CIT Bank

Deposits held and insured by First Citizens Bank (NC)

Overview / Commentary
855-462-2652
75 North Fair Oaks Ave
Pasadena, CA 91103
Deposits held and insured by First Citizens Bank (NC)

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

11-Month No-Penalty CD Up To 2.75% APY - 9/30/2022

https://www.cit.com/cit-bank/bank/cds/no-penalty-cd

11-Mo NP CD @ 2.50% & Savings Connect @ 2.40% As Of 9-22-2022 - 9/22/2022

The CIT Bank Savings Connect account rate increased to 2.40% (was 2.10%). Another CIT Bank rate increase includes their 11-month No Penalty CD now at 2.50% (was 2.15%). To view all CIT Bank rates see: https://www.cit.com/cit-bank/bank

Rate Hike Cit Bank - 8/25/2022

We increased the rate on your Savings Connect account rate from 1.90% to 2.10% APY,1 effective on August 25, 2022. That’s 16 times the national average.2 You’ll see the rate increase reflected in your account as of that date. Whether you’re saving for something specific such as a new home, college tuition, new car or for the unexpected, take advantage of the highly competitive rate by adding funds to your Savings Connect account. With inflation on the rise, setting up automated savings can keep you on track to reach your savings goals.

View all posts from:

11/13/19 - $150/$300 Deposit Bonus For New & Existing Customers
11/1/19 - Savings Builder Top Rate Drop AGAIN 1.85%
10/1/19 - And Yet Another .10 % Rate Drop
9/11/19 - Savings Builder Drop To 2.20% APY
6/30/19 - Savings Builder Another Rate Drop.
5/1/19 - Savings Builder Rate Drop
1/5/19 - Has Custodial Accounts
1/3/19 - CIT Bank’s Savings Builder Account Reaches 2.45% APY
1/3/19 - Savings Builder Rate Up To 2.45%
11/21/18 - CIT Bank Ups Rate On Savings Builder Account
11/21/18 - CIT Savings Now At 2.25% APY
10/7/18 - CIT Bank Debuts New Savings Builder Account
10/5/18 - New Savings Builder Account 2.15%
9/13/18 - CIT Bank Raises 11-Month No-Penalty CD Rate
9/12/18 - 11-Month No-Penalty CD, 2.05% APY, $1K Min
7/2/18 - CIT Bank 1-Year Term CD Rate Rises to the Top
6/30/18 - CIT Bank Offering 2.5% 1 -Year CD, $1K Minimum.
5/24/18 - CIT Bank Ups Money Market Account Rate To Very Competitive Level
5/24/18 - CIT MM Is Now 1.85%
5/7/18 - CIT Savings Rate Is Now 1.75%
3/13/18 - CIT Bank Debuts New Money Market Account
3/3/18 - Large Rate Hike On CIT Bank’s 11-Month No-Penalty CD
3/2/18 - CIT Bank 11 Mo No Penalty CD Is No 1.85% APY
1/3/18 - CIT Bank Raises Premier High Yield Savings Rate
1/3/18 - CIT Bank HY Savings Now 1.55% APY
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 (347)

Decent Bank So Far

Easy to sign up and transfer. Works with Mint with no additional OTP each time, it did break for a week which had me worried, but looks like that is fixed now after raising issue with Mint support. There is a 5 day hold on transfers, but I think that's for security, the transfer usually takes a day to come out of your current bank account and another day to hit theirs, where your "Current Balance" is updated to reflect this, but the "Available Balance" doesn't update until 5 days is up.

They also require OTP for any transfers, even after signed in, which I think is a good thing. They also don't seem to allow transfers outside of normal hours, which I think is probably also a good thing.

Far as I can tell the rates do appear to be getting updated, it was 2.078% yesterday, which kind of freaked me out due to other reviews, I did put in secure ticket, but didn't hear anything, however it says the account is now 2.378% (2.4%), so hopefully that remains fixed.

Your Wait Time Will Be 190 Minutes

Currently have very good savings rates but phone customer support is abysmal. Wait time message has ranged from 2 hours to a record setting 3 hours wait. So if you need to get something accomplished quickly or can't sit by a phone pending a call back 3 hours later, forget it.

In case it needs to be stated -- when any company's CS recording states "due to unexpected high call volumes you may experience longer than usual call wait times", it really means: this company has chosen not to pay CS reps enough to attract a reasonable number of employees. So customers will have to put up with unreasonable hold times.

CIT Savings Switcheroo

Posted by: |

CIT now has a savings account (called Savings Connect) with a 1.65% interest rate which is pretty good right now.

I have had saving account with them since 2016 and generally they have done the basics well.

HOWEVER, at least twice in the past when rates have gone up, they create a new type of savings account with a new name that has the good rate.

Existing accounts DID NOT GET the new rate. I had a "Savings Builder" account and another one (don't remember the name) before that. So many people will miss this.

Live Oak Bank is my favorite and they have never done this. They also email me when the rate does down which I don't think anyone else does.

Bedsides The Higher Savings Interest

Posted by: |

I just don't think this is a go. As a potential returning customer, seems like things have gotten a bit worse. No welcome back attitude from them on the phone, not particularly friendly reps, confusing info on the different savings plans, long hold times. So I'll probably put my money elsewhere.

VIEW MORE REVIEWS

Health
A

Data as of Q2 2022

Data displayed below is for insuring bank: First Citizens Bank (NC)
Learn why bank health matters

Health Grade Components

Overall
FDIC Certificate #11063
Year Established1898
Employees10475
Primary RegulatorFDIC
Profit Margin
Return on Assets - YTD1.17%
Return on Equity - YTD12.06%
Annual Interest Income$1.47B
Assets and Liabilities
AssetsQ2 2022vs Q2 2021$107.5B$55.10B
LoansQ2 2022vs Q2 2021$66.96B$32.68B
DepositsQ2 2022vs Q2 2021$89.43B$48.55B
Equity CapitalQ2 2022vs Q2 2021$10.92B$4.78B
Loan Loss AllowanceQ2 2022vs Q2 2021$850.3MM$189.1MM
Unbacked Noncurrent LoansQ2 2022vs Q2 2021$597.0MM$183.4MM
Real Estate OwnedQ2 2022vs Q2 2021$45.2MM$43.7MM
Rates
Report an Issue

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
2.70%--Savings Connect
1.00%*$25k*-Savings Builder
OTHER TIERS: 0.40% Up to $25k
1.00%--Savings Builder w/ monthly deposit

CIT Bank Money Market Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
1.55%$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
3.50%$1k-13-Month Term CD
2.75%$1k-11-Month No-Penalty CD
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
0.30%$1k-6-Month Term CD
0.30%$1k-1-Year Term CD
0.30%$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.