd found a good match with CIT, which was great until a family member passed away.  As the executor / personal representative it took me THREE MONTHS to get the account fully claimed and closed.  All other banks I worked with had much less onerous requirements and it took only days.  CIT required an original death certificate via mail (pretty standard), copies of all beneficiaries' IDs, as well as snail-mailed NOTARIZED requests for what to do with the funds - the only one that required this.  Speaking of beneficiaries, don't designate them unless you have good reason to.  The bank couldn't tell me who they were but also didn't notify them, so if I had not had an Aha! moment and figured it out I'm not sure how long they would have kept money that wasn't theirs, continuing to profit from it and roadblock the heirs.  If it had just gone to the estate the executor would have been the only one having to jump through their hoops.  On top of all this, of the dozen or so customer service reps and supervisors I dealt with only one, Sonja, gave me the impression that she actually wanted to help me.  The rest could only seem to read from their scripts, or in the supervisors' cases act like I was terribly inconveniencing them.  So, questions I've learned to ask when shopping for an online bank.  One, check into their requirements to claim an account if the owner should pass away.  Two, what are the daily & cumulative transfer limits in and out of the account (this was one thing we liked about CIT.)  Three, check into their communication avenues.  CIT had both phone and email support but no chat option, and it took them about 5 days to respond to every email.  Others only have phone, and personally I prefer email for both expediency and having a written trail.  I hope this helps someone else avoid extra stress.  Settling the estate of a loved one is hard enough without bureaucratic aggravations.

Advertised as great, mediocre at best.

Posted by: |

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.

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Health
Additional Factors: Institutions with a small asset base, a short operating history, or negative return on equity can represent an instability risk beyond what their financial ratios indicate. CIT Bank has a negative return on equity.

Health Grade Components

Overall
FDIC Certificate #58978
Year Established2009
Employees3862
Primary RegulatorOCC
Profit Margin
Return on Assets - YTD-2.33%
Return on Equity - YTD-24.12%
Annual Interest Income$926.6MM
Assets and Liabilities
AssetsQ2 2020vs Q2 2019$56.74B$44.65B
LoansQ2 2020vs Q2 2019$34.82B$28.81B
DepositsQ2 2020vs Q2 2019$47.27B$36.00B
Equity CapitalQ2 2020vs Q2 2019$4.83B$5.19B
Loan Loss AllowanceQ2 2020vs Q2 2019$1.17B$459.4MM
Unbacked Noncurrent LoansQ2 2020vs Q2 2019$620.5MM$490.4MM
Real Estate OwnedQ2 2020vs Q2 2019$10.5MM$27.3MM
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
0.55%*$25k*-Savings Builder
OTHER TIERS: 0.31% Up to $25k
0.55%--Savings Builder w/ monthly deposit

CIT Bank Money Market Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
0.60%$100-Money Market Account

CIT Bank Checking Account Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
0.25%*$25k*-eChecking
OTHER TIERS: 0.10% Up to $25k

CIT Bank CD Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
0.50%$1k-5-Year Term CD
0.50%$100k-5-Year Jumbo CD
0.50%$1k-4-Year Term CD
0.50%$100k-4-Year Jumbo CD
0.40%$1k-2-Year Term CD
0.40%$1k-3-Year Term CD
0.40%$100k-2-Year Jumbo CD
0.40%$100k-3-Year Jumbo CD
0.35%$1k-6-Month Term CD
0.35%$1k-1-Year Term CD
0.35%$1k-11-Month No-Penalty CD
0.35%$1k-13-Month Term CD
0.35%$1k-18-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 [email protected] 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.