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APY = Annual Percentage Yield. APYs are subject to change at any time without notice.
CIT Bank CD rates can be rather competitive, especially for certain term lengths and types of accounts. CIT Bank CDs can be a good fit for savers looking to maximize both yield and financial flexibility. Read on to find out whether a CIT Bank CD could meet your needs.
CIT Bank CD rates for 2024
Rates as of Dec. 18, 2024
APY = Annual Percentage Yield
CIT Bank CD
Bottom Line
CIT is an online bank that offers very competitive rates on certain CD terms, including non-standard promotional terms. If those terms match your need and you have at least $1,000 to deposit (CIT's typical minimum for CDs), it could be a good match.
CIT is an online bank that offers very competitive rates on certain CD terms, including non-standard promotional terms. If those terms match your need and you have at least $1,000 to deposit (CIT's typical minimum for CDs), it could be a good match.
Is a high-yield savings account a better option for you?
A high-interest savings account offers rates competitive with the best CDs accounts, but without having to lock your money away for months or even years at a time. Here are some top-rated high-yield savings account options from our experts.
4.00/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs. = Best = Excellent = Good = Fair = Poor
3.80%
Rate info
3.80% annual percentage yield as of December 28, 2024. Terms apply.
4.50/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs. = Best = Excellent = Good = Fair = Poor
up to 4.00%²
Rate info
You can earn the maximum APY by having Direct Deposit (no minimum amount required) or by making $5,000 or more in Qualifying Deposits every 30 days. See SoFi Checking and Savings rate sheet at: https://www.sofi.com/legal/banking-rate-sheet.
Min. to earn: $0
New customers can earn up to a $300 bonus with qualifying direct deposits!¹
4.50/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs. = Best = Excellent = Good = Fair = Poor
3.80%
Rate info
See Capital One website for most up-to-date rates. Advertised Annual Percentage Yield (APY) is variable and accurate as of Dec. 6, 2024. Rates are subject to change at any time before or after account opening.
CIT Bank CD rates are competitive for certain products and term lengths, but not for others. Take a look at what other financial institutions are offering to compare.
CIT Bank offers standard CDs in a variety of term lengths, as well as jumbo and no-penalty CDs. Customers can manage their CDs through the bank's online banking portal or the highly rated CIT mobile app.
Minimum Deposit
$1,000
Range of Term Lengths
6 months to 5 years
Compounding Schedule
Daily
Early Withdrawal Penalty
Terms up to 1 year: 3 months' simple interest;Terms between 1 and 3 years: 6 months' simple interest; Terms more than 3 years: 12 months' simple interest
Grace Period
10 days
Data source: CIT Bank.
CIT Bank CD pros and cons
CIT Bank Term CDs are the bank's standard CD product. They have $1,000 minimum opening deposits, and come in a variety of different terms ranging from six months to five years. The most competitive APYs are found on the non-standard 13- and 18-month, as well as the 6-month term length.
Pros
Some competitive interest rates
Daily compounding interest
Easy to open
Cons
$1,000 minimum to open
Low APYs for most standard terms
Overview of CIT Bank No-Penalty CD rates
CIT Bank only offers one no-penalty CD term. The rate is extremely competitive, but like all CIT Bank CDs, it requires a $1,000 minimum deposit.
Minimum Deposit
$1,000
Range of Term Lengths
11 months
Compounding Schedule
Daily
Early Withdrawal Penalty
None
Grace Period
10 days
Data source: CIT Bank.
CIT Bank No-Penalty CD pros and cons
CIT Bank offers a no-penalty CD for people who want to lock in a high APY but don't necessarily want to keep their money locked up. The CIT Bank No-Penalty CD comes in an 11-month term length and pays an extremely competitive interest rate, especially considering that it doesn't penalize early withdrawals. The bank requires the same $1,000 minimum deposit requirement as for standard CDs, which might be a little high for some customers.
Pros
High APY
No penalties for early withdrawal
No monthly fees
Cons
$1,000 minimum deposit to open
Only in 11-month term
How much can you earn with a CIT Bank CD?
Interest rates change frequently. CDs are great because you can open a CD to lock in high rates for the duration of your CD term. Here's a table illustrating what potential earnings could look like if you deposited $1,000.00 into a CIT Bank CD.
The numbers in the table below may not be accurate to current APYs and are for example purposes only.
Term
APY
Earnings
6 Mo.
3.00%
$15.11
11 Mo. (No-Penalty)
3.50%
$32.60
1 Yr.
0.30%
$3.00
13 Mo.
3.50%
$38.64
1.5 Yr.
3.00%
$46.03
2 Yr.
0.40%
$8.03
3 Yr.
0.40%
$12.07
4 Yr.
0.50%
$20.20
5 Yr.
0.50%
$25.31
Data source: Author's calculations.
Is a CIT Bank CD safe?
Yes, CIT Bank CDs are safe. The bank is an FDIC member, which means accounts are protected for as much as $250,000 per person. CIT Bank is the online division of First Citizens Bank, one of the largest and oldest established banks in the United States.
How to open a CIT Bank CD
CIT Bank makes opening a CD account easy. Here's how:
1. Sign up online
Begin the online sign-up process on the CIT Bank website. CIT Bank is an online-only bank.
2. Provide personal info
Provide address, phone, email and Social Security number. You may need your driver's license.
3. Choose a term
Choose which CD term to open.
4. Fund your account
Link your external or CIT Bank checking account to fund your new CD account with at least $1,000. You can also fund your account by wire transfer or mailing a check.
Who is a CIT Bank CD right for?
CIT Bank CDs can be a great fit for savers who want to open a CD in one of the bank's term lengths with high APYs (six, 13, or 18 months), or for those who want to lock in a high APY with a no-penalty CD that lets you withdraw money early if you need it.
Other CIT Bank CD accounts
CIT Bank also offers the following CD accounts:
Jumbo CDs
Ramp-up CDs (not available for new accounts right now)
At Motley Fool Money, certificates of deposit (CDs) are rated on a scale of one to five stars, primarily focusing on annual percentage yield (APY) and early withdrawal penalty fees. Our highest-rated CDs generally include competitive APYs without complex qualification tiers, low withdrawal fees, reliable brand trust and reputation, and ease of use.
The minimum deposit to open a CIT Bank CD is $1,000.
There are no opening or closing fees. If you withdraw from a CIT Bank CD early, you'll pay an early withdrawal fee unless you've opened a no-penalty CD.
You can close a CIT Bank CD early, but it will cost you early withdrawal fees. The exception is the CIT Bank No-Penalty CD, which you can withdraw from without paying fees.
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