CIT Bank CD Rates
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CIT Bank is trustworthy. But does CIT have the best CD rates right now? Find out how CIT Bank's interest rate compares.
CIT Bank is a popular online bank known for their high interest rates on savings.
They offer a few different kinds of CD accounts. It's currently offering Up to 4.65% on their CDs - one of the highest on the market!
Take a look at CIT Bank's CD rates, fees, and the pros and cons.
What CDs are Available at CIT Bank?
CIT Bank offers 3 types of CD accounts:
- Term CDs: You get a fixed rate for the entire term.
- No Penalty CD: Lets you withdraw your funds early with no penalty.
- Jumbo CDs: For investing $100,000 or more.
Read on to learn the differences between these CDs and their rates.
CIT Term CD Rates
CIT Bank Term CDs - Up to 4.65% APY
- Up to 4.65% APY
- $1,000 minimum opening deposit
- No monthly maintenance fee
- Member FDIC
| Term | CD Rates |
|---|---|
| 6 Month | 4.15% APY |
| 1 Year | 0.30% APY |
| 13 Month | 4.65% APY |
| 18 Month | 4.60% APY |
| 2 Year | 0.40% APY |
| 3 Year | 0.40% APY |
| 4 Year | 0.50% APY |
| 5 Year | 0.50% APY |
Term CDs are available from 6 months to 5 years.
Usually, the longer you can commit your money, the higher rate you earn. But CIT offers the best rate on their 18-month term CD. So you don't need to lock up your cash for such a long time.
This is great if you're saving up for something big (like a house) in the next 2 years. You'll get safe, reliable returns.
The 6-month and 13-month CDs are also good options for shorter-term goals.
CIT No-Penalty CD Rates
CIT Bank No Penalty CD - 4.15% APY
- 4.15% APY
- Option to withdraw full balance and interest after 7 days of CD funding date
- $1,000 minimum to open an account
- 11 months
- No monthly maintenance fee
- Member FDIC
CIT Bank has a unique No-Penalty CD that lets you withdraw early without fees. It's a nice option if you feel anxious about tying up your money.
You can 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 very decent, especially considering the flexibility.
Jumbo CD Rates
CIT Bank Jumbo CDs
- Up to 0.50% APY
- $100,000 minimum opening deposit
- No monthly maintenance fee
- Member FDIC
| Term | CD Rates |
|---|---|
| 2 Year | 0.40% APY |
| 3 Year | 0.40% APY |
| 4 Year | 0.50% APY |
| 5 Year | 0.50% APY |
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's Jumbo CD rates are quite low.
You're better off saving your money in CIT's Savings Connect account, which offers a much higher APY (more on that below). Plus, you'll get access to your money at any time without worrying about penalties.
CIT CDs Fees & Penalties
With a CD, you must commit your money for the entire term, or you'll be charged a fee for withdrawing early.
CIT's early withdrawal penalties for their Term CDs and Jumbo CDs are:[1]
- 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
Before committing to a CD, make sure you don't actually need the money for that amount of time. If you're afraid you might, go with CIT's No Penalty CD.
Not sure if CIT Bank CDs are right for you? Here are some pros and cons.
