Sign up & start saving!
Get our weekly newsletter for the latest in money news, credit card offers + more ways to save
|CD Term||APY||Minimum deposit|
|What it is||Details||Does it matter|
|Minimum deposit||$1,000||This deposit is higher than other banks, especially compared to CDs with $0 or $500 minimum deposits.|
|Term range||6 months to 5 years||CIT 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 period||10 days||This is similar to other banks.|
|Cashout||CIT Bank sends out Maturity Notices 30 days before your term is up. You can choose to withdraw your cash through:||This is similar to other banks.|
|Rollover||If 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.|
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 Term||Early withdrawal fee|
|6 months||3 months’ worth of interest|
|1 year||3 months’ worth of interest|
|13 months||6 months’ worth of interest|
|18 months||6 months’ worth of interest|
|2 years||6 months’ worth of interest|
|3 years||6 months’ worth of interest|
|4 years||1 years’ worth of interest|
|5 years||1 years’ worth of interest|
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.
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.
★★★★★ — 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.
finder.com is an independent comparison platform and information service that aims to provide you with the tools you need to make better decisions. While we are independent, the offers that appear on this site are from companies from which finder.com receives compensation. We may receive compensation from our partners for placement of their products or services. We may also receive compensation if you click on certain links posted on our site. While compensation arrangements may affect the order, position or placement of product information, it doesn't influence our assessment of those products. Please don't interpret the order in which products appear on our Site as any endorsement or recommendation from us. finder.com compares a wide range of products, providers and services but we don't provide information on all available products, providers or services. Please appreciate that there may be other options available to you than the products, providers or services covered by our service.