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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.
0.30%
1-year APY
0.40%
3-year APY
0.50%
5-year APY
Star rate | 3.5 |
---|---|
6-month APY | 4.15% |
11-month APY | 4.10% |
1-year APY | 0.30% |
13-month APY | 4.65% |
18-month APY | 4.60% |
2-year APY | 0.40% |
3-year APY | 0.40% |
4-year APY | 0.50% |
5-year APY | 0.50% |
Early withdrawal penalty | 90 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 compounding | Daily |
cta text | Apply now |
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).
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.
To open a CD with CIT Bank, follow these steps to fill out your online form:
To apply for a CD, you must be:
Have this info handy for your application:
You can fund your CD in the following ways:
In addition to their wide range of terms and access to online banking tools, look for the following perks with these FDIC-insured accounts:
While CIT Bank‘s Term CDs boast flexible terms and no maintenance fees, be aware of these potential drawbacks:
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.
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:
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.
★★★★★ — 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.