Yes, CIT Bank is FDIC insured (FDIC# 58978). The federal government protects your money up to $250,000 per depositor, for each account ownership category, in the event of a bank failure.
CIT Bank offers three main depository product types: savings accounts, Certificates of Deposit (CDs), and IRA CDs.
CIT Bank is an online banking solution that offers some of the highest-paying interest rates on both savings accounts and CDs. Plus, there are no account maintenance fees for CIT Bank's banking products. In addition, there's now an interest-paying eChecking account too.
Best CD rates of May 2021
High-yield savings offer zero risk
As long as you open a savings account at a legitimate bank that is FDIC-insured, "there is zero risk of capital loss," says Gordon Achtermann, a Virginia-based certified financial planner.
Withdrawal options
You can withdraw money from your CIT Bank Savings Builder account via: Electronic funds transfer. Requesting a mailed check. Wire transfer.
(CIT) is an American financial holding company and bank holding company incorporated in Delaware and headquartered in New York City. CIT Bank, CIT's banking subsidiary, is headquartered in Pasadena, California.
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CIT Group.
| Company logo since 2018 | |
|---|---|
| Type | Public company |
| Area served | North America |
**Interest Rate is 0.499% during the Introductory Period and 0.399% thereafter. ***APY assumes a Qualifying Deposit of $200 or more is made to the linked eChecking account each Evaluation Period. Visit our Savings Connect page for complete terms and conditions. Savings Builder is a tiered interest rate account.
How safe are online CDs? Just as safe as other CDs. Most online banks offer FDIC insurance just like brick-and-mortar institutions. The main difference between online and traditional banks is branch access for customer support; online banks usually provide help by phone and online channels only.
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