CIT Bank Jumbo CD

CIT Bank Jumbo CD Review

CIT Bank Jumbo CD are offered by CIT Bank, a bank founded in 1908 and based in Raleigh, NC. CIT Bank Jumbo CD are available in 50 states (and Washington, DC).

Key Takeaways

• Only one CD type available. CIT Bank Jumbo CD only offers jumbo CD accounts.
• Very high annual percentage yield (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.
• High minimum deposit. You must deposit a minimum of $100,000, which is high compared to most CD accounts.
• Wide selection of CD terms. CIT Bank Jumbo CD allows you to create a CD ladder by spreading your cash across certificates 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 Jumbo CD

CIT Bank Jumbo CD FAQ

Are CD from CIT Bank federally insured?

Yes, your CIT Bank CDs 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 CDs. These CDs pay a fixed interest rate if you deposit a fixed amount of money for a specific term. Once the maturity date arrives, you have the option of cashing out or automatically renewing the CDs for another term.
• Jumbo CDs. A jumbo CD requires a higher minimum balance than that required by traditional CDs. In exchange, jumbo CDs pay higher interest rates.

What rates does CIT Bank offer on its CDs?

CIT Bank Jumbo CD offers an APY starting at 0.4% 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 is the minimum deposit to open a CD account with CIT Bank?

CIT Bank Jumbo CD require a minimum deposit of $100,000 to open an account.

What is the grace period for CIT Bank Jumbo CD?

There is a 10-day grace period for CIT Bank Jumbo 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 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 term ends.

CIT Bank does not charge an early withdrawal fee.