Table of Contents
Table of Contents
CIT Bank CDs: Key Features
Compare CD Account Rates
FAQ
Your Guide to CDs
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- Banking
- Certificate of Deposits (CDs)
Learn how much you can earn with a CIT Bank certificate of deposit
By
Erin Gobler
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Full Bio
Erin Gobler is personal finance coach and a writer with over decade of experience. She specializes in writing about investing, cryptocurrency, stocks, and more. Her work has been published on major financial websites including Bankrate, Fox Business, Credit Karma, The Simple Dollar, and more.
Learn about our editorial policies
Updated April 30, 2024
Fact checked by
Michael Rosenston
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Fact checked byMichael Rosenston
Full Bio
Michael Rosenston is a fact-checker and researcher with expertise in business, finance, and insurance.
Learn about our editorial policies
:max_bytes(150000):strip_icc()/Primary-Image-cit-bank-cd-rates-april-2023-7480633-5c0912fda85c4a3a98f5766de1576664.jpg "CIT Bank CD Rates: May 2024 (3)")
CIT Bank is one of the nation’s most popular online banks. In addition to its other bank services, CIT Bank offers certificates of deposit (CDs), with terms ranging from six months to five years. The bank’s CDs have competitive interest rates, especially for its shorter-term CDs.
| CIT Bank Short-Term CD Overview | ||
|---|---|---|
| CD Term | APY | Minimum Balance |
| 6 months | 3.00% | $1,000 |
| 12 months | 0.30% | $1,000 |
| 13 months | 3.50% | $1,000 |
| 18 months | 3.00% | $1,000 |
| 24 months | 0.40% | $1,000 |
| 36 months | 0.40% | $1,000 |
| 48 months | 0.50% | $1,000 |
| 60 months | 0.50% | $1,000 |
See the best CD rates today before choosing the CD that is best for you.
| CIT Bank No-Penalty CD | ||
|---|---|---|
| CD Term | APY | Minimum Balance |
| 11 months | 3.50% | $1,000 |
| CIT Bank Jumbo CDs | ||
|---|---|---|
| CD Term | APY | Minimum Balance |
| 2 years | 0.40% | $100,000 |
| 3 years | 0.40% | $100,000 |
| 4 years | 0.50% | $100,000 |
| 5 years | 0.50% | $100,000 |
CIT Bank CDs: Key Features
| CIT Bank Standard CD Key Features | |
|---|---|
| APY Range | 0.30%–3.50% |
| Minimum Balance | $1,000 |
| Term Range | 6 months to 5 years |
| Compounding Schedule | Daily |
| Early Withdrawal Penalty | 1-year term or less: 3 months simple interest 1-3 year term: 6 months simple interest 3-year term or more: 12 months simple interest |
| Grace Period for Penalty-Free Withdrawals | 10 days after automatic renewal |
In addition to its standard and jumbo term CDs, CIT Bank offers an 11-month no-penalty CD. With an attractiveinterest rate and a minimum deposit of $1,000, this CD allows you to access your funds at any time before maturity without penalties.
CIT Bank, a subsidiary of First Citizens Bank, is an online-only bank. CIT Bank doesn’t have an ATM network. However, it doesn’t charge its customers any ATM fees, and it provides reimbursem*nt of up to $30 per month for other banks’ ATM fees.
Compare CD Account Rates
When it comes to choosing the right CD rate, it’s important to consider more than just APY.Before putting your money in a CD, consider how much you plan to deposit and how long you want your money locked up. Those factors can help you choose the right bank.
Another consideration is the early withdrawal penalty.
Many banks impose a penalty when you withdraw the funds from your CD before the maturity date. These penalties are often based on a certain number of months of interest, as is the case with CIT Bank. Like CIT Bank, some banks may also offer a penalty-free CD. If you think you may need to access your funds before your CD matures, looking at your penalty-free options may be a good idea.
Some banks offer a grace period on CDs during which you can withdraw your money with an early withdrawal penalty. This grace period could be after your CD matures but before it renews, or it could take place after your CD has automatically renewed.
Is CIT Bank CD FDIC Insured?
