CIT Bank Online (BankOnCIT.com)

CIT Bank ( BankOnCIT.com), a Federal Deposit Insurance Corporation (FDIC) insured online bank and wholly-owned subsidiary of CIT Group Inc. (NYSE: CIT) cit.com, a leading provider of financing to small businesses and middle market companies, today announced the launch of a new Two-Year Achiever CD (certificate of deposit) offering consumers an APY (annual percentage yield) of 1.26%.

“The unique savings features of CIT Bank’s existing One-Year Achiever CD have been well-received by consumers and we believe our new Two-Year Achiever CD will be equally as popular,” said Raymond J. Quinlan, CIT Group Inc. Executive Vice President, Banking. “This new product complements our existing group of CD offerings and is designed to help consumers achieve a range of financial goals.”

CIT Bank’s Achiever CDs offer consumers a one-time opportunity to increase their savings potential – if CD 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 one time during the term of the CD.

CIT Bank’s other consumer deposit product offerings include a range of CDs including:
  • TERM CDs: These certificates of deposit allow consumers to lock in interest rates for between six months and three years.
  • JUMBO CDs: These certificates of deposit offer consumers higher certificate of deposit rates for larger deposits.

CIT Bank CD Options
           
Savings Option   Term  

Minimum toOpen

 
 

AnnualPercentage Yield(APY) 1
Achiever CD2

 
1-Year   $ 25,000   1.08 %
  2-Year   $ 25,000   1.26 %
Low Minimum Term CD 6-Month   $ 1,000   0.45 %
1-Year   $ 1,000   1.06 %
2-Year   $ 1,000   1.25 %
  3-Year   $ 1,000   1.49 %
Jumbo CD 2-Year   $ 100,000   1.27 %
  3-Year   $ 100,000   1.51 %

1 CD rates are subject to change at anytime without notice. Rates as of January 9, 2012. Early withdrawals are subject to a penalty fee.

2 Option to increase your rate and add additional funds once during CD term.

As with all of CIT Bank’s CDs, the Two-Year Achiever CD has no account opening or monthly maintenance fees. CIT Bank deposits are FDIC-insured up to $250,000 per depositor.

Individuals interested in receiving future updates on CIT via e-mail can register at http://newsalerts.cit.com

About CIT Bank

Founded in 2000, CIT Bank is wholly-owned subsidiary of CIT Group Inc. (NYSE: CIT). It is regulated by the Federal Deposit Insurance Corporation and the Utah Department of Financial Institutions. As of September 30, 2011, it had $4.9 billion of deposits and $7.5 billion of assets. BankOnCIT.com

About CIT

Founded in 1908, CIT (NYSE: CIT) is a bank holding company with more than $34 billion in financing and leasing assets. A member of the Fortune 500, it provides financing and leasing capital to its more than one million small business and middle market clients and their customers across more than 30 industries. CIT maintains leadership positions in small business and middle market lending, factoring, retail finance, aerospace, equipment and rail leasing, and global vendor finance. cit.com

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Copyright Business Wire 2010

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