CIT Group
Founded in 1908, CIT Group operates today as CIT Bank, a digital-first consumer banking division of First Citizens Bank & Trust Company (FCNCA), offering high-yield savings, CDs, eChecking, home loans, and self-directed investing to individual U.S. consumers through its online and mobile platform.
- Company typePublic
- Founded1899
- HeadquartersPasadena, United States
- Headcount1,001–5,000
- GTM typeB2C
- OfferingServices
What CIT Group does
Founded in 1908 as the Commercial Investment Trust Company, CIT Group historically operated as a commercial lender and diversified financial services firm. The company filed for bankruptcy in 2009 during the global financial crisis, emerged, and was subsequently acquired by First Citizens BancShares, Inc. (NASDAQ: FCNCA) in 2021 for approximately $2.2 billion in stock. Following the acquisition, CIT Bank operates as a digital-first consumer banking division of First Citizens Bank & Trust Company, sharing FDIC Certificate ID 11063. First Citizens itself traces its operating heritage to 1899, giving the combined franchise 125 years of banking history. CIT Bank and CIT Commercial Services are both slated for rebrand/consolidation under the First Citizens parent brand in Q4 2026.
CIT Bank delivers retail banking services through a digital platform targeting individual consumers across the United States. The product line centers on deposits — Platinum Savings, Savings Connect (up to 3.65% APY), Money Market, Savings Builder, eChecking with Zelle, and a broad CD range (Term CDs at 3.75% APY 6-month and 2.75% APY 18-month, plus No-Penalty 11-Month, Jumbo, and RampUp variants) — supplemented by home loans, self-directed investing, and financial planning services. All products are sold and serviced through cit.com, mobile banking, and self-service onboarding at citbankapp.cit.com, with no physical branches. Underlying technology is described as a standard online-and-mobile banking platform with digital payment integrations rather than an AI-native stack.
Revenue is generated primarily via net interest income (the spread between deposit costs and yields on mortgages, home loans, and the asset-based lending book inherited from First Citizens' commercial operations), with supplementary deposit fees, CD early-withdrawal penalties, and asset-based lending service fees. Customer acquisition runs through direct-to-consumer digital channels with content marketing and SEO, positioning CIT Bank as a deposit-funded balance-sheet engine within the larger First Citizens franchise rather than an independently scaling fintech.
CIT Group firmographics
Firmographics- Name
- CIT Group
- Legal name
- First-Citizens Bank & Trust Company
- Website
- https://cit.com
- Company type
- Public
- Founded year
- 1899
- Operating status
- Operating
- Headcount range
- 1,001–5,000 employees
- Short description
- Founded in 1908, CIT Group operates today as CIT Bank, a digital-first consumer banking division of First Citizens Bank & Trust Company (FCNCA), offering high-yield savings, CDs, eChecking, home loans, and self-directed investing to individual U.S. consumers through its online and mobile platform.
- Ownership category
- akta.pro rank
CIT Group industry classification
Industry- Product category
- Retail Banking
- NAICS
- Depository Credit Intermediation (5221), Savings Institutions and Other Depository Credit Intermediation (522180)
- SIC
- Savings Institution, Federally Chartered (6035)
- akta.pro primary industry
- Virtual / Digital-First Credit Cards (FSAKABAK)
Keywords
Where CIT Group is headquartered
LocationHeadquarters
- HQ city
- Pasadena
- HQ country
- United States
- HQ region
- North America
Markets served
CIT Group business model
Business model- GTM type
- B2C
- Offering type
- Services
- Cost components
- Personnel, Operations, Technology or R&D, Marketing or Sales, Infrastructure
Revenue model
- Net Interest Income: Traditional banking revenue from spread between interest paid on deposits and earned on loans including home mortgages and lending products
- Deposit Fees and Charges: Fee income from account services including overdrafts, early withdrawals from CDs, and other account maintenance charges
- Asset-Based Lending Services: Commercial lending services including inventory financing, receivables financing, and equipment financing for businesses (as part of broader First Citizens capabilities)
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Subscription | Monthly | Platinum Savings Account - High-yield savings with competitive APY |
| Subscription | Monthly | Savings Connect Account - Flexible savings with up to 3.65% APY |
| Subscription | Monthly | Money Market Account |
| Subscription | Monthly | Savings Builder Account |
| Subscription | Annual | Term CDs - 6-Month CD with 3.75% APY |
| Subscription | Annual | Term CDs - 18-Month CD with 2.75% APY |
| Subscription | Annual | No-Penalty 11-Month CD |
| Subscription | Annual | Jumbo CDs |
| Subscription | Annual | RampUp CDs |
| Subscription | Monthly | eChecking Account |
| Other | Monthly | Home Loans |
Go-to-market motion1 record
Distribution channels3 records
Marketing channels4 records
CIT Group product offering
Product offeringCore offering
CIT Group, through its CIT Bank division of First Citizens Bank, provides digital-first consumer banking products including high-yield savings accounts, multiple certificate of deposit (CD) products, an electronic checking account, home loans, and self-directed investing services. All products are offered entirely online and through mobile channels, with competitive variable APY rates (e.g., up to 3.65% on Savings Connect and 3.75% on 6-month CDs) and FDIC insurance through First-Citizens Bank & Trust Company.
