Updated
Fact Checked
Ashley Maready
CIT Bank CD rates can be rather competitive, especially for certain term lengths and types of accounts. CIT Bank CDs can be a good fit for savers looking to maximize both yield and financial flexibility. Read on to find out whether a CIT Bank CD could meet your needs.
CIT Bank CD rates for 2024
Rates as of May 14, 2024
APY = Annual Percentage Yield
CIT Bank CD
Bottom Line
CIT is an online bank that offers very competitive rates on certain CD terms, including non-standard promotional terms. If those terms match your need and you have at least $1,000 to deposit (CIT's typical minimum for CDs), it could be a good match.
MINIMUM DEPOSIT $1,000
| 6 Mo. APY | 1 Yr. APY | 13 Mo. APY | 1.5 Yr. APY | 2 Yr. APY | 3 Yr. APY | 4 Yr. APY | 5 Yr. APY |
|---|---|---|---|---|---|---|---|
| 3.00% | 0.30% | 3.50% | 3.00% | 0.40% | 0.40% | 0.50% | 0.50% |
Rates as of May 14, 2024
APY = Annual Percentage Yield
CIT Bank No-Penalty CD
Bottom Line
CIT is an online bank that offers very competitive rates on certain CD terms, including non-standard promotional terms. If those terms match your need and you have at least $1,000 to deposit (CIT's typical minimum for CDs), it could be a good match.
MINIMUM DEPOSIT $1,000
| 11 Mo. APY |
|---|
| 3.50% |
Compare CIT Bank CD rates
CIT Bank CD rates are competitive for certain products and term lengths, but not for others. Take a look at what other financial institutions are offering to compare.
Rates as of May 14, 2024
| Bank & CD Offer | APY | Term | Min. Deposit | Next Steps |
|---|---|---|---|---|
Member FDIC.
| APY: 4.70% | Term: 1 Year | Min. Deposit: $2,500 | |
| APY: 5.05% | Term: 1 Year | Min. Deposit: $1 | |
|
| APY: 5.15% | Term: 9 Months | Min. Deposit: $1 | |
Member FDIC.
| APY: 4.75% | Term: 1 Year | Min. Deposit: $500 |
Overview of CIT Bank CD rates
CIT Bank offers standard CDs in a variety of term lengths, as well as jumbo and no-penalty CDs. Customers can manage their CDs through the bank's online banking portal or the highly rated CIT mobile app.
| Minimum Deposit | $1,000 |
|---|---|
| Range of Term Lengths | 6 months to 5 years |
| Compounding Schedule | Daily |
| Early Withdrawal Penalty | Terms up to 1 year: 3 months' simple interest;Terms between 1 and 3 years: 6 months' simple interest; Terms more than 3 years: 12 months' simple interest |
| Grace Period | 10 days |
Data source: CIT Bank.
CIT Bank CD pros and cons
CIT Bank Term CDs are the bank's standard CD product. They have $1,000 minimum opening deposits, and come in a variety of different terms ranging from six months to five years. The most competitive APYs are found on the non-standard 13- and 18-month, as well as the 6-month term length.
Pros
- Some competitive interest rates
- Daily compounding interest
- Easy to open
Cons
- $1,000 minimum to open
- Low APYs for most standard terms
Overview of CIT Bank No-Penalty CD rates
CIT Bank only offers one no-penalty CD term. The rate is extremely competitive, but like all CIT Bank CDs, it requires a $1,000 minimum deposit.
| Minimum Deposit | $1,000 |
|---|---|
| Range of Term Lengths | 11 months |
| Compounding Schedule | Daily |
| Early Withdrawal Penalty | None |
| Grace Period | 10 days |
Data source: CIT Bank.
CIT Bank No-Penalty CD pros and cons
CIT Bank offers a no-penalty CD for people who want to lock in a high APY but don't necessarily want to keep their money locked up. The CIT Bank No-Penalty CD comes in an 11-month term length and pays an extremely competitive interest rate, especially considering that it doesn't penalize early withdrawals. The bank requires the same $1,000 minimum deposit requirement as for standard CDs, which might be a little high for some customers.
Pros
- High APY
- No penalties for early withdrawal
- No monthly fees
Cons
- $1,000 minimum deposit to open
- Only in 11-month term
How much can you earn with a CIT Bank CD?
Interest rates change frequently. CDs are great because you can open a CD to lock in high rates for the duration of your CD term. Here's a table illustrating what potential earnings could look like if you deposited $1,000.00 into a CIT Bank CD.
