
Choosing the right CD from CIT Bank can be a bit overwhelming, especially with all the options available. CIT Bank offers a range of CDs with varying terms, from 3 months to 5 years.
CIT Bank's 3-month CD has a minimum deposit requirement of $1,000 and earns a 2.15% APY, making it a great option for those who want to earn a decent return without tying up their money for too long.
To choose the right CD for you, consider your financial goals and risk tolerance. If you're looking for a short-term investment, CIT Bank's shorter-term CDs might be a good fit.
CIT Bank's CDs are FDIC-insured, which means your deposits are insured up to $250,000 and are protected against bank failures.
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CD Rates Overview
CIT Bank is known for offering some of the highest CD rates, often beating those of traditional banks.
Their direct banking model allows them to save on overhead costs, which they pass on to consumers in the form of higher APYs.

At the time of writing, CIT Bank was offering 5.0% APY on 6-month CDs, significantly higher than most traditional banks.
CIT Bank's Term CDs vary in interest rates depending on the term chosen, with the 1-year, 2-year, 3-year, 4-year, and 5-year terms paying lower interest rates than the average CD.
Here are some of the current CIT Bank CD rates:
If you're looking for a short-term CD, CIT Bank's 13-month CD rate is notably higher than those 12-month rates, making it a great choice.
Overview
CIT Bank offers a variety of CDs with terms to suit different investors, including standard fixed-rate CDs, Jumbo CDs, and CDs that allow interest rate bumps.
The minimum deposits for CIT Bank CDs range from $1,000 to $100,000, which may not be suitable for all savers.
You can invest in a no-penalty CD that allows you to withdraw your money penalty-free seven days after funding your account.
CIT Bank's strongest CD has a five-year term and offers an APY of 0.50%.
Their CDs have fixed interest rates, meaning the rate stays the same for the entire term.
CIT Bank primarily offers standard term lengths, with a 13-month term being an exception.
Their jumbo CDs and no-penalty CDs are notable specialty options that not all banks offer.
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Current
CIT Bank offers a variety of CDs with terms to suit different investors. Their strongest CD has a five-year term and offers an APY of 0.50%.
The CIT Bank No Penalty CD pays a solid interest rate without standard early withdrawal penalties. This account is a great option for those who want flexibility in their savings.
CIT Bank Term CD rates vary depending on the term you choose, with the 1-year, 2-year, 3-year, 4-year, and 5-year terms paying lower interest rates than average.
The bank's other Term CDs have much stronger rates than the standard terms. If you're looking for a competitive rate, you should explore these options.
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CIT Bank Jumbo CDs pay less competitive rates than other banks. If you're interested in opening a jumbo CD, you may want to consider other online banks.
Here are some key facts to keep in mind:
- Minimum deposits range from $1,000 to $100,000 depending on the type of CD account.
- The CIT Bank No Penalty CD requires a minimum deposit of $1,000.
- The CIT Bank Money Market Account requires a minimum deposit of $100.
Jumbo
Jumbo CDs are a type of CD that requires a larger minimum deposit to open, typically $100,000 or more.
CIT Bank offers Jumbo CDs with APYs ranging from 0.40% to 0.50%, depending on the term length.
You can open a Jumbo CD with CIT Bank for a 2-year, 3-year, 4-year, or 5-year term.
The minimum deposit for CIT Bank Jumbo CDs is $100,000, and there is no monthly maintenance fee.
Here are the current CIT Bank Jumbo CD rates:
Jumbo CDs are similar to regular CDs but require a larger minimum deposit and offer higher interest rates.
While CIT Bank's Jumbo CD rates are competitive, they may not be the highest available, so it's a good idea to shop around and compare rates.
CIT Bank's Jumbo CDs are a good option if you have a large sum of money to deposit and want a low-risk investment with a fixed interest rate.
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CD Features and Benefits
CIT Bank offers a No Penalty CD option, which is a great choice if you don't want to worry about early withdrawal penalties.
The CIT Bank No Penalty 11-Month CD has a competitive interest rate of 3.50% APY, which is a good rate for an online financial institution.
CDs are a type of certificate issued by a bank to a person depositing money for a specified length of time, and the longer the term, the higher the APY rate.
CIT Bank has been around for over 100 years, which is reassuring if you're looking for a stable bank to work with.
The CIT Bank No Penalty CD is FDIC insured, which means your deposit is protected up to $250,000.
CD Comparison
CIT Bank CD rates can compete with bigger banks, but it's worth exploring other options. For example, Discover offers a 4.10% rate for a 1-year CD, significantly higher than CIT's 0.30%.
If you're looking for a longer term, Discover's 3.50% rate for a 3-year CD is also higher than CIT's 0.40%. Marcus by Goldman Sachs takes the lead with a 5.00% rate for a 1-year CD, and its rates for 3 and 5-year CDs are also impressive.
Here's a quick comparison of CD rates from CIT, Discover, and Marcus by Goldman Sachs:
Highest Short-Term Rate Today
If you're looking for the highest short-term CD rate today, you'll want to consider CIT Bank's offerings. Their 6-month CD is currently offering 5.0% APY.
CIT Bank's ability to pass on higher APYs to consumers is due to their direct banking model, which saves on overhead costs. This allows them to offer significantly higher rates than traditional banks.
For those who want a bit more flexibility, CIT Bank's No-Penalty 11-month CD is a great choice, offering 4.9% APY. However, keep in mind that rates are subject to change.
If you're willing to lock your money up for a bit longer, CIT Bank's 13-month CD is worth considering, with a rate of 4.65% APY. It's only a one-month difference from their 12-month CD, but the rate is notably higher.
