|Account Type||APY||Account Name||Min||Max|
|Savings||1.35%||Premier High Yield Savings||-||$100k||Details »|
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.
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.
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.
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.
|FDIC Certificate #||58978|
|Return on Assets - YTD||1.24%|
|Return on Equity - YTD||9.81%|
|Annual Interest Income||$883.3MM|
|Assets and Liabilities|
|Assets||Q2 2017vs Q2 2016||$41.18B$43.42B|
|Loans||Q2 2017vs Q2 2016||$26.86B$29.37B|
|Deposits||Q2 2017vs Q2 2016||$31.91B$32.93B|
|Equity Capital||Q2 2017vs Q2 2016||$5.36B$5.40B|
|Loan Loss Allowance||Q2 2017vs Q2 2016||$400.5MM$375.3MM|
|Unbacked Noncurrent Loans||Q2 2017vs Q2 2016||$477.2MM$547.0MM|
|Real Estate Owned||Q2 2017vs Q2 2016||$36.6MM$24.4MM|
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* The APY shown varies based on the deposit amount. Expand the listing to see APYs for other deposit amounts.
|APY||MIN||MAX||ACCOUNT NAME||VIEW DETAILS|
|1.35%*||-||$100k||Premier High Yield Savings|
|OTHER TIERS: 1.30% → $100k+|
|APY||MIN||MAX||ACCOUNT NAME||VIEW DETAILS|
|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||$250k||4 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||$250k||3 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