CIT Bank increased the maximum APY on their high-yield savings to 5.05%. Their no-penalty CD remains at 4.90% and the highest APY for CDs (6-month term) is still 5.00%.
Investing in certificates of deposit (CDs) can be a smart way to save and grow your money. However, high-yield savings accounts have such high APYs now it doesn’t always make sense to lose liquidity and invest ind CDs. It’s important to keep an eye on changes in the interest rates offered by banks, as they can have a big impact on your returns. Recently, CIT Bank made investing in CDs a little more appealing by increasing the APY on no-penalty CDs to 4.90% on 11-month CDs. This is a very competitive rate, but it pays to compare what other financial institutions are offering to make sure you are getting the best CD rates.
CIT offers up to 5.05% APY on savings accounts
CIT Bank recently launched a new savings product called Platinum Savings that offers up to 5.05% APY if you maintain a balance of $5,000 or more. The APY for lower balances is 0.25% APY.
CIT Bank also offers a 4.65% APY on its high-yield savings account. CIT Savings Connect is a high-yield savings account offered by CIT Bank. It offers a competitive annual percentage yield (APY) and allows customers to earn more with the bank’s Relationship Rewards program. Customers can easily manage their accounts online or on the go with CIT Bank’s digital banking tools, including mobile banking and online banking. CIT Savings Connect is FDIC-insured, providing an added layer of protection for customers’ deposits.
CIT CD accounts have a maximum APY of 5.00%
CIT Bank offers up to 5.00% APY on its CD accounts (6-month term) as well as a variety of CD options, including regular term CDs, RampUp CDs, and Jumbo CDs, with terms ranging from three to 60 months.
|11-Month APY (no penalty)||4.90%|
CIT Bank’s CD rates are competitive and offer the potential for higher returns on savings compared to checking or savings accounts. There is a minimum of $1,000 to open an account, and a penalty may be imposed if the principal is withdrawn from the account before the term ends. However, customers can avoid the prepayment penalty by opting for a CIT Bank No-Penalty CD, which still offers a 4.90% APY.
CIT’s money market account rates also stayed at 1.55% APY, but that’s still high compared to the average national rates for money market accounts.
- Competitive interest rates: CIT Bank increased their APY on their 13-month no-penalty CD to 4.90%. Their maximum APY on CD accounts (6-month) is still 5.00% APY.
- CIT Bank offers 5.05% APY on its Platinum Savings account and 4.65% APY on its Savings Connect account.
- Range of options: CIT Bank offers a variety of savings and CD account options, including traditional savings accounts, money market accounts, and CDs, with terms ranging from three months to 60 months.
- Digital banking tools: CIT Bank has a strong focus on technology and offers a range of digital banking tools, including mobile banking and online banking, to make it easy for customers to manage their accounts on the go.
- FDIC-insured: CIT Bank is FDIC-insured, which means that deposits are insured up to $250,000 per depositor, providing an added layer of protection for customers’ savings.
- Relationship Rewards program: CIT Bank’s Relationship Rewards program allows customers to earn more on their savings and CD accounts by maintaining a balance and using other CIT Bank products and services.
About CIT Bank
CIT Bank is a national bank headquartered in Pasadena, California. It is a subsidiary of CIT Group, a financial holding company that provides financing, leasing, and other financial services to small and medium-sized businesses. CIT Bank offers a variety of banking products and services, including checking and savings accounts, money market accounts, and certificates of deposit.
In addition to its retail banking products, CIT Bank also provides commercial lending, equipment financing, and other financial services to businesses. The bank has a strong focus on technology and offers a range of digital banking tools, including mobile banking, online banking, and a user-friendly website. CIT Bank is FDIC-insured, which means that deposits are insured up to $250,000 per depositor.
CDs offer some of the highest interest rates available for federally insured bank accounts, and the rate is guaranteed for the duration of the CD term. Find out who provides the best CD rates and terms with SuperMoney's comparison tools.