CIT Bank CD Rates: September 2020

CIT Bank has competitive interest rates on online savings accounts. But how do their CD rates compare? Find out below.

Looking for different ways to invest?

CDs are a good choice when you want a safe return on your money. You can get a quick turnaround of 6 months or wait up to 5 years for a bigger APY.

But the trick is finding a good interest rate.

Online banks, like CIT Bank, are known for offering great deals. That's because they don't need to maintain physical locations. In return, they pass along savings to customers with a higher APY.

Take a look at CIT Bank's pros and cons, and any penalties.

CIT Term CDs

CIT Bank Term CDs
Click Here to Get Deal
• Up to 0.50% APY
• $1,000 minimum opening deposit
• No monthly maintenance fee
• FDIC insured
Term	CD Rates
6 Month	0.35% APY
1 Year	0.35% APY
13 Month	0.35% APY
18 Month	0.35% 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. 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.

Usually, CIT's highest rate is on the 18-month Term CD. The 1-year and 13-month CDs are good as well. For any other durations, you're better off with the money market or savings products.

CIT No-Penalty CD

CIT Bank No Penalty CD
Click Here to Get Deal
• 0.35% 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
• FDIC insured

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.

Jumbo CDs

CIT Bank Jumbo CDs
Click Here to Get High Yield Jumbo CD
• Up to 0.50% APY
• $100,000 minimum opening deposit
• No monthly maintenance fee
• FDIC insured
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 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.

CIT Bank CDs Pros & Cons

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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

CIT Bank Money Market Account - 0.60% APY

Get Deal

• 0.60% APY
• $100 minimum opening deposit
• No monthly maintenance fee
• FDIC insured

CIT Savings Builder - Earn 0.55% APY

Learn More

Earn up to 0.55% 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 Term CDs

Get Deal

• Up to 0.50% APY
• $1,000 minimum opening deposit
• No monthly maintenance fee
• FDIC insured

Term	CD Rates
6 Month	0.35% APY
1 Year	0.35% APY
13 Month	0.35% APY
18 Month	0.35% APY
2 Year	0.40% APY
3 Year	0.40% APY
4 Year	0.50% APY
5 Year	0.50% APY

CIT Bank No Penalty CD

Get Deal

• 0.35% 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
• FDIC insured

CIT Bank Jumbo CDs

Get High Yield Jumbo CD

• Up to 0.50% APY
• $100,000 minimum opening deposit
• No monthly maintenance fee
• FDIC insured

Term	CD Rates
2 Year	0.40% APY
3 Year	0.40% APY
4 Year	0.50% APY
5 Year	0.50% APY

Open a CD with CIT Bank

Open a CD

CIT Bank eChecking

• Earn 0.25% APY with $25,000 minimum balance
• Earn 0.10% APY on balances under $25,000
• Deposit of $100 minimum to open an account
• Debit card
• Monthly ATM fee reimbursement (up to $15 per statement cycle)
• FDIC insured

Get Deal

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 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.

Certificate of Deposit
Get Deal
• 0.60% APY for 12-month term
• 0.70% APY for 36-month term
• 0.80% APY for 5-year term

CD
• $500 minimum opening deposit
• No maintenance fees
• FDIC insured
Term	CD Rates
11 month	0.10% APY
12 month	0.15% APY
18 month	0.15% APY
36 month	0.20% APY
Get Deal

Discover CD Rates
• $2,500 minimum opening deposit
• No fees
• FDIC insured
Term	CD Rates
3 Months	0.25% APY
6 Months	0.45% APY
9 Months	0.55% APY
1 Year	0.60% APY
1.5 Years	0.60% APY
2 Years	0.65% APY
2.5 Years	0.70% APY
3 Years	0.70% APY
4 Years	0.70% APY
5 Years	0.80% APY
7 Years	0.80% APY
10 Years	0.80% APY
Learn More

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.

Savings Builder Account
CIT's high-yield savings account offers one of the highest APYs (up to 0.55% 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 (0.60% 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.