The numbers in the table below may not be accurate to current APYs and are for example purposes only.
| Term | APY | Earnings |
|---|---|---|
| 6 Mo. | 3.00% | $15.11 |
| 11 Mo. (No-Penalty) | 3.50% | $32.60 |
| 1 Yr. | 0.30% | $3.00 |
| 13 Mo. | 3.50% | $38.64 |
| 1.5 Yr. | 3.00% | $46.03 |
| 2 Yr. | 0.40% | $8.03 |
| 3 Yr. | 0.40% | $12.07 |
| 4 Yr. | 0.50% | $20.20 |
| 5 Yr. | 0.50% | $25.31 |
Data source: Author's calculations.
Is a CIT Bank CD safe?
Yes, CIT Bank CDs are safe. The bank is an FDIC member, which means accounts are protected for as much as $250,000 per person. CIT Bank is the online division of First Citizens Bank, one of the largest and oldest established banks in the United States.
How to open a CIT Bank CD
CIT Bank makes opening a CD account easy. Here's how:
1. Sign up online
Begin the online sign-up process on the CIT Bank website. CIT Bank is an online-only bank.
2. Provide personal info
Provide address, phone, email and Social Security number. You may need your driver's license.
3. Choose a term
Choose which CD term to open.
4. Fund your account
Link your external or CIT Bank checking account to fund your new CD account with at least $1,000. You can also fund your account by wire transfer or mailing a check.
Who is a CIT Bank CD right for?
CIT Bank CDs can be a great fit for savers who want to open a CD in one of the bank's term lengths with high APYs (six, 13, or 18 months), or for those who want to lock in a high APY with a no-penalty CD that lets you withdraw money early if you need it.
Other CIT Bank CD accounts
CIT Bank also offers the following CD accounts:
- Jumbo CDs
- Ramp-up CDs (not available for new accounts right now)
Bottom line: CIT Bank CD rates
CIT Bank CD
- 6 APY: 3.00%
- 12 APY: 0.30%
- 13 APY: 3.50%
- 18 APY: 3.00%
- 24 APY: 0.40%
- 36 APY: 0.40%
- 48 APY: 0.50%
- 60 APY: 0.50%
Rates as of May 14, 2024
APY = Annual Percentage Yield
Term
CIT Bank CD
6 Mo.
1 Yr.
13 Mo.
1.5 Yr.
2 Yr.
3 Yr.
4 Yr.
5 Yr.
3.00%
0.30%
3.50%
3.00%
0.40%
0.40%
0.50%
0.50%
CIT Bank No-Penalty CD
- 11 APY: 3.50%
Rates as of May 14, 2024
APY = Annual Percentage Yield
Term
CIT Bank No-Penalty CD
11 Mo.
3.50%
Keep reading about CIT Bank:
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Review sources
Our CDs methodology
At The Motley Fool Ascent, certificates of deposit (CDs) are rated on a scale of one to five stars, primarily focusing on annual percentage yield (APY) and early withdrawal penalty fees. Our highest-rated CDs generally include competitive APYs without complex qualification tiers, low withdrawal fees, reliable brand trust and reputation, and ease of use.
Learn more about how The Motley Fool Ascent rates bank accounts.
FAQs
-
The minimum deposit to open a CIT Bank CD is $1,000.
-
There are no opening or closing fees. If you withdraw from a CIT Bank CD early, you'll pay an early withdrawal fee unless you've opened a no-penalty CD.
-
You can close a CIT Bank CD early, but it will cost you early withdrawal fees. The exception is the CIT Bank No-Penalty CD, which you can withdraw from without paying fees.
Our Banking Experts
Matt is a Certified Financial Planner™ and investment advisor based in Columbia, South Carolina. He writes personal finance and investment advice for The Ascent and its parent company The Motley Fool, with more than 4,500 published articles and a 2017 SABEW Best in Business award. Matt writes a weekly investment column ("Ask a Fool") that is syndicated in USA Today, and his work has been regularly featured on CNBC, Fox Business, MSN Money, and many other major outlets. He’s a graduate of the University of South Carolina and Nova Southeastern University, and holds a graduate certificate in financial planning from Florida State University.
Cole Tretheway is a full-time personal finance writer whose articles have been featured on The Ascent and The Motley Fool. He has a degree in English with a Certificate in Professional and Technical Communication from California Polytechnic University, SLO.
Fact Checked
Ashley Maready
Ashley Maready is a former history museum professional who made the leap to digital content writing and editing in 2021. She has a BA in History and Philosophy from Hood College and an MA in Applied History from Shippensburg University. Ashley loves creating content for the public and learning new things so she can teach others, whether it's information about salt mining, canal mules, or personal finance.
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