CIT Bank
2180 S 1300 East, Suite 250
Utah 84106
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 $21.90 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 - August 4, 2020
| Online CD Rates | APY | MIN | MAX | |
|---|---|---|---|---|
| 11 Month No Penalty CD
|
0.50% | $1,000 | - |
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|
| 12 Month Term CD
|
0.50% | $1,000 | - |
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|
| 18 Month Term CD
|
0.50% | $1,000 | - |
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|
| 24 Month Term CD
|
1.00% | $100,000 | - |
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|
| 36 Month Term CD
|
1.00% | $100,000 | - |
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|
| 48 Month Term CD
|
1.05% | $1,000 | - |
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|
| 60 Month Term CD
|
1.05% | $1,000 | - |
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|
Bank Offers
CIT Has New 2.15% Savings Builder Rate
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%
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%
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
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
CIT Bank has lowered its money market rate from 1.30% to 1.20%.
CIT's Money Market Rate is Now 1.06% APY
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
CIT Bank has lowered its money market rate from 1.06% to 1.00% APY.
Customer Reviews for CIT Bank
BeccaB-88
July 21, 2020 |
Opened account a month ago. I've already seen the rate fall a couple of times, but have no other complaints. Easy process and a clear easy to use site (unlike Ally where I was before).
Is this review helpful? Yes:0 / No: 0
Savvysaver
June 25, 2020 |
Don't get your hopes up. That 1.25% APY is old news. CIT is posting 1.00%
Is this review helpful? Yes:0 / No: 0
Savvysaver
April 28, 2020 |
I agree with JN Howard, CIT's rates have fallen into a lower tier. Their website is clunky and slow as well. I did manage to open a few Cds when they were more competitive. At one point earlier this year they offered the best rate I could find with a $1000 minimum deposit.
Is this review helpful? Yes:0 / No: 0
Stewart S
April 14, 2020 |
They defacto refused to remit funds for an ACH transfer forcing me to use other funds if I wanted that new account.
Is this review helpful? Yes:0 / No: 0
JN Howard
August 10, 2019 |
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.
Is this review helpful? Yes:2 / No: 0
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