CIT Bank No-Penalty CD With 3.50% APY
A no-penalty certificate of deposit (or CD) is precisely what it sounds like—a financial instrument with no early withdrawal penalties.
Get the flexibility to access your savings early if needed, along with the security of a CD. For 11 months, lock in a fantastic rate.
You have seven days from the date the funds are received to withdraw your money, including any interest, if you need it before the maturity date.
- Simple access to your account
- Daily interest compounding
- Absence of service charges
- FDIC-insured
securely on the bank's website
- Build an emergency savings fund.
- Lock the rate, but keep the key.
- Lock in a set rate and use your money whenever you're ready, regardless of your financial objectives.
If you are acquainted with CDs, you are aware that their terms vary, sometimes by as much as 72 months. Generally, there is a penalty—you lose interest—if you wish to take your money out early. It may be the entire amount of interest on a short-term CD!
That's changing with no-penalty CDs, which often allow you to access your money whenever you want without incurring fees. Because of this, they resemble high-yield savings accounts more—and occasionally even higher yields!
Checking account details
11-Month No-Penalty CD from CIT Bank
One good 11-month no-penalty CD is provided by CIT Bank. The current yield on this CD is 3.50% APY, which is fantastic considering how short it is.
There are no fees associated with this account, however there is a $1,000 minimum balance requirement.
Our lists of the greatest bank certificates of deposit and savings accounts regularly include CIT Bank.
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CIT Bank 11-Month CD |
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APY: |
3.50% |
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Term: |
11 Months |
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Min Deposit: |
$1,000 |
Before Opening a No-Penalty CD Account
CDs with no fees are excellent resources for your savings. Since you can probably earn a little bit more interest with them than with savings accounts, many people utilize them in place of savings accounts. On the other hand, there are certain things you should know before creating a CD with no withdrawal penalty.
- Withdrawal Terms: Although we make an effort to showcase the top no-penalty CDs on this page, you should still review the withdrawal terms. Although some CDs may claim to have "no penalty," there can be conditions such as when it's permitted or time limits that must be met before that happens.
- Initial Deposit: Certain CDs might demand a sizable down payment. The majority of the items on our list range in price from $0 to $1,000, however, $5,000 or more is frequently seen. Be sure to maintain vigilance. Consider a Jumbo CD if you need to deposit a significant sum.
- Max Limit: Promotional CDs with maximum limitations may be offered by certain banks. Like with minimums, you want to be careful not to go beyond any maximums and become disinterested.
Term Limit: If there isn't a punishment, you might be wondering why there is a term limit. The bank is willing to pay that rate for this amount of time. It may benefit you if rates decline or harm you if rates increase. - Funding: Verify that you know how to pay for your CD. You just need to set up direct ACH withdrawals from your current bank with the majority of Internet banks. There can be additional alternatives, though, based on your bank.
The Best Features of Certificates of Deposit
These are some aspects that make sense to take into consideration with a no-penalty CD, even if each person has distinct needs from a certificate of deposit.
For most people, APY is the most important factor to take into account. The account with the greatest interest rate—also known as the annual percentage yield, or APY—is what you want.
- Minimum Balance Requirements - Make sure the CD fits into your budget based on the amount of money you have to deposit.
- Safe Money Account - You want to be sure that your money is secure, so look into FDIC or NCUA insurance. Every bank on our list is protected by FDIC insurance.
- Ease to Use - Lastly, you want to ensure that it is simple to access and transfer funds into and out of your account as needed.
Checking account fees
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Monthly Fee$0
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APY3.50%
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Minimum Deposit to Open$1.000
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Out-of-Network ATM Transaction Fee$0
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Out-of-Network ATM Withdrawal Fee$0
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Overdraft Fee$0
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Non-Sufficient Funds Fee$0
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Foreign Transaction Fee$0
CIT Bank No-Penalty CD With 3.50% APY FAQ
These are CDs that don't have an early withdrawal penalty. This implies that there are no costs or penalties associated with withdrawing your money at any moment.
They are an excellent choice since you can be certain that you won't incur any fees if you need to access your money. If you have an emergency and need to access your funds immediately, this can be useful.
The fact that no-penalty CDs frequently have lower interest rates than other CD options is their lone drawback. But if you require quick access to your money in case of an emergency, this can be worthwhile.
You have seven days from the date the funds are received to withdraw your money, including any interest, if you need it before the maturity date. There is no cost to access the money before maturity.
You might be able to withdraw the accumulated interest at a later time without incurring an early withdrawal penalty if you opened a certificate of deposit and indicated that interest would build up in the CD. If you want money but don't need the CD principal, this can be helpful.
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% |