Here are some of the top short-term CD rates available today:
These rates are subject to change, but CIT Bank consistently offers some of the highest rates in the market.
How Other Compare
If you're looking for a CD with a low initial deposit, Capital One 360 might be a better option since it allows you to open a CD with $0.
Capital One 360 CDs pay 3.50% to 4.00% APY, which is currently higher than CIT CD rates. CIT Bank, on the other hand, requires a minimum deposit of $1,000.
If you're searching for specialty CDs, CIT Bank has jumbo CDs and a no-penalty CD, which may be a better option for you.
CIT Bank's CD rates can compete with some of the biggest names in the banking industry, but they may not be the highest rates available. For example, Discover offers a 4.10% APY for a 1-year CD, and Marcus by Goldman Sachs offers a 5.00% APY for a 1-year CD.
Here's a comparison of CD rates from CIT, Discover, and Marcus by Goldman Sachs:
Ultimately, the best CD for you will depend on your individual needs and priorities. Be sure to do your research and compare rates carefully before making a decision.
CD Pros and Cons
CIT Bank CDs offer a no-penalty CD option with a good APY.
One of the benefits of CIT Bank CDs is that they have no monthly service fees and no account opening fees.
You can open a CIT Bank CD with a minimum of $1,000, which is a relatively low minimum compared to some other banks.
The no-penalty CD lets you withdraw early without penalty, which can be a huge advantage if you need access to your money.
However, not all CD terms offer high rates, so it's worth shopping around to find the best option for you.
CIT Bank CDs are also FDIC insured for up to $250,000, which gives you peace of mind knowing your money is protected.
Some of the cons of CIT Bank CDs include paying lower interest rates than some other online banks and credit unions, especially for jumbo CDs and long-term regular CDs.
Additionally, you can't open an account at a physical branch, so you'll need to do everything online.
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CD Account Information
To get started with a Cit Bank CD, you'll need to create an account. This can be done online or over the phone, and it's a relatively quick and easy process.
You'll be asked to provide some basic personal and financial information, including your name, address, and Social Security number. This is to ensure that your account is secure and compliant with regulations.
Once your account is set up, you can fund it with a deposit and start shopping for a CD.
Fees & Penalties
With a CD, you must commit your money for the entire term, or you'll be charged a fee for withdrawing early.
CIT's early withdrawal penalties for their Term CDs and Jumbo CDs are quite straightforward. For terms up to 1 year, you'll be charged 3 months' simple interest on the amount withdrawn.
If you're considering a CD with a term between 1-3 years, be aware that you'll be charged 6 months' simple interest on the amount withdrawn.
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For terms over 3 years, the penalty is even higher: 12 months' simple interest on the amount withdrawn.
Here's a breakdown of CIT's early withdrawal penalties:
If you're unsure about committing to a CD, CIT's No Penalty CD is a great option, as it lets you withdraw early without penalty.
How to Open a CD Account
To open a CD account, you must be at least 18 years old. This is a basic requirement for applying for a CIT Bank CD.
You can't open a CD at a physical branch since CIT Bank is an online-only bank. You'll need to apply online instead.
To apply online, you'll need to provide general information such as your home address, email, Social Security number, and phone number.
You'll also need to transfer money into your CD account from another CIT Bank account or an external bank account. If you're linking an external bank account, be prepared to provide your bank account and routing numbers.
These numbers can be found on a check, so make sure you have one handy.
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CD Details and Options

Cit Bank CDs offer a range of terms from 3 months to 5 years, allowing you to choose a duration that fits your financial goals.
The minimum deposit required for a Cit Bank CD is $1,000, making it accessible to a wide range of investors.
CDs are available in various denominations, from $1,000 to $250,000.
Cit Bank CDs are FDIC-insured, providing protection for your deposit up to $250,000.
CD Reviews and Information
We rate bank accounts on a scale from one to five stars, with a weighted average that gives more importance to interest rates and fees.
Our CD methodology looks at a range of features, including interest rates, minimum opening deposits, early withdrawal penalties, CD variety, customer support availability, mobile app ratings, miscellaneous features, security, and the ethics of the company.
We consider interest rates and fees to be the most impactful areas of a person's banking experience, so we weigh them heavily in our star rating.
A person's overall banking experience can be heavily influenced by certain features, which is why we give them a higher weight percentage in our rating.
We use a comprehensive approach to review CIT Bank CDs, considering multiple factors to give you an accurate picture of their offerings.
Frequently Asked Questions
Can you get 6% on a CD?
Yes, a 6% APY on a CD is available from the Holy Rosary Credit Union for a limited time. Check out the latest CD rates from over 400 banks and credit unions.
What is the 5% interest rate at CIT Bank?
The Platinum Savings account at CIT Bank offers a 5.00% APY for balances of $5,000 or more. Earn high interest on your savings with CIT Bank's competitive rate.
What is the projected CD rates in 2024?
As of mid-December 2024, competitive CD rates for short-term and long-term terms are projected to be above 4% and 3.50% APY, respectively. Check for the latest rates and terms to make informed investment decisions.
Who has the highest 12 month CD rate today?
The highest 12-month CD rate today is offered by multiple institutions at 4.50% APY. Check the list for details on each institution.
Sources
- https://smartasset.com/checking-account/cd-rates-cit-bank
- https://www.businessinsider.com/personal-finance/banking/cit-bank-cd-rates
- https://www.financialsamurai.com/highest-short-term-cd-rate-12-month-cd-by-cit-bank/
- https://www.creditdonkey.com/cit-bank-cd-rates.html
- https://www.hustlermoneyblog.com/cit-bank-cd-rates/
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