Bankrate’s editorial team writes on behalf of YOU – the reader. The interest compounds daily, but you’ll pay a hefty fee if you withdraw your money early. Compare their offering now to find the solutions that fit best with your savings goals. Other factors, such as our own proprietary website rules and whether a product is offered in your area or at your self-selected credit score range can also impact how and where products appear on this site. Marcus by Goldman Sachs' CD rates, for example, are impressive for larger deposits. Currently, CIT Bank offers up to 0.50% APY Rate with their CD account. Tier levels are subject to change without notice. Our editors and reporters thoroughly fact-check editorial content to ensure the information you’re reading is accurate. The APYs for some products may vary by region. CIT Bank is CIT’s national direct bank. The content created by our editorial staff is objective, factual, and not influenced by our advertisers. Great Interest Rates. Bankrate has answers. A Red Ventures company. If you’re looking for a CD account, CIT Bank has you covered — no matter what stage of savings you’re in. All Rights Reserved. If you want a savings account with fewer restrictions, CIT Bank’s Premier High Yield Savings account features a slightly lower interest rate than the Savings Builder, but with a fixed rate for all balances and only a $100 minimum deposit to open. Turn your savings into so much more. how we make money. In this review, we’ll cover: CIT Bank’s savings accounts. CIT Bank also has several savings options for people who want a little more flexibility with their savings. Enjoy the security of We’re transparent about how we are able to bring quality content, competitive rates, and useful tools to you by explaining how we make money. CIT Bank CDs provide a safe, secure way to grow your savings. In this CIT Bank CD Accounts review, we'll compare rates, fees, and services to other national and online banks. Your rate is locked in for the entire term. Interest rates and APYs are subject to change without notice. With as little as $1,000, you can invest in a CIT Bank CD account to maximize your earnings. CIT Bank’s most interesting CD — the No-Penalty CD — falls just short of the No-Penalty CD from Marcus by Goldman Sachs, which offers a better interest rate and lower minimum deposit requirement. Our experts have been helping you master your money for over four decades. With the CIT Bank No-Penalty CD you get a great rate, the security of an 11-month CD, and no-penalty access to your funds if you need them. Our editorial team receives no direct compensation from advertisers, and our content is thoroughly fact-checked to ensure accuracy. A CD is a type of bank … Overall, we don't think CIT is the best place for CDs. Term CDs: Term are available from six months to five years. You may be able to find CDs that earn higher interest rates . It offers a few options to fit different needs. Our mission is to provide readers with accurate and unbiased information, and we have editorial standards in place to ensure that happens. As you can see from the table below, however, you may be able to earn higher rates for longer terms at Discover and other banks. The bank offers two online savings accounts with competitive interest rates. CIT Bank Review: Savings and CD Rates. Lindsay VanSomeren. It may not have been previewed, commissioned or otherwise endorsed by any of our network partners. You can check out all of the best available CDs here. Penalties may be imposed for early withdrawal. CIT bank offers a variety of CDs with rates that can compete with even some of the biggest names in the banking industry. Our IRA CD lets you enjoy tax advantages and earn higher interest while setting your own terms.‎ Certificates of deposit are available as Traditional, ROTH or SEP IRA options. The savings account offers a top-tier APY if you save just $100 per month. Bankrate has partnerships with issuers including, but not limited to, American Express, Bank of America, Capital One, Chase, Citi and Discover. At Bankrate we strive to help you make smarter financial decisions. CIT Bank earned 4.3 out of 5 stars in Bankrate's overall review of the bank.. CIT Bank CD rates. A five-year CD pays 0.50% APY. investments and maximize your return. Usually the longer of a term, the higher APY rate you make. You can also open a money market account with CIT Bank with a $100 minimum deposit and no monthly fees. Earn 0.3% APY on a 12-month CD. CIT Bank: 0.30% APY, $1,000 minimum deposit. CIT Bank CD rates are very competitive when compared to other online CD rates. Interest is compounded daily and may be added to your CD balance or automatically transferred to another CIT Bank account. APY 0.30 %. Visit the CIT Bank website for the current APY for this account, which applies to all balances. For instance, Ally Bank offers significantly higher rates on shorter terms and has a $0 minimum deposit. We are compensated in exchange for placement of sponsored products and, services, or by you clicking on certain links posted on our site. While most of the big bank’s CDs have lackluster rates, Citi offers several CDs that are worth considering for their rates. Automatic renewal. Let's take a look at what a CIT Bank CD has to offer. With … Bankrate