CIT Bank 18-Month CD 3.00 % APY
- Daily compounding interest to maximize your earning potential
- No account opening or maintenance fees
- FDIC insured
- Set up and manage your beneficiaries online or through the mobile app
CIT Bank is a great 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.
securely on the bank's website
CIT Bank offers high-yield interest rates on some of its CD term offerings. You need a $1,000 minimum deposit to open a CD through CIT Bank, which is also home to several savings and money market accounts and an online checking account. How to select the best CD account for you
When determining the ideal CD for your needs, consider the following factors:
- Rates: Interest rates vary among financial institutions. Look for high-yield CDs to maximize earnings on your CD balance.
- CD Term: Determine how long you are willing to lock up your cash in the bank untouched. CD terms can range from one month to five or even 10 years.
- Fees: Banks and credit unions charge early withdrawal penalties when you withdraw funds from a CD before its maturity date. These penalties vary among institutions.
- Deposit requirements: Decide how much money you're able to keep in a CD account. Some banks have minimum deposit requirements for CDs.
- CD type: A bank may offer more than one type of CD. There are standard CDs and sometimes others with additional benefits, including the ability to raise the rate during your CD term or withdraw funds without paying a penalty.
Checking account details
Alternatives to 18-month CDs
CDs offer guaranteed returns, but they aren't the only option to consider when building savings.
High-Yield Savings Accounts
High-yield savings accounts (HYSAs) are mainly offered by online banks and pay interest rates that are similar to CDs. One of the main advantages of HYSAs is their low or nonexistent monthly fees. In some cases, these accounts earn higher rates than CDs.
Money Market Accounts
Money market accounts often require larger deposits but also come with competitive rates and can include helpful checking features such as check-writing privileges or a debit card and ATM access.
18-Month CDs Can Help You Save Toward Mid-Term Financial Milestones
18-month CDs sit in that middle ground between short- and long-term CDs. Opening an 18-month CD allows you to access a competitive rate for more than one year without tying up your funds too long. Consider your financial needs and compare banks and credit unions to find the best CD for your needs.
What Happens if You Take Your Money Out of a CD Early?
Most banks and credit unions don't charge a monthly maintenance fee for their CD accounts. However, if you withdraw money before your term ends, you'll have to pay a penalty. This is known as an early withdrawal penalty. Banks offer higher rates on CDs to compensate savers for not having free access to their deposited funds.
The penalty for taking your money out early is often based on how long the CD term is. In most cases, longer terms mean higher penalties.
How to Open a CIT Bank CD Account
CIT Bank is an online-only bank, so you 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 numbers on a check.
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.
|
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 |
Checking account fees
-
Monthly Fee$0
-
APY3.00%
-
Minimum Deposit to Open$1.000
-
Out-of-Network ATM Transaction Fee$0
-
Out-of-Network ATM Withdrawal Fee$0
-
Overdraft Fee$0
-
Non-Sufficient Funds Fee$0
-
Foreign Transaction Fee$0
CIT Bank 18-Month CD 3.00 % APY FAQ
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.
The best CD rates for an 18-month term CD will be anything over 5.00%. The best 18-month CD will come with a high rate, low early withdrawal penalty, and low minimum deposit required. Most of the top 18-month CDs have an early withdrawal penalty of three to six months and a minimum deposit of $500 or more.
Whether a short-term or long-term CD makes more money depends on the interest rate and annual percentage yield (APY). Generally, CDs with longer terms tend to offer savers higher interest rates and APYs, though banks may offer special promotional CDs with higher rates and shorter terms.
Projections suggest that we may see no rate increases in 2024 and that the Fed might start dropping its rate later this year. If the Fed rate drops, CD rates will likely follow suit, though it's up to each bank and credit union if and when that occurs.
An 18-month certificate of deposit is a type of savings account that requires you to deposit funds for a period or term of 18 months. In most cases, you can't withdraw the money until 18 months have passed without being penalized.
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Featured Checking Accounts
| Bank | Monthly Service Charge | Minimum Deposit to Open | APY |
|---|---|---|---|
| CIT Savings Builder Account | 0 | $100 | 1.00% APY |
| CIT Bank CDs | 0 | $1000 | 4.90% APY |
| CIT Bank eChecking Account | $0 | $100 | 0.10% - 0.25% APY |
| Bank | Monthly Service Charge | Minimum Deposit to Open | APY |
|---|---|---|---|
| Comerica Bank Rich Rewards® Checking Account | $18 (can be waived / reduced) | $50 | 0.01% |
| Comerica Bank Premier Checking Account | $22 | $50 | 0.01% |
| Comerica Bank Comerica Platinum Circle Checking® | $0 | $50 | 0.10% / 0.25% |
