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Most Popular CIT Bank Account

Account TypeAPYAccount NameMinMax
Savings1.35%Premier High Yield Savings-$100kDetails »

Overview / Commentary
75 North Fair Oaks Ave
Pasadena, CA 91103

CIT Bank, a EpBooks.us 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. EpBooks.us 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 Bank's Premier High Yield Savings Now Earns 1.35% APY - 9/11/2017

CIT Bank has raised the rate on its Premier High Yield Savings to 1.35% APY on balances up to $100k; balances of $100k+ earn 1.30% APY.

CIT Bank Ups Its Premier High Yield Savings To 1.35% For Up To $100K - 9/8/2017

1.3% for >$100k https://bankoncit.com/high-yield-savings/

CIT Bank Increases Rate on 11-Month No-Penalty CD - 8/18/2017

CIT Bank increased the rate of its 11-month No-Penalty CD by 20 bps to 1.45% APY. Minimum deposit is $1,000. Partial withdrawals of principal are not permitted.

View all posts from:

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?
9/11/13 - How Add-On CDs Can Benefit Savers
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 (162)

Happily Surprised

Posted by: KevinKT | Sep 26, 2016

Having been dissatisfied with traditional banks (and their rates), I was looking for an option to better increase my options. I came across CIT and was interested immediately because of the high rates. Their short term CD rates were among the best I could find and were very easy to open. I have moved about 1/4 of my overall disposable income into their various CDs, and I have not regretted the decision. Customer service has been good, as well. Overall, I am a very happy customer.

Did Anyone Get The Bonus For The Cit Spring Saving Account?

I opened the account in May, and completed 3 full month in 8/31/2017, but I did not get the bonus, anyone here get it?

Terrible Website / Back-End Systems Very Buggy

Posted by: slovokia | Mar 21, 2017

I have banked with CIT since 2014. Initially their website was poorly organized and difficult to use. They revamped their website in 2016 and it actually got even WORSE. It now appears to be a Frankensteinien combination of two different systems.

Their back-end systems and business processes are very cumbersome and not well thought out. For example to take advantage of CIT's $100/$200 new account bonus I opened a new high yield savings account via their website on 3/18. I specified that this new account should be funded via an ACH transfer from a new external account at bank X. It has taken until 3/21 for the new CIT account to even appear in my CIT online banking page. The new external account at bank X does not appear in my list of external accounts even though 2 test deposits were made to that account on 3/21. So how am I supposed to validate the new external account? I ended up manually adding the new external account all over again. It looks like CIT Bank uses a separate website / computer system to open new accounts compared to the system they use to service already existing accounts. These separate systems do not work well with each other and can often get out of synchronization.

The only reason to do business with CIT are the interest rates / special bonus deals - most other aspects of doing business with this bank are clearly inferior compared to most other online banks. (One positive is free outgoing wires for accounts with average balances of > $25K). It now seems clear CIT's strategy is to attract new money with higher rates while leaving established customers languishing with lower rates on previously existing money.

Unfortunately it is not possible to open a new CD with their website and directly fund it from a CIT savings account. One must first open the CD account on their website and specify that you will be funding the CD via a check. Then you must call customer service and ask their representative to transfer the funds from your CIT savings account into your CIT CD.

On the customer service front their phone based support is adequate. Their online secure message based support is very slow to respond (often taking over 3 days to reply) - I would not rely on their secure message service to get things done in a timely fashion.

Finally I suspect some of the positive reviews of CIT bank at EpBooks are illegitimate and have not been left by real customers of this bank. If you read them closely they seem likely to be authored by non Americans. Be forewarned. It might not hurt if EpBooks.us did a geolocation of the source IP address of people giving reviews. If these IP addresses are outside the United States, I would doubt the authenticity of the review.

Impossible To Close Account

Posted by: enduser | Jun 10, 2017

A good bank but they play games with interest teaser rates then drop 'em low. If you don't keep a frequent eye on your account you will start to loose money on interest earnings. Tired of this game CIT was playing, I moved all funds out, and requested to close my account back in late Feb 2017. 3 emails back and forth telling me that the account is closed, but that I could still log on in case I needed to get copies of statements; Say What? Now well over 90 days since the account was closed it is still active, I can send and retrieve funds without any issues. Once you join CIT, you can check out anytime, but you can never leave. I guess at Zero it will sit indefinitely.



Health Grade Components

FDIC Certificate #58978
Year Established2009
Primary RegulatorOCC
Profit Margin
Return on Assets - YTD1.24%
Return on Equity - YTD9.81%
Annual Interest Income$883.3MM
Assets and Liabilities
AssetsQ2 2017vs Q2 2016$41.18B$43.42B
LoansQ2 2017vs Q2 2016$26.86B$29.37B
DepositsQ2 2017vs Q2 2016$31.91B$32.93B
Equity CapitalQ2 2017vs Q2 2016$5.36B$5.40B
Loan Loss AllowanceQ2 2017vs Q2 2016$400.5MM$375.3MM
Unbacked Noncurrent LoansQ2 2017vs Q2 2016$477.2MM$547.0MM
Real Estate OwnedQ2 2017vs Q2 2016$36.6MM$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 Ups Its Premier High Yield Savings To 1.35% For Up To $100K


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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

1.35%*-$100kPremier High Yield Savings
OTHER TIERS: 1.30% $100k+

CIT Bank CD Rates

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
1.45%$100k-2 Year Jumbo CD
1.45%$1k-11 Month No Penalty CD
1.40%$1k-2 Year Term CD
1.40%$100k-3 Year Jumbo CD
1.38%$50k$250k4 Year RampUp CD
1.32%$1k-1 Year Term CD
1.30%$1k-3 Year Term CD
1.27%$25k-2 Year RampUp Plus CD
1.26%$25k-1 Year RampUp Plus CD
1.20%$25k$250k3 Year RampUp CD
0.72%$1k-6 Month Term CD

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