CIT Bank

CIT Bank

2180 S 1300 East, Suite 250
Utah 84106

Deposit Rates APY Vs.Others
Savings N.A. 2.20% →
1-Year CD 1.90% 2.20% →
2-Year CD 1.40% 2.20% →
3-Year CD 1.30% 2.31% →
4-Year CD 1.50% 2.40% →
5-Year CD 1.70% 2.60% →

2020 Overview

General Online Bank Information

Money that you deposit is held by CIT Bank. CIT Bank is an FDIC insured institution founded in 2000. It has approximately $18.27 billion in assets.

Deposits FDIC Insured Yes
Insured Bank CIT Bank
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 - February 24, 2020

Online CD Rates
Online CD Rates APY MIN MAX
11 Month No Penalty CD
1.70% $1,000 - Learn MoreShow Less
12 Month Term CD
1.90% $1,000 - Learn MoreShow Less
18 Month Term CD
1.95% $1,000 - Learn MoreShow Less
24 Month Term CD
1.40% $1,000 - Learn MoreShow Less
36 Month Term CD
1.30% $1,000 - Learn MoreShow Less
48 Month Term CD
1.50% $1,000 - Learn MoreShow Less
60 Month Term CD
1.70% $1,000 - Learn MoreShow Less

Bank 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.

Customer Reviews for CIT Bank

  • August 10, 2019 |

    Online Savings Rates

    I am not sure about all of the rave reviews. I've seen nothing but rate cuts and specious arguments about why I am earning less than the best rate (I have $200,000 on deposit, not $25). The website feels old and does not inspire confidence (versus Purepoint or Marcus). I see no reason to run, but no reason to stay.

  • January 04, 2019 |

    Online Savings Rates

    Current rate today Jan 4, 2019: 2.45%... Right on. I just transferred my money from brick and mortar to online CIT BANK. I will monitor and watch closely that they keep this competitive rate!!! Thanks to CIT BANK. Cheers!!!! Happy New Year. : )

  • December 25, 2018

    Online Savings Rates

    Opened a savings account at 1.85%. Current rates at 2.25% but they keep me at 1.85, said it's a "new type of account". Not worth the hassle. Also concerned about website cybersecurity; they have poor practices. Wait times were on the long side but I was able to get through. Not the best experience but still beats every brick and mortar bank.

  • August 18, 2018 |

    Online Savings Rates

    The website is not crisp and the call center staff is focused on "upselling" CDs. Otherwise, a good experience.

  • July 13, 2018 |

    CD rates good-but website is dated and could not transfer funds from savings to new cd. Holding period is too long. Site needs drastic improvement-see ALLY Bank.

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