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CIT Bank is a division of First Citizens Bank, which was founded in 1908 to make financing available to businesses. Now in its second century, CIT also offers personal banking services, including checking, savings and money market accounts, plus a variety of certificate of deposit options.
Keep reading to find out what CIT Bank has to offer, and decide whether it’s the best online bank for your CDs.
CIT Bank CD Rates
CIT Bank offers a full array of financial products, including CDs in a variety of terms and types. Here’s a look at CIT Bank CD rates.
Term CD Rates
CIT Bank’s Term CDs offer daily compounding interest for maximum savings potential. Plus, you won’t pay any account opening or maintenance fees.
| Term | Minimum Deposit | APY |
|---|---|---|
| 6 months | $1,000 | |
| 1 year | $1,000 | |
| 13 months | $1,000 | |
| 18 months | $1,000 | |
| 2 years | $1,000 | |
| 3 years | $1,000 | |
| 4 years | $1,000 | |
| 5 years | $1,000 |
Jumbo CD Rates
Here are CIT Bank’s Jumbo CD rates. Like the bank’s Term CDs, Jumbo CDs don’t have account opening or any maintenance fees and feature daily compounding interest.
| Term | Minimum Deposit | APY |
|---|---|---|
| 2 years | $100,000 | |
| 3 years | $100,000 | |
| 4 years | $100,000 | |
| 5 years | $100,000 |
No-Penalty and RampUp CD Rates
The No-Penalty CD account allows you to withdraw the total balance plus interest beginning seven days after you make your minimum deposit. Note that RampUp and RampUp Plus CDs are not available for new accounts.
| Type | Term and Minimum Deposit | APY |
|---|---|---|
| No-Penalty CD | Term: 11 months Minimum deposit: $1,000 | |
| RampUp CD | Term: 3 or 4 years Minimum deposit: $25,000 or $50,000 | |
| RampUp Plus CD | Term: 1 or 2 years Minimum deposit: $25,000 |
Early Withdrawal Penalties
You’ll have a 10-day grace period to withdraw your funds. After that, you’ll face an early withdrawal penalty if you need to pull your funds out before the maturity date.
- For terms up to 12 months, the penalty is three months of simple interest.
- For terms of more than one year to three years, the penalty is six months of simple interest.
- For terms of more than three years, the penalty is 12 months of simple interest.
Pros and Cons of CIT Bank’s CDs
To help you decide whether you should invest in a CD at CIT Bank, here are some pros and cons.
Pros:
- Variety of CDs products to meet anyone’s needs
- No fee for opening or maintaining account
- Customized online banking experience
- Interest compounded daily
- 10-day grace period with no early withdrawal penalty
- Online transaction monitoring, layered security and firewalls to prevent fraud
Cons:
- Early withdrawal penalty applies
- Some CDs not available to new customers
How Do CIT Bank CD Rates Compare?
The average rate on a 12-month CD is 1.80% as of June 2024. When compared to the APY available on a 13-month CD through CIT Bank, it’s clear that you can make your funds work harder with the help of CIT Bank.
CIT Bank CD Alternatives
It’s worth noting that CIT Bank offers attractive rates. But that doesn’t mean you can’t find higher rates elsewhere. If you want to explore top CD rates, consider the following choices:
- Discover® Bank, Member FDIC: You can find 9-month CDs at Discover Bank with a APY and 12-month CDs with a APY. You’ll only need $2,500 to open a new account.
- Ally Bank: If you are looking for an entirely online banking option, you can find 6-month CDs at Ally Bank with a APY and 12-month CDs with a APY.
- Barclays Bank: Barclays Bank offers online CD accounts with competitive rates. You can get a 12-month CD with a APY and an 18-month CD with a APY.
How To Open a CIT Bank CD
Opening a CD account at CIT Bank is a straightforward process and it can be done online. Be prepared to provide your Social Security number, address, name, phone number and funding account information to finalize your account setup.
