CIT Bank is well-regarded in the world of online banking, especially for its high-yield savings accounts and competitive CD rates. While traditional bank rankings typically highlight the largest institutions based on assets or branches, CIT Bank consistently stands out in customer satisfaction surveys and financial publications focused on digital and online-only banks.
When it comes to online banking, CIT Bank ranks highly for a number of reasons:
Competitive Interest Rates: CIT Bank is known for offering higher-than-average interest rates on savings products, such as their Savings Connect account, which often ranks among the top savings accounts for interest yield.
Customer Satisfaction: CIT Bank receives positive customer reviews for its easy-to-navigate online platform, quick account setup, and responsive customer service. Many customers appreciate the bank’s commitment to providing a secure online banking experience without the need for physical branches.
Industry Recognition: CIT Bank has been featured in lists of top online banks from reputable sources such as NerdWallet, Bankrate, and Forbes. For instance, NerdWallet frequently highlights CIT Bank for its savings account options, making it a solid choice for customers looking to maximize interest earnings.
Customer Reviews and Satisfaction
Customer reviews and satisfaction ratings can provide valuable insights into how CIT Bank compares to its competitors. Here’s a summary of some of the key aspects that customers appreciate:
High Savings Yields: Many customers are drawn to CIT Bank for its high-interest rates on savings accounts and CDs. In comparison to traditional banks, CIT Bank offers attractive rates that help customers grow their savings faster.
User-Friendly Mobile App: CIT Bank’s mobile app has earned positive ratings on both the App Store and Google Play, with features like mobile check deposit, bill pay, and quick access to account balances. Customers praise the app’s ease of use and the ability to manage their accounts on the go.
Prompt Customer Service: CIT Bank provides 24/7 customer support by phone, allowing customers to reach a representative whenever they need assistance. Online reviews often highlight the bank’s responsive service and helpful support team.
Straightforward Account Options: CIT Bank offers a focused selection of banking products, which helps keep things simple for customers. This streamlined approach is often cited in reviews as a positive, as customers can easily choose the product that best fits their needs without being overwhelmed by too many options.
In comparison to larger banks, CIT Bank may lack physical branches, but it compensates for this with competitive rates, user-friendly technology, and solid customer service. For those who prioritize higher returns on their savings, CIT Bank’s ranking among online banks makes it an attractive option.
How Old is CIT Bank?
CIT Bank has a long history dating back to 1908. Originally founded as Commercial Investment Trust in St. Louis, Missouri, the bank initially focused on financing the emerging transportation industry. Over the years, CIT Bank expanded its services and client base, evolving from its roots in industrial and transportation financing to become a diversified financial services provider.
CIT Bank has witnessed and adapted to significant changes in the banking industry over more than a century, successfully growing its operations and expanding its product offerings. Today, as a leading online bank, CIT Bank focuses on providing high-yield savings accounts, certificates of deposit (CDs), and money market accounts. This shift to digital banking allows it to reach a broader audience, especially customers seeking convenient and competitive online banking options.
CIT Bank’s longevity demonstrates its resilience and ability to adapt to the changing financial landscape. The bank's journey from a traditional financing company to a modern online bank reflects its commitment to meeting the needs of both individual consumers and businesses.
CIT Bank’s Evolution Over Time
CIT Bank’s transformation over the years has been marked by key milestones, including mergers, acquisitions, and strategic moves that have shaped its current structure. Here are some highlights from CIT Bank’s history:
Early 1900s: Founded in 1908, the bank initially focused on financing transportation businesses, such as railroads and trucking companies.
Mid-1900s: CIT Bank expanded its offerings to include financing for manufacturing and other industrial sectors, broadening its reach and customer base.
Late 1900s: During the 1990s, CIT Bank went through a period of acquisitions and mergers that helped strengthen its financial position and expand its services.
2000s: In 2009, CIT Group filed for bankruptcy during the financial crisis but emerged stronger due to restructuring and new leadership. It then made strategic acquisitions to bolster its presence in consumer and commercial banking.
2020s: In 2022, CIT Bank merged with First Citizens BancShares, which further strengthened its foundation and broadened its capabilities, allowing the bank to reach more customers with a wider range of products and services.
Throughout its history, CIT Bank has demonstrated an ability to evolve and respond to customer needs, which is one reason it remains a respected name in the financial industry. The bank’s focus on innovation and adaptation has allowed it to transition seamlessly into the digital age, providing customers with competitive interest rates and online banking solutions.
Is CIT Bank American?
Yes, CIT Bank is an American bank. Originally founded in St. Louis, Missouri, in 1908, CIT Bank has deep roots in the United States. Over the years, the bank relocated its headquarters and expanded its operations but has always remained within the United States. Currently, First Citizens BancShares, a well-known American financial company with its headquarters located in Raleigh, North Carolina, owns CIT Bank.
As part of an American financial institution, CIT Bank operates under U.S. banking regulations and complies with federal and state laws, ensuring that it meets the standards set by U.S. financial authorities, including the FDIC. The bank is fully regulated by U.S. banking authorities, which means customers can trust that CIT Bank adheres to the country’s rigorous financial and operational guidelines.
CIT Bank’s Presence in the U.S. Banking Industry
CIT Bank primarily operates as an online bank, offering a range of services to customers nationwide. Its commitment to providing convenient, digital-first banking solutions makes it accessible to people across the U.S., regardless of location. Some of the ways CIT Bank serves its American customers include:
Nationwide Access: As an online bank, CIT Bank offers 24/7 access to account management tools through its website and mobile app, allowing customers across the United States to manage their finances without needing to visit a physical branch.
FDIC-Insured Deposits: Being an American bank, CIT Bank is FDIC-insured, providing protection for depositors up to $250,000 per depositor, per ownership category. This insurance coverage is available to all customers, reinforcing the bank’s commitment to financial security.
U.S.-Based Customer Support: CIT Bank offers customer service representatives based in the U.S., ensuring that customers can easily get assistance when needed. CIT Bank places a high value on dependable service and client pleasure, offering round-the-clock assistance.
Online Focus: CIT Bank’s digital model aligns with trends in the U.S. banking industry, where many customers are moving toward online and mobile banking for convenience. This focus allows CIT Bank to meet the needs of American customers who value digital-first solutions and competitive interest rates.
CIT Bank’s American identity is reflected not only in its adherence to U.S. regulations but also in its dedication to providing high-quality, secure banking services tailored to the needs of U.S. customers. By operating as a division of First Citizens BancShares, CIT Bank continues to strengthen its presence in the American financial landscape.
CIT Bank is a reliable and secure choice for those seeking an FDIC-insured online banking solution. With deposit insurance of up to $250,000 per depositor, per ownership type, CIT Bank, a member of the respectable First Citizens BancShares family, offers the same federal protections as conventional banks. In addition, the bank incorporates robust security measures, such as two-factor authentication and continuous account monitoring, to keep customer funds safe.
With a history dating back to 1908 and a focus on innovation, CIT Bank has transitioned successfully into the digital banking space. Its competitive interest rates and streamlined account options make it an attractive choice for those looking to grow their savings with high-yield accounts. Furthermore, CIT Bank’s American roots and adherence to U.S. banking regulations provide customers with peace of mind, knowing that their bank operates under the country’s strict financial guidelines.
If you’re looking for a secure, trustworthy bank that offers a range of savings products, CIT Bank is an option worth considering. With FDIC insurance and backing from First Citizens BancShares, CIT Bank combines financial strength with convenience, making it a solid choice for anyone seeking a modern, digital-first banking experience.
For more information on FDIC insurance and to check other banks' insurance status, visit the FDIC's BankFind tool.
