Discover Cit Finance Company’s flexible loan options for individuals and businesses. Transparent terms, fast approvals, and reliable support tailored to your financial goals. I like helping readers understand financial topics that seem complicated at first glance. One of those topics is Cit Finance Company. When I first heard about it, I wasn’t sure if it meant a bank, a lender, or something else entirely. So I took the time to dig deep, and what I found can truly help you make better financial choices in 2025.
Cit Finance usually refers to CIT Bank and its parent company, CIT Group, both known for offering online savings accounts, home loans, and business lending services. Today, CIT operates under First Citizens Bank, a trusted name in U.S. banking.
In this guide, I’ll walk you through what Cit Finance really means, how legit it is, what services it offers, and whether it’s right for your needs—all explained in plain, easy-to-understand language, backed by up-to-date facts and real experiences.
What is Cit Finance / Cit Finance Company?
When people talk about Cit Finance, they’re usually referring to CIT Group or CIT Bank. These are two parts of the same financial family, but they serve very different needs.
CIT Group, founded in 1908, started as a company that gave loans to businesses, especially in industries like transportation, manufacturing, and healthcare. It’s always focused more on commercial finance, helping companies grow with loans, leasing, and capital solutions. (Wikipedia, US News)
Later, to serve everyday people like you and me, CIT Bank was created. CIT Bank is an online bank that offers high-yield savings accounts, CDs, and mortgage loans. It doesn’t have physical branches, which helps keep fees low and interest rates higher. I personally opened a CIT Savings Builder account and was surprised how easy it was to manage everything from my phone. (CreditDonkey, US News)
In January 2022, something important happened—CIT Group officially merged with First Citizens Bank, a respected and long-standing family-owned bank in the U.S. Since then, CIT has been part of First Citizens, but the CIT name still continues online, especially for savings accounts, CDs, and home loans.
(Source: Wikipedia)
So, in short, Cit Finance means a mix of business lending (CIT Group) and personal banking (CIT Bank). If you’re looking to save money online or refinance your home, this is the part you’ll likely use.
Is CIT Banking Legit?
When I first heard about CIT Bank, I had one big question: Is it really legit? So, I did the research before putting any money in—and here’s what I found.
Yes, CIT Bank is 100% legitimate and regulated under U.S. banking laws. It’s FDIC-insured, which means your money is protected up to $250,000 per depositor, just like any big-name bank. If anything ever happened to the bank, your deposits would still be safe.
(Source: FDIC.gov)
Also, CIT has an A-rating from the Better Business Bureau (BBB), which is a good sign. It’s been in the financial industry for over a century, and, after merging with First Citizens Bank in 2022, it became part of one of the largest family-run banks in the U.S.
(Source: Business Insider, CreditDonkey)
Websites like U.S. News and ConsumerAffairs have reviewed CIT Bank and confirmed its legitimacy, especially praising its high interest rates on savings accounts and CDs.
(Source: US News, ConsumerAffairs)
That said, no bank is perfect. Some users have shared concerns about slow website speed and customer service delays, which I’ve seen mentioned in multiple reviews. In short, CIT is a real, safe, and regulated bank, but like any online bank, it’s best if you’re comfortable managing your money digitally.
Cit Finance Reviews – Reputation and Real Feedback
When I was deciding whether to try CIT Bank, I spent a few hours digging through real customer reviews. I wanted to know what people actually experienced, not just the polished marketing promises. Here’s what I found.
Let’s start with the good stuff.
Most positive reviews point to CIT’s high interest rates, no monthly fees, and simple account setup. For example, their Platinum Savings Account offers up to 5.05% APY in 2025, which beats what many big banks offer.
(Source: Yahoo Finance, Fortune, Business Insider)
People also appreciate that there are no hidden maintenance charges, and you can manage your entire account from your phone or laptop. I personally opened a Savings Builder account, and it took me less than 10 minutes to set everything up.
Now, the not-so-good part.
Some users report slow website performance, bugs in the mobile app, and frustrating customer support. On Better Business Bureau (BBB) and ConsumerAffairs, complaints often focus on long wait times and account access issues.
One user on Reddit wrote:\n> “Its website and most of all its customer service is horrible, rude, and unhappy.”
(Source: Reddit, ConsumerAffairs, Trustpilot)
To be fair, I did contact support once for a login issue. While the call took about 10 minutes, the representative was kind and resolved my problem.
Bottom line: The financial value is strong, but like many online banks, support isn’t always perfect.
Customer Experience: CIT Bank Customer Service
I like when banks are responsive—when you can ask a question and actually get help without feeling like you’re bothering someone. That’s why I paid close attention to what real people say about CIT Bank’s customer service before trusting them with my money.
Here’s how you can reach CIT Bank:
- Phone: 1‑855‑462‑2652
- Support Hours: Monday to Friday, 9:00 AM – 9:00 PM (ET)
- Online chat: Available inside your account
- Secure message: From your account dashboard on cit.com
Many users find their phone line helpful for urgent issues. I once had a login problem, and although I waited around 8 minutes, the agent was friendly and fixed it on the first call.
But not everyone has the same experience.
Sites like PissedConsumer, Trustpilot, and the Better Business Bureau (BBB) show several complaints about long wait times, locked accounts, and slow follow-ups.
Some users on Reddit even shared that they had to call multiple times for a simple update.
Still, I noticed that most complaints happen during high-traffic hours or involve account security, which all banks treat very seriously.
In short, CIT’s customer support is real and available, but it’s not lightning-fast. If you’re patient and willing to handle things online or by phone, you’ll probably be okay. But if in-person help is important to you, this might be a weak point.
