CIT Bank 6-Month CD With 3.00 % APY
After merging with First Citizens Bank (formerly First-Citizens Bank & Trust Co.) in 2022, CIT Bank now offers a large selection of certificate of deposit (CD) accounts that should satisfy the majority of investors' short-term demands.
All things considered, the bank has competitive interest rates. Term CDs can be opened for terms as little as 6- months or as long as five years, with the latter offering an annual percentage yield (APY) of 0.50%.
securely on the bank's website
CIT Bank CD accounts can be opened with a $1,000 minimum deposit. However, Jumbo CDs with a minimum of $100,000 and a maximum current APY of 0.50% for a five-year term are available to individuals who desire more value for their money. There are no maintenance costs and FDIC insurance on all CIT Bank CDs.
CIT Bank Short-Term CD Overview |
||
|
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 |
Checking account details
Reach Your Short-Term Objectives With a 6-Month CD
- Compound interest every day to increase your earning potential
- No setup or ongoing costs for accounts FDIC insured
- Create and maintain your beneficiaries using the mobile app or the internet
- In roughly five minutes, open a six-month CD account
- Put your details in
- Information like your address, phone number, email address, and social security number will be required from you
- Put money into your account
- A minimum of $1,000 is required for account opening. Funds can be transferred via wire transfer, mail-in check, or electronic transfer
- You will get a confirmation email
Term 6-month CDs
These are the typical CDs from CIT. They do, however, offer competitive interest rates that are on par with the finest CD rates available. One can be opened with a period as short as six months or as long as five years. Opening a CD with a longer term will result in a greater interest rate, as is the case with most CD accounts. For instance, the 5-year Term CD from CIT bank now has an APY of 0.50%.
An Overview of CDs at CIT Bank
A wide range of CDs with terms to fit a variety of investors are available from CIT Bank. You have the option of opening a Jumbo CD, an ordinary fixed-rate CD, or a CD that allows you to increase the interest rate at any point throughout the term.
Furthermore, you have the option to invest in a plan that lets you take money out of your account seven days after you fund it without incurring penalties. You can use a CD ladder to accumulate an emergency fund by taking advantage of the many alternatives available to you.
This is the process by which you open several CDs and access your savings at various times. The minimum deposit for each type of CD account you open might vary from $1,000 to $100,000. The interest rates on these accounts are all very high, even if some savers may not be able to meet the high minimums. The strongest CD from CIT Bank pays an APY of 0.50% and has a five-year term.
How Many Certificates of Deposit at CIT Bank Earn You Over Time
Your potential savings will increase with the length of time you invest in a CIT Bank CD. Even if you are unable to meet the $100,000 minimum required for Jumbo CDs, you can still walk away with a healthy profit. The savings you could have based on the term and interest rate of your CD are shown in the following table.
However, keep in mind that CDs are meant to lock in your money in return for interest that is earned. If you take money out of your CD before the end of the term, CIT Bank will charge you an early withdrawal penalty unless you purchase a No-Penalty CD. This is referred to as the maturity point.
|
Initial Deposit |
6 Month |
12 Month |
60 Month |
|
$1,000 |
$1,015 |
$1,003 |
$1,025 |
|
$2,500 |
$2,537 |
$2,508 |
$2,563 |
|
$5,000 |
$5,074 |
$5,015 |
$5,126 |
|
$10,000 |
$10,149 |
$10,030 |
$10,253 |
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 6-Month CD With 3.00 % APY FAQ
Indeed, CIT Bank CDs are covered by the FDIC. The Federal Deposit Insurance Corporation (FDIC) insures deposits made at CIT Bank up to $250,000, just like it does for most other banks. You will have up to $250,000 of coverage at each bank where you have CDs or other deposit accounts.
Some of the finest maximum CD rates available are offered by CIT Bank. However, the CD term that interests you will determine if they are the ideal option for you. The six--, thirteen--, and eighteen-month CD maturities offered by CIT Bank provide significant annual percentage yields. But CIT Bank is far less competitive for its one-, two-, three-, four-, and five-year CD periods.
Selecting the 6-month term CD and keeping your money in place until the CD matures will provide you with the best CD rate with CIT Bank. But when your CD renews, you might have a different interest rate—possibly a lower one—because of the short term on this CD. The 18-month CD can yield the best return if you desire a longer period and you think interest rates will drop.
For its CDs, CIT Bank doesn't impose any fees for creating or maintaining an account. If you remove your money from the CD before it matures, the only fee you might incur is an early withdrawal penalty.
You can quickly open a CD online in a few easy steps because CIT Bank is an online-only bank. You will first need to enter personal data, such as your name, contact details, and Social Security number. To open the account, you will then need to send a check by mail, an electronic transfer, or a wire transfer of at least $1,000. Your CD account will be opened and you will receive a confirmation email as soon as your transfer has been received.
7 Best Checking Accounts for 2023
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% |