Other Savings Products at CIT Bank
CIT Bank has more to offer than CDs. If you want to work with CIT Bank on other fronts, consider the following accounts:
- Platinum Savings: You can earn a APY on balances of $5,000 or more. Below that threshold, you’ll earn APY. You can open this account with $100 and you won’t have to deal with any monthly fees.
- eChecking account: This interest-bearing checking account offers APY on balances of at least $25,000. Below that threshold, you’ll earn APY. Surprisingly, there are no monthly maintenance fees attached to this account.
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Who AreCIT Bank CDs Best For?
CIT CDs are best for customers who are interested in investing money without plans to withdraw it during the set term. Though terms can range for less than a year, usually the longer you leave your money in a CD, the more gains the deposit will accumulate.
If you’re looking for a selection of CD terms and don’t need access to a physical bank branch, CIT Bank and its CDs may be a good fit for yoursavings plans. You’ll find plenty of choices, including the No-Penalty CD, which lets you withdraw your money early without giving up your cash as a penalty. Additionally, you’ll gain access to additional features like online calculators that enable you to compare CD options and corresponding returns.
You might also be interested in laddering your CDs, which involves investing in a mix of long- and short-term CDs. When you create a CD ladder, you’ll get the highest interest rates on some of your money without tying up all your funds for too long.
If you want to use a ladder strategy for investing, CIT Bank’s range of CD options makes it easy. And the 10-day grace period — should you change your mind about your investment — is a great feature.
Are CIT Bank’s CDs Worth It?
The minimum deposit required to open a CIT CD might not appeal to customers who can get similar returns at other top-rated banks that don’t require as much money upfront. Additionally, some products like the RampUp and RampUp Plus CDs are not available to new customers. If those products interest you most, you might want to check other banks first to see if you can get a CD with similar terms without already having an established relationship with the bank.
More on CIT Bank
- CIT Bank Review: Is It the Best Bank for You?
- Newest CIT Bank Promotions: Best Offers, Coupons and Bonuses
- What Are CIT Bank’s Hours?
- CIT Bank Savings Builder Product Review: Save More, Earn More
More CD Rates
- American Express CD Rates
- Citi® CD Rates
- Citizens Bank CD Rates
- Discover Bank CD Rates
- Goldman Sachs CD Rates
- Marcus by Goldman Sachs CD Rates
- Navy Federal CD Rates
- Salem Five Direct CD Rates
- TD Bank CD Rates
- US Bank CD Rates
FAQ
Here are the answers to some of the most frequently asked questions regarding CD rates.
- What are the benefits of CDs?
- When you open a CD, you'll lock in a predetermined interest rate to help you grow your funds over a set period of time. Not only will you earn interest, but you can also avoid the temptation to spend the funds you tuck away safely into a CD. In general, CDs offer higher interest rates than a savings account because you are giving up flexible access to the funds.
- Can CD rates change over time?
- Yes. CD rates rise and fall with market conditions. But once you open a CD, the rate is set, which means you can expect to earn that particular interest rate for the duration of your CD term.
- How do I open a CD account?
- You can open a CD online at CIT Bank. Be prepared to provide your Social Security number, address, name, phone number and account information to fund and finalize your account set up.
- What is the best CD rate at CIT Bank?
- As of April 30, 2024, CIT Bank offers a 13-month CD with a 3.50% APY and an 11-month No-Penalty CD with a 3.50% APY. Those are the highest rates available through the bank.
- Is CIT Bank a good bank for savings?
- If you want to grow your savings with the help of an attractive APY, CIT Bank could be a good place to stash your funds. You'll find worthwhile rates across multiple CD terms to suit your needs.
Barb Nefer and Sarah Sharkey contributed to the reporting for this article.
Rates are subject to change; unless otherwise noted, rates are updated periodically. All other information on accounts is accurate as of June 10, 2024.
This article has been updated with additional reporting since its original publication.
Editorial Note: This content is not provided by any entity covered in this article. Any opinions, analyses, reviews, ratings or recommendations expressed in this article are those of the author alone and have not been reviewed, approved or otherwise endorsed by any entity named in this article.
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- FDIC. 2024. "National Rates and Rate Caps."
