Most products on this page are from partners who may compensate us. This may influence which products we write about and where and how they appear on the page. However, opinions expressed here are the author's alone, not those of any bank, credit card issuer, airline or hotel chain. This page may include information about American Express products currently unavailable on Slickdeals. American Express is not a partner of Slickdeals.
CIT Bank No-Penalty Certificate of Deposit
- Our Rating 4.5/5 How our ratings work
- Minimum
Deposit Required$1,000 - 11-Month APY3.75%
Annual Percentage Yields (APYs) for all Term CDs are accurate as of January 9, 2026. A penalty may be imposed for early withdrawal of principal, and any early withdrawal (principal or interest) will reduce earnings.
CIT Bank's No-Penalty CD offers one of the most competitive rates with no early withdrawal penalty on the market. With this account, you can earn a 3.75% APY, and the CD matures in just 11 months, which is shorter than average.
High Interest With Low Risk
If you’re using a CD as an emergency fund or you’re concerned that you might need access to your savings before a traditional term CD matures, then a no-penalty CD may be what you’re looking for. The CIT Bank No-Penalty CD is a strong option that offers higher-than-average rates at 3.75% APY* on their 11-month CD. If you want both the flexibility of withdrawing funds before the term matures and a higher interest rate, then the CIT Bank No-Penalty CD is worth considering.
Pros
- Strong APY for a no-penalty CD
- No opening or maintenance fees
Cons
- Relatively high minimum opening balance
5 Best No-Penalty CD Rates in January 2026: Earn Up to 4.90% APY
CIT No-Penalty CD Overview
The CIT No-Penalty CD is like your typical CD account. It's FDIC insured, and it matures over a pre-agreed amount of time — in this case, 11 months. It can also help you build an emergency fund, save for an upcoming project and lock in your guaranteed interest rate.
- Term Maturity: 11 Months
- Minimum Opening Balance: $1,000
- Opening or Maintenance Fees: None
- Early Withdrawal Fee: None.
Benefits of the CIT No-Penalty CD
Where the CIT No-Penalty CD differs is that it doesn’t charge you an early withdrawal, or penalty, fee.
Let’s say you deposit $1,000 into your no-penalty CD, but suddenly, you go to the emergency room and have no money to pay for treatment. You can withdraw funds whenever you like from your CIT No-Penalty CD without paying a fee.
Here are some additional details to know about the CIT Bank No-Penalty CD:
- Funds can be withdrawn after 7 days of account funding: The only caveat is that you need to wait until your no-penalty CD has been active for seven days to make a withdraw. If you’ll need your money within the first six days of account opening, you will end up paying a penalty.
- No opening or maintenance fees: Additionally, CIT won’t charge you opening or maintenance fees either.
- Daily compounded interest: Plus, you’ll get daily compounding interest on your funds, maximizing your earning potential.
- Around-the-clock access: You can access your account 24/7 on your CIT Bank mobile app or your desktop computer.
- FDIC insured: Your account is federally insured up to $250,000, so you can be confident that your funds are safe up until that amount.
Drawbacks
A CD is going to be ideal for you if you want a low-risk way to gain interest on your money. If you like to take high risks, then a CD is not for you. While the interest rate of your CD won’t go down, it also won’t go up if the interest rates in general increase. You may be missing out on gaining even more interest on your funds.
If you'd like more flexibility with rate changes, you might be better off with a high-yield savings account. Here are a few of our favorites.
What to Do When Your CD Matures
Once you reach the 11-month mark, you can either roll your funds into another CD for the same duration or a different term, or you can cash it out. There are no fees for whatever you choose.
CIT Bank offers a variety of term CDs ranging from six months to five years. Each CIT Back CD APY varies depending on the term length of your certificate of deposit.
How to Open a CIT Bank No-Penalty CD Account
If you think the CIT No-Penalty CD is right for you, log onto CIT’s website, hit “Start Now” and fill out an application. You’ll need to provide your primary home address, a valid email address, a valid phone number and a Social Security number. Additionally. you'll also need to fund the account with a minimum opening balance of $1,000. You can transfer funds into your new CD by electronic transfer, mail-in check or wire.
The CIT No-Penalty CD could be an option if you want to safely store your money in an interest-bearing account. And if a situation arises where you need to make a withdrawal, there’s no need to worry about a penalty.
Ready to Open a CIT Bank No-Penalty CD? Start here.
CIT No Penalty CD Disclosures
For a complete list of account details and fees, see our Personal Account disclosures.
*1 Annual Percentage Yields (APYs) for all Term CDs are accurate as of January 9, 2026. A penalty may be imposed for early withdrawal of principal, and any early withdrawal (principal or interest) will reduce earnings.
2 Upon maturity, CDs are renewed for the same term automatically. The exception to this are the 13-Month CD and the 18-Month CD; upon maturity, the 13-Month CD will be automatically renewed as a 1-Year Term CD at the then-published APY, and the 18-Month CD will be automatically renewed as a 2-Year Term CD at the then-published APY.
Ryan Tronier
Ryan Tronier is a personal finance expert and writer. His work has been published on NBC, ABC, USATODAY, The Mortgage Reports, Yahoo Finance, MSN, and more. Ryan is the former managing editor of the finance website Sapling, as well as the former personal finance editor at Slickdeals. Find him online at ryantronier.com.
