Updated January 30, 2024

Who is CIT Bank

Read more about 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. 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.

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 5.05% 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.

References

  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 - 5.05% 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
Citibank
Member FDIC

Enhanced Direct Deposit - Earn $300 Cash Bonus

Earn $300 cash bonus when you open a new eligible checking account with Enhanced Direct Deposit and complete required activities. Member FDIC

  • Open a new eligible Citi Checking account with Enhanced Direct Deposits
  • Deposit at least two Enhanced Direct Deposits directly into your new checking account within 90 calendar days from account opening.
  • Your total combined Enhanced Direct Deposit must equal $1,500 or more.
  • Earn a $300 cash bonus. Your cash bonus will be deposited to your open, eligible checking account within 30 calendar days after required activities have been completed.
Discover Bank
Member FDIC

Online Savings Account - Earn 4.25% APY

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

Chase Total Checking® - $300 Bonus

Expires 4/17/2024
  • 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*
Bank of America
Member FDIC

Bank of America Advantage Banking - $200 Bonus Offer

Expires 5/31/2024
  • The $200 bonus offer is an online only offer and must be opened through the Bank of America promotional page.
  • The offer is for new checking customers only.
  • Offer expires 5/31/2024.
  • To qualify, open a Bank of America Advantage Banking account through the promotional page and set up and receive qualifying direct deposits totaling $2,000 or more into that new account within 90 days of opening.
  • Bank of America will attempt to pay bonus within 60 days.
  • Additional terms and conditions apply. See offer page for more details.
  • Bank of America, N.A. 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.

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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.

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.

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