Updated January 5, 2020

CIT Bank CD Rates: January 2020

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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.

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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 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 duration.

Usually, the longer you can commit your money, the higher rate you earn. But CIT doesn't have the highest rates for CDs. Many competitor banks offer higher rates—check out our national list.

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 durations, you're better off with the 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  • Terms up to 1 year: 3 months' interest on the amount withdrawn
  • Terms from 1–3 years: 6 months' interest on the amount withdrawn
  • Terms over 3 years: 12 months' interest on the amount withdrawn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

    CIT Bank No Penalty CD

    • 1.75% 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

A CD is a nice option if you're not sure about tying up money. 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 the bank'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. 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 Jumbo CD rates are quite low. In fact, CIT's 18-month 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 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 insurance 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

    Savings Builder High Yield Savings - 1.80% APY

    Earn up to 1.80% APY. Here's how it works: Maintain a minimum balance of $25k OR make at least a $100 minimum deposit every month.

    CIT Savings Builder - $200 Cash Bonus

    Open a Savings Builder account with a minimum of $100 and enter the promo code, Bonus20. Fund your new account within 15 calendar days of the open date and meet one of the minimum balance requirements. Deposit $25,000 to $49,999 for $100 bonus or $50,000+ for $200 bonus. Maintain the minimum balance for 90 calendar days.

    Expires 4/16/2020

    CIT Savings Builder - $100 Cash Bonus

    Open a Savings Builder account with a minimum of $100 and enter the promo code, Bonus20. Fund your new account within 15 calendar days of the open date and meet one of the minimum balance requirements. Deposit $25,000 to $49,999 for $100 bonus or $50,000+ for $200 bonus. Maintain the minimum balance for 90 calendar days.

    Expires 4/16/2020

    $200 Cash Bonus for Existing CIT Customers

    Existing CIT Bank customers can earn a $100 or $200 bonus.

    Here's how it works: Enroll in the Savings Builder Bonus promotion. Add funds within 15 calendar days with new money. Deposit $25,000 to $49,999 for $100 bonus or $50,000+ for $200 bonus. Maintain the minimum balance requirement for the desired bonus for 30 calendar days. An existing customer must have a valid CIT Bank User ID that was created prior to January 16, 2020. Existing customers enrolled in a Savings Builder bonus promotion prior to January 1, 2020 are not eligible for this promotion.

    Expires 4/16/2020

    $100 Cash Bonus for Existing CIT Customers

    Existing CIT Bank customers can earn a $100 or $200 bonus.

    Here's how it works: Enroll in the Savings Builder Bonus promotion. Add funds within 15 calendar days with new money. Deposit $25,000 to $49,999 for $100 bonus or $50,000+ for $200 bonus. Maintain the minimum balance requirement for the desired bonus for 30 calendar days. An existing customer must have a valid CIT Bank User ID that was created prior to January 16, 2020. Existing customers enrolled in a Savings Builder bonus promotion prior to January 1, 2020 are not eligible for this promotion.

    Expires 4/16/2020

    CIT Bank Money Market Account - 1.85% APY

    • 1.85% APY
    • $100 Minimum Opening Deposit
    • No monthly maintenance fee
    • FDIC Insured

    CIT Bank Term CDs

    • $1,000 Minimum Opening Deposit
    • Up to 1.85% APY
    • No monthly maintenance fee
    • FDIC insured
    • Daily Compounding Interest

    CIT Bank No Penalty CD

    • 1.75% 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

    CIT Bank Jumbo CDs

    • $100,000 Minimum Opening Deposit
    • Up to 1.75% APY
    • Up to 5 years
    • No monthly maintenance fee
    • FDIC insured
    • Daily Compounding Interest

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.

How do I fund a CIT CD? There are 3 ways:
  • Electronic Fund Transfer money 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

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 the bank to withdraw your funds. You must call or email the bank. 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 Bank Accounts

CIT Bank also offers the following account types:

eChecking Account
CIT's online checking account offers tiered interest and no monthly fees. You can open an account with just $100.

CIT's eChecking does not allow check writing.

Savings Builder Account
CIT's high-yield savings account offers one of the highest APYs (up to 1.80% 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
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 is $100 and account holders pay no monthly fee.

Frequently Asked Questions

  • Can I open CD as a custodial account?
    Yes, all CIT Bank products can be setup as a custodial accounts. When prompted to pick an account type, choose "Custodial Account".

Bottom Line

CIT Bank does not have the highest CD rates. If you want to open a CIT Bank CD, the best option is the 18-month CD.

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

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