Product overview
CIT Bank offers a unified digital banking platform combining savings, checking, CD, lending, and investment products. The core offering centers on savings products (Platinum Savings, Money Market, Savings Connect, Savings Builder), certificates of deposit (Term CDs, No-Penalty CDs, Jumbo CDs, RampUp CDs), and eChecking accounts. Supplementary services include home loans, self-directed investing, and financial planning. All products are delivered through digital channels including online and mobile banking, with Zelle integration for payments and transfers.
Differentiator
Problem solved
Functional benefit
Brands
- Platinum Savings: High-yield savings account product
- Savings Connect
- Money Market Account
- eChecking
- SmartSaver
Products and services
- Platinum Savings High-yield savings account with competitive interest rates for consumers building savings over time.
- Money Market Account Savings account that may offer checking-like features with competitive APY for individual consumers seeking liquidity and yield.
- Savings Connect Flexible savings account offering up to 3.65% APY designed for consumers reaching savings goals; $100 minimum opening deposit and variable rate.
- Savings Builder Savings account designed to help consumers build savings through consistent deposits and growth features.
- eChecking Electronic checking account for individual consumers with online and mobile banking access, Zelle integration, and digital payment capabilities.
- Term CDs Fixed-term certificates of deposit with guaranteed rates (e.g., 3.75% APY on 6-month, 2.75% APY on 18-month) for specific maturity periods; $1,000 minimum deposit and early-withdrawal penalties apply.
- No-Penalty 11-Month CD 11-month certificate of deposit that allows penalty-free early withdrawal after the initial 6 months, offering consumers liquidity flexibility with a competitive APY.
- Jumbo CDs Certificates of deposit with higher minimum deposit requirements offering enhanced rates for high-balance depositors.
- RampUp CDs CD product with escalating rates feature designed to help consumers grow savings over the life of the deposit.
- Home Loans Mortgage and home financing solutions for consumers purchasing residential real estate.
- Self-Directed Investing Investment platform allowing individual consumers to manage their own investment portfolios with educational support.
- Financial Planning Professional financial planning services to help individual consumers achieve long-term financial goals.
- Online Banking Digital banking platform enabling individual consumers to manage accounts, perform transfers, and conduct transactions through a web interface.
- Mobile Banking Mobile application enabling individual consumers to access accounts, perform transactions, deposit checks, and use Zelle for payments on smartphone devices.
Quantifiable outcome
- Up to 3.65% APY on Savings Connect accounts
- +2 more outcomes
Companies that use CIT Group
Customer profileSegments4 records
Ideal customer profiles2 records
CIT Group technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Feature3 records
CIT Group partnerships and signals
Strategic signalScale indicators3 records
Recent moves4 records
Expansion highlights4 records
CIT Group competitors and assessment
Company assessmentDirect peers
- Ally Bank: Ally is a top digital-first US bank offering high-yield savings, CDs, eChecking, and mortgages with no physical branches, directly mirroring CIT Bank's product set and target consumer. Both compete on online APY leadership and digital UX.
