December 26, 2019

Who is CIT Bank

Read more about CIT Bank
Editorial Note: This content is not provided by the bank. Opinions expressed here are author's alone, not those of the bank, and have not been reviewed, approved or otherwise endorsed by the bank.
Ad Disclosure: This article contains references to products from our partners. We may receive compensation if you apply or shop through links in our content. You help support CreditDonkey by using our links. (read more)

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?

© CreditDonkey

CIT Bank is an online-only 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.

However, customers must handle all transactions online through the bank website, mobile app, or automated telephone line.

Who Is CIT Bank Owned By?

CIT is owned by CIT Group Inc., a financial holding company. CIT Group has been in business for over 100 years and boasts $50 billion in assets.

Its consumer banking branch oversees CIT Bank and OneWest Bank, a traditional financial institution with branches in Southern California. CIT Group's commercial banking branch handles business, real estate, and other types of financing.

Can CIT Bank customers use OneWest Bank?
CIT and OneWest operate as separate financial institutions. That means a CIT Bank customer can't visit a OneWest branch for their banking needs.

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, which stands for Commercial Investment Trust, is an online bank owned by CIT Group. Citibank, which is owned by Citigroup, has 700 branches located across the U.S.

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.

Where is CIT Bank located?
CIT Bank is an online-only financial institution, so it has no branch locations. It operates a headquarters at 75 North Fair Oaks Ave, Pasadena, CA 91103.

Is CIT Bank a Real Bank?

CIT Bank operates just like a traditional bank. It's bound by the same legal regulations, too. The only difference? CIT doesn't have branch locations you can visit.

All deposit accounts are FDIC insured. That means in the very unlikely event that the bank closes, the federal government protects your savings, up to $250,000.

Since CIT Bank has no branches, customers can handle transactions 24/7 by logging into the website, using the mobile app, or calling the Automated Telephone Banking. CIT also offers a customer service number for those who need assistance: 855-462-2652.

The line is open:

  • Monday - Friday: 9:00 am - 9:00 pm (ET)
  • Saturday: 10:00 am - 6:00 pm (ET)
  • Sunday: Closed

Read about the most common CIT Bank customer complaints—and some solutions.

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

CIT Bank does not have a SWIFT code, which is usually used for international wire transfers. Customers must use their routing number instead.

What Products Does CIT Bank Offer?

CIT Bank offers a variety of deposit products for personal banking customers. These include:

  • Savings Builder
  • Premier High Yield Savings
  • eChecking
  • Money Market Account
  • Several CD account options

You can open an account online in just a few minutes.

Bottom Line

CIT Bank is an online financial institution backed by CIT Group. Though it's only online, it offers the same types of products and protections as traditional branch banks.

CIT Bank
Member FDIC

Money Market Account - Get a Year of Amazon Prime

Expires 9/23/2022
To get your year of Amazon Prime ($139 cash value):
  • Open a new Money Market account using promo code AMZN22.
  • Fund your account with $15,000 within 15 days.
  • Keep a minimum balance of $15,000 for 60 days.
After 60 days, if you've fulfilled the requirements, CIT will send you an email with your Prime membership code. Existing Amazon Prime members can use the one year of Amazon Prime to renew their membership for an additional year. Limit one Money Market promotion per account and per customer. Conditions apply. See advertiser website for details.
Citibank

Citi Priority Account - Up to $1,500 Cash Bonus

Expires 7/17/2022
  • Earn up to $1,500 cash bonus when you open a new account with required activities
  • Open a new eligible checking account in the Citi Priority Account during the offer period 1/5/22-7/17/22
  • Within 20 days of opening, deposit $50,000 in New-To Citibank funds between the new checking and savings accounts
  • Maintain a minimum balance of $50,000 in the checking account for an additional 60 consecutive calendar days from the 21st day
  • After all required activities are met, the cash bonus will be deposited to your account within 90 calendar days
Discover Bank
Member FDIC

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, by phone or Discover App). Enter Offer Code CY622 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 30 days of the account qualifying for the bonus. Bonus is interest and subject to reporting on Form 1099-INT. Offer ends 09/15/2022, 11:59 PM ET. Offer may be modified or withdrawn without notice. See advertiser website for full details.

Expires 9/15/2022
Chase
Member FDIC

Chase Total Checking® - $200 Bonus

Expires 7/20/2022
  • New Chase checking customers enjoy a $200 bonus when you open a Chase Total Checking® account and set up direct deposit
  • Access to 16,000 Chase ATMs and more than 4,700 branches
  • Chase Mobile® app - Manage your accounts, deposit checks, transfer money and more -- all from your device.
  • 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℠: $0 overdraft fee when you overdraw your account $50 or less*

*We won't charge an overdraft fee if you are overdrawn $50 or less at the end of the business day. Chase may pay, for a $34 fee, overdraft transactions at our discretion based on your account history, deposits and transaction amount. If you've enrolled in Debit Card Coverage, everyday debit card purchases like groceries, may be approved at our discretion when you don't have enough money in your account.

Bluevine

Business Checking - Up to 1.5% APY

  • 1.5% APY on your balance up to $100,000 for customers that meet monthly eligibility requirements
  • $0 minimum opening deposit
  • $0 monthly service fee
Banking services provided by Coastal Community Bank, Member FDIC

Write to Kevin L at feedback@creditdonkey.com. Follow us on Twitter and Facebook for our latest posts.

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.

Read Next:

CIT Bank Review

CIT Bank Reviews

CIT Bank Login

CIT Bank Login

CIT Bank Complaints and Solutions

CIT Bank Complaints

Compare:

Leave a comment about Who is CIT Bank?



About CIT Bank Promotions

CIT Bank offers some of the highest interest rates on the market. It is an online-only bank. Because there is no overhead typical of brick-and-mortar banks, CIT can pass the savings to customers in forms of higher yield.

About CreditDonkey
CreditDonkey is a bank comparison website. We publish data-driven analysis to help you save money & make savvy decisions.

Editorial Note: Any opinions, analyses, reviews or recommendations expressed on this page are those of the author's alone, and have not been reviewed, approved or otherwise endorsed by any card issuer.

†Advertiser Disclosure: Many of the offers that appear on this site are from companies from which CreditDonkey receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). CreditDonkey does not include all companies or all offers that may be available in the marketplace.

*See the card issuer's online application for details about terms and conditions. Reasonable efforts are made to maintain accurate information. However, all information is presented without warranty. When you click on the "Apply Now" button you can review the terms and conditions on the card issuer's website.

CreditDonkey does not know your individual circumstances and provides information for general educational purposes only. CreditDonkey is not a substitute for, and should not be used as, professional legal, credit or financial advice. You should consult your own professional advisors for such advice.

About Us | Reviews | Deals | Tips | Privacy | Do Not Sell My Info | Terms | Contact Us
(888) 483-4925 | 680 East Colorado Blvd, 2nd Floor | Pasadena, CA 91101
© 2022 CreditDonkey Inc. All Rights Reserved.