Who is CIT Bank

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? Read on to learn more.

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.

Keep reading to learn more about CIT Bank.

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.

Are CIT and Citibank the Same?

Though they have similar names, CIT Bank and Citibank are two different financial institutions. 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.

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: 8:00 am - 9:00 pm (ET)
Saturday: 9:00 am - 5:00 pm (ET)
Sunday: 11:00 am - 4:00 pm (ET)

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 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.