- Marcus by Goldman Sachs: Goldman Sachs' Marcus is a digital deposit brand offering high-yield savings and CDs through no-branch delivery, competing for the same rate-sensitive online saver CIT targets. Both rely on parent-bank balance sheet strength to fund competitive APY offers.
- Discover Bank: Discover Bank offers online savings accounts and CDs as part of its direct-to-consumer deposit franchise, overlapping heavily with CIT Bank's product mix. Both compete head-to-head for digital CD and savings customers.
- Synchrony Bank: Synchrony Bank is one of the largest online deposit gatherers, offering high-yield savings, money market, and CDs that directly compete with CIT Bank's portfolio. Both serve rate-sensitive digital consumers seeking branchless alternatives.
- American Express National Bank: AmEx National Bank offers high-yield online savings and CDs via a branchless model, competing for the same FDIC-insured online saver persona as CIT Bank. Both rely on a powerful parent brand and competitive APY to attract deposits.
- Capital One 360 (Capital One Bank): Capital One 360 is a digital banking platform offering savings, checking, and CDs that compete directly with CIT Bank's online deposit products. Both serve consumers migrating from brick-and-mortar banks to digital channels.
- SoFi Bank: SoFi operates a full-service digital bank (with a national bank charter) offering high-yield savings, checking, and consumer lending, directly competing with CIT Bank for digital-first consumer deposits and adding an investing/loans flywheel that pressures CIT's cross-sell economics.
- Barclays US Online Savings: Barclays' US online savings product is a tier-1 direct competitor for the same rate-seeking digital saver CIT targets, offering a branchless, FDIC-insured high-yield savings experience. Both compete predominantly on APY and digital onboarding.
Emerging players
- Wealthfront Cash: Wealthfront's Cash Account is a high-yield sweep/cash deposit product aimed at digitally-native savers, overlapping with CIT Bank's online savings persona. While narrower in product scope, it directly competes on rate and UX for the digital rate-sensitive deposit dollar.
- Emigrant Bank Direct: Emigrant Direct is a smaller FDIC-insured digital savings bank focused almost exclusively on high-yield online savings, making it a narrowly focused direct comparable to CIT Bank's savings-led digital deposit franchise.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat4 records
Key risks5 records
Key highlights6 records
Customer concentration
CIT Group social profiles
Digital presenceCIT Group compliance and trust
Trust signalCompliance1 record
CIT Group financial estimates
Financial estimateRevenue estimate
Valuation estimate
CIT Group leadership team
Management profileNumber of profiles
Profiles8 records
CIT Group funding detail
Funding detailFunding overview
Funding rounds2 records
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
CIT Group M&A and investment
M&A and investmentM&A3 records
Investments69 records
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about CIT Group
What does CIT Group do?
CIT Group, through its CIT Bank division of First Citizens Bank, provides digital-first consumer banking products including high-yield savings accounts, multiple certificate of deposit (CD) products, an electronic checking account, home loans, and self-directed investing services. All products are offered entirely online and through mobile channels, with competitive variable APY rates (e.g., up to 3.65% on Savings Connect and 3.75% on 6-month CDs) and FDIC insurance through First-Citizens Bank & Trust Company.
Is CIT Group a public or private company?
CIT Group is a public company. It is classified as corporate owned and is currently operating.
When was CIT Group founded?
CIT Group was founded in 1899. It employs 1,001 to 5,000 people.
Where is CIT Group based?
CIT Group is headquartered in Pasadena, United States, in the North America region.
How does CIT Group make money?
Three revenue lines are on record. Net Interest Income is the primary driver. The others are deposit Fees and Charges and asset-Based Lending Services.
Who are CIT Group's main competitors?
Direct peers on record are Ally Bank, Marcus by Goldman Sachs, Discover Bank, Synchrony Bank, American Express National Bank, Capital One 360 (Capital One Bank), SoFi Bank and Barclays US Online Savings. Emerging players are Wealthfront Cash and Emigrant Bank Direct.
Does CIT Group have an API?
No public API is recorded for CIT Group.
What industry is CIT Group in?
CIT Group's product category is Retail Banking. Its primary akta.pro industry code is FSAKABAK, Virtual / Digital-First Credit Cards. Its NAICS code is 5221 and its SIC code is 6035.