CIT Bank CD Rates: Earn 5.00% APY

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CIT Bank Term Certificates of Deposit

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• Our Rating 3.5/5 How our ratings work
• Minimum
  Deposit Required$1,000
• 1 Year APY0.30% More Info

  Annual Percentage Yield is accurate as of March 31, 2023. Interest rates for CIT Bank's term CDs are variable and subject to change at any time without notice

• 3 Year APY0.40% More Info

  Annual Percentage Yield is accurate as of March 31, 2023. Interest rates for CIT Bank's term CDs are variable and subject to change at any time without notice

• 6-Month APY5.00% More Info

  Annual Percentage Yield is accurate as of March 31, 2023. Interest rates for CIT Bank's term CDs are variable and subject to change at any time without notice

Many banks that offer CDs require customers to commit to lengthy terms of several years or more in order to earn the highest interest rates available. However, with CIT Bank's term CDs, the opposite is true. To get the best rates at CIT, you'll need to open one of its shorter-term CDs, such as its 6-month CD that pays 5.00% APY. If you want an easy way to save more money without having to wait years, CIT Bank's term CDs are a solid option.

Unusual Term Lengths Earn the Highest Rates

CIT Bank offers clients a 6-month term CD with a 5.00% annual percentage yield (APY). If you’re in the market for a reliable way to gain interest on your money in the short term, the CIT Bank CD APY may be the best choice for you.

CIT Bank CD APY

CIT Bank offers a variety of term CDs ranging from six months to five years. The APY your balance will earn varies depending on the term length of your certificate of deposit.

CIT Bank CD Account Details

• Minimum depot: There is a $1,000 minimum to open any CIT Bank CD.
• FDIC Insured: It’s FDIC insured up until the federal limit.
• Daily compounding interest: You get daily compounding interest, which will maximize your earning potential.
• No fees: There are no account opening or maintenance fees, which is rare for any type of bank account.
• Early withdrawal penalty: If you withdraw funds before the CD matures, a penalty could be imposed for early withdrawal of the principal. Any early withdrawal, whether it’s principal or interest, will lead to a reduction in earnings.

Once the specified amount of time has elapsed, the same terms will be automatically renewed, so you should decide ahead of time what you want to do with your money at the end of the term.

Why Get a CIT Bank CD?

CDs can be a solid investment choice for a variety of reasons:

• Safe place to store money: A certificate of deposit is a great way to safely deposit your money. You can park your money for a certain amount of time and have it earn interest.
• Many maturity terms to choose from: Usually, durations range from three months to several years, and interest rates differ depending on how long you keep your money in the account.
• Low risk and predictable returns: Unlike the stock market or other types of volatile investments, a CD is predictable because you have a fixed APY, meaning your rate will not go down even if the economy is in turmoil and interest rates plunge. However, your rate won't go up, either, if the economy is doing well and interest rates increase.
• Easy to roll over to other options: When the term is over, you can roll your money over into a CD with a higher APY or keep your CIT Bank CD account active for another year.

In times like these—where a recession or depression may be coming—people are more hesitant to put their money into higher-risk investments. Even though CDs tend to have lower APYs, you’ll know your money is safe and secure. And since 12 months is a relatively short amount of time, you don’t have to worry about waiting several years to access your money, like you would with some other accounts.

CD vs. Savings vs. Money Market

While savings accounts or money market accounts are safe as well, provided they are FDIC-insured accounts, their interest rates are typically lower, so a CD is a better choice if you want a higher APY. After you make your initial deposit, you can't add money to your CD, however, like you could with a money market or savings account.

Is a CIT Bank CD Right for You?

A CIT Bank CD is a good choice for you if you have at least $1,000 to deposit and you don’t need to access it for at least one year. If you want to save up for something like a vacation or home improvements but don’t need the money right away, storing it in a CD can help your money grow faster than a regular savings account. A CD is also a great investment option for those who are risk averse and want to avoid the volatility of stocks right now.

Unlock High Savings Rates

Ready to open a CIT Bank CD? Start here.

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FAQs

• Does CIT Bank have no-penalty CDs?

  Yes, CIT offers an 11-month no-penalty CD with a high APY. There is a $1,000 minimum deposit required, and you can access your funds before the maturity period if you ever need to without paying a penalty.

• Are CIT Bank CD rates competitive?

  CIT Bank has one of the highest maximum CD rates right now, and it offers a variety of CD terms as well. CD terms range from six months to 60 months, but its highest APYs are for its 6-month, 13-month, and 18-month CDs.

• How can I avoid an early withdrawal penalty for a CIT Bank CD?

  CIT Bank offers a no-penalty CD that allows you to withdraw your funds before the maturity period. Otherwise, you'll need to wait until the CD matures to avoid paying a penalty. Before you open a CD, plan ahead to make sure you won't be needing your funds before the CD term matures. Having an emergency fund can be one way to avoid the need to withdraw from a CD early.