CIT Bank


2150 South 1300 East, Suite 400
Salt Lake City, UT 84106
See all branch locations →

Notable Rates APY Vs.Others
Savings N.A. 0.85% →
1-Year CD N.A. 0.80% →
2-Year CD N.A. 0.80% →
5-Year CD N.A. 1.15% →
30-Year Mortgage N.A. 2.72% →
15-Year Mortgage N.A. 2.36% →
HELOC N.A. 2.79% →

2021 Overview

General Bank Information

CIT Bank is an FDIC insured institution located in Salt Lake City, UT. It was founded in 2000 and has approximately $21.9 billion in assets.

FDIC Insured Yes
FDIC Certificate # 35575
Date Established 2000
Assets $ 21.46 billion
Loans $ 14.88 billion
Deposits $ 16.81 billion
Capital $ 2.75 billion

For a more detailed analysis of CIT Bank's financial condition and a description of what these numbers mean, please visit the Financial Details section.

Deposit Rates - September 23, 2021

Your Current Location: Connecticut, CT 06828

Online Only CD Rates of CIT Bank

Online CD Rates APY MIN MAX
11 Month No Penalty CD
0.30% $1,000 - Learn More
12 Month Term CD
0.35% $1,000 - Learn More
18 Month Term CD
0.35% $1,000 - Learn More
24 Month Term CD
0.40% $100,000 - Learn More
36 Month Term CD
0.40% $100,000 - Learn More
48 Month Term CD
0.50% $1,000 - Learn More
60 Month Term CD
0.50% $1,000 - Learn More

Bank Offers

CIT Bank Lowers Savings Builder, Makes CD Rates Entirely Non-Competitive
Oct 1, 2019

CIT Bank has lowered its Savings Builder rate from 2.20% to 2.10% APY.   

It has also lowered all of its CD products.   Its 1-Year CD and its 18-Month CD had previously been competitive at 2.20% and 2.40%, respectively.   At 2.00% and 2.10%, they are not.   Its longer term CD products have not been rate competitive for some time.

Bank Online Offers

CIT Has New 2.15% Savings Builder Rate
Oct 5, 2018

CIT has raised its online savings rate to 2.15% today for accounts over $25,000 or for accounts over $100 so long as you also transfer in $100 each month.  Those customers already in CIT money market accounts may be able to convert to this new rate.

CIT Raises Savings Builder Rate to 2.25%
Nov 21, 2018

CIT Bank has raised the rate on its Savings Builder account to 2.25%.   In order to get this rate, depositors must either (a) maintain a $25,000 account balance, or (b) maintain a $100 balance and deposit at least $100 in each monthly observation period.  BestCashCow has rated CIT Bank as a Best Bet for 2019 (read more here).

CIT Raises Savings Builder Rate to 2.45%
Jan 3, 2019

CIT Bank has raised its Savings Builder rate to 2.45%.   The Savings Builder account requires either a $25,000 minimum deposit, but can also be opened with as little as $100 with the rate extended each month that you add over $100 to the account each month.

CIT Bank Lowers Savings Builder
Sep 10, 2019

CIT has lowered its savings builder rate to 2.20% from 2.30%.   The account peaked at 2.45% earlier this year.   It continues to require a $25,000 balance or a $100 monthly deposit.   This Savings Builder account is still more competitive than the savings and money market account rates at most other major online banks.

CIT Money Market Rate Lowered to 1.20% APY
Jun 10, 2020

CIT Bank has lowered its money market rate from 1.30% to 1.20%.

CIT's Money Market Rate is Now 1.06% APY
Jun 25, 2020

CIT has lowered its money market rate to 1.06% APY.   This rate is still higher than the Savings Builder rate which now stands at 1.01% APY.

CIT Money Market Rate Lowered to 1.00% APY
Jul 7, 2020

CIT Bank has lowered its money market rate from 1.06% to 1.00% APY.


