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CIT Bank Term Certificates of Deposit

Open CD

Member FDIC.

  • Our Rating 3.5/5 Read the review
  • Minimum
    Deposit Required
    $1,000
  • 1 Year APY0.30% More Info

    Annual Percentage Yield is accurate as of January 24, 2023. Interest rates for CIT Bank's term CDs are variable and subject to change at any time without notice

  • 3 Year APY0.40% More Info

    Annual Percentage Yield is accurate as of January 24, 2023. Interest rates for CIT Bank's term CDs are variable and subject to change at any time without notice

  • 13-Month APY4.65% More Info

    Annual Percentage Yield is accurate as of January 24, 2023. Interest rates for CIT Bank's term CDs are variable and subject to change at any time without notice

CIT Bank offers a variety of term CDs ranging from six months to five years. Interest rates vary depending on term length, but generally CIT's best rates come from slightly unusual term lengths, such as its 13-month CD. See site for details.

Unusual Term Lengths Earn the Highest Rates

CIT Bank offers clients a 13-month term CD with a 4.65% annual percentage yield (APY). If you’re in the market for a reliable way to gain interest on your money in the short term, the CIT Bank CD APY may be the best choice for you.

3.5/5 Rating How our ratings work

Many banks that offer CDs require customers to commit to lengthy terms of several years or more in order to earn the highest interest rates available. However, with CIT Bank's term CDs, the opposite is true. To get the best rates at CIT, you'll need to open one of its shorter-term CDs, such as its 13-month CD that pays 4.65% APY. If you want an easy way to save more money without having to wait years, CIT Bank's term CDs are a solid option.

Pros

  • Strong rates for 13 and 18 month terms
  • FDIC insured

Cons

  • Rates for longer terms unimpressive

CIT Bank CD APY

CIT Bank offers a variety of term CDs ranging from six months to five years. The APY your balance will earn varies depending on the term length of your certificate of deposit.

CD Term APY

11 month (No Penalty)

4.10%

6 months

4.15%

12 months

0.30%

13 months

4.65%

18 months

4.60%

24 months

0.40%

36 months

0.40%

48 months

0.50%

60 months

0.50%

Why Get a CIT Bank CD?

A certificate of deposit is a great way to safely deposit your money. You can park your money for a certain amount of time. Usually, durations range from three months to several years, and interest rates will differ depending on how long you keep your money in the account.

Unlike the stock market or other types of volatile investments, a CD is predictable because you have a fixed APY, meaning your rate will not go down even if the economy is in turmoil and interest rates plunge. However, your rate will not go up, either, if the economy is doing well and interest rates increase.

In times like these — where a recession or depression may be coming — people are much more hesitant to put their money into higher-risk investments. Even though CDs have lower APYs, you’ll know that your money is safe and secure. And since a year is a relatively short amount of time, you don’t have to worry about waiting several years to access your money, like you would with some other accounts.

Plus, when the term is over, you can always roll your money over into a CD with a higher APY or, of course, keep your CIT Bank CD account active for another year.

CD vs. Savings vs. Money Market

While savings accounts or money market accounts are safe as well, their interest rates are typically lower, so a CD is a better choice if you want a higher APY. After you make your initial deposit, you cannot add money to your CD, however, like you could with a money market or savings account.

Savings Connect Money Market Savings Builder Term CD No-Penalty CD eChecking

4.05%

1.55%

1.00%

Up to 4.65%

4.10%

0.10-0.25%

$100

$100

$100

$1,000

$1,000

$100

None

None

None

None

None

None

Yes

Yes

Yes

Yes

Yes

Yes

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CIT Bank CD Account Details

There is a $1,000 minimum to open any CIT Bank CD. It’s FDIC insured and you get daily compounding interest, which will maximize your earning potential. Plus, there are no account opening or maintenance fees, which is rare for any type of bank account.

You should take note that a penalty could be imposed for early withdrawal of the principal. Any early withdrawal, whether it’s principal or interest, will lead to a reduction in earnings.

Once the specified amount of time has elapsed, the same terms will be automatically renewed, so you should decide ahead of time what you want to do with your money at the end of the term.

Is a CIT Bank CD Right for You?

A CIT Bank CD is a good choice for you if you have at least $1,000 to deposit and you don’t need to access it for at least one year.

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Ready to open a CIT Bank CD? Start here.

Open CD

Member FDIC.

It’s also ideal if you want to save up for something like a vacation or home improvements but don’t need the money right away. A CD is perfect if you’re risk-averse and worried about what’s to come in the aftermath of COVID-19 as well.

RT

Ryan Tronier

Ryan Tronier is a personal finance expert and writer. His work has been published on NBC, ABC, USATODAY, The Mortgage Reports, Yahoo Finance, MSN, and more. Ryan is the former managing editor of the finance website Sapling, as well as the former personal finance editor at Slickdeals. Find him online at ryantronier.com.