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CIT Bank Term CD

in CD Accounts from CIT Bank · Member fdic

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CIT Bank Term CD

Claimed

in CD Accounts from CIT Bank · Member FDIC

SuperMoney Net Recommendation Score +67

SUPERMONEY NET RECOMMENDATION SCORE

This product is strongly recommended by SuperMoney users with a score of +67, equating to 4.3 on a 5 point rating scale.

+67

Recommendation score measures the loyalty between a provider and a consumer. It's at +100 if everybody recommends the provider, and at -100 when no one recommends.

Strongly recommended

5 users recommend
0 users are unsure
1 user doesn't recommend
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Highlights
Community Rating Strongly recommended
Minimum Opening Deposit Starting at $1,000
Deposit Term
  • 6 months
  • 12 months
  • 13 months
  • 18 months
  • 2 years
  • 3 years
  • 4 years
  • 5 years
APY (Annual Percentage Yield) 0.3% - 0.5%
Number of Reviews 6

CIT Bank Term CD Review

CIT Bank Term CD is offered by CIT Bank, a bank founded in 1908 and based in Salt Lake City, UT. CIT Bank Term CD is available in 50 states (and Washington, DC).

Key Takeaways
  • Only one CD account type available. CIT Bank Term CD only offers traditional CD accounts.
  • Very high APY. This account offers an annual percentage yield of up to 0.5%, which is much higher than the national average for a CD account.
  • $1,000 minimum deposit. This is a typical minimum initial deposit, but there are accounts that require a smaller initial deposit.
  • Wide selection of CD terms. CIT Bank Term CD allows you to create a CD ladder by spreading your cash across certificates of deposit with different terms. This combines the benefits of frequent access to funds and higher rates of return on your savings.
Pros & Cons of CIT Bank Term CD
Pros Cons
  • FDIC insured.
  • Multiple CD terms available.
  • Available in all 50 states.
  • High-interest yield.
  • No charge on incoming domestic or international wire transfers.
  • There isn't a no-penalty CD option.
  • Does not offer an IRA CD.
CIT Bank Term CD FAQ

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?

CIT Bank Term CD provides the following types of CDs.
  • Traditional CDs. These CDs pay a fixed interest rate i you deposit a fixed amount of money for a specific term. Once the maturity date arrives, you have the option of cashing out or rolling over the CD for another term.

What CD rates does CIT Bank offer on its CDs?

CIT Bank Term CD offers an APY starting at 0.3% and ranging up to 0.5%. APY stands for annual percentage yield and shows the interest rate paid by the CD after taking into account compounding.

What terms does CIT Bank Term CD offer?

CIT Bank offers CD terms of the following lengths:
CIT Bank Term CD Rates & Terms
Description
2-Year APY 0.4%
3-Year APY 0.4%
4-Year APY 0.5%
5-Year APY 0.5%
6-Month APY 0.3%
12-Month APY 0.3%
APY (Annual Percentage Yield) 0.3% - 0.5%

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

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

What is the grace period for CIT Bank Term CD?

There is a 10-day grace period for CIT Bank Term CD. A grace period is a period of time during which you can withdraw the money in your CD without paying an early withdrawal penalty. A grace period starts the day after a CD’s maturity date, or the final day a CD is opened. Standard CDs renew automatically at the same term if you don't withdraw your money after the 10-day grace period. Note that the new CD rates probably won’t be the same as the original.

What types of fees, such as early withdrawal penalties, does CIT Bank Term CD charge?

Financial institutions don't typically charge many fees on CDs. However, most charge a fee if you choose to withdraw your money before the CD term ends.

CIT Bank does not charge an early withdrawal fee.

CIT Bank Term CD Fees
Description
Annual Fee $0
Transfer Fee $0
CIT Bank Term CD Disclosure: CIT Bank, N.A. and OneWest Bank, a division of CIT Bank, N.A. are the same FDIC-insured institution. Deposits held under each name are not separately insured, but are combined to determine whether a depositor has exceeded the $250,000 federal deposit insurance limit, per depositor for each account ownership category. For purposes of calculating aggregate deposits held in CIT Bank, N.A., you should include deposits held in OneWest Bank, a division of CIT Bank, N.A.
SuperMoney Disclosure: SuperMoney.com is an independent, advertising-supported service. The owner of this website may be compensated in exchange for featured placement of certain sponsored products and services, or your clicking on links posted on this website. Read more...
Editorial Disclaimer: Editorial and user-generated content on this page is not provided or commissioned by the issuer. Opinions expressed here are the author’s alone and have not been approved or otherwise endorsed by any financial institution, including those that are advertising partners.

Contact

Hours of Operation

  • Sunday Closed
  • Monday 7:00am - 7:00pm
  • Tuesday 7:00am - 7:00pm
  • Wednesday 7:00am - 7:00pm
  • Thursday 7:00am - 7:00pm
  • Friday 7:00am - 7:00pm
  • Saturday Closed

Other Services by CIT Bank

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View all cd accounts offered by CIT Bank

Availability

  Available in 50 states and Washington, D.C.
  • Alabama
  • Alaska
  • Arizona
  • Arkansas
  • California
  • Colorado
  • Connecticut
  • Delaware
  • Washington, DC
  • Florida
  • Georgia
  • Hawaii
  • Idaho
  • Illinois
  • Indiana
  • Iowa
  • Kansas
  • Kentucky
  • Louisiana
  • Maine
  • Maryland
  • Massachusetts
  • Michigan
  • Minnesota
  • Mississippi
  • Missouri
  • Montana
  • Nebraska
  • Nevada
  • New Hampshire
  • New Jersey
  • New Mexico
  • New York
  • North Carolina
  • North Dakota
  • Ohio
  • Oklahoma
  • Oregon
  • Pennsylvania
  • Rhode Island
  • South Carolina
  • South Dakota
  • Tennessee
  • Texas
  • Utah
  • Vermont
  • Virginia
  • Washington
  • West Virginia
  • Wisconsin
  • Wyoming

Feature Breakdown

Annual Fee $0
Transfer Fee $0
Minimum Opening Deposit Starting at $1,000
2-Year APY 0.4%
3-Year APY 0.4%
4-Year APY 0.5%
5-Year APY 0.5%
6-Month APY 0.3%
12-Month APY 0.3%
APY (Annual Percentage Yield) 0.3% - 0.5%
CD Accounts Traditional
Grace Period for Account Changes 10 days
Deposit Term
  • 6 months
  • 12 months
  • 13 months
  • 18 months
  • 2 years
  • 3 years
  • 4 years
  • 5 years

CIT Bank Term CD Community Reviews

 

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SUPERMONEY NET RECOMMENDATION SCORE

This product is strongly recommended by SuperMoney users with a score of +67, equating to 4.3 on a 5 point rating scale.

+67

Recommendation score measures the loyalty between a provider and a consumer. It's at +100 if everybody recommends the provider, and at -100 when no one recommends.

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