Loan Rates - September 23, 2021

Your Current Location: Connecticut, CT 06828

There are currently no loan rates available for CIT Bank

Please contact the bank for questions about their loan products. In the meantime you may wish to consider these offerings:

Featured - Connecticut 30 Year Fixed Mortgage Rates 2021

Lender APR Rate (%) Monthly
Learn More
NMLS ID: 1907
2.808% 2.750%
-0.25 points
$1,875 fees
$1,021 Learn More
Simplist Mortgage, LLC
NMLS ID: 1764611
License#: ML-1764611
2.674% 2.625%
0.63 points
$1,585 fees
$1,005 Learn More

Featured - Connecticut Home Equity Line Of Credit Rates 2021

Lender APR (%)? Monthly Payment? Learn More
Bethpage Federal Credit Union
Bethpage Federal Credit Union
See Table
Intro APR 2.990 %
After Intro: 3.750 %
Intro Period: 12 months
$25,000 Learn More
More Info
BMO Harris Bank
BMO Harris Bank
See Table
Intro APR 1.790 %
After Intro: 4.840 %
Intro Period: 6 months
$0 Learn More
More Info
Third Federal Savings and Loan
Third Federal Savings and Loan
See Table
2.240 %
$0 Learn More
More Info

Note to CIT Bank
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CIT Bank branches and locations in your neighborhood. Input a different zip code to find branches and locations for any neighborhood in the United States.

Your Location:

CIT Bank Locations

Financial Details

CIT Bank Ratio Analysis

The following ratios and data are available to help you better understand the financial condition of CIT Bank. The data is provided by the FDIC. All banks listed on are FDIC-insured. No depositor has ever lost deposits that have been within the FDIC insurance limits.

Texas Ratio
CIT Bank U.S. Bank Average
3.24% 5.29%

The Texas Ratio compares the bank’s non performing assets (non-performing loans and real estate owned) with its tangible common equity and its loan loss reserves. A lower Texas ratio indicates better coverage of problem loans. The closer the Texas Ratio is to 1-to-1 or 100%, the less capital and reserves a bank has to absorb its loan losses.

As of March 31, 2021, CIT Bank had $98,402,000 in non-current loans and $0 in owned real estate. To cover these potential losses it had $2,748,123,000 in equity and $286,247,000 in loans loss reserves. That gives it a Texas Ratio of 3.24%.

Return on Equity
CIT Bank U.S. Bank Average
5.13% 11.43%

CIT Bank has a Return on Equity of 5.13% versus the BestCashCow average of 11.43%. Return on equity measures how efficiently a bank is making money from its capital. A bank with a consistently high ROE can be considered well run. A bank with a consistently low ROE can be considered poorly run.

CIT Bank U.S. Bank Average
12.8% 11.51%

CIT Bank has a Capitalization of 12.8% versus the BestCashCow average of 11.51. Capitalization measures how much equity capital a bank has to underpin loans and other assets on its balance sheet. The higher the capitalization number the more secure a bank is considered.

CIT Bank Balance Sheet Analysis

As of March 31, 2015, CIT Bank had assets of $21,903,259,000, loans of $14,876,138,000, and deposits of $16,806,700,000. Long-term increases in deposits shows a bank's ability to raise funds to grow its loans and assets. Loan and asset growth may rise or fall depending on a bank's strategy for growth. Sharp rises and falls in assets, deposits, and loans can be problematic, indicating a loosening of lending standards, or financial distress leading to reduced lending. A big change in these figured can also be from a bank acquisition or merger.

Summary Balance Sheet

March 31, 2021
Cash & Balances due from depository institutions N.A.
Interest-bearing balances N.A.
Total securities N.A.
Federal funds sold and reverse repurchase N.A.
Net loans and leases $ 14.88 billion
Loan loss allowance $ 286.25 million
Trading account assets N.A.
Bank premises and fixed assets N.A.
Other real estate owned N.A.
Goodwill and other intangibles N.A.
All other assets N.A.
     Total Assets N.A.
Total deposits $ 16.81 billion
      Interest-bearing deposits N.A.
      Deposits held in domestic offices N.A.
      % insured (estimated) 0.00%
Federal funds purchased and repurchase agreements N.A.
Trading liabilities N.A.
Other borrowed funds N.A.
Subordinated debt N.A.
All other liabilities N.A.
      Total Liabilities N.A.
      Shareholders’ Equity $ 21.46 billion

Summary Income Statement

March 31, 2021
Total Interest Income N.A.
Total Interest Expense N.A.
Net interest income N.A.
Provision for loan and lease losses N.A.
Total non interest income N.A.
Total non interest expense N.A.
Pre-tax Net Operating Income N.A.

