When choosing a bank to secure your hard-earned money, the most crucial question you can ask is: is CIT Bank FDIC insured? In a financial world full of unpredictability, banking with an FDIC-insured institution offers critical peace of mind. CIT Bank, a division of First Citizens Bank, has earned a significant reputation among savers and investors alike. But is your money truly safe with CIT Bank?
Let’s take a deep dive into CIT Bank, its FDIC insurance status, and what that means for you as a customer.
What Does FDIC Insurance Mean?
Before answering the main question — is CIT Bank FDIC insured — let’s clarify what FDIC insurance actually means.
The Federal Deposit Insurance Corporation (FDIC) is a U.S. government agency created in 1933 to restore trust in the American banking system during the Great Depression. FDIC insurance protects depositors by covering their accounts up to $250,000 per depositor, per insured bank, for each account ownership category.
In essence, if your bank fails, your money — up to the insured limit — is guaranteed safe.
FDIC insurance does not cover stocks, bonds, mutual funds, life insurance policies, or annuities.
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Is CIT Bank FDIC Insured?
Let’s cut to the chase: Yes, CIT Bank is FDIC insured.
CIT Bank is a division of First Citizens Bank, which is a member of the FDIC. As such, all deposits at CIT Bank are FDIC insured up to $250,000 per depositor. This includes high-yield savings accounts, money market accounts, and certificates of deposit (CDs).
Visit CIT Bank’s official website for updated FDIC statements and deposit account terms.
When you open an account at CIT Bank, your funds are not only protected by FDIC insurance, but also by the solid reputation and regulatory compliance of First Citizens Bank, one of the largest family-controlled banks in the United States.
Overview of CIT Bank and Its FDIC Insurance
| Feature | Details |
|---|---|
| Bank Name | CIT Bank (a division of First Citizens Bank) |
| FDIC Member | Yes |
| FDIC Insurance Limit | $250,000 per depositor, per account ownership category |
| Insured Accounts | Savings, Money Market, CDs, eChecking |
| FDIC Certificate Number | #11063 (via First Citizens Bank) |
| Website | www.cit.com |
Types of CIT Bank Accounts Covered by FDIC Insurance
1. High-Yield Savings Accounts
CIT Bank’s high-yield savings accounts offer competitive interest rates and are FDIC insured, meaning your funds are safe even if the bank encounters financial difficulty.
2. Money Market Accounts
These accounts combine the benefits of savings and checking accounts, including the ability to write checks. All money market deposits are fully insured by the FDIC.
3. Certificates of Deposit (CDs)
Whether you choose a short-term or long-term CD, all CIT Bank CD products are FDIC insured up to $250,000.
4. eChecking Accounts
Though not as popular as other products, CIT’s eChecking accounts are still fully protected under FDIC regulations.
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How FDIC Insurance at CIT Bank Works
When you deposit funds into an account at CIT Bank, those funds are automatically covered by FDIC insurance — you don’t need to apply or sign up separately.
FDIC insurance at CIT Bank protects:
- Up to $250,000 per depositor
- Per ownership category (e.g., individual, joint, retirement)
- Across all deposit accounts (not investments)
Example: If you and your spouse each open individual savings accounts, both accounts are insured up to $250,000 each, for a total of $500,000.
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Important Considerations About FDIC Insurance at CIT Bank
Consolidated Insurance with First Citizens Bank
Since CIT Bank is now a division of First Citizens Bank, if you have accounts at both banks, the FDIC insurance limit applies to the combined total. This means:
Your total deposits at both banks are insured up to $250,000 — not $250,000 at each.
Account Ownership Categories
FDIC insurance applies to each account ownership category. For example:
- Individual Accounts: $250,000
- Joint Accounts: $250,000 per co-owner
- Trust Accounts: Based on number of beneficiaries
Understanding your ownership structure can help maximize your FDIC coverage.
How to Verify CIT Bank’s FDIC Status
Don’t just take our word for it — you can verify that CIT Bank is FDIC insured directly via the FDIC’s database.
FDIC BankFind Tool
Steps to verify:
- Go to the FDIC BankFind site.
- Type “First Citizens Bank” (CIT Bank is now a division).
- Confirm the FDIC Certificate Number (#11063).
- Review coverage details.
This will give you real-time information on the bank’s insurance status and current standing.
Benefits of Banking with an FDIC-Insured Institution Like CIT Bank
1. Peace of Mind
Knowing that your money is federally insured gives you the confidence to save and invest without worrying about potential bank failures.
2. Financial Protection
Even in the worst-case scenario, like a bank collapse, the FDIC steps in to reimburse your funds — usually within days.
3. Risk-Free Saving
For conservative savers, FDIC-insured accounts like those at CIT Bank are ideal for preserving capital while earning interest.
What FDIC Insurance Doesn’t Cover at CIT Bank
While FDIC coverage at CIT Bank is robust, there are certain exclusions:
- Stocks, bonds, mutual funds
- Life insurance policies
- Municipal securities
- Annuities
- Cryptocurrencies
If you’re investing in such financial products through CIT Bank or its partners, understand that these are not protected under FDIC rules.
Maximizing Your FDIC Insurance Coverage at CIT Bank
To fully take advantage of FDIC protection at CIT Bank, consider:
- Opening joint accounts for added coverage
- Spreading funds across ownership categories
- Using different FDIC-insured institutions for balances above $250,000
These strategies help you protect more of your money while leveraging the safety net provided by the FDIC.
Summary: Is CIT Bank FDIC Insured?
The answer is a definite YES — CIT Bank is FDIC insured through its parent institution, First Citizens Bank. With up to $250,000 in insurance per depositor, your savings, CDs, and money market accounts are well protected against loss.
As a reliable online bank, CIT Bank combines high-yield products with federal deposit protection, making it an ideal choice for savers who prioritize both security and growth.
Always verify your deposit structure and review ownership categories to ensure maximum FDIC coverage.
Conclusion
In today’s financial environment, safeguarding your money is more important than ever. Is CIT Bank FDIC insured? Absolutely. When you deposit your funds into any CIT Bank product, your savings are protected up to $250,000, ensuring peace of mind, reliability, and financial safety.
With CIT Bank’s strong backing from First Citizens Bank, plus the powerful umbrella of FDIC protection, your money is in excellent hands.
Frequently Asked Questions (FAQs)
Q1: Is my money safe at CIT Bank?
Yes. CIT Bank is FDIC insured through First Citizens Bank. All qualifying deposit accounts are covered up to $250,000 per depositor.
Q2: Are CIT Bank CDs FDIC insured?
Absolutely. All certificates of deposit (CDs) offered by CIT Bank are protected under FDIC insurance, just like savings and money market accounts.
Q3: What happens if CIT Bank fails?
In the unlikely event CIT Bank fails, the FDIC will reimburse depositors up to the insured limit. This process typically occurs within a few business days.
