CIT Bank CDs

To help you slowly increase your savings, CIT Bank offers a variety of CD terms and rates up to 4.6 percent.

The terms of CIT Bank CDs differ widely, from six months to five years. CIT Bank offers stronger rates on its short-term CDs, even though CDs typically pay greater interest when you're ready to tie up your money for a longer period. But to open one, you'll need to stash away at least $1,000.

securely on the bank's website

To assist you in selecting the ideal term to meet your financial objectives, CIT Bank provides a variety of CD products. In addition to CIT Bank Jumbo CDs and the CIT Bank No Penalty CD, the bank also provides Term CDs and RampUp CDs.

All CD interest is accrued monthly and increased daily. The bank's online tools are silent on whether account holders can take interest payments before maturity. But if you take money from your deposit before it matures, you'll have to pay a fee.

You will lose three months' simple interest for periods of up to one year. You give up six months' simple interest for periods longer than a year and up to three years. Additionally, you will lose out on 12 months of simple interest for periods longer than three years.

CD Term


Minimum deposit

6 months



11 months



13 months



18 months





Checking account details

Checking account fees

  • Monthly Fee
  • APY
    4.90% APY
  • Minimum Deposit to Open
  • Out-of-Network ATM Transaction Fee
  • Out-of-Network ATM Withdrawal Fee
  • Overdraft Fee
  • Non-Sufficient Funds Fee
  • Foreign Transaction Fee


1. Are There Various CD Types?

Investors have a variety of CD options to choose from, however, not all are provided by all banks. The term, Jumbo, and no-penalty CDs are examples of common CD kinds.

2. What Is the Penalty for Early Withdrawal?

If you need to access the money invested in a CD before the maturity date, there is an early withdrawal penalty. This fine is typically represented as interest on the amount withdrawn for a specific number of days or months.

3. Should I Open a Savings Account or a CD?

Regular savings or money market accounts would likely be a better option than a CD. Especially if you don't know when you'll need access to your resources to avoid potential early withdrawal penalties. Comparing CDs to savings accounts.

4. CIT Bank CDs: Are They Worth It?

If you are looking for a CD period of 18 months or less, CIT Bank will probably stand out from the competition. Choosing CIT Bank over other online banks may also make sense. Especially if you want to open a specialized CD. Unlike certain financial organizations, CIT Bank offers jumbo CDs and a no-penalty CD.

Because it offers a variety of bank account kinds, the bank is a wise choice if you intend to open multiple bank accounts at the same financial institution. There is a money market account, a checking account that pays interest, and a high-yield savings account.

If you want to start a CD with a small opening deposit, it might be in your best interest to choose a different financial institution. Other online banks may provide long-term CDs at greater rates.

5. How Much Can You Earn Over Time With CIT Bank CDs

Your potential savings will increase the longer you hold a CIT Bank CD. Even if you are unable to put down the $100,000 minimum deposit required for Jumbo CDs, you will still earn a healthy return. The following table shows how your savings might look based on the term and interest rate of your CD.

However, keep in mind that CDs are made to lock in your money in exchange for a return on your investment. If you take money out of a CD before the term is over, CIT Bank will charge you an early withdrawal penalty unless you open a No-Penalty CD. This is referred to as the maturity point.

6. What Are the Fees for Debit Cards?

The first debit card you get is complimentary. You will receive one complimentary replacement each year if you end up missing it. Anything above this will incur a $10 charge. You could spend up to $45 on rush shipping if you need your card right away.

7. Foreign Transaction Fees: What Are They?

It is probably best to avoid using your CIT debit card while traveling overseas. This is due to the 1% foreign transaction charge that applies to any purchases made abroad or ATM withdrawals. This sum is comparable to other institutions.

If you enjoy traveling, it would be wiser to consider a credit card with travel rewards that don’t charge international transaction fees.

8. Are CIT Bank CDs Covered by the FDIC?

Yes. The FDIC insures CIT Bank CDs for a maximum of $250,000 per depositor.

9. What Is a Jumbo CD's Shortest Term?

Although some Jumbo CD periods are just a few days long, they are uncommon. The most typical minimum period for a jumbo CD is three months.

10. Do Jumbo CDs Generate More Interest Than Regular CDs?

Banks and credit unions frequently offer savers higher interest rates on jumbo CDs than on smaller accounts because they have a much higher initial deposit requirement. Additionally, longer periods have higher interest rates. The higher interest rates serve as an inducement to decrease the liquidity of your funds.

11. What Distinguishes RampUp CDs From Conventional CDs?

If CIT Bank increases its rates on the RampUp CDs, you have the option to increase your rate once during the CD's term. Additionally, the RampUp Plus CD has the additional benefit of enabling you to increase your initial deposit once throughout the CD's term.

12. How Do the RampUp CDs Raise the Interest Rate to Operate?

The new rate will apply for the remaining term of your CD if CIT Bank increases its rates on a CD in the RampUp series and you decide to exercise the option to raise your rate. The new rate is not retroactive. During the term of the CD, you may use this choice just once.

13. I Have a No-Penalty CD. How Can I Get My Money?

As long as it has been seven days since the funds have been received, you are eligible to request access to your No-Penalty CD's entire amount as well as any interest accrued.

14. How Should I Organize My CD?

During the 10-day (calendar day) grace time, you can handle your maturing CD using online banking or the CIT mobile app.

15. Do RampUp CDs Have a Rate Cap?

On June 1, 2015, a new rate limit became applicable to RampUp CDs that were created on or after that date. It restricts your ability to raise your APY to a maximum of twice the original APY, less than 0.05%.

16. How Is My Account Affected When My CIT Bank CD Matures?

You will be informed 30 days before the expiration date that your CIT Bank CD is about to expire. Your CD will automatically renew for the same period as before for your convenience. (At the current rate in effect on the date of your renewal).

17. Will My CD Be Renewed Automatically?

Yes, at maturity, all CIT Bank CDs renew themselves immediately. When this occurs, they repeat for the same duration and price as before. The 13-month and 18-month certificates of deposit are the exceptions. Upon expiration, the 13-month certificate of deposit will automatically renew as a 1-year term certificate at the then-published APY, and the 18-month certificate of deposit will automatically renew as a 2-year term certificate at the then-published APY.

Check Out Other Products From CIT Bank
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
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