Bank Loan Profile?

The top three loan types in CIT Bank’s loan portfolio are Commercial and Industrial Loans, Commercial Real Estate, and Construction and Development Loans.

Compared to other banks, CIT Bank’s loan portfolio does not show any specific loan specialty.

Note: Percentages may not sum to 100% due to rounding and double categorization of some loan types. All data from the FDIC. Additional information about this table.

Comparison to Other Banks
 Low   Med   High 
1-4 Family Residential Loans 0.00
Credit Card Loans 0.00
Consumer Auto Loans 0.00
Small Business Loans 0.00
Construction and Development Loans 3.48
Commercial Real Estate 7.39
Commercial and Industrial Loans 53.47
Farm Loans 0.07

Frequently Asked Questions About Cit Bank

Branches and Savings

Is Cit Bank FDIC insured?

Yes. It is covered under FDIC Certificate #35575.

Why does Cit Bank pay such low interest on savings accounts?

See the best online savings rates here. See the best local savings rates here.

Why are Cit Bank CD rates not competitive?

See the best online CD rates here. See the best local CD rates here.

Is Cit Bank a commercial bank?


Where are Cit Bank locations?

See branch locations nearby.

Is Cit Bank open on Saturdays?

Is Cit Bank open on Sundays?

What time does Cit Bank open?

What time does Cit Bank close?

Are Cit Bank ATMs Open 24/7?

Do Cit Bank ATMs accept cash deposits?

Can Cit Bank customers use other ATMs?

Do Cit Bank branches have notaries?

Will Cit Bank notarize my document?

What address for Cit Bank should I put for incoming ACH transfers?

Will the Cit Bank branch print checks?

Do Cit Bank checks expire?

Does Cit Bank require US citizenship to open account?

Can Cit Bank close my account?

Does Cit Bank Report to credit bureaus?

Does Cit Bank Use Equifax?

What is Cit Bank's ACH Routing Number?

What is Cit Bank's SWIFT code?


Does Cit Bank offer mortgages?

Compare mortgage rates here.

Does Cit Bank offer home equity lines of credit and home equity loans?

Compare home equity lines of credit rates here.

Does Cit Bank offer personal loans?

Compare personal loan rates here.

Does Cit Bank offer student loans?

Will Cit Bank cash a check?

Will Cit Bank redeem a savings bond?

Does Cit Bank cash savings bonds?

Will Cit Bank cash money orders?

Can Cit Bank issue a money order?

Does Cit Bank do currency exchange?

Background on The Bank

Who owns Cit Bank?

How long has Cit Bank been around?

Can Cit Bank transfer to other banks?

Does Cit Bank have quick pay?

Does Cit Bank accept rolled coins?

Will Cit Bank accept loose change?

Where is Cit Bank headquarters?

Customer Reviews for CIT Bank

  • March 3, 2015

    Bank rep claims he understands the issue and will adjust the date of the term to correspond with the date of the opening deposit. He also says that this has been an ongoing "systems issue" that is being looked at. OK...benefit of the doubt...

  • March 2, 2015

    LOST CD INTEREST due to CIT bank's bookkeeping methods:

    When a CD account is opened online, and then funded by transfer or by mailing a check, interest is lost for the number of days that the bank begins the term of the CD (when the application is submitted and approved) vs the date of funding.
    Let's say you apply online for a 1-yr CD on the 1st, and the account is opened. You mail a check which is received and deposited on the 7th.
    The TERM of your CD begins on the 1st and expires 1 year later, but you only get paid interest from the 7th. You lose a few days interest because the term as defined expires early.

    In this example, you have been sold a 1-year CD but have been delivered a 359-day CD.

    The obvious answer is for CIT to start the term of the CD on the date it is initially FUNDED, and not the date the application is submitted online. OTHER BANKS DO THIS, so it is completely discretionary.

  • January 8, 2015

    @ Martha

    They are an online bank so they only have online locations. I use them and find the interface to be pretty easy.

  • January 8, 2015

    I would like to tranfer money form a savings earning less that 1% to your 5 year CD... do you have a brick and mortar location? or is all banking done on line?

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