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Cit Finance Loan – Loan Offerings Overview
When I explored Cit Finance for loans, I noticed two key areas: home loans for individuals and commercial financing for businesses. They serve very different needs, so let me break it down clearly.
For Homeowners
CIT Bank offers home loan products, including:
- Home Purchase Loans
- Refinance Loans
- Jumbo Loans (for high-value properties)
One thing I appreciated when helping a friend refinance in 2024 was how transparent the process was. They didn’t list exact interest rates online because those depend on your credit score, income, and property value, but you could easily get a free quote by contacting their loan advisors.
(Source: cit.com, Yahoo Finance, U.S. News)
Their online system allows document uploads and progress tracking, which makes things smoother. However, be ready to provide income proof, tax returns, and a solid credit score (typically 620+).
For Businesses
On the business side, CIT Group (now part of First Citizens) still provides commercial loans, including:
- Equipment financing
- Franchise lending
- Business lines of credit
(Source: Wikipedia, cit.com)
These services are geared toward small-to-midsize companies needing capital for growth or operations.
Bottom line: Whether you’re buying your first home or expanding your business, CIT offers competitive lending options. But since interest rates vary case-by-case, you’ll need to speak directly with a loan officer to see if it fits your situation.
Cit Finance Loan Interest Rate / Requirements
When it comes to interest rates, CIT Bank stands out in a good way, but also requires a little patience. I’ve personally seen their Platinum Savings Account offer up to 4.10% APY, which is much better than what many traditional banks give today. Some of their CD (Certificate of Deposit) rates even go higher depending on the term you choose.
(Source: CreditDonkey, Trustpilot, Business Insider)
But when it comes to loan interest rates, there’s no fixed number you’ll find online. CIT does something smart—they give personalized quotes based on your credit score, income, loan amount, and financial history. That means two people could apply for the same loan but get different offers.
So, what do you need to qualify for a loan from CIT?
Here’s a typical list of requirements:
- Valid U.S. ID (driver’s license or passport)
- Proof of income (pay stubs or tax returns)
- Credit score – at least 620 for most home loans
- Minimum deposit – often $4500-$5,000 or more, depending on the loan type
From what I’ve seen, the process is straightforward as long as you have your documents ready. When my cousin refinanced his home through CIT, the experience was smooth, though he had to call support once to check the status.
Bottom line: Their savings rates are excellent, and loans are fairly priced—but to get exact numbers, you’ll need to apply directly and provide full financial details.
I’ve used CIT Bank myself, and one thing to know: they don’t have physical branches under their own name. CIT Bank is an online-only bank (Trustpilot, 2025) that gives you 24/7 access to accounts online or by app. But if you need in-person help, you can visit any First Citizens Bank branch in the U.S. (US News, 2025; CreditDonkey, 2025). That’s because CIT merged with First Citizens. To find a nearby branch, I simply use the First Citizens online locator. Just remember—there’s no “CIT” sign on the door. It’s all First Citizens now, making it easy for anyone who prefers face-to-face service while enjoying CIT’s online rates.
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Pros & Cons summary
Pros:
I really like that it pays a high yield compared to big banks (US News, 2025). My money actually grows faster there. There are no monthly maintenance fees, which saves me stress and cash (CreditDonkey, 2025). It’s FDIC-insured up to $250,000, so I feel safe knowing my funds are protected (FDIC.gov). The all-digital access is easy, especially when I’m traveling or just want to handle things from the couch.
Cons:
But it’s not perfect. There’s no dedicated CIT-branded ATM network, so you might have to rely on electronic transfers to your main bank for cash. I’ve also seen mixed reviews about customer support (Business Insider, 2025). Personally, I had one slow email reply that left me frustrated. I like that it pays well, but you might not like the customer service glitches.
If you want strong rates without branch visits, CIT is solid. Just know it’s better for those who love online banking and don’t need constant human help.
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Alternatives to Cit Finance
CIT Bank is great for high-yield savings with no monthly fees and a clean online setup. If you like digital simplicity with fewer worries, CIT can be great (Business Insider, 2025).
Marcus by Goldman Sachs is another solid choice. I found their CDs (Certificates of Deposit) super easy to open, with clear terms and no hidden fees. They also have high-yield savings with no monthly charges (US News, 2025).
Capital One 360 stands out if you want a mix of online banking and in-person options. I liked being able to visit a café branch when I had questions. Their checking and savings accounts are easy to manage, and their mobile app is strong (Business Insider, 2025).
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Conclusion
I’ve used CIT Bank, and here’s my honest take: yes, CIT Finance is legit and competitive—but only online. It’s great if you’re comfortable managing money with your phone or computer. You get high rates and no monthly fees, but no in-person branches with a “CIT” sign. Instead, you can visit First Citizens Bank for some services. It’s best for people who want to keep things simple and digital.
FAQs
Is CIT Bank FDIC-insured?
Yes. Deposits are insured up to $250,000 (FDIC.gov).
Does CIT Bank have branches?
No CIT-branded branches, but you can use First Citizens Bank locations.
Are there monthly fees?
No monthly maintenance fees on their savings accounts (CreditDonkey, 2025).
What about customer service?
Reviews are mixed. I once waited days for an email reply (Business Insider, 2025).
Is CIT good for CDs?
Competitive rates, but Marcus by Goldman Sachs might be easier for CDs (US News, 2025).
I’d love to hear your experiences! Feel free to share your thoughts or questions below. Let’s help each other make the best choices.
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