CIT Bank CD Rates

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

CIT Term CDs

Term CDs
• $1,000 Minimum Opening Deposit
• Up to 1.85% APY
• No monthly maintenance fee
• FDIC insured
• Daily Compounding Interest
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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 penalty if you withdraw early. Your rate is locked in for the entire term.

CIT doesn't have the highest rates for term CDs. Many competitor online banks offer higher rates for term CDs. Check out some other rates here.

Usually, the longer you can commit your funds, the higher rate you earn. However, CIT's longer-term CDs offer very poor rates. The highest rate is on their 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.

CIT No-Penalty CD

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
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This 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.

There is just one fixed term of 11 months.

The rate for this CD is okay, especially considering the flexibility. However, many other online savings accounts offer much higher APYs, so it's better to use just a regular savings account if you want the option of withdrawing.

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

Jumbo CDs

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

Jumbo CDs are meant to reward higher interest rates for keeping such a big balance. But CIT Bank's Jumbo CD rates are quite low—even lower than some of the term CD rates.

CIT's 18-month Term CD offers a much higher rate, so you're better off just going with a regular CD. The Savings Builder account also offers a higher APY, and there's more flexibility to withdraw.

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

How to Open a CD with CIT

CIT CD accounts must be opened online. It 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, CIT 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 just withdraw with a click of your mouse online.

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

How CIT's CD Rates Compare

Certificate of Deposit
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• 2.10% APY for 12-month term
• 2.15% APY for 24-month term
• 2.20% APY for 5-year term

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 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 like their Savings Builder Account. It offers a better APY if you can deposit just $100 per month.