CIT Bank: A century-old commitment to savings
MoneyRates Editor's Rating
Whether you're just starting to put money aside or strengthening an already well-funded retirement account, CIT Bank aims to have a savings product for you. It offers an online savings account and four certificate of deposit(CD) options that are designed to make saving easier and more convenient.
Founded in 1908 by Henry Ittleson, CIT has endured more than a century in the banking industry. After weathering the 2008 financial crisis -- an event that coincided with the company's 100th anniversary -- CIT has shaped its savings products to meet the needs of 21st-century consumers who expect more from their bank.
Certificate of deposit and savings accounts at CIT
If you're interested in a CD, you have four options at CIT Bank:
Term CDs: This CD is a great option for those who are starting to save or are amassing their cash for something in particular, like a vacation or a kitchen remodel. It requires the least amount of money to open: $1,000. Available terms include six months and one, two, three and five years, each with varying rates.
RampUp CDs: This option allows you to maximize your CD earnings for one-year and two-year as well as three-year and four-year CDs. The minimum amount to open a RampUp CD is $25,000 and $50,000 for three- and four-year terms respectively. If rates go up, you may be eligible to lock in the higher rate. You also can boost your savings by adding to your CD once at any point during its term.
RampUp Plus CDs: A RampUp Plus CD is for one-year and two-year CDs and requires a minimum deposit of $25,000 each for the two options.
Jumbo: The savings vehicle is designed for long-term investors with ample funds to set aside. Offering the highest APY of the three options, it requires a minimum investment of $100,000. The available CD durations are two, three, four and five years.
High interest savings accounts with CIT
It takes only $100 to open an online high interest savings account with CIT. The bank says it strives to recognize loyal customers with competitive interest rates, including a special "preferred status" rate on its savings account for customers who carry a minimum balance of $25,000 or more. You can make deposits to or withdrawals from your account simply by linking it to your existing accounts at another bank.
Click here to open a CIT Deposits Account.
Getting started with CIT
You can open a CIT savings account or CD online. To do so, you'll need your Social Security number, driver's license or other photo identification, and a check or bank account number to electronically transfer money into your new CIT Bank account. All CIT deposit accounts are FDIC-insured up to $250,000, the maximum allowable limit.
From its start more than 100 years ago as a brick-and-mortar institution in St. Louis to its present-day operation as a cutting-edge online bank, CIT has sought to offer consumers the resources they need to save more effectively. For more information on CIT Bank rates and information, please review the tables below.