Updated October 31, 2022

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.

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

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  • Terms up to 1 year: 3 months' interest on the amount withdrawn
  • Terms from 1–3 years: 6 months' interest on the amount withdrawn
  • Terms over 3 years: 12 months' interest on the amount withdrawn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

A No-Penalty 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 banks offer much higher APYs.

Ally Bank and Marcus by Goldman Sachs also offer a fixed rate 11-month No-Penalty CD. CIT's rate is better but there is a higher minimum deposit to open an account.

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.

Even the bank's own Savings Builder offers a much higher APY (more on that below), and you'll get access to your money without risking an early withdrawal penalty. But you will have to remember to deposit $100 every month to get the top-tier rate.

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 RampUp™).

CIT Bank CDs Pros & Cons

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  • 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


  • 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.

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 withdrawal 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 - Friday: 9:00 am - 9:00 pm (ET)
  • Saturday: 10:00 am - 6:00 pm (ET)
  • Sunday: Closed

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 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
Unlike the Savings Builder, this account offers a higher interest rate (1.55% APY) with no monthly deposit or minimum balance requirements. The opening minimum is $100 and account holders pay no monthly fee.

Savings Connect Account
CIT Bank's Savings Connect account is their highest-interest savings account (3.60% APY). The minimum to open is only $100 and there are no monthly fees.

Frequently Asked Questions

  • Can I open CD as a custodial account?
    Yes, all CIT Bank products, except eChecking can be set up as 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 those who want a high-yield savings account, we prefer their Savings Connect Account. This high-rate savings account currently offers one of the highest APY on the market.

CIT Bank
Member FDIC

CIT Bank Savings Connect - 3.60% APY

  • Earn 15x the national average
  • $100 minimum opening deposit
  • No monthly maintenance fee

Citi Priority Account - Earn up to $2,000 Cash Bonus

Expires 1/9/2023
  • 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 Bank
Member FDIC

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 CY922 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 30 days of the account qualifying for the bonus. Bonus is interest and subject to reporting on Form 1099-INT. Offer ends 12/15/2022, 11:59 PM ET. Offer may be modified or withdrawn without notice. See advertiser website for full details.

Expires 12/15/2022
Member FDIC

Chase Total Checking® - $200 Bonus

Expires 1/25/2023
  • 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
Banking services provided by Coastal Community Bank, Member FDIC

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Note: This website 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. You do not have to use our links, but you help support CreditDonkey if you do.

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About CIT Bank Promotions

CIT Bank offers some of the highest interest rates on the market. It is an online-only bank. Because there is no overhead typical of brick-and-mortar banks, CIT can pass the savings to customers in forms of higher yield.

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