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CIT Bank CD rates

This online bank offers a range of CD terms and rates up to 4.65% to steadily grow your savings.

CIT Bank CDs have a wide range of terms from six months to five years. While CDs traditionally pay higher rates when you’re willing to tie up your cash for a longer time, CIT Bank offers stronger rates on its short-term CDs. But you’ll need to lock away at least $1,000 to open one.

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Overview of CIT Bank CD rates

CIT Bank CDs have interest rates all over the map, from 0.50% to 4.65% APY. Although there are eight terms to choose from, the most competitive rates come from its 6-month, 13-month and 18-month options. And while your interest compounds daily, its minimum deposit of $1,000 is higher than other banks.

CD TermAPYMinimum deposit
6 months4.15%$1,000
1 year0.3%$1,000
13 months4.65%$1,000
18 months4.6%$1,000
2 years0.4%$1,000
3 years0.4%$1,000
4 years0.5%$1,000
5 years0.5%$1,000

Other types of CDs

  • 11-month no-penalty CD. Earn up to 4.15% APY and withdraw your entire balance after seven days without penalty.
  • Jumbo CDs. Earn up to 0.5% APY on balances of at least $100,000 on a CD lasting from two to five years.

More about CIT Bank CDs: Deposits, fees and details

What it isDetailsDoes it matter
Minimum deposit$1,000This deposit is higher than other banks, especially compared to CDs with $0 or $500 minimum deposits.
Term range6 months to 5 yearsCIT Bank offers a wide range of CD terms, with short-term options like six months and in-between options like 13-month and 18-month CDs.
Grace period10 daysThis is similar to other banks.
CashoutCIT Bank sends out Maturity Notices 30 days before your term is up. You can choose to withdraw your cash through:

  • $0 ACH transfer
  • $0 bank check
  • $10 outgoing wire transfer if the amount is less than $25,000
This is similar to other banks.
RolloverIf you don’t contact CIT Bank during the 10-day grace period to withdraw your principal, your CD will automatically renew into a new CD with the same term, except for 13-month CDs and 18-month CDs, which renew as a 1-year and 2-year CD, respectively.Automatic renewal is similar to other banks.

Early withdrawal penalties

Withdraw your interest at any time for free. But cashing out any amount from your principal will incur an early withdrawal penalty. Fortunately, the fee is significantly more lenient than other banks.

CD TermEarly withdrawal fee
6 months3 months’ worth of interest
1 year3 months’ worth of interest
13 months6 months’ worth of interest
18 months6 months’ worth of interest
2 years6 months’ worth of interest
3 years6 months’ worth of interest
4 years1 years’ worth of interest
5 years1 years’ worth of interest

How CIT Bank CDs and rates compare

CIT Bank CD rates for its 6-month, 13-month and 18-month terms are some of the highest we’ve seen. But its other terms are lower than the national average and leave much to be desired. For example, CIT Bank‘s 1-year CD interest rate is 0.3% APY, which pales in comparison to the national average rate for a 1-year CD of 1.28% APY.

And while its opening deposit requirement of $1,000 isn’t the lowest minimum around, its kinder early withdrawal penalties make its CDs a well-rounded savings product to grow your cash.

Not sure CIT Bank‘s CDs are the right choice? See our list of the best CD rates on the market.

Compare CIT Bank to competitor rates

Narrow down CDs by interest rates and account requirements to find the best one that fits your financial goals. Select Compare to choose up to four products and see their key features side-by-side.

Name Product 6-month APY 1-year APY 5-year APY Minimum deposit to open
Western Alliance Bank 12 months CDs through SaveBetter
Finder Rating: 4.7 / 5: ★★★★★
Western Alliance Bank 12 months CDs through SaveBetter
Get 5.01% APY on a 12 month CD, and earn an APY that’s 14.8x higher than the national average. Pay no fees and just a $1 minimum deposit. FDIC insured.
Barclays Online CDs
Finder Rating: 4.5 / 5: ★★★★★
Barclays Online CDs
Get competitive rates on CD term lengths from 3 to 60 months. A reliable and secure way to see your money grow. FDIC insured.
CIT Bank Term CDs
Finder Rating: 3.5 / 5: ★★★★★
CIT Bank Term CDs
Choose from a range of terms with no maintenance fees and $1,000 minimum to open. FDIC insured.
Crescent Bank
Finder Rating: 4.8 / 5: ★★★★★
Crescent Bank
Earn competitive rates up to 5.10% APY (annual percentage yield) on terms ranging from 1 to 5 years. Pay $0 maintenance fees. Member FDIC.
Ponce Bank CD through SaveBetter
Finder Rating: 4.9 / 5: ★★★★★
Ponce Bank CD through SaveBetter
Snag the highest APYs on the market for the shortest CD terms via SaveBetter. FDIC insured.

CDs ratings

★★★★★ — Excellent

★★★★★ — Good

★★★★★ — Average

★★★★★ — Subpar

★★★★★ — Poor

We rate CDs and share certificates on a scale ranging from one to five stars based on what matters most to you. We consider two factors equally when rating CDs: minimum deposits and annual percentage yields (APYs) relative to term length. If a bank requires a different minimum opening deposit depending on the chosen term, we rate the CD based on the average minimum deposit across all terms. And although some institutions offer CDs with terms ranging from one week to 20 years, we only consider term lengths the FDIC uses in its monthly updates on national rates.

Read the full methodology of how we rate CDs.

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