CIT Bank Review: 1-Year Term CD
Following a merger in January 2022, CIT Bank became First Citizens Bank's online division.
CIT Bank still offers all other products and services, however, First Citizens Bank now manages certain of its treasury and payment functions.
Online bank CIT Bank offers certificates of deposit, high-yield savings alternatives, and interest-bearing checking accounts. With CIT bank, there are no monthly maintenance costs, and a lot of its interest rates are affordable.
securely on the bank's website
Pros
- No overdraft fees.
- No monthly fees.
- Competitive rates on some savings accounts.
- ATM fee rebates.
Cons
- High minimum opening deposits for checking accounts.
- Low rates on some CDs.
- No cash deposit.
Reach Your Short-Term Objectives With a 1-Year CD
- $1,000 required to initiate operations
- Compound interest every day to increase your earning potential
- FDIC-insured
Checking account details
Three Easy Steps to Open a 1-Year CD
1. Put your details in. Your address, phone number, email address, and social security number will be required.
2. Put money into your account. $1,000 is required to start an account. Funds can be transferred via wire transfer, mail-in check, or electronic transfer.
3. You're done. An email will be sent to confirm.
With CIT Bank CDs, you can commit your money for a predetermined amount of time and receive greater interest rates.
Superior CD rates are provided by CIT Bank to go along with their savings plans. Your earning potential on money you don't need instant access to can be increased by the different CD terms. A $1,000 minimum deposit is required for all CDs, and early withdrawal fees might be charged.
Rates for CIT Bank's 1-Year CDs
A CIT Bank 1-year CD currently has a yield of up to 0.30% APY. There is a $1,000 minimum deposit and early withdrawal fees.
The FDIC will cover this account up to $250,000.
You can renew at the current rate or redeem your principal and interest without incurring penalties upon maturity. Furthermore, there are no monthly service fees or account opening costs with this product.
CIT Bank CD Rates
The CIT Bank 1 Year-CD offers the lowest yield of all the CIT Bank Certificate of Deposits (CD) terms, even if you can earn more interest than a physical savings account.
The current term CD yields from CIT Bank are listed below, from highest yields to lowest yields:
- 6 months: 3.00% APY
- 13 months: 3.50% APY
- 18 months: 3.00% APY
- 5 years: 0.50% APY
- 4 years: 0.50% APY
- 3 years: 0.40% APY
- 2 years: 0.40% APY
- 1 year: 0.30% APY
Furthermore, the current interest on an 11-month CIT Bank No Penalty CD is 3.50% APY.
Because it matures earlier than most term CDs and allows you to redeem your balance without incurring penalties after the first seven days, this rate is exceptional.
CIT Bank 1 Year Term CD
You can increase the interest on your account with the CIT Bank 1-Year CD without incurring any costs. Because of its short-term commitment, you can easily access your money and even pursue higher yields sooner. Other CIT Bank Certificates of Deposit (CD) offer higher returns with a comparable term, but currently, this product has one of the lowest earning durations.
Opening a CD at CIT Bank
To open a Certificate of Deposit (CD) with CIT Bank, just follow these easy steps:
- Create a new CIT Bank account (current customers can log in) and provide your Social Security or taxpayer ID number, phone number, and personal contact information.
- Make a minimum $1,000 deposit via wire transfer, postal check, or online bank transfer.
- After your account is financed, you will receive an email confirming it.
Using your online dashboard, you can monitor your balance and control your CD maturity options. Other CIT Bank products, like money market accounts, free checking, and high-yield savings, can also be opened.
Checking account fees
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Monthly Fee$0
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APY0.30%
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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 Review: 1-Year Term CD 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.
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.
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.
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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% |
