Is CIT Bank FDIC Insured? Everything You Need to Know About Deposit Safety”

Is CIT Bank FDIC Insured? Everything You Need to Know About Deposit Safety”

Introduction

Wondering if CIT Bank is FDIC insured? You’re not alone—and it’s a smart question to ask before trusting any bank with your money. CIT Bank is FDIC insured, meaning your deposits are protected up to $250,000 per depositor, per account category. In today’s digital banking world, knowing your money is safe matters more than ever. Whether you’re new to CIT Bank or just double-checking, this article breaks down everything you need to know about FDIC insurance, CIT Bank’s coverage, and how to make sure your money is fully protected.

What Is FDIC Insurance and Why Does It Matter?

FDIC insurance is a safety net for your money. It stands for Federal Deposit Insurance Corporation, a U.S. government agency that protects your bank deposits in case the bank fails. If your bank is FDIC insured, your money—up to $250,000 per depositor, per ownership category—is covered.

Why does this matter? Because even strong banks can run into trouble. With FDIC insurance, your savings, checking, and other eligible accounts are protected. It gives you peace of mind knowing your money is backed by the full faith and credit of the U.S. government.

Is CIT Bank FDIC Insured?

Yes—CIT Bank is FDIC insured. This means your deposits are protected up to $250,000 per depositor, per account category, just like at any other FDIC member bank.

CIT Bank operates as a division of First-Citizens Bank & Trust Company, which is a long-standing FDIC member. So when you open an account with CIT Bank, your money is actually insured under First Citizens’ FDIC coverage.

Whether you’re saving for a rainy day or managing your money online, you can feel confident that your funds are secure and government-backed at CIT Bank.

Who Owns CIT Bank?

CIT Bank is owned by First Citizens Bank, one of the oldest and most respected banks in the U.S. In 2022, First Citizens completed a merger with CIT Bank, making CIT a division under its name.

This matters because First Citizens Bank is a well-established, FDIC-insured institution with a long track record of financial strength. So when you deposit money at CIT Bank, you’re actually banking with a trusted, larger institution behind the scenes.

This ownership helps ensure added stability, stronger security measures, and continued FDIC insurance coverage for your money.

CIT Bank vs Citibank: What’s the Difference?

It’s easy to confuse CIT Bank with Citibank—but they’re completely different.

CIT Bank is an online-focused bank that offers savings accounts, CDs, and other personal banking products. It’s a division of First Citizens Bank and FDIC insured.

Citibank, on the other hand, is a global financial giant and part of Citigroup. It offers a wide range of services, including investment banking and credit cards.

So while their names sound alike, they are separate banks, with different services, histories, and ownership. But both are FDIC insured and legit.

How to Verify FDIC Insurance for Any Bank

Want to double-check if a bank is FDIC insured? It’s simple—and smart.

Just go to the official FDIC BankFind tool. There, you can type in the bank’s name, like CIT Bank or First-Citizens Bank & Trust, and see their FDIC status, certificate number, and more.

You’ll also see important info like when the bank was founded and where it’s located. This tool helps you stay informed and confident, especially when banking online.

Always use this step when opening an account with a less familiar or online bank.

What’s Covered and What’s Not Under FDIC at CIT Bank

FDIC insurance covers a lot—but not everything. At CIT Bank, your deposits are protected up to $250,000 per depositor, per account category.

✅ Covered accounts include:

• Savings accounts
  
• Checking accounts
  
• Money market accounts
  
• Certificates of deposit (CDs)
  

❌ Not covered:

• Stocks, bonds, or mutual funds
  
• Crypto assets
  
• Life insurance policies or annuities
  
• Safe deposit box contents
  

So, if you keep your money in a CIT Bank savings or CD, you’re covered. But investments or other financial products are not protected by FDIC insurance.

Frequently Asked Questions (FAQ)

Is CIT Bank safe for large deposits?
Yes—CIT Bank is FDIC insured through First Citizens Bank. For balances over $250,000, consider using joint accounts or spreading funds across account types to increase coverage.

Can I open a joint account to get more FDIC insurance?
Absolutely. Joint accounts are insured up to $250,000 per co-owner, which can double your coverage.

Is CIT Bank legit if it’s online-only?
Yes! CIT Bank is a legitimate, FDIC-insured online bank. Just like traditional banks, your deposits are protected.

Is CIT Bank the same as Citibank?
No—they’re completely different banks with similar names.

Final Thoughts

If you’re wondering, “Is CIT Bank FDIC insured?” — the answer is a confident yes. Your money is protected up to $250,000 per depositor, per account category, through First Citizens Bank, an official FDIC member.

Whether you’re opening a high-yield savings account or a CD, CIT Bank offers not only competitive rates but also solid protection and peace of mind.

Just remember: always check a bank’s FDIC status, especially with online banks. And with CIT Bank, you can bank smart—and safe.