CIT Bank CD rates
- 1-year APY
- 0.30%
- 36-month APY
- 0.40%
- 5-year APY
- 0.50%
Summary
This online bank offers strong rates, depending on your term.
Overview of CIT Bank CD rates
CIT Bank CDs have interest rates all over the map, from 0.30% to 3.00% APY. Although there are eight terms to choose from, the most competitive rates come from its 6-month, 13-month and 18-month options. And while your interest compounds daily, its minimum deposit of $1,000 is higher than other banks.
| CD Term | APY | Minimum deposit |
|---|---|---|
| 6 months | 3% | $1,000 |
| 1 year | 0.3% | $1,000 |
| 13 months | 3.5% | $1,000 |
| 18 months | 3% | $1,000 |
| 2 years | 0.4% | $1,000 |
| 3 years | 0.4% | $1,000 |
| 4 years | 0.5% | $1,000 |
| 5 years | 0.5% | $1,000 |
Other types of CDs
- 11-month no-penalty CD. Earn strong rates and withdraw your entire balance after seven days without penalty.
- Jumbo CDs. Earn interest on balances of at least $100,000 on a CD lasting from two to five years.
More about CIT Bank CDs: Deposits, fees and details
| What it is | Details | Does it matter |
|---|---|---|
| Minimum deposit | $1,000 | This deposit is higher than other banks, especially compared to CDs with $0 or $500 minimum deposits. |
| Term range | 6 months to 5 years | CIT Bank offers a wide range of CD terms, with short-term options like six months and in-between options like 13-month and 18-month CDs. |
| Grace period | 10 days | This is similar to other banks. |
| Cashout | CIT Bank sends out Maturity Notices 30 days before your term is up. You can choose to withdraw your cash through:
| This is similar to other banks. |
| Rollover | If you don’t contact CIT Bank during the 10-day grace period to withdraw your principal, your CD will automatically renew into a new CD with the same term, except for 13-month CDs and 18-month CDs, which renew as a 1-year and 2-year CD, respectively. | Automatic renewal is similar to other banks. |
Early withdrawal penalties
Withdraw your interest at any time for free. But cashing out any amount from your principal will incur an early withdrawal penalty. Fortunately, the fee is significantly more lenient than other banks.
| CD Term | Early withdrawal fee |
|---|---|
| 6 months | 3 months’ worth of interest |
| 1 year | 3 months’ worth of interest |
| 13 months | 6 months’ worth of interest |
| 18 months | 6 months’ worth of interest |
| 2 years | 6 months’ worth of interest |
| 3 years | 6 months’ worth of interest |
| 4 years | 1 years’ worth of interest |
| 5 years | 1 years’ worth of interest |
How CIT Bank CDs and rates compare
CIT Bank CD rates for its 6-month, 13-month and 18-month terms are some of the highest we’ve seen. But its other terms are lower than the national average and leave much to be desired. For example, CIT Bank’s 1-year CD interest rate is 0.3% APY, which pales in comparison to the national average rate for a 1-year CD of 1.84% APY.
And while its opening deposit requirement of $1,000 isn’t the lowest minimum around, its kinder early withdrawal penalties make its CDs a well-rounded savings product to grow your cash.
Compare CIT Bank to competitor rates
Narrow down CDs by interest rates and account requirements to find the best one that fits your financial goals. Select Compare to choose up to four products and see their key features side-by-side.
What is the Finder Score?
The Finder Score analyzes hundreds of CDs from more than 100 institutions. It takes into account the product's interest rate for available terms and opening deposit requirements - this gives you a simple score out of 10.
Different banks and credit unions offer CDs for various lengths of time, ranging from as short as seven days to as long as 20 years. For our ratings, we consider the term lengths that the FDIC uses in its monthly updates on national rates.
If a bank or credit union doesn’t offer a CD for a specific term used by the FDIC, we don’t penalize it: Instead, we simply don’t rate it. Each of the standard term lengths has its own APY rating based on the FDIC’s average rates.
CDs ratings
★★★★★ — Excellent
★★★★★ — Good
★★★★★ — Average
★★★★★ — Subpar
★★★★★ — Poor
We rate CDs and share certificates on a scale ranging from one to five stars based on what matters most to you. We consider two factors equally when rating CDs: minimum deposits and annual percentage yields (APYs) relative to term length. If a bank requires a different minimum opening deposit depending on the chosen term, we rate the CD based on the average minimum deposit across all terms. And although some institutions offer CDs with terms ranging from one week to 20 years, we only consider term lengths the FDIC uses in its monthly updates on national rates.
Read the full methodology of how we rate CDs.
Your reviews
Kimberly Finder
Writer
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