December 26, 2019

Who is CIT Bank

Read more about CIT Bank
This article contains references to products from our partners. We may receive compensation if you apply or shop through links in our content. You help support CreditDonkey by reading our website and using our links. (read more)

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.

Can CIT Bank customers use OneWest Bank?
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.

Where Is CIT Bank located?
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: 8:00 am - 9:00 pm (ET)
Saturday: 9:00 am - 5:00 pm (ET)
Sunday: 11:00 am - 4:00 pm (ET)

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.

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.

Disclaimer: Opinions expressed here are author's alone. Please support CreditDonkey on our mission to help you make savvy decisions. Our free online service 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.

More from CreditDonkey:


CIT Bank Reviews


CIT Bank Login


CIT Bank Complaints

Compare:



Leave a comment about Who is CIT Bank?

Name
Email (won't be published)


CIT Bank Savings Builder Review

If you can save just $100 per month, you can earn a high APY with CIT Bank Savings Builder. Find out if this bank is good for you.

    The Best Way to Invest $100

    $100 may not seem like much, but you can make it grow into more. Here are 10 clever ways to turn that $100 into a better future.

    Top 10 Best Online Savings Account

    The best online savings accounts pay a good interest rate, are fully secured, and allow for flexibility. Find the best high interest savings accounts to consider.

    Best Ways to Invest $10,000

    Have $10,000 to invest? Here are 14 smart investments ideas that will turn that $10k into even bigger money.

    Passive Income: Practical Ideas to Build Wealth

    The best passive income ideas help you build real wealth and achieve financial freedom. Here are 25+ opportunities and examples for beginners.

    Top 5 Best CD Rates

    CD accounts are fully secured and risk-free. Plus, they offer higher interest rates than traditional savings accounts. Read on for our list of the best high interest CDs to help you start saving.

    Best Online Bank

    Online banks are convenient, pay higher interest rates, and have less fees. Read this list of the best online banks for your money.

    Best High Yield Savings Accounts

    Make your money work harder for you in a high-yield savings account. Here are the top savings accounts to grow your money.

    Best Short Term Investment Options

    The best short term investment options provide good returns with low risk. Here are the top 10 strategies for your short term goals.

    Best Money Market Rates

    Good money market accounts offer high interest rates with more flexibility. Here are the top money market accounts to earn the most interest.

    How to Buy an Engagement Ring

    You hear a diamond is forever when shopping for an engagement ring. But that doesn't mean you need to pay for one that long.

    How to Deposit Cash to Online Bank

    Online-only banks can be a great way to boost your savings. But depositing cash can be a challenge. We cover several ways to deposit your money in our guide.

    Residual Income

    Make money and get paid even after the upfront work is done. Learn how residual (or passive) income works. Here are 10 good investment ideas to build it.

    Study: Average Honeymoon Cost

    The cost of honeymoons keeps rising. This doesn't keep couples home, though. Some couples postpone the honeymoon until a few months after their wedding. This may make it more affordable.

    Study: Average Grocery Bill for 2

    Food spending has increased dramatically recently. In just 2 years, the average household spends $400 more per year on food. Is it due to the recovering economy or are prices getting out of hand?

    Find Your Routing Number on a Check

    Your routing number is the 9 digit code on the bottom of your check. Don't use the wrong number. Find the correct routing number for your bank.

    Average Savings Account Interest

    The average savings account interest rate is 0.6%. Many big banks offer even lower rates. Read this for the surprising truth about savings accounts.

    How to Choose a Bank

    The right bank for you depends on your needs. Do you want easy access, low fees, or good interest rates? Here's how to choose the best bank for you.

    What is a Money Market Account?

    Money market accounts have advantages over savings accounts. But how do they work? And can you lose money in one? Here are the pros and cons you should know.









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 card 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.