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CIT Bank CDs

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Get Risk-Free Returns

CIT Bank CDs have competitive interest rates and can help you earn money without risking your capital.

Maximum APY

5% APY

Minimum Opening Deposit


18-Month CD APY

4.60% APY

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Type of CD

Short to mid-term

Best For


Level of Risk


Compounding rate


Account opening fee


Maintenance fee


Do you want a fixed return on your cash without worrying about market volatility? Are you saving up for a big goal and have funds you don’t have to touch for a while? The CIT Bank CD can get you closer to your financial goals while keeping your principal safe. Not only can you earn a risk-free return, but you can also get a higher APY with CIT Bank than most of its competitors. CIT Bank certificates of deposit have a $1,000 minimum investment requirement. That minimum deposit is higher than most bank requirements, but it’s not the highest in the industry. For what you get compared to the other options, a $1,000 minimum deposit may be worth it.

About CIT Bank

CIT Bank is an online financial institution that lets consumers create savings accounts and CDs. It is also possible to borrow home loans from CIT Bank if you are looking to buy a home or need a refinance. The company is FDIC insured since it is a division of First-Citizen Bank & Trust Company.

What is a CIT Bank CD?

A CIT Bank CD is a financial product that offers a risk-free rate of return. These accounts are insured by the FDIC, and you can choose the duration of the CD. The CD term you select will impact the interest rate. You can get a 5.00% APY for a 6-month CD, but lengthier CDs have lower interest rates. You can still secure a 4.60% APY with an 18-month certificate of deposit. The interest rates gradually decline as you look further out, but very few financial institutions can compete with the high-interest rates from CIT Bank’s 6-18 month CDs.

You can comfortably see your CIT Bank CDs and savings account in the CIT Bank mobile app. These accounts do not incur any account opening or management fees. You may have to pay a penalty fee if you withdraw money from your CD before the end of the term.

How Does a CIT Bank CD Work?

CIT Bank gives its customers several CD choices, each with a different term length and annual percentage yield. Shorter-term CIT Bank CDs currently have higher APYs, but you get less guaranteed money with these accounts. A 6-month CD has a 5.00% APY, but you will earn more cash in a 13-month CD, albeit at a lower rate (currently 4.65% APY).

Interest accumulates daily in your CIT Bank CD. Daily interest compounding results in more gains, but it should not be the decisive factor for CDs. Customers have to store cash in the CD for the account’s duration to receive all of the interest. However, you will have to pay a penalty fee in most cases if you take out money early.

Some customers take out short-term CDs and use the CD ladder strategy to minimize the likelihood of having to take out funds. CIT Bank CDs offer competitive rates and are optimal for cash that you will not need for a while.

What are the Benefits of CIT Bank CDs?

A CD from CIT Bank offers several advantages for customers. Here are some of the perks you can capitalize on:

  • Risk-free return: You don’t have to worry about market volatility or an asset losing value. Your CD maintains its value for the account’s duration. Interest payments will either accumulate in your CD or get sent to your savings account, depending on which choice you prefer.
  • High APYs on short-term CDs: You can get an APY as high as 5% for a CIT Bank CD. That annual percentage yield is higher than most financial institutions. If you opt for an 18-month CD, you can still earn a respectable 4.60% APY on your cash.
  • Access to CIT Bank’s other products: CIT Bank doesn’t only offer certificates of deposits. You can also open a savings account and take out a home loan through the online bank.
  • Steady cash flow: A CD can provide consistent cash flow and help you cover living expenses. The cash flow can protect your principal and make you less likely to make an early withdrawal and possibly incur penalty fees in the process.
  • Keeping up with inflation: CDs help consumers keep up with inflation without taking any risks. If you do not keep up with inflation, your money will lose value every year due to its declining purchasing power.
  • Diversify your portfolio: You don’t have to give up on stocks and real estate if you want them to become a part of your portfolio. A CD can diversify your holdings and increase your total returns.
  • Save up for a goal: If you want to make a down payment on a home in one year, you may want to take out a 6-month CIT Bank CD to earn extra money on the funds meant for your down payment. If you set aside money for taxes each year, you can consider putting those funds into a CD and ensuring those terms expire before you pay your taxes.

What is the Minimum to Open a CIT Bank CD?

The minimum deposit to open a CIT Bank CD is $1,000. Other banks have more generous minimum deposit requirements, but CIT Bank doesn’t have the highest requirement either compared to competitors. You will have to save up to open a CIT Bank CD, and you will need enough money to cover your expenses so you don’t have to withdraw from the CD.

What are the Terms, and Are There Penalties?

The best CD terms are the 6-month, 13-month, and 18-month terms. The 6-month CD gives you a 5.00% APY, the 13-month CD provides a 4.65% APY, and the 18-month term offers a 4.60% APY. You may have to pay a penalty fee if you make an early withdrawal. You may incur a penalty fee even if you withdraw interest without touching the principal. The penalty will reduce your earnings, but you won’t end up with a net loss on a CD.

CDs automatically get renewed at the end of their terms. A 13-month CD will automatically convert into a 12-month CD at maturity. If you opt for an 18-month CD, it will automatically convert into a 24-month CD at maturity. The posted interest rates can change from now to the maturity date of your CDs.

How Does a CIT Bank CD Stack Up?

A CIT Bank CD gives you access to some of the top interest rates you can find. Very few financial institutions give their customers access to 5.00% APY CDs. The $1,000 minimum deposit requirement is in the middle ground relative to competitors. Some banks have $250 to $500 minimum deposit requirements, while others banks set their minimum deposit requirements to $2,500.

Customers may also like that CIT Bank has savings accounts and home loans. Some banks only offer savings accounts and CDs, but CIT Bank offers more features and products to make the financial institution worthwhile.

Are CIT Bank CDs Worth It?

CIT Bank CDs can be worth it for people who want risk-free returns and no volatility. You don’t have to make your entire portfolio consist of CDs, but if you want to keep some of your money in the bank, a CD lets you earn some money rather than none.

While a CD from any bank provides these benefits, CIT Bank CDs have higher interest rates and shorter terms than other financial institutions. The shorter terms make it easier to keep your money in the CD without having to withdraw funds early.

The financial institution’s CDs are insured by the FDIC. This insurance policy protects each consumer’s bank accounts for up to $250,000. Consumers should make sure a bank is FDIC-insured before they start working with that bank. This should be a prerequisite, as it is very risky and makes very little sense to work with any bank that is not FDIC insured.

How to Get Started with CIT Bank CDs

CIT Bank CDs can help you earn a return on your extra cash and diversify your portfolio. While you can get CDs from other banks, CIT Bank has some of the top APYs in the industry. You can get started with CIT Bank CDs by visiting their website.

If you are already a CIT Bank customer, you can log into your account and start the process of creating a CD. If you do not have a CIT Bank account yet, you will have to create an account with the bank before you can proceed. You will have to provide your home address, email address, phone number, and Social Security number to create your account. The entire process takes five minutes to complete.

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