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.
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. 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 earned 4.3 out of 5 stars in Bankrate’s overall review of the bank.
CIT Bank CD rates
Let’s take a look at what a CIT Bank CD has to offer.
| Account name | Term | APY | Minimum deposit |
| Term CD | 6 months | 0.35% | $1,000 |
| Term CD | 1 year | 0.35% | $1,000 |
| Term CD | 13 months | 0.35% | $1,000 |
| Term CD | 18 months | 0.35% | $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 |
One of the most interesting accounts offered by CIT Bank is its No-Penalty CD. 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.
| Account name | Term | APY | Minimum deposit |
| No-penalty CD | 11 months | 0.35% | $1,000 |
CIT Bank built its Jumbo CD as an asset diversification vehicle — perfect for those building a CD ladder to protect large amounts of cash.
| 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: The APYs (Annual Percentage Yield) shown are accurate as of Aug. 28, 2020. The APYs for some products may vary by region.
How CIT Bank compares to top-yielding banks
With many options to choose from, CIT Bank competes closely with other top CDs in some categories while falling short in others.
For instance, Ally Bank offers significantly higher rates on shorter terms and has a $0 minimum deposit.
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.
You can check out all of the best available CDs here.
Other savings products at CIT Bank
CIT Bank also has several savings options for people 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 you to either maintain a $25,000 minimum balance or deposit $100 every month into the account.
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.
You can also open a money market account with CIT Bank with a $100 minimum deposit and no monthly fees.
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