If you’re looking for a CD account, CIT Bank has you covered — no matter what stage of savings you’re in. 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.
Though 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. Still, the bank offers an ample mix of products — including a short-term CD with no early withdrawal penalty — that may be a good fit for you.
CIT Bank earned 4.6 out of 5 stars in Bankrate’s overall review of the bank and 4.3 stars for its CDs.
CIT Bank CD rates
Current CIT Bank CD rates:
| Account name | Term | APY | Minimum deposit |
| Term CD | 6 months | 0.30% | $1,000 |
| Term CD | 1 year | 0.30% | $1,000 |
| Term CD | 13 months | 0.30% | $1,000 |
| Term CD | 18 months | 0.30% | $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 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 | 0.30% | $1,000 |
In addition, CIT Bank offers four terms of jumbo CDs, suitable for those with larges 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 March 30, 2022, 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.
Ally Bank, for example, offers significantly higher rates on shorter terms and has no minimum deposit.
CIT Bank’s no-penalty CD falls short of the no-penalty CDs offered by Marcus by Goldman Sachs, which offer more terms, better yields and lower minimum deposit requirements.
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 Builder account features a tiered interest rate and requires either a $100 monthly deposit or a $25,000 minimum monthly balance to earn the highest APY.
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.
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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