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?
- Are CIT and Citibank the same?
- Is CIT Bank a Real Bank?
- What Is CIT Bank's Routing Number?
- What Products Does CIT Bank Offer?
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. Both are CreditDonkey partners.
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 700 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 120 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.
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
What Products Does CIT Bank Offer?
CIT Bank offers a variety of deposit products for personal banking customers. These include:
- Savings Connect
- Savings Builder
- eChecking
- Money Market Account
- Several CD account options
You can open an account online in just a few minutes.
High Yield Savings Account - 5.26% APY
- No fees
- $1 minimum deposit
- 24/7 online access
- FDIC insured
CIT Bank Platinum Savings - 5.05% APY
- 5.05% 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 - 4.65% APY
- Earn 11x the national average
- $100 minimum opening deposit
- No monthly maintenance fee
- Member FDIC
CIT Bank Term CDs - Up to 5.00% APY
- Up to 5.00% APY
- $1,000 minimum opening deposit
- No monthly maintenance fee
- Member FDIC
| Term | CD Rates |
|---|---|
| 6 Month | 5.00% APY |
| 1 Year | 0.30% APY |
| 13 Month | 4.65% APY |
| 18 Month | 4.60% 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 - 4.90% APY
- 4.90% 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 |
- Discover Online Savings:
$200 Cash Bonus - Western Alliance Bank:
High Yield Savings Account - 5.26% APY - Quontic:
High Yield Savings - 4.50% APY - Cloudbank 24/7:
High Yield Savings Account - 5.26% APY - GreenState Credit Union:
High-Yield Savings Account - 5.16% APY - Adda Bank:
High Yield Savings Account - 5.15% APY - First Mid Bank & Trust:
High Yield Savings Account - 4.80% APY - Liberty Savings Bank:
High Yield Savings Account - 4.60% APY - Continental Bank:
High Yield Savings Account - 4.41% APY - Upgrade:
Premier Savings - Up to 5.07% APY
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 4/21/2023
- ^ CIT Bank. FDIC insurance, Retrieved 8/30/2022
CIT Bank Platinum Savings - 5.05% APY
- 5.05% 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
Citi Priority - Earn up to $2,000 Cash Bonus
- Earn up to $2,000 when you open a new eligible Citi checking account and enroll in the offer the same day
- New to Relationship customers can choose their Relationship Tier.
- Within 20 days of opening, deposit the minimum amount of new-to-Citibank funds.
- Maintain a minimum balance for 60 consecutive calendar days from the 21st day.
- If your balance falls to a lower Balance Level at any point during the maintenance period, the bonus changes.
- Bonus will be paid within 30 days after you successfully complete all required activities.
- Restrictions apply.
Discover Online Savings - $200 Cash Bonus
To get your $150 or $200 Bonus: What to do: Apply for your first Discover Online Savings Account, online, in the Discover App or by phone. Enter Offer Code CY923 when applying. 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. Deposit must be posted to account within 30 days of account open date. Maximum bonus eligibility is $200.
What to know: Offer not valid for existing or prior Discover savings customers or existing or prior customers with savings accounts that are co-branded, or affinity accounts provided by Discover. 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 interest and subject to reporting on Form 1099-INT. Offer ends 12/14/2023, 11:59 PM ET. Offer may be modified or withdrawn without notice. See advertiser website for full details.
Chase Total Checking® - $200 Bonus
- New Chase checking customers enjoy a $200 bonus when you open a Chase Total Checking® account with qualifying activities
- Access to more than 15,000 Chase ATMs and more than 4,700 branches
- 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*
Bank of America Business Advantage Checking Account - $200 Bonus Offer
- Open a new eligible business checking account by December 31, 2023
- Make Qualifying Deposits* of $5,000 or more in new money within 30 days of opening the new eligible business checking account
- Maintain an average balance of $5,000 for the next 60 days (day 31-90) during the maintenance period**
**The maintenance period begins thirty-one (31) days after account opening and ends ninety (90) calendar days after account opening.
Member FDIC
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Note: This website is made possible through financial relationships with some of the products and services mentioned on this site. We may receive compensation if you shop through links in our content. You do not have to use our links, but you help support CreditDonkey if you do.
This content is not provided by Citi. Any opinions expressed are those of the author's alone, and have not been reviewed, approved or otherwise endorsed by Citi.
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