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CIT Bank Launches New High-Yield Savings Account with 0.85% Annual Percentage Yield
New Product Offering Can Help Consumers Achieve Their Savings Goals
Consumers Can Visit BankOnCIT.com to Open an Account Today
Monday, March 26, 2012 08:30 AM
WINTEREST: [win-t(e)rest] Definition: The high rate of return on your money from a CIT Bank Savings account. (Photo: Business Wire)
Our high-yield savings account offers a very competitive annual percentage yield and complements our existing range of savings options

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 CIT Savings (cit.com/citsavings), its high-yield savings account product for consumers. CIT Savings, which requires no minimum balance to open the account and no maintenance fees, offers a current rate of 0.85% annual percentage yield (APY) for dedicated savers.1

“Our high-yield savings account offers a very competitive annual percentage yield and complements our existing range of savings options,” said Raymond J. Quinlan, CIT Group Inc. Executive Vice President, Banking. “The launch of this new savings product will assist customers in achieving their savings goals. We encourage customers to consider opening an account with CIT Bank today.”

CIT Savings offers consumers compounded interest daily, allowing them to maximize their earnings potential. Additional product benefits include a fast account application process, a higher rate for higher balances and quick, easy money transfers.

Launched in October 2011, CIT Bank’s other consumer deposit product offerings include a range of certificates of deposit (CDs), including:

  • ACHIEVER CDs: These certificates of deposit offer consumers a one-time opportunity to increase their savings potential. If CIT Bank’s certificate of deposit 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 at any time during the term of the CD.
  • 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 rates for larger deposits.

CIT Bank Savings Options

                         
Savings Option       Term       Minimum to Open       Annual Percentage Yield (APY)
CIT Savings       NA       No minimum required;

< $25,000

      0.80%
      NA       $25,000       0.85%1
Achiever CD3       1 Year       $25,000       1.08%2
      2 Year       $25,000       1.26%2
Low Minimum Term CD       6 Month       $1,000       0.45%2
      1 Year       $1,000       1.06%2
      2 Year       $1,000       1.25%2
      3 Year       $1,000       1.46%2
Jumbo CD       2 Year       $100,000       1.27%2
      3 Year       $100,000       1.48%2

Annual percentage yield for a minimum daily balance of $25,000. Savings rates are variable and are subject to change.

CD rates are subject to change at any time without notice. Rates as of January 20, 2012. Early withdrawals are subject to a penalty fee.

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

CIT Bank is a member of the FDIC and deposits are insured up to $250,000 per depositor.

EDITOR’S NOTE:

Individuals interested in receiving corporate news releases can register at cit.com/newsalerts or subscribe to the RSS feed at cit.com/rssfeed

About CIT Bank

Founded in 2000, CIT Bank is a 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 December 31, 2011, it had $6.1 billion of deposits and $9 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 financeaerospaceequipment and rail leasing, and global vendor finance. CIT also operates CIT Bank,BankOnCIT.com, its primary bank subsidiary and an FDIC-insured online bank which offers a suite of savings options designed to help customers achieve a range of financial goals. cit.com

 

1 Annual percentage yield for a minimum daily balance of $25,000. Lower balances will currently receive a competitive 0.80% APY. Savings rates are variable and are subject to change.

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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