CIT Bank CDs Pros & Cons
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| © CreditDonkey |
Pros
- No monthly service fees
- No account opening fees
- Daily compounding interest
- Only $1,000 minimum for Term and No-Penalty CDs
- No-Penalty CD lets you withdraw early without penalty
- FDIC insurance for up to $250,000
Cons
- Not all CD terms offer high rates
- Automatic renewal upon maturity (more below)
- Online only—no physical branches
- Not available as IRA CDs
CIT Bank Offers
CIT Bank Savings Connect - 4.20% APY
- Earn 12x the national average
- $100 minimum opening deposit
- No monthly maintenance fee
- Member FDIC
CIT Bank Term CDs - Up to 4.65% APY
- Up to 4.65% APY
- $1,000 minimum opening deposit
- No monthly maintenance fee
- Member FDIC
| Term | CD Rates |
|---|---|
| 6 Month | 4.15% APY |
| 1 Year | 0.30% APY |
| 13 Month | 4.65% APY |
| 18 Month | 4.60% APY |
| 2 Year | 0.40% APY |
| 3 Year | 0.40% APY |
| 4 Year | 0.50% APY |
| 5 Year | 0.50% APY |
CIT Bank Platinum Savings - 4.40% APY
- 4.40% APY with a balance of $5,000 or more
- 0.25% APY with a balance of less than $5,000
- $100 minimum opening deposit
- No monthly maintenance fee
- Member FDIC
CIT Bank No Penalty CD - 4.15% APY
- 4.15% APY
- Option to withdraw full balance and interest after 7 days of CD funding date
- $1,000 minimum to open an account
- 11 months
- No monthly maintenance fee
- Member FDIC
CIT Bank Money Market Account - 1.55% APY
- 1.55% APY
- $100 minimum opening deposit
- No monthly maintenance fee
- Member FDIC
CIT Savings Builder - 1.00% APY
Earn up to 1.00% APY. Here's how it works: Maintain a minimum balance of $25k OR make at least a $100 minimum deposit every month. Member FDIC
CIT Bank Jumbo CDs
- Up to 0.50% APY
- $100,000 minimum opening deposit
- No monthly maintenance fee
- Member FDIC
| Term | CD Rates |
|---|---|
| 2 Year | 0.40% APY |
| 3 Year | 0.40% APY |
| 4 Year | 0.50% APY |
| 5 Year | 0.50% APY |
CIT Bank Money Market Account
- Earn over 3x the national average
- New customers can apply online with a minimum of $100 to open an account
- Fund the account with electronic transfer, mail in check, or wire transfer
- No monthly service fees
- Deposit checks remotely and make transfers with the CIT Bank mobile app
- Member FDIC
Earn 12x National Average
Save smart and earn 4.20% APY at CIT Bank, a CreditDonkey recommended partner.
Earn 3x National Average
Save smart and earn 1.55% APY at CIT Bank, a CreditDonkey recommended partner.
How to Open a CD with CIT
CIT Bank CDs must be opened online. The process takes just a few minutes.
- Start here to open a new account.
- Select the type of CD you want to open (Term, No-Penalty, or Jumbo) and the term length.
- Provide your name, address, phone, email, and Social Security number (or other taxpayer ID).
- 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.
There are 3 ways:
- Electronic transfer from another bank account to CIT Bank. Funds take up to 2 business days to be deposited to your CD.
- Mail a check to:
CIT Bank, N.A.
Attn: Deposit Services
P.O. Box 7056
Pasadena, CA 91109-9699 - Send a wire transfer to CIT Bank. CIT Bank's routing number is 124084834. Include your CIT Bank account number (located on the confirmation email).
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
- Change the CD term
You must call or email CIT if you want to withdraw funds or make a change. There's no option to withdraw online. If you don't, your CD will automatically renew for the same term at the current rate.
You have a grace period of 10 calendar days after the maturity date to contact the bank to withdraw your funds. If you withdraw after the 10-day grace window, the early withdrawal penalty will apply.
You can reach representatives at these hours:
- Monday - Friday: 9:00 am - 9:00 pm (ET)
- Saturday: 10:00 am - 6:00 pm (ET)
- Sunday: Closed
Certificate of Deposit
- 4.50% APY for 12-month term
- 4.30% APY for 36-month term
- 4.10% APY for 5-year term
CD Rates - Up to 4.45% APY
- $500 minimum opening deposit
- FDIC insured
| Term | CD Rates |
|---|---|
| 6 Months | 3.75% APY |
| 1 Year | 4.45% APY |
| 2 Years | 4.40% APY |
| 3 Years | 4.30% APY |
| 5 Years | 4.30% APY |
Discover CD Rates
- $2,500 minimum opening deposit
- No fees
- FDIC insured
| Term | CD Rates |
|---|---|
| 3 Months | 2.00% APY |
| 6 Months | 3.40% APY |
| 9 Months | 3.50% APY |
| 1 Year | 4.50% APY |
| 1.5 Years | 4.75% APY |
| 2 Years | 4.30% APY |
| 2.5 Years | 4.30% APY |
| 3 Years | 4.30% APY |
| 4 Years | 4.10% APY |
| 5 Years | 4.10% APY |
| 7 Years | 4.10% APY |
| 10 Years | 4.10% APY |
Other CIT Bank Accounts
CIT Bank also offers the following account types:
Savings Connect Account
CIT Bank's Savings Connect account is their highest-interest savings account (4.20% APY). The minimum to open is only $100 and there are no monthly fees.
