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A review of CIT Bank CD rates

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

If you’re on the hunt for a high rate of return on your savings, consider looking into a certificate of deposit. These fixed-rate savings accounts can pay high APYs depending on how much money you invest and how long you’re willing to tie it up.

CIT Bank offers CDs with terms from six months to five years. The interest compounds daily, but you’ll pay a hefty fee if you withdraw your money early.

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1-year APY


3-year APY


5-year APY


Star rate3.5
6-month APY4.15%
11-month APY4.10%
1-year APY0.30%
13-month APY4.65%
18-month APY4.60%
2-year APY0.40%
3-year APY0.40%
4-year APY0.50%
5-year APY0.50%
Early withdrawal penalty90 days interest for terms of 1 to 12 months
180 days interest for terms of 13 to 36 months
365 days interest for terms of 37 + months
Minimum deposit to open$1,000
Interest compoundingDaily
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Review by

Katia Iervasi is a staff writer who hails from Australia and now calls New York home. Her writing and analysis has been featured on sites like Forbes, Best Company and Financial Advisor around the world. Armed with a BA in Communication and a journalistic eye for detail, she navigates insurance and finance topics for Finder, so you can splash your cash smartly (and be a pro when the subject pops up at dinner parties).

Expert review

CIT Bank’s CDs are best for an interest rate that’s compounded daily. CIT Bank’s CDs are low-maintenance and offer flexible terms and high APYs to help you to reach your savings goals. Similar to other CDs, you have the option to renew your CD, open a new one, or cash it in without penalty when the maturity date rolls around.

However, you’ll need $1,000 to open an account, which is unusual for online banks.

How do I open a CIT Bank Term CDs account?

To open a CD with CIT Bank, follow these steps to fill out your online form:

  1. Select Apply now.
  2. From the CIT Bank website on the top right-hand corner, click Open an account.
  3. A page will pop up asking if you’re a new or existing customer, or if you’re resuming an application. For this example, we’ll assume you’re a newbie. Press I am a new customer.
  4. You’ll reach the Create an account page. Click Next.
  5. Choose your Account Type: Personal, Product: Term CD and Term Length & APY from the dropdown boxes. The options are 6, 12, 13 or 18 months, or 2, 3, 4 or 5 years.
  6. Indicate whether you want an Individual or Joint account.
  7. Enter your personal information, date of birth, citizenship status, Social Security number and mother’s maiden name.
  8. Keep following the prompts to fund your deposit.


To apply for a CD, you must be:

  • A US Citizen or Resident Alien with a physical address, a Social Security number and a driver’s license or state-issued ID
  • At least 18 years old

Required information

Have this info handy for your application:

  • Your address, phone number and email
  • Your Social Security number
  • A valid driver’s license or state ID
  • A check or the details for the bank account you’re using to fund your initial deposit

Funding options

You can fund your CD in the following ways:

  • Electronic funds transfer. Transfer money from an external bank account for free. To apply for this service, you’ll need the info on a blank check from the institution holding your account. The funds may take two business days to be deposited into your CD.
  • Wires. Send a wire using your CIT Bank account number and routing number, 124084834.
  • Checks. Mail in a check to:
      • CIT Bank, N.A.
        Attn: Deposit Services
        PO Box 7056
        Pasadena, CA 91109

What types of CDs does CIT Bank offer?

  • Term CDs. The terms range from six months to five years, with up to 0.3% APY on an 12-month CD.
  • 11-Month No-Penalty CD. Earn up to 4.1% and withdraw your full 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.

Benefits of a CIT Bank CD

In addition to their wide range of terms and access to online banking tools, look for the following perks with these FDIC-insured accounts:

  • No maintenance fees. There are no fees for opening or maintaining a Term CD — though you may pay a fee if you withdraw your funds early.
  • Automatic renewal. CIT Bank renews your CD for the same term at your current rate.
  • Interest compounded daily. With a Term CD, interest accrues every day, so you’ll earn interest on your interest. The interest is posted monthly, and you can either leave it in your CD or deposit it into another account.
  • High APY. Earn up to 0.3% APY on an 12-month CD. Standard CDs with a six-month term earn 4.15% APY and generally increase for longer periods, such as 0.5% APY for five-year CDs. The national average for six-month CDs is just 0.14% APY.

What to watch out for

While CIT Bank‘s Term CDs boast flexible terms and no maintenance fees, be aware of these potential drawbacks:

  • Early withdrawal penalties. Like all banks, CIT Bank charges a penalty for the early withdrawal of funds from its Term CDs. Depending on the length of your term, you’ll pay a penalty equal to three to 12 months of interest on the initial amount you deposited.
  • No physical branches. CIT Bank is completely online, so there’s no way to bank in person.
  • $1,000 minimum deposit. The amount is typical for national banks, but other online banks and credit unions have lower minimums.
  • Limited customer support window. The customer service center is open from 8 a.m. to 9 p.m. ET on weekdays, and has shorter hours on weekends. If you need support outside of those hours, you’re limited to email, mail or the automated phone service.

If you’re looking for a CD with a lower opening deposit, you’ll want to keep looking. As always, compare your options when choosing a CD.

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How do I cash in a CD?

You’ll receive notification 30 days before your CD matures. When it reaches maturity, CIT Bank automatically renews your CD for the same term at the current rate. If you don’t want to renew your CD, you can cash it out or roll it over to another CD with a different term.

Do that, and you have two options:

  1. Backdate the new CD to the maturity date of your old CD and earn interest at the rate that was in effect on that date. The caveat? You can’t deposit any additional funds.
  2. Elect to have a new CD issued.

Timing is key, though. CIT Bank offers a 10-day grace period after the date of maturity. During that time, you can withdraw your funds without penalty by calling 855-462-2654 or sending a secure message via your online account.
If you withdraw your money outside of the grace period, you’ll have to pay a fee for early withdrawal.

How can I get in touch with customer service?

  • Phone. Dial 855-462-2652 from Monday to Friday, 8 a.m. to 9 p.m.; Saturday, 9 a.m. to 5 p.m.; and Sunday, 11 a.m. to 4 p.m. ET.
  • Overseas. Call 626-535-8964.
  • Fax. Enter 866-914-1578.
  • Email. Fill out the form on the Contact page or send a direct email to
  • Mail. Address mail to:
      CIT Bank, N.A.
      PO Box 7056
      Pasadena, CA 91109

Frequently asked questions

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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