At a Glance
Rating Breakdown
About CIT Bank
CIT Bank has one of the most convoluted corporate lineages in American banking, and understanding it matters because it directly affects your FDIC coverage. CIT Group, originally a commercial lender founded in 1908, launched consumer banking in 2009. In January 2022, CIT Group merged with First Citizens BancShares, a family-controlled North Carolina bank. Then in March 2023, First Citizens swooped in to acquire the assets of Silicon Valley Bank from the FDIC after SVB's historic collapse. The result: CIT Bank, SVB's commercial operations, and First Citizens' traditional banking all operate under a single charter. For depositors, the critical implication is that FDIC insurance is calculated per charter, not per brand. If you hold deposits at CIT Bank and also have funds at First Citizens Bank or through SVB's successor operations, those balances are aggregated for the $250,000 per-ownership-category limit. Most people will never hit this ceiling, but high-balance savers building CD ladders across what they think are separate institutions could be exposed. Despite the corporate complexity, CIT's consumer products remain strong: the Platinum Savings and 11-month No-Penalty CD are among the strongest offerings for rate-conscious savers who do not need checking or ATM access.
Key Features
Platinum Savings Tiered Structure
The headline APY requires a $5,000 minimum balance. Drop below that and the rate falls significantly, sometimes to less than half. CIT does not prominently advertise the lower tier, so verify your balance stays above the threshold or use the Savings Connect account instead, which only requires $100.
11-Month No-Penalty CD
This is CIT's most strategically useful product. You lock in a CD-level rate but can withdraw the full balance after 7 days with no penalty. In a declining rate environment, it lets you capture today's rate while retaining flexibility. In a rising rate environment, you can exit and re-enter at a higher rate without cost.
Savings Connect Linked APY
Opening a CIT eChecking account unlocks a higher APY on your Savings Connect balance. The rate boost is modest (typically 0.10-0.25%) but the eChecking account carries a $25 monthly fee waivable only with a $25,000 combined balance. Do the math: unless you are parking serious money, the fee erodes the rate advantage.
First Citizens Stability
Post-merger, CIT operates under the 17th-largest bank in America by assets. This is meaningful for FDIC-insured deposit confidence, but the integration has caused sporadic technology hiccups as systems merge. The mobile app and online platform have improved but still lag Ally and Marcus in polish.
How It Works
Decide Between Platinum Savings and Savings Connect
If you have $5,000+ to park, Platinum Savings offers the highest rate. Below $5,000, Savings Connect is the better choice with its $100 minimum and no tiered penalty.
Apply Online
The application takes about 10 minutes. You will need your SSN, a valid ID, and a funding source. There is no in-branch option since CIT operates entirely online.
Fund with External Transfer
Transfer funds from your existing bank. Initial ACH transfers typically take 2-3 business days. CIT does not accept wire transfers for account opening.
Consider the No-Penalty CD
Once funded, evaluate whether the 11-month No-Penalty CD offers a better rate than your savings account. You can move funds between CIT products without fees.
What They Do
- Savings Accounts
- CDs
- eChecking
- Money Market
- Jumbo CDs
- IRA Accounts
Debt Types They Take On
- Platinum Savings
- Savings Connect
- eChecking
- No-Penalty CD
- Ramp-Up CD
- Term CD
- Jumbo CD
Fee & Cost Structure
Regulatory & Trust
Review Summary
Notable Case Studies
No-Penalty CD as Rate Insurance
Saver deposited $50,000 into CIT's 11-month No-Penalty CD at 4.50% APY when rate cuts were expected. When rates dropped 75 basis points six months later, the locked CD continued earning the original rate.
FDIC Coverage Discovery
High-balance depositor held $200,000 at CIT Bank and $100,000 at First Citizens Bank, unaware both operated under the same charter after the merger.
Pros & Cons
Pros
- 11-month No-Penalty CD is among the best rate-lock-with-flexibility products available
- Platinum Savings consistently offers top-tier APY for balances above $5,000
- Backed by 17th-largest U.S. bank by assets after First Citizens merger
- Low CFPB complaint volume relative to deposit base
Cons
- Platinum Savings rate drops sharply below $5,000 minimum with no clear disclosure
- FDIC coverage pooled with First Citizens and SVB deposits under same charter
- No checking account worth recommending due to $25 monthly fee structure
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Important Banking Disclaimers
- Annual Percentage Yields (APYs) shown are accurate as of the date of publication and are subject to change without notice. APYs may vary by region and account tier. Contact the bank directly for the most current rates.
- FDIC insurance covers deposits up to $250,000 per depositor, per insured bank, for each account ownership category. NCUA insurance provides similar coverage for credit union deposits. Coverage limits are set by federal law and are subject to change.
- Bank bonuses and promotional offers may require minimum deposits, direct deposit setup, or other qualifying activities. Bonuses may be considered taxable income. Consult a tax professional regarding potential tax obligations.
- Fees, minimum balance requirements, and account terms vary by institution and are subject to change. Always review the account agreement and fee schedule before opening an account.
- Zogby does not provide banking services. We are an independent comparison service. We do not manage accounts, process transactions, or hold deposits on your behalf.
This page is informational, not financial or legal advice. Talk to a qualified professional before making any big money decisions.
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