CIT Bank Term CD Review

CIT Bank Term CD is offered by CIT Bank, a bank founded in 2000 and based in Salt Lake City, UT. CIT Bank Term CD is available in 50 states (and Washington, DC).

Are cd accounts from CIT Bank federally insured?

Yes, your CIT Bank cd accounts are insured up to $250,000 per person by the Federal Deposit Insurance Corporation (FDIC #58978). The FDIC is an independent agency of the United States government that protects you against the loss of your insured deposits if an FDIC-insured bank or savings association fails. FDIC insurance is backed by the full faith and credit of the United States government.

What types of CDs does CIT Bank offer?

• Traditional

What APY does CIT Bank offer on its CDs?

CIT Bank Term CD offers an APY starting at 0.2% and ranging up to 0.4% (APY stands for annual percentage yield, rates may change).

What is the minimum deposit to open a CD account with CIT Bank?

CIT Bank Term CD requires a minimum initial deposit of $1,000 to open an account.

What types of early withdrawal penalties does CIT Bank Term CD charge?

Financial institutions don't typically charge many fees on certificate of deposit accounts. However, some do charge a fee if you chooose to withdrawal your money before the CD term ends.

CIT Bank does not charge an early withdrawal fee.