CIT Bank offers eight standard certificate of deposit (CD) terms, ranging from six months to five years. The bank’s CD rates are less competitive than those of some other online banks, and there’s a $1,000 minimum deposit requirement to open a CD.
Here’s an overview of CIT Bank Certificates of Deposit rates. Rates are accurate as of May 3, 2024.
| CD Term | APY | Minimum Deposit |
|---|---|---|
|
6 Months
|
3.00%
|
$1,000
|
|
11 Months (no-penalty)
|
3.50%
|
$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
|
CIT Bank Certificates of Deposit
Annual Percentage Yield
0.30% to 3.50%
Minimum Deposit Requirement
$1,000
Member FDIC
0.30% to 3.50%
$1,000
Overview of CIT Bank CDs
CIT Bank offers a range of CD products to help you find the right term to suit your financial goals. The bank offers Term CDs, as well as CIT Bank Jumbo CDs and the CIT Bank No-Penalty CD. The bank also lists RampUp CDs on its website, but these accounts are no longer available.
Term and No-Penalty CDs have an opening balance requirement of $1,000. Jumbo CDs have a $100,000 minimum.
Interest on all CDs is compounded daily and credited monthly. The bank’s online resources don’t specifically disclose if an account holder can withdraw interest earned prior to maturity. However, if you tap into your deposit prior to maturity, you will pay an early withdrawal penalty.
For terms up to one year, you’ll forfeit three months’ simple interest. For terms of more than one year and up to three years, you’ll forfeit six months’ simple interest. And for terms more than three years, you’ll forfeit 12 months’ simple interest.
| Overview of CIT Bank Term CDs | Values |
|---|---|
|
Minimum Deposit
|
$1,000
|
|
Term Lengths
|
6, 11, 12, 13, 18, 24, 36, 48 and 60 months
|
|
Compounding Schedule
|
Daily
|
|
Early Withdrawal Penalty
|
|
|
Grace Period for Penalty-Free Withdrawals After Maturity
|
10 days
|
How Much Can You Earn With CIT Bank’s CD Rates?
CIT Bank’s Term CD rates are fairly favorable when compared to the best online savings accounts. If you don’t need the liquidity, you can use CIT Bank’s CDs to earn a decent rate of return on your investment.
To figure out what you can earn with CIT Bank’s Term CDs, use our CD calculator:
How CIT Bank’s CDs Compare
Compared to today’s best CD rates, CIT Bank’s Term CD rates are less competitive with some online banks and yet trend much higher than rates offered by larger national banks with brick-and-mortar locations. Rates are also significantly higher than average national CD rates, according to data from the FDIC. While the average six-month CD earns 1.57% as of April 2024, a CIT six-month CD currently earns 3.00% APY.
A CD from this bank could be a good fit for investors who aren’t concerned with liquidity and want their savings out of reach since CIT Bank’s CD rates are reasonably competitive with online savings and money market account rates. CIT Bank’s money market account pays 1.55% APY.
While minimum deposits might make this bank’s CDs out of reach for some, the $100 requirement is comparable to other banks.
As early withdrawal penalties at this bank are significant, be sure to compare rates and terms from several banks and credit unions to ensure you’re getting the best return on your investment before opening a CD.
About CIT Bank
CIT Bank is an online bank offering a simple set of consumer banking tools, as well as commercial and business banking solutions. On the consumer side, in addition to CDs, you’ll find various products, including home loans and savings, money market and interest-bearing checking accounts. Account access is all digital, 24 hours a day. CIT Bank is part of First Citizens BancShares Inc., a top 50 U.S. bank.
Frequently Asked Questions (FAQs)
Are there different types of CDs?
There are several types of CDs for investors to choose from, though not all are offered by every bank. Common CD types include term, jumbo and no-penalty.
What is an early withdrawal penalty?
An early withdrawal penalty is charged if you need to access the funds invested in a CD before the maturity date. This penalty is usually expressed as a particular number of days’ or months’ interest on the amount withdrawn.
Should I choose a CD or a savings account?
If you don’t know when you’ll need to access your savings, a regular savings or money market account would likely be a better choice than a CD so that you can avoid potential early withdrawal penalties. Learn more about CDs vs. saving accounts.
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