Who is CIT Bank
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CIT Bank offers accounts with high interest rates and low fees. But just who is CIT Bank? And should you trust them with your money?
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CIT Bank is an online bank based in the U.S. Just like traditional banks, it offers a variety of deposit accounts. CIT accounts have fewer fees than many other banks.
Customers must handle all transactions online through the bank website, mobile app, or automated telephone line. But because of CIT's merger with First Citizens Bank, you can now also bank at any First Citizens Bank location. You can also access products and services offered by First Citizens.
Who Is CIT Bank Owned By?
CIT Bank is a division of First Citizens Bank, one of the largest family-controlled banks in the US. Based in Raleigh, North Carolina, First Citizens has a network of over 500 branches in 23 states and boasts more than $200 billion in assets.[1]
Are CIT and Citibank the Same?
Though they have similar names, CIT Bank and Citibank are two different financial institutions.
CIT Bank, an online financial institution, became a division of First Citizens Bank in January 2022. First Citizens is based in North Carolina and has over 500 branches in the US. Meanwhile, Citibank is owned by Citigroup, which is based in New York City and has over 600 branches.
CIT Bank offers higher interest rates in exchange for doing business online only. Citibank offers the convenience of physical branches but is better suited for customers with high balances.
CIT Bank is an online financial institution but CIT Bank customers can now enjoy greater banking convenience from any First Citizens Bank location. It operates a headquarters in Raleigh, North Carolina.
Is CIT Bank a Real Bank?
Yes, CIT is a legit bank and your money is safe. CIT Bank is owned by First Citizens Bank, which has 125 years of history and is FDIC-insured (FDIC# 11063). That means in the very unlikely event that the bank closes, the federal government protects your savings, up to $250,000.
CIT and First Citizens Bank are part of the same FDIC-insured institution. All deposits in CIT are now deposits of First Citizens. Therefore, deposits held in both banks would count jointly toward the $250,000 federal deposit insurance limit.[2]
CIT Bank operates just like a traditional bank. It's bound by the same legal regulations, too.
What Products Does CIT Bank Offer?
CIT Bank is known for savings accounts with high APYs.
Their most popular account is CIT Platinum Savings. It offers 4.55% APY with a balance of $5,000 or more, and there's no monthly fee. You only need $100 to open. Find out more.
There's also a variety of other savings accounts and CDs. Check out the offers below.
Empower Personal Cash
- 4.70% APY
- $0 monthly fee
- Withdraw up to $100k per day
CIT Bank Platinum Savings - 4.55% APY
- 4.55% APY with a balance of $5,000 or more
- 0.25% APY with a balance of less than $5,000
- $100 minimum opening deposit
- No monthly maintenance fee
- Member FDIC
CIT Bank Savings Connect - 4.20% APY
- Earn 9x the national average
- $100 minimum opening deposit
- No monthly maintenance fee
- Member FDIC
CIT Bank Term CDs - Up to 3.50% APY
- Up to 3.50% APY
- $1,000 minimum opening deposit
- No monthly maintenance fee
- Member FDIC
| Term | CD Rates |
|---|---|
| 6 Month | 3.00% APY |
| 1 Year | 0.30% APY |
| 13 Month | 3.50% APY |
| 18 Month | 3.00% APY |
| 2 Year | 0.40% APY |
| 3 Year | 0.40% APY |
| 4 Year | 0.50% APY |
| 5 Year | 0.50% APY |
CIT Bank No Penalty CD - 3.50% APY
- 3.50% APY
- Option to withdraw full balance and interest after 7 days of CD funding date
- $1,000 minimum to open an account
- 11 months
- No monthly maintenance fee
- Member FDIC
CIT Bank Money Market Account - 1.55% APY
- 1.55% APY
- $100 minimum opening deposit
- No monthly maintenance fee
- Member FDIC
CIT Savings Builder - 1.00% APY
Earn up to 1.00% APY. Here's how it works: Maintain a minimum balance of $25k OR make at least a $100 minimum deposit every month. Member FDIC
CIT Bank Jumbo CDs
- Up to 0.50% APY
- $100,000 minimum opening deposit
- No monthly maintenance fee
- Member FDIC
| Term | CD Rates |
|---|---|
| 2 Year | 0.40% APY |
| 3 Year | 0.40% APY |
| 4 Year | 0.50% APY |
| 5 Year | 0.50% APY |
You can open an account online in just a few minutes.
