Introduction: Why Bank Security Matters Today
When I opened an online savings account a few years ago, I remember asking myself, “What if this bank fails?” That simple question helped me learn about Is CIT Bank FDIC insured, and why it’s more important now than ever.
In 2025, more Americans are managing their money online than ever before. From savings accounts to CDs, we trust digital banks with our hard-earned cash. But with trust comes the need for real financial security, not just marketing promises. That’s where FDIC insurance comes in.
Many people—especially seniors, students, or anyone new to online banking—want to know: Is this bank safe? Will my money be okay if something unexpected happens?
CIT Bank has become a household name in the world of online savings. It offers competitive interest rates, a user-friendly platform, and flexible products. But here’s the key question:
In this article, I will explain what you need to know in a way that is backed by trusted sources like FDIC.gov
What is FDIC Insurance and Why It’s Important
I still remember the first time I read “FDIC insured” on a bank’s website – I honestly had no idea what it meant. So, if you’re wondering too, let me explain it in the simplest way possible.
FDIC stands for Federal Deposit Insurance Corporation. It’s a U.S government agency that safeguards your money if your bank shuts down. In other words, even if your bank fails or goes out of business, the government guarantees you’ll get your money back, up to a specific insured limit.
As of 2025, each individual at every FDIC-covered bank is insured for up to $250,000 based on account ownership type. So if you have a savings account, checking account, or even a certificate of deposit (CD) with a total amount of $250,000 or less, your money is completely protected.
It’s not just a promise – it’s backed by law. And in times of economic stress or uncertainty, this protection provides real peace of mind. If you’re ever unsure, you can check to see if your bank is FDIC-insured by visiting the official site: FDIC.gov
Personally, knowing this helps me sleep better at night, especially with online banks like CIT Bank, where everything is done digitally.
Is CIT Bank FDIC-insured? The real deal is here
Yes, CIT Bank is FDIC-insured. If you bank with CIT Bank or plan to do so, this is something you can feel completely confident about. I tested it out before opening my own savings account with them.
But let me explain how it works – because there’s an important detail.
In early 2022, CIT Bank merged with First Citizens Bank, one of the oldest and most trusted banks in the United States. Since that merger, CIT Bank now operates as a division of First Citizens Bank, which is fully FDIC-insured. So, when you place your money in a CIT Bank account—whether it’s a high-yield savings, certificate of deposit (CD), or money market account—your funds are backed by FDIC protection, just like they would be at any traditional bank branch.
First Citizens Bank’s official FDIC certificate number is 11063, and it covers all CIT Bank accounts. You can check this directly using their BankFind tool on the FDIC’s website.
According to the FDIC:
At an FDIC-insured bank, each person’s deposits are covered up to $250,000 per ownership type, offering solid protection for your money.
(Source: FDIC.gov)
I understand why this question is so important, especially when it comes to online banks. But rest assured: CIT Bank customers are fully insured by the FDIC, just like if you were banking in person.
I’ve been using CIT Bank for over a year, and knowing that my deposits are federally insured gives me the confidence to move more of my savings online. It’s not just safe – it’s smart.
CIT Bank: Company Background and Ownership
When I first started researching CIT Bank, I wanted to know who was really behind the bank. It’s an important question, especially when it comes to trusting an online institution with your savings.
Here’s the simple and up-to-date truth: CIT Bank is now one of the most established banks in the United States, a division of First Citizens Bank.
Let me take you through the timeline:
CIT Group, a financial institution founded in 1908, is primarily operated by CIT Bank, focusing on personal banking, business lending, and high-yield savings.
In January 2022, CIT Group merged with First Citizens Bankshares, based in Raleigh, North Carolina.
From that moment on, CIT Bank officially became part of First Citizens Bank.
Why does this matter to you and me?
Because First Citizens Bank isn’t new—they’ve been around since 1898, and they’ve weathered every financial storm since. In fact, after the banking challenges of 2023, First Citizens is getting even more attention with its acquisition of a portion of Silicon Valley Bank. That says something about their strength and reputation.
(Source: First Citizens Bank Newsroom, 2023)
So when you bank with CIT Bank, you’re not just using a digital brand—you’re backed by a legacy institution with over 100 years of banking experience. That kind of stability, especially in 2025, is something I deeply value.
CIT Bank Products That Are FDIC-Insured?
When I first started using CIT Bank, one of the first things I checked was: Which of their accounts are fully FDIC-insured? The good news is, all core deposit products offered by CIT Bank are covered by FDIC insurance, up to $250,000 per account category through First Citizens Bank. (FDIC Certificate #11063).
Here’s a detailed breakdown of the main FDIC-insured products that CIT offers in 2025:
- High-Yield Savings Account
This is one of CIT Bank’s most popular options – and the one I use. It offers a competitive APY (annual percentage yield), especially compared to traditional banks. Your funds in this account are fully protected under FDIC insurance.
Great for: Emergency funds, safely growing savings.
- Money Market Account
Think of it like a savings account, but with a bit more flexibility. You can earn high interest while maintaining access to your money. CIT’s money market is FDIC-insured and ideal for those who want both safety and liquidity.
Great for people saving with short-term goals in mind.
- Certificate of Deposit (CD)
If you’re willing to lock up your money for a set period, CIT’s CDs offer fixed rates and solid returns. From 6 months to 5 years, all CDs are FDIC-insured – so your investment is safe even if the bank doesn’t.
Long-term, risk-free savings.
- Platinum Savings Account
This premium savings option offers one of CIT’s best rates, but with a higher balance requirement. Still, your funds are fully protected by FDIC insurance.
Great for high-balance savers looking for a higher-tier rate.
