Updated January 5, 2020

CIT Bank CD Rates: September 2020

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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

    CIT Bank Term CDs

    • Up to 0.50% APY
    • $1,000 minimum opening deposit
    • No monthly maintenance fee
    • FDIC insured
    TermCD Rates
    6 Month0.35% APY
    1 Year0.35% APY
    13 Month0.35% APY
    18 Month0.35% APY
    2 Year0.40% APY
    3 Year0.40% APY
    4 Year0.50% APY
    5 Year0.50% 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'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  • Terms up to 1 year: 3 months' interest on the amount withdrawn
  • Terms from 1–3 years: 6 months' interest on the amount withdrawn
  • Terms over 3 years: 12 months' interest on the amount withdrawn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 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

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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

    CIT Bank Money Market Account - 0.60% APY

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

    CIT Savings Builder - Earn 0.55% APY

    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

    • Up to 0.50% APY
    • $1,000 minimum opening deposit
    • No monthly maintenance fee
    • FDIC insured
    TermCD Rates
    6 Month0.35% APY
    1 Year0.35% APY
    13 Month0.35% APY
    18 Month0.35% APY
    2 Year0.40% APY
    3 Year0.40% APY
    4 Year0.50% APY
    5 Year0.50% APY

    CIT Bank No Penalty CD

    • 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

    • Up to 0.50% APY
    • $100,000 minimum opening deposit
    • No monthly maintenance fee
    • FDIC insured
    TermCD Rates
    2 Year0.40% APY
    3 Year0.40% APY
    4 Year0.50% APY
    5 Year0.50% APY

    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

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

    Discover Bank

    Certificate of Deposit

    • 0.60% APY for 12-month term
    • 0.70% APY for 36-month term
    • 0.80% APY for 5-year term


    • $500 minimum opening deposit
    • No maintenance fees
    • FDIC insured
    TermCD Rates
    11 month0.10% APY
    12 month0.15% APY
    18 month0.15% APY
    36 month0.20% APY
    Discover Bank

    Discover CD Rates

    • $2,500 minimum opening deposit
    • No fees
    • FDIC insured
    TermCD Rates
    3 Months0.25% APY
    6 Months0.45% APY
    9 Months0.55% APY
    1 Year0.60% APY
    1.5 Years0.60% APY
    2 Years0.65% APY
    2.5 Years0.70% APY
    3 Years0.70% APY
    4 Years0.70% APY
    5 Years0.80% APY
    7 Years0.80% APY
    10 Years0.80% APY

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 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.

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.

More from CreditDonkey:

Bank On Cit

Best CD Rate

Discover CD


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About CIT Bank

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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