Savings Builder Account
CIT's tiered interest rate savings account offers competitive rates (up to 1.00% 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 and deposit at least $100 per month
Money Market Account
This account offers 1.55% APY with no monthly deposit or minimum balance requirements. The opening minimum is $100 and account holders pay no monthly fee.
eChecking Account
CIT's online checking account offers tiered interest and no monthly fees. You can open an account with just $100. You won't be charged any ATM fees from CIT and you get reimbursed up to $30 per month of fees charged by other ATM providers.
Custodial Accounts
You can set up any CIT Bank products as custodial accounts except for the eChecking account.
Frequently Asked Questions
- Can I open CD as a custodial account?
Yes, you can set up a CIT Bank CD as a custodial account. When prompted to pick an account type, choose "Custodial Account". - Can I add additional funds to my CD once it's been opened?
Once you open a CIT CD, you cannot make additional deposits with traditional CDs. However, you may add funds during the grace period of 10 calendar days after the maturity date. - Is there a minimum amount to open CIT Bank CD?
Type of CD Minimum Deposit to Open Term CD $1,000 No-Penalty CD $1,000 Jumbo CD $100,000
Bottom Line
CIT Bank currently offers one of the highest CD rates. BUT not all their CD options are good. If you want to open a CIT Bank CD, the best option is the 18-month CD.
If you're not sure about tying up your money, another good option is CIT Bank's Savings Connect Account. This high-rate savings account currently offers one of the highest APY on the market.
References
- ^ CIT Bank FAQs. What are the penalties for Term, Jumbo, Ramp-Up, and Ramp-Up Plus CDs?, Retrieved 1/1/2023
CIT Bank Savings Connect - 4.20% APY
- Earn 12x the national average
- $100 minimum opening deposit
- No monthly maintenance fee
- Member FDIC
Citi Priority Account - Earn up to $2,000 Cash Bonus
- Earn up to $2,000 cash bonus when you open a new eligible Citi Priority Checking Account with required activities
- Within 20 days of opening, deposit the minimum amount of new-to-Citibank funds.
- Maintain a minimum balance for 60 consecutive calendar days from the 21st day.
- If your balance falls to a lower tier at any point during the maintenance period, the bonus changes.
- Bonus will be paid within 30 days after you successfully complete all required activities.
Discover Online Savings - $200 Cash Bonus
To get your $150 or $200 Bonus: What to do: Apply for your first Discover Online Savings Account, online, in the Discover App or by phone. Enter Offer Code CY223 when applying. Deposit into your account a total of at least $15,000 to earn a $150 Bonus or deposit a total of at least $25,000 to earn a $200 Bonus. Deposit must be posted to account within 30 days of account open date. Maximum bonus eligibility is $200.
What to know: Offer not valid for existing or prior Discover savings customers or existing or prior customers with savings accounts that are co-branded, or affinity accounts provided by Discover. Eligibility is based on primary account owner. Account must be open when bonus is credited. Bonus will be credited to the account within 60 days of the account qualifying for the bonus. Bonus is interest and subject to reporting on Form 1099-INT. Offer ends 6/15/2023, 11:59 PM ET. Offer may be modified or withdrawn without notice. See advertiser website for full details.
Chase Total Checking® - $200 Bonus
- New Chase checking customers enjoy a $200 bonus when you open a Chase Total Checking® account and set up direct deposit
- Access to more than 16,000 Chase ATMs and more than 4,700 branches
- Chase Mobile® app - Manage your accounts, deposit checks, transfer money and more -- all from your device.
- Open your account online now
- Available online nationwide except in Alaska, Hawaii and Puerto Rico. For branch locations, visit locator.chase.com.
- Chase Overdraft Assist℠ - no overdraft fee if you're overdrawn by $50 or less at the end of the business day or if you're overdrawn by more than $50 and bring your account balance to overdrawn by $50 or less at the end of the next business day*
*With Chase Overdraft Assist℠, we won't charge an Insufficient Funds Fee if you're overdrawn by $50 or less at the end of the business day OR if you're overdrawn by more than $50 and you bring your account balance to overdrawn by $50 or less at the end of the next business day (you have until 11 PM ET (8 PM PT) to make a deposit or transfer). Chase Overdraft Assist does not require enrollment and comes with eligible Chase checking accounts.
Business Checking - Up to 2.0% APY
- 2.0% APY on your balance up to $100,000 for customers that meet monthly eligibility requirements
- $0 minimum opening deposit
- $0 monthly service fee
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