Table of Contents
Table of Contents

CIT Bank CD Rates

Learn how much you can earn with a CIT Bank certificate of deposit

Mature couple meeting financial advisor about CD Rates

Ridofranz / Getty Images

We independently evaluate all recommended products and services. If you click on links we provide, we may receive compensation. Learn more.

CIT Bank is one of the nation’s most popular online banks. In addition to its other bank services, CIT Bank offers certificates of deposit (CDs), with terms ranging from six months to five years. The bank’s CDs have competitive interest rates, especially for its shorter-term CDs.

The APYs listed below are up to date as of the date of publication of this article. We review CD rates every two weeks and update the information below accordingly.

CIT Bank CD Overview
?CD Term ?APY ?Minimum Balance
6-Month 5.00%? $1,000
13-Month 4.65%? $1,000?
18-Month? 4.60%? $1,000?

CIT Bank’s term CDs can be broken down into two categories. The table above shows CIT Bank’s high-yield CDs with terms ranging from six months to 18 months. The table below shows term CDs with terms ranging from one to five years, which have considerably lower APYs than those listed above.

CIT Bank CD Overview
CD Term? ?APY ?Minimum Balance
1-Year 0.30% $1,000
2-Year? 0.40%? $1,000?
3-Year? 0.40%? $1,000?
4-Year? 0.50%? $1,000?
5-Year? 0.50%? $1,000?

CIT Bank, a subsidiary of First Citizens Bank, is an online-only bank. CIT Bank doesn’t have an ATM network. However, it doesn’t charge its customers any ATM fees, and it provides reimbursement of up to $30 per month for other banks’ ATM fees.

CIT Bank CDs: Key Features

CIT Bank CD Key Features
APY Range 0.30%–5.00%
Minimum Balance? $1,000?
Term Range? 6 months to 5 years?
Compounding Schedule? Daily?
Early Withdrawal Penalty? 1-year term or Less: 3 months simple interest 1-3 year term: 6 months simple interest 3-year term or more: 12 months simple interest?
Grace Period for Penalty-Free Withdrawals? 10 days after automatic renewal?

It’s worth noting that in addition to its standard term CDs, CIT Bank also offers an 11-month no-penalty CD. With an attractive?interest rate and a minimum deposit of $1,000, this CD allows you to access your funds at any time before maturity without penalties.

Compare Savings Rates

When it comes to choosing the right CD rate, it’s important to consider more than just APY.?Before putting your money in a CD, consider how much you plan to deposit and how long you want your money locked up. Those factors can help you choose the right bank.

Another consideration is the early withdrawal penalty.

Many banks impose a penalty when you withdraw the funds from your CD before the maturity date. These penalties are often based on a certain number of months of interest, as is the case with CIT Bank. Like CIT Bank, some banks may also offer a penalty-free CD. If you think you may need to access your funds before your CD matures, looking at your penalty-free options may be a good idea.

Some banks offer a grace period on CDs during which you can withdraw your money with an early withdrawal penalty. This grace period could be after your CD matures but before it renews, or it could take place after your CD has automatically renewed.

Is CIT Bank CD FDIC Insured?

Yes, CDs at CIT Bank are FDIC-insured. Like most banks, CIT Bank's deposits are insured by the Federal Deposit Insurance Corporation (FDIC) for up to $250,000. If you have CDs or other deposit accounts at multiple banks, you’ll have up to $250,000 of coverage at each bank.

Are CIT Bank CD Rates Competitive?

CIT Bank has some of the best maximum CD rates on the market. But whether they are best for you depends on the CD term you are interested in. CIT Bank has high APYs for its CDs with terms of six months, 13 months, and 18 months. However, for its one-, two-, three-, four-, and five-year CD terms, CIT Bank is much less competitive.

How Do You Get the Best CD Rate With CIT Bank?

You’ll get the best CD rate with CIT Bank by choosing the six-month term and leaving your money in place until the CD matures.?

However, because of the short term on this CD, you may have a new interest rate—and possibly a lower one—when your CD renews. If you anticipate interest rates may go down, and you want a longer term, you may have the best return by opting for the 18-month CD.

Are There Fees That CIT Bank Charges to Maintain Your CD?

CIT Bank doesn’t charge account opening or maintenance fees on its CDs. The only fee you may be subject to is an early withdrawal fee if you take your money out of the CD before it reaches maturity.

How Do You Open a CD With CIT Bank?

Because CIT Bank is an online-only bank, you can easily open a CD online in just a few simple steps. First, you’ll provide personal information like your name, Social Security number, and contact information. Next, you’ll need to transfer at least $1,000 via electronic transfer, a mailed check, or a wire to open the account. Once your transfer has been received, your CD account will be opened, and you’ll receive a confirmation email.

Article Sources
Investopedia requires writers to use primary sources to support their work. These include white papers, government data, original reporting, and interviews with industry experts. We also reference original research from other reputable publishers where appropriate. You can learn more about the standards we follow in producing accurate, unbiased content in our editorial policy.
  1. CIT Bank. “Short Term CD Rates.”

  2. CIT Bank. “Fact Sheet.”

  3. CIT Bank. "eChecking."

  4. CIT Bank. "No-Penalty CD."

  5. CIT Bank. "You Are Protected With FDIC Insurance."