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CIT Bank CD Rates: April 2024

Learn how much you can earn with a CIT Bank certificate of deposit

<p>Ridofranz / Getty Images</p>

Ridofranz / Getty Images

Fact checked by Michael Rosenston

CIT Bank is one of the nation’s most popular online banks. In addition to its other bank services, CIT Bank offers certificates of deposit (CDs), with terms ranging from six months to five years. The bank’s CDs have competitive interest rates, especially for its shorter-term CDs.


The APYs listed below are up to date as of the date of publication of this article. We review CD rates every two weeks and update the information below accordingly.

 CD Term  APY  Minimum Balance
6 months 3.00%  $1,000
12 months 0.30% $1,000
13 months 3.50%  $1,000
18 months 3.00%  $1,000
24 months 0.40% $1,000
36 months 0.40% $1,000
48 months 0.50% $1,000
60 months 0.50% $1,000

See the best CD rates today before choosing the CD that is best for you.

CD Term   APY  Minimum Balance
11 months 3.50% $1,000
CD Term   APY  Minimum Balance
2 years 0.40% $100,000
3 years 0.40% $100,000
4 years 0.50% $100,000
5 years 0.50% $100,000

CIT Bank CDs: Key Features

APY Range 0.30%–3.50%
Minimum Balance  $1,000 
Term Range  6 months to 5 years 
Compounding Schedule  Daily 
Early Withdrawal Penalty  1-year term or less: 3 months simple interest 1-3 year term: 6 months simple interest 3-year term or more: 12 months simple interest 
Grace Period for Penalty-Free Withdrawals  10 days after automatic renewal 

In addition to its standard and jumbo term CDs, CIT Bank offers an 11-month no-penalty CD. With an attractive interest rate and a minimum deposit of $1,000, this CD allows you to access your funds at any time before maturity without penalties.


CIT Bank, a subsidiary of First Citizens Bank, is an online-only bank. CIT Bank doesn’t have an ATM network. However, it doesn’t charge its customers any ATM fees, and it provides reimbursement of up to $30 per month for other banks’ ATM fees.

Compare CD Account Rates

When it comes to choosing the right CD rate, it’s important to consider more than just APY. Before putting your money in a CD, consider how much you plan to deposit and how long you want your money locked up. Those factors can help you choose the right bank.

Another consideration is the early withdrawal penalty.

Many banks impose a penalty when you withdraw the funds from your CD before the maturity date. These penalties are often based on a certain number of months of interest, as is the case with CIT Bank. Like CIT Bank, some banks may also offer a penalty-free CD. If you think you may need to access your funds before your CD matures, looking at your penalty-free options may be a good idea.

Some banks offer a grace period on CDs during which you can withdraw your money with an early withdrawal penalty. This grace period could be after your CD matures but before it renews, or it could take place after your CD has automatically renewed.

Is CIT Bank CD FDIC Insured?

Yes, CDs at CIT Bank are FDIC-insured. Like most banks, CIT Bank’s deposits are insured by the Federal Deposit Insurance Corporation (FDIC) for up to $250,000. If you have CDs or other deposit accounts at multiple banks, you’ll have up to $250,000 of coverage at each bank.

Are CIT Bank CD Rates Competitive?

CIT Bank has some of the best maximum CD rates on the market. But whether they are best for you depends on the CD term you are interested in. CIT Bank has high APYs for its CDs with terms of six months, 13 months, and 18 months. However, for its one-, two-, three-, four-, and five-year CD terms, CIT Bank is much less competitive.

How Do You Get the Best CD Rate With CIT Bank?

You’ll get the best CD rate with CIT Bank by choosing the six-month term and leaving your money in place until the CD matures. 

However, because of the short term on this CD, you may have a new interest rate—and possibly a lower one—when your CD renews. If you anticipate interest rates may go down, and you want a longer term, you may have the best return by opting for the 18-month CD.

Are There Fees That CIT Bank Charges to Maintain Your CD?

CIT Bank doesn’t charge account opening or maintenance fees on its CDs. The only fee you may be subject to is an early withdrawal fee if you take your money out of the CD before it reaches maturity.

How Do You Open a CD With CIT Bank?

Because CIT Bank is an online-only bank, you can easily open a CD online in just a few simple steps. First, you’ll provide personal information like your name, Social Security number, and contact information. Next, you’ll need to transfer at least $1,000 via electronic transfer, a mailed check, or a wire to open the account. Once your transfer has been received, your CD account will be opened, and you’ll receive a confirmation email.

Your Guide to CDs

Read the original article on Investopedia.

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