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 April 3, 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.