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;
|Achiever CD3||1 Year||$25,000||1.08%2|
|Low Minimum Term CD||6 Month||$1,000||0.45%2|
|Jumbo CD||2 Year||$100,000||1.27%2|
1 Annual percentage yield for a minimum daily balance of $25,000. Savings rates are variable and are subject to change.
2 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.
3 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.
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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
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 lending, factoring, retail finance, aerospace, equipment 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.