CIT launches online bank `BankOnCIT.com'
18 Oct 2011
CIT Group Inc, a leading provider of financing to small businesses and middle market companies, on Monday announced the launch of BankOnCIT.com, the online arm of FDIC-insured consumer bank CIT Bank.
"The online bank will help us meet the financing needs of our small business and middle market clients. The CIT Bank platform will allow us to expand our client base as we offer additional retail and commercial deposit products in the future," CIT said in a release.
"The launch of CIT Bank online is another important step in our efforts to diversify our funding sources into stable, low-cost deposit products," said John A Thain, chairman and chief executive.
"The online bank will help us meet the financing needs of our small business and middle market clients. The CIT Bank platform will allow us to expand our client base as we offer additional retail and commercial deposit products in the future," he added.
CIT Bank will initially offer consumer deposit products, including a range of certificates of deposit (CDs) that offer competitive rates, depending on the product type. The bank CDs will have no account opening or monthly maintenance fees.
CD options include `term CDs', which allow consumers to lock in interest rates for between six months and three years as also `Achiever CDs', which offer consumers a one-time opportunity to increase their savings potential.
