New York— As online banking continues to grow in popularity, consumers are asking an important question before depositing their hard-earned money: Is CIT Bank FDIC insured? The answer is yes — CIT Bank is a member of the Federal Deposit Insurance Corporation (FDIC), which means your deposits are protected up to the legal limits.
What Does FDIC Insurance Mean?
The FDIC (Federal Deposit Insurance Corporation) is a government agency that protects depositors by insuring up to $250,000 per depositor, per institution, per ownership category. If a bank fails, the FDIC steps in to reimburse your funds up to that limit.
As an FDIC-insured institution, CIT Bank (FDIC Certificate #58978) ensures that eligible deposit accounts are covered, including:
- High-yield savings accounts
- Money market accounts
- CDs (Certificates of Deposit)
- Checking accounts (when offered)
About CIT Bank
CIT Bank, a division of First Citizens Bank, is an online-only bank that offers competitive interest rates, particularly for savings and CD products. The bank is regulated by the Office of the Comptroller of the Currency (OCC) and operates under the umbrella of First-Citizens Bank & Trust Company, one of the oldest and largest family-controlled banks in the U.S.
Is Your Money Safe at CIT Bank?
Yes. Thanks to FDIC insurance, your funds at CIT Bank are as secure as those held at any traditional bank. If CIT Bank were ever to go out of business, the FDIC would reimburse depositors up to $250,000 per account holder (assuming the account is in a qualifying category).
For example:
- If you have $150,000 in a CIT Bank Savings Connect account and $75,000 in a CIT Bank CD, you’re fully insured for $225,000.
- If you hold joint accounts or trusts, coverage may be extended beyond the individual $250,000 limit.
How to Verify FDIC Insurance
To double-check CIT Bank’s insurance status:
- Visit the FDIC’s BankFind tool
- Search by the bank’s name or FDIC certificate number (CIT: #58978)
- Review the insurance details and charter information
If you’re considering saving or investing with CIT Bank, you can rest assured knowing that your deposits are FDIC insured. In a world of financial uncertainty, having that government-backed protection is a big reason why millions of customers trust CIT Bank for their high-yield savings and CDs.