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CIT Bank is a solid option if you are looking for an online financial institution that offers different types of CDs. You'll be able to pick from regular CDs, jumbo CDs, and one no-penalty CD.
All CIT Banks CDs have a fixed interest rate. This means the rate will stay the same for the entire term.
Learn more about current CIT Bank CD rates, below. Compare rates using our best CD rates guide.
Overview of Current CIT Bank CD Rates
The bank's strongest account option is the CIT Bank No Penalty CD. It pays a competitive interest rate, and there aren't any early withdrawal penalties.
CIT Bank Term CD rates vary depending on the term you choose. The 1-year, 2-year, 3-year, 4-year, and 5-year terms pay lower interest rates than the average CD. However, the bank's other Term CDs have much more competitive rates.
CIT Bank Jumbo CDs pay less competitive rates than other banks. If you're interested in opening a jumbo CD, other online banks have best jumbo CD rates.
CIT Bank Term CD Rates
A CIT Bank Term CD pays 0.30% to 3.50% APY for terms ranging from six months to five years.
The 6-month, 13-month, and 18-month CDs pay higher interest rates than the other bank's terms.Still, you can find other banks with even more competitive CD rates overall.
Here are the current CIT Bank Term CD rates:
| CD Term | APY (Annual Percentage Yield) |
| CIT Bank 6 Month Term CD | 3.00% |
| CIT Bank 1 Year Term CD | 0.30% |
| CIT Bank 13 Month Term CD | 3.50% |
| CIT Bank 18 Month Term CD | 3.00% |
| CIT Bank 2 Year Term CD | 0.40% |
| CIT Bank 3 Year Term CD | 0.40% |
| CIT Bank 4 Year Term CD | 0.50% |
| CIT Bank 5 Year Term CD | 0.50% |
CIT Bank Jumbo CD Rates
CIT Bank Jumbo CDs pay 0.40% to 0.50% APY. A jumbo CD is similar to a regular one but requires a substantial minimum opening deposit of $100,000 or more. CIT Bank Jumbo CDs currently pay similar interest rates to Term CDs.
You might consider a CIT Bank Jumbo CDif you have more than $100,000 that you would like to deposit in a low-risk place.
CIT Bank only has 2-year, 3-year, 3-year, and 5-year CDs. While jumbo CDs aren't necessarily common options available at all banks, you can still find other banks with more term options.
Here are the current CIT Bank Jumbo CD rates:
| CD Term | APY (Annual Percentage Yield) |
| CIT Bank 2-Year Jumbo CD | 0.40% |
| CIT Bank 3-Year Jumbo CD | 0.40% |
| CIT Bank 4-Year Jumbo CD | 0.50% |
| CIT Bank 5-Year Jumbo CD | 0.50% |
CIT Bank No Penalty CD Rate
The CIT Bank No Penalty 11-Month CD offers 3.50% APY.
A CIT Bank No Penalty CD could be a good choice if you don't want to worry about early withdrawal penalties.
CIT Bank offers a higher interest rate than other financial institutions and is featured in our guide for best no-penalty CDs.
How to Open a CIT Bank CD
CIT Bank is an online-only bank, so can't open a CD at a physical branch. You can open an account online, though.
You must be at least 18 years old to apply for a CIT Bank CD. The online application also requires general information, like your home address, email, social security number, and phone number.
To deposit money into a CIT Bank CD, you'll need to transfer money from another CIT Bank account or an external bank account. If you're linking an external bank account, you'll need to have your bank account number and routing number handy. You can find a bank account and routing numberson a check.
Are CIT Bank CDs Worth it?
CIT Bank will likely stand out if you are searching for a short-term CD. You also may prefer CIT Bank over other online banks if your goal is to open a no-penalty CD.
The bank is a good choice if you plan to open multiple bank accounts at the same financial institution because it has several types of bank accounts. There is a high-yield savings account, an interest-earning checking account, and a money market account.
You may favor another financial institution if you would like to open a CD with a low minimum opening deposit. You can also find higher rates on long-term CDs at other online banks.
CIT Bank CD Pros and Cons
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How CIT Bank CD Rates Compare
CIT Bank CDs vs. Capital One 360 CDs
Capital One 360 might be a better option if your priority is opening a CD with a low initial deposit. Capital One 360 lets you open a CD with $0. At CIT Bank, you'll need at least $1,000.
If you're strictly searching for competitive interest rates, you will want to go with Capital One since Capital One 360 CD rates are currently higher than CIT CD rates.
You may favor CIT Bank if you're searching for specialty CDs. CIT Bank has jumbo CDs and a no-penalty CD. Capital One 360 only has regular CDs.
Capital One Bank Review
CIT Bank CDs vs. Ally CDs
CIT Bank and Ally are equally strong options if you're searching for an online bank with a wide range of CDs. Both have a variety of regular terms and specialty CDs.
If you're comparing interest rates on CDs, Ally CD rates are more competitive.
Ally may be a better option if you want to open a regular CD with a low minimum opening deposit. Ally High-Yield CDs can be opened with $0 upfront, while CIT Bank Term CDs require at least $1,000.
Ally Bank Review
Why You Should Trust Us: How We Reviewed CIT Bank CDs
We rate bank accounts on a scale from zero to five stars. For our CIT Bank CD review, we used our CD methodologywhich looks at interest rates, minimum opening deposits, early withdrawal penalties, CD variety, customer support availability, mobile app ratings, and the ethics of the company.
CIT Bank FAQs
What are the current CIT Bank CD rates?
A CIT Bank Term CD pays 0.30% to 3.50% APY, and a Jumbo CD pays 0.40% to 0.50% APY. The exact APY for Term and Jumbo CDs will vary depending on the term that's chosen. The 11-month CIT Bank No-Penalty CD offers 3.50% APY.
How can I open a CIT Bank CD account?
CIT Bank CDs must be opened online. You must be at least 18 years old to open the account. The online application requires general information, like your home address, email, phone number and social security number.
Is there a minimum deposit required to open a CIT Bank CD?
You'll need at least $1,000 to open a CIT Bank Term or No-Penalty CD. The bank's Jumbo CDs require at least $100,000 to open.
Can I withdraw my funds before a CIT Bank CD matures?
You can withdraw funds from a CIT Bank No Penalty CD before it reaches maturity, and you won't have to deal with an early withdrawal charge. But if you take out money from CIT Bank Term CDs or Jumbo CDs before it matures, there will be a penalty.
How do CIT Bank's CD rates compare to other banks?
CIT Bank pays lower rates than the best CDs accounts for the same terms.
Banking Editor
Sophia Acevedo is a banking editor at Business Insider. She has spent three years as a personal finance journalist and is an expert across numerous banking topics.ExperienceSophia leads Personal Finance Insider's banking coverage, including reviews, guides, reference articles, and news. She edits and updates articles about banks, checking and savings accounts, CD rates, and budgeting and saving. She is highly knowledgeable about long-term trends in rates and offers at banks across the U.S.Before joining Business Insider, Sophia worked as a journalist at her college newspaper and was a freelance writer. She has spent seven years writing and editing as a journalist.Sophia was nominated for an Axel Springer Award for Change in 2023 for her coverage of ABLE accounts, tax-free savings accounts for people with disabilities. She was also a winner of a 2018 California Journalism Awards Campus Contest for her photography.She loves helping people find the best solutions for their unique needs and hopes that more people will find the tools to solve their financial problems. She’s inspired by stories of everyday people adapting to their financial circ*mstances and overcoming their fears around money.ExpertiseSophia's expertise includes:
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