Brand by CIT Financial institution; Illustration by Hunter Newton/Bankrate
CIT Financial institution has you coated it doesn’t matter what stage of financial savings youβre in, in the event youβre on the lookout for a CD account.
The web financial institution provides a number of account choices with phrases starting from six months to 5 years, with totally different merchandise designed for short-term financial savings and asset safety for big deposits.
Although CIT Financial institution provides some CD phrases with rates of interest larger than the nationwide common, most phrases donβt attain the extent supplied by banks with the perfect CD charges.
Nonetheless, the financial institution provides an ample mixture of merchandise β together with a short-term CD with no early withdrawal penalty β that could be a very good match for you.
CIT Financial institution earned 4.4 out of 5 stars in Bankrateβs total evaluation of the financial institution and in addition 4.3 out of 5 stars for its CDs.
CIT Financial institution CD charges
Present CIT Financial institution CD charges:
| Account title | Time period | APY | Minimal deposit |
|---|---|---|---|
| Time period CD | 6 months | 5.00% | $1,000 |
| Time period CD | 1 yr | 0.30% | $1,000 |
| Time period CD | 13 months | 4.65% | $1,000 |
| Time period CD | 18 months | 4.60% | $1,000 |
| Time period CD | 2 years | 0.40% | $1,000 |
| Time period CD | 3 years | 0.40% | $1,000 |
| Time period CD | 4 years | 0.50% | $1,000 |
| Time period CD | 5 years | 0.50% | $1,000 |
CIT Financial institution additionally provides a no-penalty CD, a short-term certificates that permits you to withdraw the principal and earned curiosity with out paying an early withdrawal penalty at any time as soon as seven days have handed after opening the account.
| Account title | Time period | APY | Minimal deposit |
|---|---|---|---|
| No-penalty CD | 11 months | 4.90% | $1,000 |
As well as, CIT Financial institution provides 4 phrases of jumbo CDs, appropriate for these with bigger quantities of money who might also be contemplating constructing a CD ladder.
| Account title | Time period | APY | Minimal 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 |
Notice: Annual proportion yields (APYs) proven are as of Feb. 20, 2024, and should differ by area for some merchandise.
How CIT Financial institution compares to top-yielding banks
With many choices to select from, CIT Financial institution competes with different high CDs in some classes, whereas falling brief in others. Its best CD charges are supplied on phrases that fall in between full years, resembling a six-month time period and 18-month time period. The financial institution additionally has a aggressive yield on its 13-month CD.
Different financial savings merchandise at CIT Financial institution
CIT Financial institution additionally has a number of financial savings choices for shoppers who need a bit extra flexibility with their financial savings.
The financial institution provides two on-line financial savings accounts with aggressive rates of interest: the Financial savings Join account and the Platinum Financial savings account. Each accounts may be opened with simply $100. The Platinum account is a tiered account, incomes the best yield when you deposit $5,000 or extra into the account.
Lastly, CIT Financial institution provides a cash market account, which may be opened with a $100 minimal deposit and has no month-to-month charges.
