CIT Bank CD rates July 2024

CIT Bank® offers certificates of deposit (CDs) with terms between six and 60 months — though only a few terms currently offer competitive yields that you should consider for your savings. Still, all of its CDs come with no maintenance fees and an affordable minimum deposit. Therefore, you need to be selective in choosing the terms that are appropriate for your financial needs. 

Account details and annual percentage yields (APYs) are accurate as of June 20, 2024.

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CIT Bank Certificates of Deposit

APY

Rates as of 04/02/2024.

0.30% to 3.50%

Minimum deposit

$1,000

Terms

6-month to 5-year

Learn More

Via CIT Bank's website

APY

Rates as of 04/02/2024.

0.30% to 3.50%

Minimum deposit

$1,000

Terms

6-month to 5-year

About CIT Bank CDs

CIT Bank offers the following types of CDs for new accounts:

• Term CDs: These CIT Bank certificates of deposit are standard CDs and you can choose terms between six months and five years, with rates varying based on the term length you pick. CIT’s best offerings are on its six-, 13- and 18-month CD terms — while its one-year CD term offers the lowest rate of all. 
• No-Penalty CD: The CIT Bank No-penalty CD offers an 11-month term and an APY of 3.50%, which is nearly three times the national average rate on a 12-month CD term. Once the initial seven-day window passes (after funds have been received for your CD), you can withdraw your total balance and interest earned without a penalty. 
• Jumbo CDs: The CIT Bank Jumbo CDs are designed for large deposits of $100,000 or more. CIT Bank currently offers a paltry 0.40% APY on its two- and three-year jumbo CDs and a 0.50% APY on its four- and five-year jumbo CDs. If you have that kind of cash to park, you’re better off looking elsewhere.

ABOUT CIT BANK CDS
Minimum deposit	Term CDs: $1,000 No-Penalty CD: $1,000 Jumbo CDs: $100,000
Term lengths	Short-term CDs: 6-Month, 13-Month, 18-Month, 1-Year, 2-Year, 3-Year, 4-Year and 5-Year No-Penalty CD: 11-Month; Jumbo CDs: 2-Year, 3-Year, 4-Year and 5-Year
Compounding schedule	Daily compounding (paid monthly)
Early withdrawal penalty	Terms of 1 year or less: 3 months simple interest on the amount withdrawn Terms more than 1 year to 3 years: 6 months simple interest on the amount withdrawn Terms more than 3 years: 12 months simple interest on the amount withdrawn
Grace period for penalty-free withdrawals after maturity	10 days

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How much can you earn with CIT Bank CDs

The details of a CD, including its yield, minimum deposit requirements, interest payment schedule, and fees, depend on the issuer and whether you purchase it new. The available yields are listed in the table below.

CD TERM	APY
6-Month	3.00%
11-Month*	3.50%
1-Year	0.30%
13-Month	3.50%
18-Month	3.00%
2-Year	0.40%
3-Year	0.40%
4-Year	0.50%
5-Year	0.50%

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With our CD calculator below, you can run the numbers to see how much you’d earn.

How to get a CIT Bank CD

CIT Bank offers a completely online process for opening CDs and it takes just five minutes to complete. When filling out the application, you’ll need to provide your:

• First and last name.
• Date of birth.
• Mailing address.
• Phone number.
• Email address.
• Social Security number.

You’ll also need to share your citizen and employment status, employer name and occupation. Once you choose your CD type and term length, you’ll fund the account. Your options include an electronic transfer (with an account either from CIT Bank or another financial institution), a mail-in check or wire transfer.

The final step is creating a username and password — if you don’t already have a CIT Bank account. 

How CIT Bank CD rates compare

Among CIT Bank’s 13 CD account offerings, four of them come with rates well above the national average — so they’re worth a look. Its 11-month no-penalty CD is exceptional because it offers a higher APY than most other no-penalty CDs, doesn’t charge fees and allows you to withdraw funds without sacrificing your earnings (beginning seven days after funds have been received for your CD).  

The bank’s nine other CD accounts aren’t anything to get excited about. Savers earn between 0.30% and 0.50% APY on these CD options, which is far below the national average rate. If you can’t find a CD that works for you, consider checking other bank or credit union CD rates.

TERM	CIT BANK TERM CD RATES	CAPITAL ONE 360 ONLINE CD RATES	CHASE BANK CD RELATIONSHIP RATES	HUNTINGTON BANK FIXED RATE CD PROMOTIONAL RATES
6 months	3.00% APY	4.25% APY	3.00% APY	5.13% APY (7 months)
12 months	0.30% APY	5.00% APY	2.00% APY	4.34% APY (11 months)
24 months	0.40% APY	4.00% APY	2.50% APY	N/A

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Other CIT Bank products

In addition to its CDs, CIT Bank offers the following products for personal banking:

• CIT Bank Platinum Savings. Platinum Savings is a high-yield savings account that pays a tiered interest rate based on your average daily balance. The account offers a 5.00% APY with a balance of $5,000 or more and 0.25% APY on balances less than $5,000. There is a minimum opening deposit of $100.  
• CIT Bank Savings Connect. Savings Connect is another high-yield savings account, it pays a 4.65% APY on all balances. The minimum opening deposit is $100.
• CIT Bank Savings Builder. The Savings Builder account also pays a tiered interest rate. It offers a 1.00% APY from the day the account is opened through the first evaluation day, then continue to earn 1.00% APY by maintaining a $25,000 minimum balance or making at least one monthly deposit of $100 or more. Otherwise, earn 0.40% APY.
• CIT Bank eChecking. Its eChecking account comes with a connected debit card and no ATM fees. It also pays a tiered interest rate based on your average daily balance: 0.10% APY on balances under $25,000 and 0.25% APY on balances of $25,000 or greater. There is a $100 minimum deposit requirement.
• CIT Bank High-Yield Money Market Account. The Money Market account pays a 1.55% APY on all balances and has a $100 minimum deposit requirement.
• Home Loans. Home loans are available for purchase and refinance purposes. These loans come with fixed interest rates and terms ranging from 10- to 30-years.

CIT Bank review

CIT opened its doors in 1908 and is now a division of First Citizens Bank, the 15th largest bank in the U.S. While it’s largely run as a digital bank, CIT has 19 branches in eight states and headquarters in Pasadena, California.

The Consumer Financial Protection Bureau collected about 1,476 complaints against the bank in the past 10 years; the bulk of those complaints were associated with home loans. Complaints have dropped significantly over the past five years.

With the Better Business Bureau, CIT received a score of 1.14 out of 5 stars based on 22 customer reviews. The bank received a similarly low score of 2.2 out of 5 stars with Trustpilot based on 391 customer scores. Some of the Trustpilot complaints specifically referenced miscommunication about CD account grace periods and problems making withdrawals. 

Frequently asked questions (FAQs)