- Western Alliance Bank:
High-Yield Savings Premier - 4.46% APY - Discover® Online Savings:
$200 Cash Bonus - CFBank National Association:
High-Yield Savings Account - 4.50% APY - Dayspring Bank:
High-Yield Savings Account - 4.45% APY - InRoads Credit Union:
High-Yield Savings Account - 4.45% APY - DR Bank:
High-Yield Savings Account - 4.42% APY - Paprika Capital Bank:
High-Yield Savings Account - 4.36% APY - The State Exchange Bank:
High Yield Savings Account - 4.35% APY - Mission Valley Bank:
High Yield Savings Account - 4.26% APY - First Community Bank:
High-Yield Savings Account - 4.22% APY
How to Reach CIT Bank?
Customers can handle transactions 24/7 by logging into the website, using the mobile app, or calling Automated Telephone Banking. Because of CIT's merger with First Citizens Bank, you can now access your account at any First Citizens Bank location.
CIT also offers a customer service number for those who need assistance: 855-462-2652.
The line is open:
Mon - Fri: 9 am - 9 pm ET
Sat: 10 am - 6 pm ET
Sunday: Closed
What Is CIT Bank's Routing Number?
CIT Bank uses one routing number for all personal banking accounts: 124084834. Customers can use this number for:
- ACH transfers
- Setting up direct deposit
- Receiving government benefits, including tax refunds
- Automatic bill payments
- Making and receiving domestic wire transfers
- Receiving international wires
Bottom Line
CIT Bank is an online financial institution that offers great rates on both savings accounts and CDs. Though it's a digital bank, it offers the same types of products and protections as traditional branch banks.
References
- ^ First Citizens Bank. About Us, Retrieved 01/30/24
- ^ CIT Bank. FDIC insurance, Retrieved 01/30/24
CIT Bank Platinum Savings - 4.55% APY
- 4.55% APY with a balance of $5,000 or more
- 0.25% APY with a balance of less than $5,000
- $100 minimum opening deposit
- No monthly maintenance fee
- Member FDIC
Discover® Online Savings - $200 Cash Bonus
To qualify for Bonus: Apply for your first Discover Online Savings Account, enter Offer Code CY924 at application, deposit into your Account a total of at least $15,000 to earn a $150 Bonus or deposit a total of at least $25,000 to earn a $200 Bonus. Qualifying deposit(s) may consist of multiple deposits and must post to Account within 45 days of account open date. Maximum bonus eligibility is $200.
What to know: Offer not valid for existing or prior Discover savings customers, including co-branded, or affinity accounts. Eligibility is based on primary account owner. Account must be open when bonus is credited. Bonus will be credited to the account within 60 days of the account qualifying for the bonus. Bonus is subject to tax reporting. Offer ends 03/13/2025, 11:59 PM ET. Offer may be modified or withdrawn without notice. Due to new customer funding limits, you may wish to initiate fund transfers at your other institution. For information on funding your Account, see FAQs on Discover.com/Bank. See advertiser website for full details.
Bank of America Advantage Banking - $300 Bonus Offer
- The $300 bonus offer is an online only offer and must be opened through the Bank of America promotional page.
- The offer is for new checking customers only.
- Offer expires 01/31/2025.
- To qualify, open a new eligible Bank of America Advantage Banking account through the promotional page and set up and receive Qualifying Direct Deposits* totaling $2,000 or more into that new eligible account within 90 days of account opening. Bank of America Advantage SafeBalance Banking® for Family Banking accounts are not eligible for this offer.
- Once all requirements are met, Bank of America will attempt to pay bonus within 60 days.
- Additional terms and conditions apply. See offer page for more details.
- *A Qualifying Direct Deposit is a direct deposit of regular monthly income – such as your salary, pension or Social Security benefits, which are made by your employer or other payer – using account and routing numbers that you provide to them.
- Bank of America, N.A. Member FDIC.
Chase Total Checking® - $300 Bonus
- New Chase checking customers enjoy a $300 bonus when you open a Chase Total Checking® account with qualifying activities
- With over 4,700 branches, Chase has the largest branch network in the U.S. plus access to more than 15,000 ATMs.
- Chase Mobile® app - Manage your accounts, deposit checks, transfer money and more -- all from your device.
- JPMorgan Chase Bank, N.A. Member FDIC
- Open your account online now
- Available online nationwide except in Alaska, Hawaii and Puerto Rico. For branch locations, visit locator.chase.com.
- Chase Overdraft Assist℠ - no overdraft fees if you're overdrawn by $50 or less at the end of the business day or if you're overdrawn by more than $50 and bring your account balance to overdrawn by $50 or less at the end of the next business day*
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