CIT Bank – Bank Rates Review

February 2nd, 2012

CD Rates Menu Live

CIT Bank logo

First, I made the new CD Rates menu live ahead of schedule. So now when you are on the blog, you’ll be able to select which term you are looking for and a list of federally insured banks and credit unions will be displayed.

It is sorted highest to lowest of course. If available, it will link to the blog post where we reviewed the institution. I hope this new feature is helpful. Let me know what other data you would like to see and we will see what we can do. I did the database modifications and coding on my own and I know enough to be dangerous. Please let me know if anything looks broken. The data under the individual blog posts is still done manually so we will be working on upgrading that over the next few months.

CIT Bank Review

CIT Bank is a relative new comer to banking. They were established in 2000. The CD portion of the Bank has been live in the market since mid-Oct 2011 and the Savings has been live since the end of March. CIT itself has been around since 1908 and like other brokerage firms (Charles Schwab, Goldman Sachs, etc.) they started their own bank.

FDIC#35575
Stats Updated:09/11
Star Rating:****
Assets:$7.5BB
Equity:$1.96BB
Capital Ratio:26.08%
Profits(loss):$55.07MM
 
Phone#:(855) 462-2652
Address:2180 South 1300 East, Suite 250
Salt Lake City,UT 84106
Website:https://www.bankoncit.com

CIT Bank has three different types of CDs. All of them have very competitive rates. They have the Achiever CD that allows for a one-time bump on the rates (if they move up) and a one-time add-on of additional funds. They have their regular CDs that have a low minimum, only $1000 is needed. Finally, they have offerings for Jumbo CDs which gives a slight bonus for the larger amounts. I don’t believe they are offering IRA rates yet, but feel free to correct me if I am wrong. I do think it is a little interesting that they don’t offer the Achiever CD for 3-year CDs. This gives a little hint about what they think rates could do after 2-years.

Achiever CD1-Year:1.10%
Achiever CD2-Year:1.25%
Regular CD6-Month:0.45%
Regular CD1-Year:1.06%
Regular CD2-Year:1.20%
Regular CD3-Year:1.42%
Jumbo CD5-Year:1.85%
Jumbo CD2-Year:1.25%
Jumbo CD3-Year:1.44%
Jumbo CD5-Year:1.90%

Happy CD Hunting.
cd :O)

-- By +Chris Duncan

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