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CIT Bank Jumbo CD

in CD Accounts from CIT Bank · Member fdic

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CIT Bank Jumbo CD

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in CD Accounts from CIT Bank · Member FDIC

Net Recommendation Score +100

SUPERMONEY NET RECOMMENDATION SCORE

This product is strongly recommended by SuperMoney users with a score of +100, equating to 5 on a 5 point rating scale.

+100

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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Highlights
Community Rating

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Minimum Opening Deposit Starting at $100,000
Deposit Term
  • 2 years
  • 3 years
  • 4 years
  • 5 years
APY (Annual Percentage Yield) 0.4% - 0.5%

CIT Bank Jumbo CD Review

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

Key Takeaways
  • Only one CD account type available. CIT Bank Jumbo CD only offers jumbo 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.
  • 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 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 Jumbo 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 Jumbo 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 Jumbo 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.
  • 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 CD 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 terms does CIT Bank Jumbo CD offer?

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

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

CIT Bank Jumbo CD requires 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 Jumbo 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 Jumbo CD Fees
Description
Annual Fee $0
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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
Minimum Opening Deposit Starting at $100,000
2-Year APY 0.4%
3-Year APY 0.4%
4-Year APY 0.5%
5-Year APY 0.5%
APY (Annual Percentage Yield) 0.4% - 0.5%
CD Accounts Jumbo
Grace Period for Account Changes 10 days
Deposit Term
  • 2 years
  • 3 years
  • 4 years
  • 5 years

CIT Bank Jumbo CD Community Reviews

 

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SUPERMONEY NET RECOMMENDATION SCORE

This product is strongly recommended by SuperMoney users with a score of +100, equating to 5 on a 5 point rating scale.

+100

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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