This direct bank offers a wide range of highly competitive rates across products designed for you, your home and your business.
You work hard for your money, and the bank you entrust it with should too. Choosing a financial institution to bank with can be a daunting endeavor. There are lots of options out there, and many banks offer similar features, rates and accounts.
The bank you select needs to be a good fit for your personal banking needs. We help by taking a look at one of your banking institution options with CIT Bank.
Compare CIT Bank products
What is CIT Bank?
CIT Bank is the primary bank subsidiary of CIT Group Inc., a financial holding company founded in 1908 and headquartered in New York City. Where did the company get its name? It’s an abbreviation for Commercial Investment Trust, the name selected by founder Henry Ittleson.
Today, CIT Group provides financial services to clients in more than 30 unique industries. Its bank subsidiary, CIT Bank, provides online savings accounts, certificates of deposit, home loans, business loans and equipment financing.
What is CIT Bank known for?
CIT Bank is a direct bank, which means all account transactions occur online. Branchless banks have become popular for their high-interest rates and range of mobile banking options.
CIT Bank primarily focuses on savings, offering high-yield accounts and a large collection of CDs with variable rates and terms. It does not offer checking accounts.
CIT’s FDIC-insured accounts can help you rest easy knowing that your funds are safe, but you won’t be able to withdraw or access funds online or through ATMs.
What products does CIT Bank offer?
Personal banking
Save with competitive APYs and tiered interest rates when you sign up for a CIT Bank savings account or CD.
- Premier High-Yield Savings Account. Get a 1.55% APY on up to $250,000 and 1.55% APY on higher balances.
- Term CDs. Deposit at least $1,000 for terms of up to five years and APYs of 0.72% to 1.70%.
- No-Penalty CD. Open an 11-month CD with a minimum $1,000 deposit to earn 1.55% APY. The perk? Withdraw your funds with interest earned up to seven days after your initial deposit — at no cost or penalty.
- RampUp CD. Terms range from three to four years, with APYs of 1.20% to 1.38%. Deposit at least $25,000 for a three-year term or at least $50,000 for a four-year term. If CIT Bank’s rates increase over your term, you’re given one chance to increase your rate to match it.
- RampUp Plus CD. Available in one- or two-year terms with APYs of 1.26% or 1.27%. A minimum deposit of $25,000 is required. You can increase your rate once during the term of this CD, should CIT Bank’s rates go up, or add to your original deposit one time during the term of this CD.
- Jumbo CDs. CIT Bank’s largest CDs are accompanied by competitive APYs. Terms range from two to five years with APYs of 1.45% to 1.75%. A minimum deposit of $100,000 is required.
Home loans
Finance your home with fixed or adjustable rates.
- Fixed-rate mortgage. Get predictable monthly payments and competitive rates for up to 30 years.
- Adjustable-rate mortgage. Pay a low initial APR that adjusts after a specified time.
Small business services
Invest in your small business or augment its cash flow with business loans and equipment financing.
- Business loan. Let CIT find the rates and terms that work best for your business.
- Equipment financing. Get the machines you need now and pay them off over time with predictable monthly payments.
Bouncing back from bankruptcy in 2009
On November 1, 2009, CIT Group filed for bankruptcy as a result of overly relying on funding from bonds and short-term debt. However, it emerged from bankruptcy on December 10, 2009.
In the years since, CIT has refinanced $31 billion in debt under new direction from John Thain, a former executive with Goldman Sachs. Shares climbed 58% by 2013, and CIT Group is now one of the 50 largest banks in the US.
Bottom line
CIT Bank has had its share of ups and downs, but projections for the future look profitable. As one of the longest-standing online banks in the US, CIT offers mobility and convenience with the assets of a large institution.