Updated May 23, 2024 8:36 AM PT

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?

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 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.

Where is CIT Bank located?
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.

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 5.00% 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.

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

Compare Savings Account Offers

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

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.

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.


  1. ^ First Citizens Bank. About Us, Retrieved 01/30/24
  2. ^ CIT Bank. FDIC insurance, Retrieved 01/30/24
CIT Bank
Member FDIC

CIT Bank Platinum Savings - 5.00% APY

  • 5.00% 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
UFB Direct
Member FDIC

UFB Secure Savings - Earn up to 5.25% APY

  • Earn up to 5.25% APY*
  • No monthly maintenance fees
  • No minimum deposit required to open an account
  • Access your funds 24/7 with easy-to-use digital banking tools
Discover Bank
Member FDIC

Online Savings Account - Earn 4.25% APY

  • No fees
  • No minimum opening deposit
  • No minimum balance required
Member FDIC

Chase Total Checking® - $300 Bonus

Expires 7/24/2024
  • New Chase checking customers enjoy a $300 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*

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About CIT Bank Promotions

CIT Bank offers some of the highest interest rates on the market. It is an online bank that offers a variety of savings products. Because of CIT's merger with First Citizens Bank, you can also access products and services offered by First Citizens.

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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.

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