Top Offers of June 8, 2024
You could get over 10 times** the average savings account rate with our featured partners below.
*Annual Percentage Yield
**Accurate as of June 2024, assuming FDIC average savings rate of 0.45% and $2,500 deposit.
CIT Bank CD Rates
CIT Bank offers three types of CDs, including standard term CDs, jumbo CDs and a no-penalty CD. Its RampUp and RampUp Plus CDs are currently not available to open.
CIT CD rates aren’t as competitive as some other CD rates on the market. Many of its terms offer rates below the Federal Deposit Insurance Corp. (FDIC)’s national average CD rates.
Term CDs
CIT Bank’s Term CDs, or standard CDs, require a $1,000 opening deposit and have term lengths ranging from six months to five years.
| CD Term | APY* | Minimum Opening Deposit | Minimum Deposit Value at Close of CD |
| 6-month CD | 3.00% | $1,000 | $1,014.89 |
| 1-year CD | 0.30% | $1,000 | $1,003 |
| 13-month CD | 3.50% | $1,000 | $1,037.97 |
| 18-month CD | 3.00% | $1,000 | $1,045.34 |
| 2-year CD | 0.40% | $1,000 | $1,008.02 |
| 3-year CD | 0.40% | $1,000 | $1,012.05 |
| 4-year CD | 0.50% | $1,000 | $1,020.15 |
| 5-year CD | 0.50% | $1,000 | $1,025.25 |
No-Penalty CD
The CIT Bank no-penalty CD has an 11-month term and a $1,000 opening deposit requirement. It allows for penalty-free withdrawals of the total balance and interest earned beginning seven days after opening. No withdrawals are permitted during the first six days.
| CD Term | APY* | Minimum Opening Deposit | Minimum Deposit Value at Close of CD |
| No-penalty CD (11 months) | 3.50% | $1,000 | $1,032.04 |
Jumbo CDs
Jumbo CDs require a $100,000 opening deposit and are offered in terms ranging from two years to five years.
| CD Term | APY* | Minimum Opening Deposit | Minimum Deposit Value at Close of CD |
| 2-year jumbo CD | 0.40% | $100,000 | $100,801.60 |
| 3-year jumbo CD | 0.40% | $100,000 | $101,204.81 |
| 4-year jumbo CD | 0.50% | $100,000 | $102,015.05 |
| 5-year jumbo CD | 0.50% | $100,000 | $102,525.13 |
CIT CD Rates: Who They’re Best For
CIT Bank CDs may be best for certain types of people, including:
Current CIT Account Holders
CIT Bank’s CDs may be a good fit for current CIT banking customers who’d rather open a CD with CIT instead of another bank. Although its rates aren’t the most competitive on the market, some of its CDs, including its no-penalty CD, offer high-yield rates.
Those Who Prefer Online Banking
Since CIT Bank is only offered online, consumers must be comfortable handling all of their banking needs through online and mobile banking or CIT’s 24/7 automated telephone banking number since there are no physical branch locations.
CIT Bank CDs: Additional Information
Minimum Deposit
CIT Bank CDs require varying minimum deposits. Its standard term and no-penalty CDs require $1,000 to open and its jumbo CDs require a $100,000 minimum opening deposit.
Compounding Schedule
Interest is compounded daily across all CD types.
Early Withdrawal Penalties
There’s no early withdrawal penalty for the no-penalty CD, but all other CDs will be subject to a penalty for any withdrawals before the maturity date. The applicable penalty depends on the length of the CD term:
- Terms of up to one year: Three months’ simple interest on the amount withdrawn
- Terms of more than one year to up to three years: Six months’ simple interest on the amount withdrawn
- Terms of more than three years: 12 months’ simple interest on the amount withdrawn
Renewal
For all CDs, you’ll receive a notice 30 days before the maturity date informing you that your CD will automatically renew. At maturity, all CIT Bank CDs automatically renew for the same term unless otherwise stated. For example, the high-yield 13-month CD renews as a one-year CD, which offers a much lower rate.
Additionally, beginning on your CD’s maturity date, you’ll have a grace period of 10 days to either withdraw funds without a penalty or inform CIT Bank that you don’t want to renew your CD.
