
Emblem by CIT Financial institution; Illustration by Hunter Newton/Bankrate
CIT Financial institution has you coated it doesn’t matter what stage of financial savings you’re in, when you’re searching for a CD account. The net financial institution affords a number of account choices with phrases starting from six months to 5 years, together with:
- Normal CDs
- A no-penalty CD
- Jumbo CDs
Although CIT Financial institution affords some CD phrases with rates of interest increased than the nationwide common, most phrases don’t attain the extent provided by banks with one of the best CD charges.
Nonetheless, the financial institution affords an ample mixture of CDs — together with a short-term CD with no early withdrawal penalty — which may be a great match for you.
CIT Financial institution earned 4.5 out of 5 stars in Bankrate’s total evaluate of the financial institution and in addition 4.3 out of 5 stars for its CDs.
CIT Financial institution CD charges
Present CIT Financial institution CD charges:
Account title | Time period | APY | Minimal deposit |
---|---|---|---|
Time period CD | 6 months | 3.00% | $1,000 |
Time period CD | 1 12 months | 0.30% | $1,000 |
Time period CD | 13 months | 3.50% | $1,000 |
Time period CD | 18 months | 3.00% | $1,000 |
Time period CD | 2 years | 0.40% | $1,000 |
Time period CD | 3 years | 0.40% | $1,000 |
Time period CD | 4 years | 0.50% | $1,000 |
Time period CD | 5 years | 0.50% | $1,000 |
CIT Financial institution additionally affords a no-penalty CD, a short-term certificates that permits you to withdraw the principal and earned curiosity with out paying an early withdrawal penalty at any time as soon as seven days have handed after opening the account.
Account title | Time period | APY | Minimal deposit |
---|---|---|---|
No-penalty CD | 11 months | 3.50% | $1,000 |
As well as, CIT Financial institution affords 4 phrases of jumbo CDs, appropriate for these with bigger quantities of money who may additionally be contemplating constructing a CD ladder.
Account title | Time period | APY | Minimal deposit |
---|---|---|---|
Jumbo CD | 2 years | 0.40% | $100,000 |
Jumbo CD | 3 years | 0.40% | $100,000 |
Jumbo CD | 4 years | 0.50% | $100,000 |
Jumbo CD | 5 years | 0.50% | $100,000 |
Notice: Annual proportion yields (APYs) proven are as of July 2, 2024, and should fluctuate by area for some merchandise.
How CIT Financial institution compares to top-yielding banks
With many choices to select from, CIT Financial institution competes with different prime CDs in some classes, whereas falling brief in others. Its best CD charges are provided on phrases that fall in between full years, akin to a six-month time period and 18-month time period. The financial institution additionally has a aggressive yield on its 13-month CD.
Different financial savings merchandise at CIT Financial institution
CIT Financial institution additionally has a number of financial savings choices for customers who need slightly extra flexibility with their financial savings.
The financial institution affords two on-line financial savings accounts with aggressive rates of interest: the Financial savings Join account and the Platinum Financial savings account. Each accounts could be opened with simply $100. The Platinum account is a tiered account, incomes the best yield when you deposit $5,000 or extra into the account.
Lastly, CIT Financial institution affords a cash market account, which could be opened with a $100 minimal deposit and has no month-to-month charges.