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?
 |
| © 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?
- Are CIT and Citibank the same?
- Is CIT Bank a Real Bank?
- What Is CIT Bank's Routing Number?
- What Products Does CIT Bank Offer?
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.
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. 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.
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
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.
CIT Bank Money Market Account - 0.45% APY
- 0.45% APY
- $100 minimum opening deposit
- No monthly maintenance fee
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 or by phone. Enter Offer Code CY21 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 12/15/21, 11:59 PM ET. Offer may be modified or withdrawn without notice. See advertiser website for full details.
Chase Total Checking® - $225 Bonus
- New Chase customers enjoy a $225 bonus when you open a new 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.
HSBC Premier Checking - $450 Welcome Deposit
- Get a $450 Welcome Deposit for eligible new customers who open a new HSBC Premier checking account and complete the following qualifying activities.
- Open your new HSBC Premier checking account online by January 5, 2022; and
- Make recurring monthly Qualifying Direct Deposits totaling at least $5,000 from a third party to your HSBC Premier checking account(s) for 3 consecutive calendar months from the second full calendar month after account opening.
- You will automatically receive the $450 Welcome Deposit in your new HSBC Premier checking account approximately eight weeks after completing all qualifying activities. It's that simple.
- Deposit products are offered in the U.S. by HSBC Bank USA, 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.
Read Next:
|
|
|
Compare:
