Banking » Reviews » CIT Bank CD Rates, February 2024
Advertiser Disclosure This website is an independent, advertising-supported comparison service. The product offers that appear on this site are from companies from which this website receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). This website does not include all card companies or all card offers available in the marketplace. This website may use other proprietary factors to impact card offer listings on the website such as consumer selection or the likelihood of the applicant’s credit approval. This allows us to maintain a full-time, editorial staff and work with finance experts you know and trust. The compensation we receive from advertisers does not influence the recommendations or advice our editorial team provides in our articles or otherwise impacts any of the editorial content on The Smart Investor. While we work hard to provide accurate and up to date information that we think you will find relevant, The Smart Investor does not and cannot guarantee that any information provided is complete and makes no representations or warranties in connection thereto, nor to the accuracy or applicability thereof. Learn more about how we review products and read our advertiser disclosure for how we make money. All products are presented without warranty.

CIT Bank CD Rates, May 2024

CIT Bank CD terms are limited but the APY are one of the highest in the market, including a no penalty CD. Here's all you need to know
Author: Lorraine Smithills
Lorraine Smithills

Writer, Contributor

Experience

Lorraine is a freelance finance writer with years of experience in the banking sector and after a successful career in one of the largest retail and commercial financial services providers. She has a passion for helping people with less financial confidence to get control of their money through budgeting, saving, and responsible credit practices.
Interest Rates Last Update: April 15, 2024
The banking product interest rates, including savings, CDs, and money market, are accurate as of this date.
Author: Lorraine Smithills
Lorraine Smithills

Writer, Contributor

Experience

Lorraine is a freelance finance writer with years of experience in the banking sector and after a successful career in one of the largest retail and commercial financial services providers. She has a passion for helping people with less financial confidence to get control of their money through budgeting, saving, and responsible credit practices.
Interest Rates Last Update: April 15, 2024

The banking product interest rates, including savings, CDs, and money market, are accurate as of this date.

We earn a commission from our partner links on this page. It doesn't affect the integrity of our unbiased, independent editorial staff. Transparency is a core value for us, read our advertiser disclosure and how we make money.

CIT bank is a fully digital, online financial institution, offering a variety of banking and lending products including CDs. Unlike many financial institutions, CIT has a decent variety of CD options to help you to choose the one best suited to your requirements and preferences.

This includes term CDs, no penalty CDs, Jumbo CDs for those with a large sum to invest and for existing customers, the Ramp Up CDs. But, how do the CIT CD rates stack up against the competition? Here we’ll delve into these products in more detail.

CIT Bank CDs

APY Range

0.30% – 3.50%

Minimum Deposit

$1,000

Terms

6 months – 5 years

Our Rating

4.3
4.3/5
CIT Bank CDs

APY Range

0.30% – 3.50%

Minimum Deposit

$1,000

Terms

6 months – 5 years

Our Rating

4.3
4.3/5

CIT Bank CD Rates

The CIT standard CD is called its Term CD. This is available in a variety of terms from six months to five years. The current rates vary from 0.30% – 3.50%.  CIT offers some of the highest rates for 6-month CDs.

CIT also has an 11 month no penalty CD, currently offering a rate of 3.50%. Again, you’ll need a minimum opening deposit of $1,000, but there are no maintenance fees. You’ll receive daily compounding interest, but if you need access to some or all of your funds before maturity, there is no penalty.

The CIT Bank Jumbo CD is available with a two, three, four or five year term. You’ll need a minimum of $100,000 to open this type of CD and you can receive a rate of 0.50% for five-year terms and 0.40% for the two or three-year terms.

Therefore, you won't be able to utilize long-term CDs offering high rates. Therefore, if your interest lies in finding the best 5-year CD rates, you'll have to explore options at different banks.

CD Term
APY
6 Months
3.00%
11 Months – No Penalty
3.50%
13 Months
3.50%
18 Months
3.00%
36 Months
0.40%
48 Months
0.50%
60 Months
0.50%

How Much Can You Earn If You Deposit $100,000 Today?

If you put $100,000 into a CIT Bank CD, the anticipated earnings (before taxes), assuming interest compounds everyday and there is no early withdrawal fee, are as follows:

CD Term
Interest Earned
6 Months
$2,068
11 Months – No Penalty
$3,776
13 Months
$5,094
18 Months
$7,042
36 Months
$1,191
48 Months
$1,992
60 Months
$2,496

Sign Up for

Our Newsletter

Join our community for the latest attractive savings rate changes ,expert insights, and member-only perks

How CIT Bank CDs Work

There is a minimum opening deposit of $1,000 required for the Term CDs and you can lock in your rate for the full term length. There are no maintenance fees and interest is compounded daily.

However, if you do need to access the funds before the CD maturity date, you will incur an early withdrawal penalty. This is calculated according to your full CD term. If the term of your CD is one year or less, the penalty is three months of simple interest. This increases to six months simple interest for terms of one year to three years and 12 months of simple interest for CD terms over three years.

For existing customers, there is also the RampUp CD. This is available with a choice of one, two, three or four year terms, requiring a minimum initial deposit of $25,000 (except for the four year RampUp, which requires $50,000.) The current rate for these CDs is 0.25% and the same early withdrawal fees as the term CDs apply if you withdraw some or all of your funds before the maturity date.

CD Term
Early Withdrawal Penalty
6 Months
3 months of interest
11 Months – No Penalty
/
13 Months
6 months of interest
18 Months
6 months of interest
36 Months
6 months of interest
48 Months
12 months of interest
60 Months
12 months of interest

Are CIT Bank CD Rates Competitive Compared to Other Banks?

The current national average rate for 12 month CDs in the US is approximately 1.73%, which means that CIT CD rates are a mixed bag in terms of being competitive.

While the No Penalty CD and the 13 and 18 month Term CDs offer several times the national average rate, the other CD products fall well below this average. However, this does not mean that CIT Bank is not competitive compared to other banks.

When you’re comparing CIT Bank CDs with many traditional banks, CIT rates are quite favorable. Many traditional banks rarely offer lower rates on CDs. This is typically because traditional banks need to cover the cost of maintaining a branch network, which CIT Bank does not have.

The comparison between CIT Bank and other online banks is a little more tricky. Online banks and credit unions typically offer the highest CD rates, so in some cases CIT stands up favorably, but with some of its other products, they fall short. For example, the Jumbo CD has a high minimum deposit and yet offers a lower rate than the 11 month No Penalty CD, which only requires a $1,000 initial deposit.

So, if you’re looking for the best possible rates, you’ll need to look carefully at specific CIT Bank products and compare CD like for like with other banks.

CIT Bank CD Rates vs CIT Bank Savings Rates

CIT offers several savings accounts, all with a minimum opening deposit requirement of $100. This makes them more accessible than the CIT Bank CDs, which need at least $1,000. The most favorable product for comparison is the Platinum Savings account.

CIT Platinum Savings currently offers a rate of 5.00%, which is more than many of the CD products, with the exception of six, 13 and 18 month Term CDs and 11 month No Penalty CD. The key difference is that with the savings account, you can access your funds at any time.

You need to also have an e-checking account. So, if you’re looking for just one account to place your funds, you may not want a Savings Connect.

CDs
Savings
APY
0.30% – 3.50%
5.00%
Minimum Deposit
$1,000
$100
Fees
$0
$0

CIT Bank CD Rates vs Money Market Account Rates

CIT Bank does have a money market account, which currently offers a rate of 1.55%, which again is higher than many of the CD products. The money market account has a minimum opening deposit of $100 and no monthly service fees. With this account, you can have easy access to your funds, via bank transfer, or Zelle, but there is no associated debit card or checks.

As with the savings account, the main reason why you would opt for a CD rather than a money market account is that a CD allows you to lock in your rate. So, if the base rate drops, you will continue to receive the same rate, which will not happen with the money market account.

About CIT Bank

CIT Bank is a division of First Citizens Bank. This makes it part of a long and illustrious banking history, as First Citizens Bank is the largest family-controlled bank that dates back to 1898. However, one of the drawbacks of CIT Bank is that it is a fully online bank with no physical branches.

CIT Bank has a decent selection of personal and business banking products, including several savings accounts, an e-checking account, home loans, and CDs.

FAQs

Yes, CIT Bank has an 11 month, no penalty CD, which offers an impressive rate and no penalty if you need to withdraw all or some of your funds before maturity. It's included on our best CDs for no penalty in May 2024.

Yes, CIT Bank CDs have a 10 day grace period. All CIT Bank CDs auto renew, but with the 10 day grace period, you can make changes, withdraw funds, add more funds or close the account with no penalty.

Once this grace period has elapsed, your CD will renew on a like for like basis. This means that if you had a 12 month CD, unless you otherwise change it, it will renew for another 12 month CD.

Interest on CIT Bank CDs is compounded daily and credited to your account monthly.

The early withdrawal penalty is calculated according to your original CD term. For CD terms of less than one year, the penalty is three months of simple interest.

Terms of one to three years, the penalty is six months simple interest and there is a penalty of 12 months of simple interest if your CD term is over three years.

How We Rate Certificates of Deposits: Our Methodology

The Smart Investor team has thoroughly examined certificate of deposit (CD) offerings from various banks, considering multiple factors to provide a comprehensive evaluation. Here's how we rated them across four key categories:

  • CD Rates (50%): We meticulously analyzed the interest rates offered by each bank on their certificate of deposit (CD) products. Higher ratings were awarded to banks offering competitive rates that provide maximum returns for customers' investments. Factors such as the yield curve, current market conditions, and consistency of rates were considered to assess the attractiveness of each bank's CD rates.

  • CD Features (30%): This category evaluated the features associated with each bank's certificate of deposit offerings. Factors considered include the variety of terms available, early withdrawal penalties, minimum deposit requirements, and any additional features or benefits. Higher ratings were given to banks offering a diverse range of CD terms, reasonable early withdrawal fees, and flexible options to meet customers' investment needs.

  • Customer Experience (10%): A positive customer experience is paramount, even when investing in CDs. We assessed each bank's performance in this area, considering factors such as the ease of opening a CD account, the responsiveness of customer service, and overall user satisfaction. Higher ratings were assigned to banks with efficient account opening processes, helpful customer support, and a track record of satisfying customers.

  • Bank Reputation (10%): The reputation of a bank is a critical consideration when investing in CDs. We evaluated each bank's reputation based on factors such as financial stability, regulatory compliance, and public perception. Higher ratings were given to banks with a solid reputation for reliability and trustworthiness, ensuring customers' investments are safe and secure.

By considering these categories and assigning appropriate weights to each, our review aims to provide valuable insights to help individuals make informed decisions when investing in certificate of deposits.

Compare CD Rates

Picture of Lorraine Smithills

Lorraine Smithills

Lorraine is a freelance finance writer with years of experience in the banking sector and after a successful career in one of the largest retail and commercial financial services providers. She has a passion for helping people with less financial confidence to get control of their money through budgeting, saving, and responsible credit practices.
Search
Best CD Rates
Top Offers From Our Partners

UpgradeLogo

Savings Rate: 5.21% APY
Minimum Deposit:
$0
 
CIT-Bank-Logo
Savings Rate: 5.00% APY
Minimum Deposit:
$5,000
Quontic bank logo
Savings Rate: 4.50% APY
Minimum Deposit:
$100
 
Advertiser Disclosure
The product offers that appear on this site are from companies from which this website receives compensation.
Top Offers From Our Partners

Chase_logo

Promotion:
$300 New Chase checking customers enjoy a $300 bonus when you open a Chase Total Checking® account and make direct deposits totaling $500 or more within 90 days of coupon enrollment.. Expired on 7/24/2024
Chase Overdraft Assist
With Chase Overdraft AssistSM, you won’t be charged an Overdraft Fee if you’re overdrawn by $50 or less at the end of the business day OR if you’re overdrawn by more than $50 and you bring your account balance to overdrawn by $50 or less at the end of the next business day

UpgradeLogo

Fees:
No monthly fees No monthly fees and no overdraft fees. Plus get reimbursed for ATM fees with an active account 
Rewards:
Up to 2% cash back Up to 2% cash back on common everyday expenses for active accounts with monthly $1,000 direct deposit, and up to 1% cash back for other purchases 

Promotion:
$300 Use Promo Code “AXOS300” for a $300 bonus when you apply for a Rewards Checking account
Up to 3.30% APY
to get the maximum rate (up to $50,000) you’ll need monthly direct deposits of $1,500 (0.40% APY), 10 transaction on your debit card (+0.30% APY), average daily balance of $2,500 on Axos Invest Managed Portfolio (+1.00% APY), average daily balance of $2,500 on Axos Invest Self Directed Trading Account(+1.00% APY) and make full monthly payment on loans (mortgage, personal and auto) with Axos account (+0.60% APY).

PNC bank logo

Promotion:
Up to $400 Open a new, select Virtual Wallet product and receive $500/$2,000/$5,000 or more in qualifying monthly direct deposits within 60 days to earn a $100/$200/$400 bonus.
Subject to state availability
PNC Virtual Wallet ® is available in AL, AZ, CA, CO, DC, DE, FL, GA, IL, IN, KY, MD, MI, NC, NJ, NY, NM, OH, PA, SC, TX, VA, WI, and WV. Virtual Wallet ® is offered in the state of MO with the exception of the Greater Kansas City area. Product availability may vary based on where you open your account and the Zip code of your primary address.

penfed personal loan

APY on Daily Balances
0.15% APY on daily balances of less than $20,000 or 0.35% APY on daily balances of $20,000 up to $50,000
Get paid up to 2 days early
Set up direct deposits and get your paycheck up to 2 days early

Promotion:
Up to $4,000 New customers may earn up to $4,000 when they open an eligible HSBC Premier checking account from January 8, 2024 through March 27, 2024 and complete qualifying activities:

• Receive a cash bonus of $1,500 when you deposit or invest $100,000 – $199,999.99

• Receive a cash bonus of $2,000 when you deposit or invest $200,000 – $299,999.99

• Receive a cash bonus of $2,500 when you deposit or invest $300,000 – 499,999.99

• Receive a cash bonus of $3,500 when you deposit or invest $500,000+

• Earn an extra $500 when you set up recurring monthly Direct Deposits totaling at least $5,000 for 3 months
Wealth Products & Advice
Get access to wealth products, insights and advice from an HSBC Financial Professional through HSBC Securities (USA) Inc
Advertiser Disclosure
The product offers that appear on this site are from companies from which this website receives compensation.

#1 In Banking

Our Newsletter

Get expert advice, insider tips, fresh banking promotions and rate changes on savings accounts and CDs

Banking Promotions & Latest Rate Updates

Our Banking Newsletter

Sign up for our newsletter and gain access to expert advice,
insider knowledge, and exclusive updates