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    CIT Bank Announces New Two-Year Achiever CD with 1.26% APY
    Consumers Can Visit BankOnCIT.com to Purchase CDs
    Tuesday, January 10, 2012 08:30 AM
    CIT Bank today announced the launch of a new Two-Year Achiever CD. (BankOnCIT.com)
    This new product complements our existing group of CD offerings and is designed to help consumers achieve a range of financial goals.

    NEW YORK & SALT LAKE CITY--(BUSINESS WIRE)--CIT Bank (BankOnCIT.com), a Federal Deposit Insurance Corporation (FDIC) insured online bank and wholly-owned subsidiary of CIT Group Inc. (NYSE: CIT) cit.com, a leading provider of financing to small businesses and middle market companies, today announced the launch of a new Two-Year Achiever CD (certificate of deposit) offering consumers an APY (annual percentage yield) of 1.26%.

    “The unique savings features of CIT Bank’s existing One-Year Achiever CD have been well-received by consumers and we believe our new Two-Year Achiever CD will be equally as popular,” said Raymond J. Quinlan, CIT Group Inc. Executive Vice President, Banking. “This new product complements our existing group of CD offerings and is designed to help consumers achieve a range of financial goals.”

    CIT Bank’s Achiever CDs offer consumers a one-time opportunity to increase their savings potential – if CD rates go up, customers can opt to take advantage of the higher rate by raising their rate. Customers can also elect to increase their deposit level one time during the term of the CD.

    CIT Bank’s other consumer deposit product offerings include a range of CDs including:

    • TERM CDs: These certificates of deposit allow consumers to lock in interest rates for between six months and three years.
    • JUMBO CDs: These certificates of deposit offer consumers higher certificate of deposit rates for larger deposits.

    CIT Bank CD Options

               
    Savings Option   Term  

    Minimum to
    Open

     

     

    Annual
    Percentage Yield
    (APY) 1

    Achiever CD2

     

    1-Year   $ 25,000   1.08 %
      2-Year   $ 25,000   1.26 %
    Low Minimum Term CD   6-Month   $ 1,000   0.45 %
      1-Year   $ 1,000   1.06 %
      2-Year   $ 1,000   1.25 %
      3-Year   $ 1,000   1.49 %
    Jumbo CD   2-Year   $ 100,000   1.27 %
      3-Year   $ 100,000   1.51 %

    CD rates are subject to change at anytime without notice. Rates as of January 9, 2012. Early withdrawals are subject to a penalty fee.

    Option to increase your rate and add additional funds once during CD term.

    As with all of CIT Bank’s CDs, the Two-Year Achiever CD has no account opening or monthly maintenance fees. CIT Bank deposits are FDIC-insured up to $250,000 per depositor.

    Individuals interested in receiving future updates on CIT via e-mail can register at http://newsalerts.cit.com

    About CIT Bank

    Founded in 2000, CIT Bank is wholly-owned subsidiary of CIT Group Inc. (NYSE: CIT). It is regulated by the Federal Deposit Insurance Corporation and the Utah Department of Financial Institutions. As of September 30, 2011, it had $4.9 billion of deposits and $7.5 billion of assets. BankOnCIT.com

    About CIT

    Founded in 1908, CIT (NYSE: CIT) is a bank holding company with more than $34 billion in financing and leasing assets. A member of the Fortune 500, it provides financing and leasing capital to its more than one million small business and middle market clients and their customers across more than 30 industries. CIT maintains leadership positions in small business and middle market lendingfactoringretail financeaerospace, equipment and rail leasing, and global vendor financecit.com

     

    Contact:

    CIT MEDIA RELATIONS:
    C. Curtis Ritter, 973-740-5390
    Director of Corporate Communications
    Curt.Ritter@cit.com
    or
    Matt Klein, 973-597-2020
    Vice President, Media Relations
    Matt.Klein@cit.com
    or
    CIT INVESTOR RELATIONS:
    Ken Brause, 212-771-9650
    Executive Vice President
    Ken.Brause@cit.com

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