CIT Group (NYSE:CIT), a leading provider of financing to small businesses and middle market companies, today announced the launch of its online FDIC-insured consumer bank, CIT Bank (BankOnCIT.com).
"The launch of CIT Bank online is another important step in our efforts to diversify our funding sources into stable, low-cost deposit products," said John A. Thain, Chairman and Chief Executive Officer. "The online bank will help us meet the financing needs of our small business and middle market clients. The CIT Bank platform will allow us to expand our client base as we offer additional retail and commercial deposit products in the future."
CIT Bank's initial consumer deposit product offerings include a range of certificates of deposit (CDs) that offer competitive rates, depending on the product type, and are designed to help consumers meet their savings goals. The Bank CDs will have no account opening or monthly maintenance fees. CD options include:
- TERM CDs, which allow consumers to lock in interest rates for between six months and three years.
- ACHIEVER CDs, which 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.
- JUMBO CDs, which offer consumers higher certificate of deposit rates for larger deposits.
CIT Bank's suite of products and services are expected to expand throughout 2012 and may include: checking, savings, online bill pay, mobile banking and other features.
Raymond J. Quinlan, Executive Vice President, Banking, said, "CIT Bank is inviting U.S. consumers to put our experience to work for them. We are bringing the same qualities that have helped us build small and middle market businesses - ingenuity, commitment and focus - to consumers, and we look forward to helping them achieve their personal savings goals."
CIT Bank is a member of the Federal Deposit Insurance Corporation (FDIC) and deposits are insured up to $250,000 per depositor.