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CIT Bank 6-Month CD
3.00% APY
CIT Bank, which merged with First Citizens Bank (aka First-Citizens Bank & Trust Co.) in 2022, offers a wide variety of certificate of deposit (CD) accounts that should meet the short-term needs of most investors. Overall, the bank offers impressive interest rates. You can open a Term CD for durations ranging from six months to five years, the latter of which offers an annual percentage yield (APY) of 0.50%. You can open these with a minimum deposit of $1,000. But those who want more bang for their buck can open Jumbo CDs with a minimum of $100,000 and a maximum current APY of 0.50% for a five-year term. All CIT Bank CDs are FDIC insured and require no maintenance fees.
To calculate how much interest you could earn with a CD, try using SmartAsset's CD calculator.
Term CDs
These are CIT’s standard CDs. However, they carry impressive interest rates that can easily compete with the best CD rates in the industry. You can open one with a term ranging from just six months to five years. As with most CD accounts, you’ll get a higher interest rate if you open a CD with a longer term. For example, CIT bank’s 5-year Term CD currently offers an APY of 0.50%.
For the same terms and rates associated with term CDs, you can also open an IRA CD. This savings vehicle combines the tax advantages of an individual retirement account (IRA) with the fixed-interest rates of a CD. This may be a viable option if you're nearing retirement and you want to protect the nest egg you’ve worked so hard to build throughout the years.
Interest on all of CIT bank's CDs compoundsdaily and you don’t have to pay any maintenance fees.
| Term CD | Minimum Deposit | APY | |
| 6 Month | $1,000 | 3.00% | Compare CD Rates |
| 1 Year | $1,000 | 0.30% | Compare CD Rates |
| 13 Month | $1,000 | 3.50% | Compare CD Rates |
| 18 Month | $1,000 | 3.00% | Compare CD Rates |
| 2 Year | $1,000 | 0.40% | Compare CD Rates |
| 3 Year | $1,000 | 0.40% | Compare CD Rates |
| 4 Year | $1,000 | 0.50% | Compare CD Rates |
| 5 Year | $1,000 | 0.50% | Compare CD Rates |
No-Penalty CD
Unlike several banks, CIT offers a CD option that lets you withdraw your money penalty-free seven days after you’ve funded it. This option may be beneficial if you’re new to CD investing and would like easier access to your money. You can open a No-Penalty CD for a term of 11 months and a minimum deposit of $1,000.
| No-Penalty CDs | Minimum Deposit | APY | |
| 11 Month | $1,000 | 3.50% | Compare CD Rates |
Jumbo CD
Jumbo CDs typically offer higher interest rates than their standard counterparts. However, they require much larger minimum deposits. At CIT Bank, you can open a Jumbo CD with $100,0000 for an interest rate of up to 0.50% depending on the term. However, you can compare CD rates to find options with higher interest rates and smaller minimum deposits.
| Jumbo CD | Minimum Deposit | APY | |
| 2 Year | $100,000 | 0.40% | Compare CD Rates |
| 3 Year | $100,000 | 0.40% | Compare CD Rates |
| 4 Year | $100,000 | 0.50% | Compare CD Rates |
| 5 Year | $100,000 | 0.50% | Compare CD Rates |
6-Month CD Interest Rate Comparison
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Compare CIT Bank to Other Competitive Offers
Overview of CIT Bank’s CDs
CIT Bankoffers a variety of CDs with terms that should suit a diverse group of investors. You can open a standard fixed-rate CD, Jumbo CD and CDs that give you the chance to bump your interest rate during your term. In addition, you can invest in an option that allows you to withdraw your money penalty free seven days after funding your account. The multitude of options can help you take advantage of a CD ladder to build an emergency fund. This is when you open multiple CDs and get access to your savings at different intervals.
Minimum deposits range from $1,000 to $100,000 depending on the type of CD account you open. Though those high minimums may mean these accounts are not right for all savers, the interest rates are high across the board. CIT Bank’s strongest CD has a five-year term and offers an APY of 0.50%.
How Much You Earn With CIT Bank Certificate of Deposits Over Time
The longer you invest in a CIT Bank CD, the larger your potential savings will be. If you can't manage the $100,000 minimum deposit for Jumbo CDs, you can still leave with a strong return. The following table depicts what your savings may look like depending on your CD’s term length and interest rate.
But remember that CDs are designed to lock in your money in exchange for earned interest. Unless you open a No-Penalty CD, CIT Bank will hit you with an early withdrawal penalty if you withdraw your money before your term ends. This is known as the point of maturity.
| Initial Deposit | 6 Month | 12 Month | 60 Month |
| $1,000 | $1,015 | $1,003 | $1,025 |
| $2,500 | $2,537 | $2,508 | $2,563 |
| $5,000 | $5,074 | $5,015 | $5,126 |
| $10,000 | $10,149 | $10,030 | $10,253 |
How CIT Bank CD Rates Compare to Other Banks
CIT bank offers a variety of CDs with rates that can compete with even some of the biggest names in the banking industry. As you can see from the table below, however, youmay be able to earn higher rates for longer terms at Discover and other banks.Marcus by Goldman Sachs' CD rates, for example, are impressive for larger deposits.
With that said, Term CIT CDs may be suitable for the short-term investor.
| CD Account | CIT | Discover | Marcus by Goldman Sachs |
| 1 Year | 0.30% | 4.90% | 5.25% |
| 3 Years | 0.40% | 4.00% | 4.30% |
| 5 Years | 0.50% | 3.90% | 4.10% |
Should You Get a CIT CD Account?
You should get a CD account if you’re shopping around for CD options with varying rates, terms and benefits. Investing more can also earn you higher interest rates with some CDs. In addition, short-term CDs at CIT bank offer competitive rates compared to those by other banks.
But with its variety of offerings, CIT bank offers CDs that should meet the needs of a range of investors.
If you want financial guidance, sign up for our SmartAdvisor matching tool. It asks you a few simple questions; then it pairs you with up to three fiduciary financial advisors. You can read their profiles, call them or interview them in person and then pick which one you feel suits you the most.
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