Updated November 26, 2019

CIT Bank CD Rates: December 2019

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CIT Bank is known for competitive interest rates on online savings products. How are their CD rates? Check out the current rates and how they compare below.

CIT Bank is an online-only institution offering checking and savings accounts with higher interest rates and no monthly service fees. They also feature several types of Certificate of Deposit (CD) products for short to medium-term saving goals.

Read on to learn more about CIT Bank CDs.

CIT Term CDs

Term CDs are available from 6 months to 5 years. With a term CD, you must commit your money for the entire term, or you'll suffer a withdrawal penalty. Your rate is locked in for the entire term.

Usually, the longer you can commit your funds, the higher rate you earn. But CIT doesn't have the highest rates for term CDs. Many competitor online banks offer higher rates—check them out here.

CIT's highest rate is on the 18-month Term CD. The 1-year and 13-month CDs are decent as well. For any other terms, you're better off with the CIT Money Market or savings products.

CD TermAnnual Percentage Yield (APY)
6 Months0.72%
13 Months1.82%
18 Months1.85%
1 Year1.80%
2 Years1.40%
3 Years1.30%
4 Years1.50%
5 Years1.70%

CIT's early withdrawal penalties
  • Terms up to 1 year: 3 months' interest on the amount withdrawn
  • Terms from 1–3 years: 6 months' interest on the amount withdrawn
  • Terms over 3 years: 12 months' interest on the amount withdrawn

CIT No-Penalty CD

    CIT Bank

    No-Penalty CD

    • 1.80% APY
    • Option to Withdraw Full Balance and Interest After 7 Days of CD Funding Date
    • $1,000 Minimum Opening Deposit
    • 11 Months
    • No monthly maintenance fee
    • FDIC insured
    • Daily Compounding Interest

This CIT Bank CD is a nice option if you're not sure about tying up your funds. You have the flexibility to withdraw your full balance (plus interest earned) with no penalty, starting from 7 days after account funding.

The CIT No-Penalty CD has a fixed term of 11 months. The rate for this CD is decent, especially considering the flexibility. But many other online savings accounts offer much higher APYs.

Even CIT's own Savings Builder offers a much higher APY (more on that below) But you will have to remember to deposit $100 every month to get the top-tier rate.

Ally Bank also offers an 11-month No-Penalty CD with varying rates based on your balance. CIT's rate is a little bit better unless you have at least $5,000 to deposit. Marcus by Goldman Sachs also offers a 13-month No-Penalty CD with a higher APY.

Jumbo CDs

Jumbo CDs require at least $100,000 to open. Terms are available from 2—5 years.

These CDs are meant to reward higher balances with attractive interest rates. But CIT Bank's Jumbo CD rates are quite low. In fact, CIT's 18-month Term CD offers a much higher rate, so you're better off just sticking with a regular CD.

The Savings Builder account also offers a higher APY, and you'll get access to your money without risking an early withdrawal penalty.

Not sure if CIT Bank CDs are right for you? Read on for the Pros and Cons.

While not available for new customers, CIT Bank also offers RampUp™ and RampUp™ Plus CDs. Both accounts let you adjust your rate once per term should interest rates rise.

The RampUp™ is available in 3-4 year terms while RampUp™ Plus has 1-2 year options. The minimum deposit required is $25,000 ($50,000 for the 4-year The RampUp™.

CIT Bank CDs Pros & Cons

Pros

  • No monthly service fees
  • No account opening fees
  • Daily compounding interest
  • Interest earned can be withdrawn with no penalty
  • FDIC insured for up to $250,000

Cons

  • Rates not as high as other online banks
  • $1,000 minimum for Term and No-Penalty CDs
  • Automatic renewal upon maturity (more below)
  • Online only—no physical branches
  • Not available as IRA CDs

CIT Bank Offers

How to Open a CD with CIT

CIT Bank CDs must be opened online. The process takes just a few minutes.

  1. Start here to open a new account.

  2. Select the type of CD you want to open (Term, No-Penalty, or Jumbo) and the term length.

  3. Provide your name, address, phone, email, and Social Security number (or other taxpayer ID).

  4. Fund your account via electronic transfer from a linked checking or savings account, bank wire, or mail-in check. The minimum is $1,000 for Term and No-Penalty CDs, and $100,000 for Jumbo CDs.

CIT Bank's routing number is 124084834.

How to Withdraw Upon Maturity

CIT will notify you 30 days before your CD matures. Your options are:

  • Cash out your CD and withdraw funds
  • Roll it over to another CD
  • Automatic renewal

If you do not contact CIT to withdraw your funds, the bank will automatically renew your CD for the same term at the current rate. The exceptions are that the 13-month CD will renew as a 1-year CD, and the 18-month CD will renew as a 2-year CD.

You have a grace period of 10 days after the maturity date to contact CIT to withdraw your funds. You must call or email CIT. There's no option to withdraw your funds online.

If you withdraw after the 10-day grace window, you'll be subjected to the early withdraw penalty.

Contact CIT at 855-462-2652 or send them a secure message through your online account.

You can reach representatives at these hours:

  • Monday to Friday: 8:00 am–9:00 pm (ET)
  • Saturday: 9:00 am–5:00 pm (ET)
  • Sunday: 11:00 am–4:00 pm (ET)

Other CIT Bank Accounts

CIT Bank also offers the following account types:

eChecking Account
CIT's online checking account offers tiered interest and no monthly maintenance fees. You can open an account with a minimum deposit of $100.

CIT's eChecking does not allow check writing.

Savings Builder Account
CIT's high-yield online savings account offers one of the highest APYs (up to 1.85% APY). But to maintain that rate beyond the introductory period, you'll need to:

  • Maintain a balance of $25,000 OR
  • Open an account with $100 minimum deposit and deposit at least $100 per month

The Savings Builder has no minimum deposit requirement and no monthly maintenance fees.

Money Market Account
Unlike the Savings Building, this account offers a high interest rate (1.85% APY) with no monthly deposit or minimum balance requirements. The opening minimum deposit is $100 and account holders pay no monthly maintenance fee.

Bottom Line

CIT Bank does not have the highest CD rates. Many other online banks offer higher rates for the same term, and some have even lower opening deposit requirements. If you want to open a CIT Bank CD, the best option is the 18-month term CD.

Overall, we don't think CIT is the best place for CDs. For saving money, we prefer their Savings Builder Account. The online savings account offers a top-tier APY if you deposit just $100 per month.

Disclaimer: Opinions expressed here are author's alone. Please support CreditDonkey on our mission to help you make savvy decisions. Our free online service is made possible through financial relationships with some of the products and services mentioned on this site. We may receive compensation if you shop through links in our content.

Disclaimer: This content was first published on September 4, 2019. This content may have been updated on November 26, 2019. Information including rates, fees, terms and benefits may vary, be out of date, or not applicable to you. Information is provided without warranty. Please check the bank's website for updated information.

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