follows a strict editorial policy, so you can trust that we’re putting your interests first. The bank also has an 11-month CD that doesn't charge an early withdrawal penalty. For instance, a 6-month CIT Bank CD has a rate of 0.50%, which is way higher than the national average rate of 0.25%. CIT Bank built its Jumbo CD as an asset diversification vehicle — perfect for those building a CD ladder to protect large amounts of cash. Let a CIT Bank Jumbo CD help you maximize your savings with a big rate on larger deposits. Our editorial team does not receive direct compensation from our advertisers. Get insider access to our best financial tools and content. The 18-month Term CD rate is just a tad lower at 1.85% APY. This rate is competitive and exceeds the national average for CDs with a comparable term. CIT Bank 11-Month, No-Penalty CD Rates. Term - 13-Month 3. View CD rates and open an account now. The minimum opening deposit for the Term CDs is also $1k. How CIT Bank CD Rates Compare to Other Banks. Member FDIC. We value your trust. We continually strive to provide consumers with the expert advice and tools needed to succeed throughout life’s financial journey. APY 0.30 %. Here’s an explanation for Competitive CD rates and terms that work for your schedule. CIT Bank earned 4.3 out of 5 stars in Bankrate’s overall review of the bank. The offers that appear on this site are from companies that compensate us. You are using an outdated browser. This compensation may impact how and where products appear on this site, including, for example, the order in which they may appear within the listing categories. Passive income ideas to help you make money, Best age for Social Security retirement benefits, Rising Bank, a new online-only bank, launched today — and it has one of the juiciest CD yields available, Privacy policy / California privacy policy. Your CD automatically renews at the end of the term. If you don't take any action during your grace period, your CD will automatically renew for the same term at your current rate. *APY assumes the account is opened on the 15th day of the month and no qualifying deposits of $100 are made following account opening. It has been about a year since CIT Bank first launched its savings account, and since that time, the rates have remained very competitive, especially for a minimum balance of $25,000. Since this CD has a single term, it also has a single interest rate. While CIT Bank CD interest rates are higher than the national average, they don’t reach the level offered by banks with the best CD rates, especially for terms shorter than two years. How CIT Bank Savings Account and CD Rates Compare. Earn up to 0.3% and withdraw your full balance after seven days without penalty. Its current rate as of 4/18/2013 is 1.00% APY for a $25K minimum balance and 0.90% APY for a $100 minimum balance. All CD products have no account fees. Please upgrade your browser to use this site. Compare their offering now to find the solutions that fit best with your savings goals. Written By. This guide will compare CIT Bank rates to CD, IRA CD. CIT Bank CD Rates. High APY. Which certificate of deposit account is best? While CIT Bank CD interest rates are higher than the national average, they don’t reach the level offered by banks with the best CD rates, especially for terms shorter than two years. BR Tech Services, Inc. NMLS ID #1743443 | NMLS Consumer Access. Bankrate.com is an independent, advertising-supported publisher and comparison service. We are an independent, advertising-supported comparison service. So, whether you’re reading an article or a review, you can trust that you’re getting credible and dependable information. We do not include the universe of companies or financial offers that may be available to you. How much you will earn depends on the length of the term. Bankrate, LLC NMLS ID# 1427381 | NMLS Consumer Access Lock in an interest 0.30 % APY. For example, current 12-month CD rates at CIT Bank are at 1.80 percent. CIT CD Rates. © 2020 Bankrate, LLC. You have money questions. 3 Savings Builder is a tiered interest rate account. The Savings Builder account features a tiered interest rate and requires you to either maintain a $25,000 minimum balance or deposit $100 every month into the account. Bankrate is compensated in exchange for featured placement of sponsored products and services, or your clicking on links posted on this website. Our goal is to give you the best advice to help you make smart personal finance decisions. The terms range from six months to five years, with up to 0.3% APY on an 12-month CD. CIT Bank does not have the highest CD rates. 