CIT Bank Short-Term CD Overview | ||
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CD Term | APY | Minimum Balance |
6 months | 5.00% | $1,000 |
12 months | 0.30% | $1,000 |
13 months | 4.65% | $1,000 |
18 months | 4.60% | $1,000 |
24 months | 0.40% | $1,000 |
36 months | 0.40% | $1,000 |
48 months | 0.50% | $1,000 |
60 months | 0.50% | $1,000 |
See the best CD rates today before choosing the CD that is best for you.
CIT Bank No-Penalty CD | ||
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CD Term | APY | Minimum Balance |
11 months | 4.90% | $1,000 |
CIT Bank Jumbo CDs | ||
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CD Term | APY | Minimum Balance |
2 years | 0.40% | $100,000 |
3 years | 0.40% | $100,000 |
4 years | 0.50% | $100,000 |
5 years | 0.50% | $100,000 |
CIT Bank CDs: Key Features
CIT Bank Standard CD Key Features | |
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APY Range | 0.30%–5.00% |
Minimum Balance | $1,000 |
Term Range | 6 months to 5 years |
Compounding Schedule | Daily |
Early Withdrawal Penalty | 1-year term or less: 3 months simple interest 1-3 year term: 6 months simple interest 3-year term or more: 12 months simple interest |
Grace Period for Penalty-Free Withdrawals | 10 days after automatic renewal |
In addition to its standard and jumbo term CDs, CIT Bank offers an 11-month no-penalty CD. With an attractive interest rate and a minimum deposit of $1,000, this CD allows you to access your funds at any time before maturity without penalties.
CIT Bank, a subsidiary of First Citizens Bank, is an online-only bank. CIT Bank doesn’t have an ATM network. However, it doesn’t charge its customers any ATM fees, and it provides reimbursement of up to $30 per month for other banks’ ATM fees.
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Is CIT Bank CD FDIC Insured?
Yes, CDs at CIT Bank are FDIC-insured. Like most banks, CIT Bank's deposits are insured by the Federal Deposit Insurance Corporation (FDIC) for up to $250,000. If you have CDs or other deposit accounts at multiple banks, you’ll have up to $250,000 of coverage at each bank.
Are CIT Bank CD Rates Competitive?
CIT Bank has some of the best maximum CD rates on the market. But whether they are best for you depends on the CD term you are interested in. CIT Bank has high APYs for its CDs with terms of six months, 13 months, and 18 months. However, for its one-, two-, three-, four-, and five-year CD terms, CIT Bank is much less competitive.
How Do You Get the Best CD Rate With CIT Bank?
However, because of the short term on this CD, you may have a new interest rate—and possibly a lower one—when your CD renews. If you anticipate interest rates may go down, and you want a longer term, you may have the best return by opting for the 18-month CD.
Are There Fees That CIT Bank Charges to Maintain Your CD?
CIT Bank doesn’t charge account opening or maintenance fees on its CDs. The only fee you may be subject to is an early withdrawal fee if you take your money out of the CD before it reaches maturity.
How Do You Open a CD With CIT Bank?
Because CIT Bank is an online-only bank, you can easily open a CD online in just a few simple steps. First, you’ll provide personal information like your name, Social Security number, and contact information. Next, you’ll need to transfer at least $1,000 via electronic transfer, a mailed check, or a wire to open the account. Once your transfer has been received, your CD account will be opened, and you’ll receive a confirmation email.
Your Guide to CDs
- What Is a Certificate of Deposit (CD)?
- What Is a Brokered CD?
- What Is a CD Ladder?
- Pros and Cons of CDs
- How to Invest With CDs
- How to Open a CD
- How to Close a CD
- CDs vs. Annuities
- CDs vs. Stocks
- CDs vs. Mutual Funds
- CDs vs. ETFs
- CDs vs. Savings Accounts
- Short-Term vs. Long-Term CDs
- CD Rates News
- Best 1-Year CD Rates
- Best 18-Month CDs
- Best Jumbo CD Rates
- Best 6-Month CD Rates
- Best 3-Month CD Rates
- Best Bank CD Rates