Logo by CIT Bank; Illustration by Hunter Newton/Bankrate
CIT Bank has you covered no matter what stage of savings you’re in, if you’re looking for a CD account. The online bank offers several account options with terms ranging from six months to five years, including:
- Standard CDs
- A no-penalty CD
- Jumbo CDs
Though CIT Bank offers some CD terms with interest rates higher than the national average, most terms don’t reach the level offered by banks with the best CD rates.
Still, the bank offers an ample mix of CDs — including a short-term CD with no early withdrawal penalty — that may be a good fit for you.
CIT Bank earned 4.5 out of 5 stars in Bankrate’s overall review of the bank and also 4.3 out of 5 stars for its CDs.
CIT Bank CD rates
Current CIT Bank CD rates:
| Account name | Term | APY | Minimum deposit |
|---|---|---|---|
| Term CD | 6 months | 3.00% | $1,000 |
| Term CD | 1 year | 0.30% | $1,000 |
| Term CD | 13 months | 3.50% | $1,000 |
| Term CD | 18 months | 3.00% | $1,000 |
| Term CD | 2 years | 0.40% | $1,000 |
| Term CD | 3 years | 0.40% | $1,000 |
| Term CD | 4 years | 0.50% | $1,000 |
| Term CD | 5 years | 0.50% | $1,000 |
CIT Bank also offers a no-penalty CD, a short-term certificate that allows you to withdraw the principal and earned interest without paying an early withdrawal penalty at any time once seven days have passed after opening the account.
| Account name | Term | APY | Minimum deposit |
|---|---|---|---|
| No-penalty CD | 11 months | 3.50% | $1,000 |
In addition, CIT Bank offers four terms of jumbo CDs, suitable for those with larger amounts of cash who may also be considering building a CD ladder.
| Account name | Term | APY | Minimum 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 |
Note: Annual percentage yields (APYs) shown are as of July 2, 2024, and may vary by region for some products.
How CIT Bank compares to top-yielding banks
With many options to choose from, CIT Bank competes with other top CDs in some categories, while falling short in others. Its most competitive CD rates are offered on terms that fall in between full years, such as a six-month term and 18-month term. The bank also has a competitive yield on its 13-month CD.
Other savings products at CIT Bank
CIT Bank also has several savings options for consumers who want a little more flexibility with their savings.
The bank offers two online savings accounts with competitive interest rates: the Savings Connect account and the Platinum Savings account. Both accounts can be opened with just $100. The Platinum account is a tiered account, earning the highest yield once you deposit $5,000 or more into the account.
Lastly, CIT Bank offers a money market account, which can be opened with a $100 minimum deposit and has no monthly fees.
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