Yes, CDs at CIT Bank are FDIC-insured. Like most banks, CIT Bank's deposits are insured by the Federal Deposit Insurance Corporation (FDIC) for up to $250,000. If you have CDs or other deposit accounts at multiple banks, you’ll have up to $250,000 of coverage at each bank.
Are CIT Bank CD Rates Competitive?
CIT Bank has some of the best maximum CD rates on the market. But whether they are best for you depends on the CD term you are interested in. CIT Bank has high APYs for its CDs with terms of six months, 13 months, and 18 months. However, for its one-, two-, three-, four-, and five-year CD terms, CIT Bank is much less competitive.
How Do You Get the Best CD Rate With CIT Bank?
You’ll get the best CD rate with CIT Bank by choosing the six-month term and leaving your money in place until the CD matures.
However, because of the short term on this CD, you may have a new interest rate—and possibly a lower one—when your CD renews. If you anticipate interest rates may go down, and you want a longer term, you may have the best return by opting for the 18-month CD.
Are There Fees That CIT Bank Charges to Maintain Your CD?
CIT Bank doesn’t charge account opening or maintenance fees on its CDs. The only fee you may be subject to is an early withdrawal fee if you take your money out of the CD before it reaches maturity.
How Do You Open a CD With CIT Bank?
Because CIT Bank is an online-only bank, you can easily open a CD online in just a few simple steps. First, you’ll provide personal information like your name, Social Security number, and contact information. Next, you’ll need to transfer at least $1,000 via electronic transfer, a mailed check, or a wire to open the account. Once your transfer has been received, your CD account will be opened, and you’ll receive a confirmation email.
Your Guide to CDs
- What Is a Certificate of Deposit (CD)?
- What Is a Brokered CD?
- What Is a CD Ladder?
- Pros and Cons of CDs
- How to Invest With CDs
- How to Open a CD
- How to Close a CD
- CDs vs. Annuities
- CDs vs. Stocks
- CDs vs. Mutual Funds
- CDs vs. ETFs
- CDs vs. Savings Accounts
- Short-Term vs. Long-Term CDs
- CD Rates News
- Best 1-Year CD Rates
- Best 18-Month CDs
- Best Jumbo CD Rates
- Best 6-Month CD Rates
- Best 3-Month CD Rates
- Best Bank CD Rates
Article Sources
Investopedia requires writers to use primary sources to support their work. These include white papers, government data, original reporting, and interviews with industry experts. We also reference original research from other reputable publishers where appropriate. You can learn more about the standards we follow in producing accurate, unbiased content in oureditorial policy.
CIT Bank. “Short Term CD Rates.”
CIT Bank. "No-Penalty CD."
CIT Bank. "Jumbo CDs."
CIT Bank. “Fact Sheet.”
CIT Bank. "eChecking."
CIT Bank. "You Are Protected With FDIC Insurance."
Related Terms
What Is a Certificate of Deposit (CD) and What Can It Do for You?
A certificate of deposit (CD) is a type of savings account offered by banks and credit unions that pays a fixed interest rate on money held for an agreed upon period of time.
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Types of Specialty Certificates of Deposit (CDs) Explained
Specialty CDs offer features such as the ability to add to the principal or avoid early withdrawal fees. Some options offer more flexibility but may have lower rates than standard CDs.
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CD Ladder: How to Make One, Benefits, FAQ
A CD ladder is a strategy in which an investor divides a sum of money into equal amounts and invests them in certificates of deposit (CDs) with different maturity dates.
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Add-On CDs: Meaning, Pros and Cons, Example
Add-on CDs are specialty CDs that allow you to add more funds to your CD after the initial deposit. Learn whether an add-on or standard CD is a better choice for you.
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Callable Certificate of Deposit (CD): What it Means, How it Works
A callable certificate of deposit (CD) is an FDIC-insured CD that contains a call feature like other types of callable fixed-income securities.
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Variable-Rate Certificate of Deposit (CD): Meaning, Example, FAQs
A variable-rate certificate of deposit is an investment product with relatively low risk, but its interest rate can fluctuate, unlike most standard CD, which have fixed rates.
more
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