CIT Bank Launches RampUp Family of Flexible CDs

New Product Offering Designed to Help Consumers Achieve Their Savings Goals - Consumers Can Visit BankOnCIT.com to Open an Account Today

Business Wire

NEW YORK & SALT LAKE CITY--(BUSINESS WIRE)--

CIT Bank (BankOnCIT.com), a Federal Deposit Insurance Corporation (FDIC) insured online bank and wholly owned subsidiary of CIT Group Inc. (CIT) a leading provider of commercial lending, leasing and advisory services, today announced the launch of its RampUp™ Family of CDs (bankoncit.com/product-RampUp-CD.htm).

The RampUp™ Family of CDs are term CDs offering customers the flexibility to raise their interest rates once during the CD's term should rates go up. RampUp™ Plus CDs offer another advantage of allowing customers to add funds to their initial deposit one time during the CD's term. RampUp™ CDs allow customers to boost their rates and RampUp™ Plus CDs allow them to both boost the rate and bump up the initial deposit all within the CD's term. This new suite of flexible savings products builds on what was formerly known as CIT Bank’s Achiever CDs by expanding the range of terms from 1-Year to 4-Years.

“Our RampUp™ Family of CDs is truly built around our customers, offering more flexibility than traditional CDs with the same competitive rates,” said Nelson J. Chai, President of CIT Group Inc., Chairman and CEO of CIT Bank. “The launch of these new CDs will provide customers with a broader range of terms and give them the ability to adjust to market fluctuations. It’s a great way to help our customers achieve their savings goals and we encourage them to consider opening an account today.”

RampUp™ CDs and the RampUp™ Plus CDs also offer consumers compounded daily interest allowing them to maximize their earnings potential. Additional product benefits include a fast account-application process, a higher rate for higher balances, and quick and easy money transfers.

Launched in October 2011, CIT Bank’s other consumer deposit product offerings include a range of CDs including:

  • TERM CDs: These CDs allow consumers to lock in interest rates for between six months and five years.
  • JUMBO CDs: These CDs offer consumers higher CD rates for larger deposits.
  • SAVINGS ACCOUNTS The savings accounts offer tiered interest rates to help maximize balances.

CIT Bank Savings Options

  • All CIT Bank savings products can be set up as:
    • Custodial accounts
    • IRAs (with the exception of the Six-Month Term CD)
             
Savings Option       Term     Minimum to Open    

Annual
Percentage
Yield (APY)

CIT Savings1   NA     $100–     0.90%
      NA     $25,000     0.95%
RampUp Plus™2, 3   1 Year     $25,000     1.05%
      2 Years     $25,000     1.20%
RampUp™2, 4   3 Years     $25,000     1.35%
      4 Years     $50,000     1.70%
Low Minimum Term CD2   6 Months     $1,000     0.45%
  1 Year     $1,000     1.02%
  2 Years     $1,000     1.17%
  3 Years     $1,000     1.30%
  4 Years     $1,000     1.65%
      5 Years     $1,000     2.25%
Jumbo CD2   2 Years     $100,000     1.25%
  3 Years     $100,000     1.45%
  4 Years     $100,000     1.80%
      5 Years     $100,000     2.30%
 

1

 

Annual percentage yield is 0.95% for a minimum daily balance of $25,000 or more. Annual percentage yield is 0.90% for a minimum daily balance less than $25,000. Savings rates are variable and are subject to change after the account is opened.

2

Early withdrawals are subject to a penalty fee, which may reduce earnings.

3

Option to increase your rate and add additional funds once during CD term. CIT Bank reserves the right to limit the additional deposit to your RampUp™ Plus CD account to $250,000.

4

Option to increase your rate once during CD term. The maximum deposit to RampUp™ CD accounts with an original maturity of more than two years is $250,000.

Consult with your tax advisor before choosing an IRA

CIT Bank is a member of the FDIC, and deposits are insured up to $250,000 per depositor for each account ownership category.

APY – Annual Percentage Yield is accurate as of June 10, 2014.

 

EDITOR’S NOTE:

View CIT’s corporate overview video (cit.com/corporatevideo) and CIT Perspectives (cit.com/perspectives), which showcase our insights and ability to put our knowledge to work for the small business, middle-market, and transportation sectors. Follow us on Twitter, LinkedIn, YouTube, and Facebook or register to receive press releases at cit.com/newsalerts.

About CIT Bank

Founded in 2000, CIT Bank (Member FDIC, Equal Housing Lender) is the U.S. commercial bank subsidiary of CIT Group Inc. (CIT). It provides lending and leasing to the small business, middle-market, and transportation sectors. CIT Bank (BankOnCIT.com) offers a variety of savings options designed to help customers achieve their financial goals. As of March 31, 2014, it had over $13 billion of deposits and more than $16.5 billion of assets. cit.com/CITBank

About CIT

Founded in 1908, CIT (CIT) is a financial holding company with more than $35 billion in financing and leasing assets. It provides financing, leasing, and advisory services to its clients and their customers across more than 30 industries. CIT maintains leadership positions in middle-market lending, factoring, retail, and equipment finance, as well as aerospace, equipment, and rail leasing. CIT’s U.S. bank subsidiary CIT Bank (Member FDIC) (BankOnCIT.com) offers a variety of savings options designed to help customers achieve their financial goals. cit.com

Contact:
CIT MEDIA RELATIONS:
C. Curtis Ritter, 973-740-5390
Senior Vice President of Corporate Communications
Curt.Ritter@cit.com
or
Matt Klein, 973-597-2020
Vice President, Media Relations
Matt.Klein@cit.com
or
CIT INVESTOR RELATIONS:
Barbara Callahan, 973-740-5058
Senior Vice President
Barbara.Callahan@cit.com
View Comments (0)