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?

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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.

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 4.00% 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.

Compare High-Yield Savings

High-Yield Savings Account - 4.32% APY

• $1 minimum deposit
• No fees
• 24/7 online access to funds
• FDIC insured

Click Here to Get Deal

Member FDIC

CIT Bank Platinum Savings - 4.00% APY

• 4.00% 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

Find Out More

Member FDIC

CIT Bank Savings Connect - 3.90% APY

• Earn 9x the national average
• $100 minimum opening deposit
• No monthly maintenance fee
• Member FDIC

Find Out More

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

Find Out More

Member FDIC

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

Find Out More

Member FDIC

eChecking

• Open your eChecking account with as little as $100
• No monthly fees. No overdraft fees.
• Up to $30 in bank ATM fees reimbursed per month
• Transfer, pay and purchase via mobile with Zelle®, Bill Pay, Samsung Pay and Apple Pay
• Deposit checks and make unlimited withdrawal and disbursements with the CIT Bank mobile app

Find Out More

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

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.

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