11-Month No-Penalty CD. Our award-winning editors and reporters create honest and accurate content to help you make the right financial decisions. CIT Bank CDs provide a safe, secure way to grow your savings. rate and forget about the drama of market volatility. We maintain a firewall between our advertisers and our editorial team. There are no tiered rates. Want to lock into a longer-term certificate of deposit with a slightly higher rate? The only internet bank with a higher … But this compensation does not influence the information we publish, or the reviews that you see on this site. Member FDIC. With many options to choose from, CIT Bank competes closely with other top CDs in some categories while falling short in others. Bankrate follows a strict editorial policy, so you can trust that our content is honest and accurate. Term - … Balance your This short-term CD 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. For saving money, we prefer their Savings Builder Account. With as little as $1,000, you can invest in a CIT Bank CD account to maximize your earnings. CDs are a certificate issued by a bank to a person depositing money for a specified length of time. CIT Bank, N.A. Backed by the full faith and credit of the U.S. government, up to $250,000. One of the most interesting accounts offered by CIT Bank is its No-Penalty CD. a CD while still having access to your funds. Besides its no-penalty CD, Ally Bank also offers a checking account, a money market account, term CDs, and two terms of a Raise Your Rate CD. Bankrate.com is an independent, advertising-supported publisher and comparison service. There is … Choose from a selection of CD rates … Available online, open a CIT Bank No-Penalty CDs and you can now save for 11 months and earn 0.30% APY rate with no penalty for early withdrawal. CDs are a certificate issued by a bank to a person depositing money for a specified length of time. City Bank offers a variety of CD rates and terms, from 30 days to 60 months, with higher rates on longer terms so you can tailor the maturity to your financial goals. Bankrate.com does not include all companies or all available products. The min deposit is $1,000. Term - 18-Month 2. Note: The APYs (Annual Percentage Yield) shown are accurate as of Oct. 23, 2020. Usually the longer of a term, the higher APY rate you make. editorial integrity, this post may contain references to products from our partners. You won't pay anything to open or maintain a CIT Bank Term CD, though you'll pay a fee if you withdraw funds early. CIT CD rates are competitive with other online banks. CIT Bank provides money-saving products, including competitive CD rates, checking accounts, and savings accounts. CIT Bank CD rates are competitive compared to other Banks’ CDs. Lock in a Great Rate That’s Right for You. Get the details on CIT Bank savings, Money Market and CD accounts with interest rates for maximum growth. Start saving for that exotic vacation with our 13-Month CD. Our award-winning editors and reporters create honest and accurate content to help you make the right financial decisions. Today's national average 12-month CD rate is considerably lower at 0.48 percent. Still, the bank offers an intriguing mix of products — including a short-term CD with no early withdrawal penalty — that may be a good fit for you. CIT Bank's CD rates are above average. While we adhere to strict Member FDIC. The online bank offers several account options with terms ranging from six months to five years, with different products designed for short-term savings and asset protection for large deposits. CIT’s long-term CD rates aren’t as competitive as their other account options. Let’s take a look at what a CIT Bank CD has to offer. Our goal is to help you make smarter financial decisions by providing you with interactive tools and financial calculators, publishing original and objective content, by enabling you to conduct research and compare information for free - so that you can make financial decisions with confidence. Choose from a selection of CD rates and terms to help you stay on target for your savings goals. We follow strict guidelines to ensure that our editorial content is not influenced by advertisers. A penalty may be imposed for early withdrawal of principal, and any early withdrawal (principal or interest) will reduce earnings. 2 CIT Bank Savings, Money Market and eChecking accounts are variable-rate accounts. If you want to open a CIT Bank CD, the best option is the 18-month CD. 18-month CD rates from CIT Bank are at 1.85 percent. CIT Bank CD Rates. While we strive to provide a wide range offers, Bankrate does not include information about every financial or credit product or service. Minimum opening deposits start at $1,000. Please enable Javascript to proceed. It’s easy to open an account. Flexibility—it’s what you expect from City Bank, and it’s what we deliver. Editorial Note: The content of this article is based on the author’s opinions and recommendations alone. Therefore, this compensation may impact how, where and in what order products appear within listing categories. Updated on Tuesday, December 1, 2020 . This site requires Javascript. Standard CDs with a six-month term earn 0.3% APY and generally increase for longer … CIT Bank offers different CDs with terms from six months to five years. This compensation may impact how, where and in what order products appear. CIT Bank’s 12-month Term CD currently offers a competitive 1.86% APY, one of the highest rates offered by an internet bank on 12-month CDs. 10/26/16 - CIT Bank Gives Some CD Customers Option of Penalty-Free Early Withdrawal 7/6/16 - CIT Drops CD Rates Again 3/9/16 - 5-Year CD Rate Reduction 2/23/16 - CIT Drops Rates 9/23/15 - New Top 1-Year Rate on CIT Bank’s RampUp Plus and Term CD 9/9/15 - The New CIT Bank, N.A. Your IRA contribution may be tax deductible, so please remember to consult your tax advisor.‎ See Current Interest Rates