All of these accounts are FDIC-insured through First Citizens Bank, ensuring your peace of mind every step of the way.
What is not covered by the FDIC at CIT Bank
While CIT Bank savings products are FDIC insured, it’s important to know that not everything offered by a bank is protected.
Here’s what is not covered by FDIC insurance at CIT Bank – or any other FDIC-insured institution:
Investments (such as stocks or bonds)
Mutual funds
Cryptocurrencies
Annuities
Life insurance policies
Municipal securities
Safe deposit box contents
I’ve had some friends who assumed that everything in their online banking app was insured – until they learned the hard way. That’s why it’s so important to read the fine print and know what type of account you’re using.
If you’re ever unsure, here’s what I do:
✅ Go to the FDIC’s BankFind Tool
✅ Search by bank name (e.g., “First Citizens Bank”)
✅ See which account types are listed as insured
You can call CIT Bank customer service directly and ask them to clarify which ones are FDIC-insured and which ones are not. In 2025, this kind of financial awareness helps keep your money safe and your mind clear.
Just remember: if it has a chance of going down in value based on the market, it’s probably not insured.
CIT Bank Customer Experience and Reviews
Before opening an account at CIT Bank, I did what most of us do – I looked for reviews online. I wanted to hear from real people, not just the promises of the website. So I spent time on Trustpilot, BBB (Better Business Bureau), and even looked at threads on Reddit. Here’s what I found:
✅ Strengths most users praise:
High APY (interest rate) — Many users love CIT’s high-yield savings options. This is one of the main reasons they open an account there.
No monthly fees — Customers often mention the lack of surprise fees.
Easy online setup — Most people say the account opening process is quick and easy.
It provides peace of mind knowing that your deposits are backed by FDIC insurance.
As one Reddit user shared:
“I’ve kept my emergency savings with CIT for more than three years. Their rates are competitive, and I’ve always been able to access my funds without any issues.”
Common concerns shared:
Customer service delays — Some Trustpilot users have reported slow response times during high-traffic times.
App performance — A few have noted that the mobile app isn’t as smooth as larger banks like Chase or Ally.
Transfer hold times — Some reviews have mentioned waiting days for external transfers to clear.
Still, despite these issues, many customers continue to trust CIT Bank, especially those who value high savings rates and don’t need daily customer support.
As of 2025, CIT Bank has a 3.3 out of 5 rating on Trustpilot and is accredited by the BBB, which shows ongoing efforts to resolve complaints and improve service.
(Source: trustpilot.com, bbb.org)
CIT Bank vs. Other FDIC-Insured Online Banks
When choosing an online bank, I always compare CIT Bank to other well-known names like Ally, Discover, and Marcus, which are all made by Goldman Sachs. Each offers FDIC insurance, so safety is a given, but what matters is rates, ease of use, and customer experience.
CIT Bank Pros:
Often have competitive or higher interest rates on savings and CDs than many competitors.
Simple product lineup—great if you want a simple savings or CD without the hassle.
Backed by First Citizens Bank, which adds stability monthly maintenance fees.
CIT Bank Cons:
The mobile app is sometimes less polished than Ally or Marcus.
Customer service can be slow during busy times.
Compared to others:
Ally Bank is praised for its outstanding customer support and user-friendly app, though its CD rates can occasionally be a bit lower compared to competitors.
Discover Bank offers a variety of banking products (like credit cards) but lacks high-yield options.
Goldman Sachs’ Marcus shines with very competitive savings rates, but focuses primarily on savings and CDs, like CIT.
What sets CIT apart for me is the combination of high rates, easy accounts, and the safety net of First Citizens’ FDIC insurance. It’s a solid choice if you want reliable growth with minimal hassle.
(Source: Bankrate.com 2025)
Why I Believe in FDIC Insurance at CIT Bank
When I first transferred my savings to CIT Bank, I was a little nervous about using an online-only bank. But after learning about FDIC insurance, my perspective changed. I get real peace of mind knowing that the government protects my deposits up to $250,000. It’s like having a safety net for my money – no matter what happens, I’ll be covered.
Even more reassuring is that CIT Bank is part of First Citizens Bank, a long-standing, trusted institution. This level of support reassures me that my finances are in secure hands.
I always recommend that anyone banking online take a moment to check their bank’s FDIC status. You can quickly do this yourself by visiting the official FDIC website. It’s a simple step that helps you stay in control of your finances – and gives you the confidence you need to save with confidence.
How to Check Any Bank’s FDIC Insurance (Step-by-Step)
When I opened a savings account online last year, the first thing I did was check to see if the bank was FDIC-insured. I had peace of mind knowing my money was safe. Here’s how you can do it:
Step-by-step instructions:
- Visit the FDIC’s BankFind Suite:
Visit the official page here: fdic.gov/bankfind
- Search by bank name or FDIC number:
In the search box, type the bank’s full name (e.g., “First National Bank”) or its FDIC certificate number if you have one.
- Confirm the details:
You’ll find your bank’s current status listed. Make sure it clearly states “FDIC Insured”, along with the standard coverage limit—typically up to $250,000 per depositor.
Why this step matters:
Not every bank or financial institution has FDIC protection. Taking a moment to check can safeguard your hard-earned money. Before I moved a significant amount into my account, I verified the bank myself, and it gave me real peace of mind.
Source: FDIC.gov
Conclusion: Final Thoughts on CIT Bank Security
CIT Bank is federally insured by the FDIC, which ensures that your deposits are protected up to $250,000 per depositor in each ownership category.
I have personally found that with smart decisions and basic research, online banks can be just as safe as traditional banks. The key is to do your homework – always check FDIC coverage through FDIC.gov. Security starts with awareness, and when you are informed, you can protect your money with confidence.
