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. Keep reading to find out all the details and if a CIT Bank CD could be right for you.
CIT Bank CD rates for 2024
Rates as of May 1, 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% |
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 1, 2024
| Bank & CD Offer | APY | Term | Min. Deposit | Next Steps |
|---|---|---|---|---|
Member FDIC.
| APY: 5.10% | Term: 10 Months | Min. Deposit: $0 | |
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 |
Details about CIT Bank CDs
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.
CIT Bank CD rates are quite competitive for some products, but not for others, so read on for all the details.
CIT Bank Term CDs
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 six-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
CIT Bank No-Penalty CD
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
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)
How to open a CIT Bank CD
CIT Bank is an online-only financial institution, and you can open a CD quickly and easily through its website. New customers can fill out the application in about five minutes, and can fund through a linked checking account (either a CIT Bank account or an external one). Alternatively, you can fund a CIT Bank CD via check or wire transfer.
To open an account, you'll need your Social Security number and driver's license information for you and any joint account holders or beneficiaries (if applicable).
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 allows for early withdrawals if you need the money.
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 1, 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 1, 2024
APY = Annual Percentage Yield
Term
CIT Bank No-Penalty CD
11 Mo.
3.50%
Keep reading about CIT Bank:
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
-
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. In addition, it's important to realize that CIT Bank is the online division of First Citizens Bank, one of the largest and oldest established banks in the United States.
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Although CIT Bank is owned by First Citizens Bank (which has a large branch network), its customers don't have access to physical branches or ATMs. CIT is designed to be an online-only bank.
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CIT Bank has a few excellent CD products, while others aren't very competitive with other online banks. Its No-Penalty CD is an especially competitive product, with a higher APY than similar products from most competitors. Plus, CIT offers competitive interest rates on several of its CD terms, especially six, 13, and 18 months.
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.
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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