CIT Bank Review 2025: Rates, Products, and Everything You Need to Know

What Does “N.A.” Stand For in CIT Bank, N.A.?

The “N.A.” in CIT Bank, N.A. stands for “National Association.” This designation means CIT Bank is a federally chartered bank, supervised and regulated by the Office of the Comptroller of the Currency (OCC). It operates under federal banking laws rather than state regulations, ensuring compliance with national standards.

Being a National Association also means CIT Bank is a member of the Federal Reserve.

CIT Bank Savings Rates

• Platinum Savings: Up to 4.10% APY on balances ≥ $5,000; otherwise 0.25% APY
• Savings Connect: 4.00% APY on all balances, no minimum monthly balance
• Savings Builder: Tiered 0.40–1.00% APY based on maintaining ≥ $25K or depositing ≥ $100 monthly

CD Rates

• Term CDs:
• 6 months: 3.00% APY
• 13 months: 3.50% APY
• 18 months: 3.00% APY
• 1 year: 0.30% APY
• 2–5 year: 0.40–0.50% APY
• No Penalty CD (11 months): 3.50% APY, with full withdrawal flexibility after 7 days

Interest Rates (General)

Savings rates compound daily and are variable—subject to Fed policy—while CDs offer fixed rates over the selected term.

Credit Card Variety

CIT Bank does not issue consumer credit cards like rewards or cashback cards. Their focus remains on deposit and loan products; credit cards are handled by First Citizens in other offerings.

Wire Transfer Limits, Fees & Instructions

• Limits: Standard online banking or app transfers apply; specific outgoing wire limits aren’t publicly listed.
• Fees: Domestic and international wire fees vary—typically $20–$25 domestically, more for international based on routing.
• Instructions: Initiate as “Move Money → Transfers” in the online portal or app. For international, you'll need your SWIFT/BIC code, account number, and recipient details.

Federal Tax ID

CIT Bank, N.A. is registered under LEI FVPV0TNOIM6NUIE59530 and operates with FDIC coverage. The federal tax ID isn't listed on consumer sites, but the LEI confirms its legal entity identification.

ATM Fees

CIT Bank charges no ATM fees; plus, they reimburse up to $30 per month for out-of-network ATM charges.

Tax Documents

Customers receive standard IRS documents: Forms 1099-INT for interest, and 1098 for mortgage interest (if applicable). These appear early in the new year, accessible via your online account.

Account Types

• High yield savings (Platinum, Connect, Builder)
• Money Market
• Checking (eChecking)
• Term CDs (6 months to 5 years, standard and jumbo)
• No Penalty CD
• Jumbo CDs (≥ $100K balances)

SWIFT Code

• OWBKUS6LXXX (CIT Bank formerly under First Citizens)
• CITXUS55XXX is another code associated with CIT Bank, N.A.
• Always verify with your intended recipient.

Transfer Limits

• Internal transfers: Unlimited in most cases via online interface.
• External transfers: May be capped (e.g., $50K/day or similar) per user agreements; check FAQs or banker directly.

Products Beyond Deposits

• CIT Bank (via CIT Group) also provides commercial banking, lending (business, mortgage), asset-based financing, factoring, treasury, and railroad leasing.
• Consumer side: deposit accounts and CDs only.

Savings APY Recap

• Platinum Savings: 4.10% (≥ $5K)
• Savings Connect: 4.00% (any balance)
• Builder: 0.40–1.00% APY (tiered)
• Money Market: ~1.55% APY

Platinum Withdrawal Limits

Withdrawals follow Federal Regulation D: up to 6 free withdrawals per statement cycle from savings/money market; excess withdrawals trigger fees or account restrictions.

CIT Bank Customer Service Numbers

• Domestic: 855 462 2652 (Toll-free, available Mon–Fri: 9 a.m.–9 p.m. ET, Sat: 10 a.m.–6 p.m. ET)
• International: 626 535 8964 (Toll call for customers overseas)
• Email: Custserv@cit.com, Service@cit.com