Insurance
All CIT Bank CDs are insured by the FDIC up to the legal limit of $250,000 per depositor and per account ownership category.
CIT CD Rates vs. Other Top Banks
While some of CIT Bank’s CDs offer higher rates, many of its CD terms offer rates below national averages. CIT Bank’s one-year CD offers a rate that’s far lower than what financial institutions such as Capital One, Discover or Synchrony offer.
But while CIT’s rate for a one-year CD is on the lower end, it’s higher than Chase’s standard rate for a one-year CD, Bank of America’s rate for a one-year fixed-term CD and Citibank’s rate for a no-penalty CD.
| Bank | APY on 1-Year CD* | Minimum Opening Deposit | $2,500 Deposit Value at Close of CD |
| CIT Bank | 0.30% | $1,000 | $2,507.51 |
| Bank of America | 0.03% (fixed-term CD) 4.00% (flexible CD) | $1,000 | $2,500.75 (fixed-term CD) $2,600 (flexible CD) |
| Capital One | 5.00% | $0 | $2625.00 |
| Chase | 0.01% (standard rate) 2.00% (relationship rate) | $1,000 | $2,500.25 (standard rate) $2,550 (relationship rate) |
| Citibank | 0.05% (no-penalty CD) 2.00% for balances below $100,000 (fixed-rate CD) | $500 | $2,501.25 (no-penalty CD) $2,550 (fixed-rate CD) |
| Discover | 4.70% | $2,500 | $2,617.50 |
| Synchrony Bank | 4.80% | $0 | $2,620 |
Additional Ways To Save With CIT Bank
In addition to its CD accounts, CIT Bank offers three savings accounts and a money market account, some of which have competitive interest rates. None of its savings accounts have monthly maintenance fees.
Each account has a reasonable initial deposit requirement and, just like its CDs, all deposit accounts are FDIC-insured.
| CIT Bank Account | APY* | Minimum Opening Deposit |
| Platinum Savings | 0.25% on balances less than $5,000 5.00% on balances of $5,000 or more | $100 |
| Savings Connect | 4.65% | $100 |
| Savings Builder | 0.40% on balances less than $25,000 1.00% on balances less than $25,000 and monthly deposits of $100 or more 1.00% on balances of $25,000 or more | $100 |
| Money Market | 1.55% | $100 |
Platinum Savings
This high-yield savings account is best for those with a balance of $5,000 or more, since those who meet that requirement will earn the highest APY. Those with a balance below that amount earn an APY that’s roughly half the national average savings rate of 0.46%, according to the FDIC.
Savings Connect
The Savings Connect account is also a high-yield savings account. There’s no minimum balance requirement to earn its high rate, which is more than 10 times the national average savings interest rate.
Savings Builder
This account is set up to encourage consistent savings habits. It offers a higher APY once you reach a $25,000 minimum balance or as long as you make a recurring $100 payment into the account each month.
Money Market
Offering an APY more than twice the national average of 0.66%, this money market account allows quick access to your money and has no minimum balance requirements to earn interest.
The Bottom Line: Is a CIT Bank CD Right For You?
CIT Bank offers several standard term, jumbo and no-penalty CD options, some of which have rates above national averages. However, if you’re looking for a high APY or more term options, you’ll likely find better CD offers from some of the top online banks.
FAQ: CIT Bank CD Rates
CIT Bank is an online-only bank that’s available in every state and offers no physical branch locations.
CIT Bank offers online banking, mobile banking and telephone banking for managing your accounts.
CIT Bank is FDIC-insured up to $250,000 per account ownership category and per depositor.
*Data accurate at time of publication
If you have feedback or questions about this article, please email the MarketWatch Guides team ateditors@marketwatchguides.com.
Jared MacarinEditor
Jared is an editorial veteran who joined Home Solutions after more than 20 years in the newspaper industry. He has written, edited or designed more than 50 newspapers across the country, winning numerous awards. Jared has also edited and wrote for Forbes Advisor, Lending Tree, The Streamable and Lonely Planet. When he isn’t working, Jared enjoys spending time with his wife on outdoor adventures, watching sports and reading.
