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CIT 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 with rates ranging from to APY.
Opening a CD account is a promising option for those who want to increase their savings. 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 Overview
CIT Bank offers a full array of financial products, including CDs. Here’s a look at the bank’s Term CD options and rates. CIT Bank’s Term CDs offer daily compounding interest for maximum savings potential, and you can conveniently set up and manage your beneficiaries from the bank’s app or by logging into your account online. Plus, you won’t pay any account opening or maintenance fees.
| Term | Minimum Deposit | Rate |
|---|---|---|
| 6 months | $1,000 | APY |
| 18 months | $1,000 | APY |
| 1 year | $1,000 | APY |
| 2 years | $1,000 | APY |
| 3 years | $1,000 | APY |
| 4 years | $1,000 | APY |
| 5 years | $1,000 | APY |
Here are CIT Bank’s Jumbo CD terms and 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 | Rate |
|---|---|---|
| 2 years | $100,000 | APY |
| 3 years | $100,000 | APY |
| 4 years | $100,000 | APY |
| 5 years | $100,000 | APY |
Here’s a look at the other CD options CIT offers. The No-Penalty CD 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 | Rate |
|---|---|---|
| No-Penalty CD | Term: 11 months Minimum deposit: $1,000 | APY |
| RampUp CD | Term: 3 or 4 years Minimum deposit: $25,000 or $50,000 | APY |
| RampUp Plus CD | Term: 1 or 2 years Minimum deposit: $25,000 | APY |
Related:Best CIT Bank Promotions and Offers
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.
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’s CD Rates Compare?
If you’re wondering who has the highest-paying CD right now, it’s not CIT Bank. Although one of CIT Bank’s top rates is APY for its 13-month CD, BMO Harris has a one-year CD offering APY and Forbright Bank is offering a one-year CD for APY. Additionally, all three banks require the same minimum opening deposit of $1,000.
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
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Barb Nefer 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 14, 2023.
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.
