Last Updated: 04/18/2025
SuperMoney User Recommendation Score +67
Strongly recommended27 total votes
Cast Your Vote
Compare All CD Accounts
Filter & compare all your options in one place.
Highlights
Community Rating
Strongly recommended
APY (Annual Percentage Yield)
0.4% - 0.5%(Verified 06/21/2024)
Disclaimer popup with additional information
Minimum Opening Deposit
Starting at $100,000
Certificate Term
- 2 years
- 3 years
- 4 years
- 5 years
Number of Reviews
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.
- Low APY. The maximum annual percentage yield for this account is only 0.5%.
- 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
| Pros | Cons |
|
|
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). 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 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 terms does CIT Bank Jumbo CD offer?
CIT Bank offers CD terms of the following lengths:| Description | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Certificate Term |
| ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| APY (Annual Percentage Yield) | 0.4% - 0.5% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 2-Year APY | 0.4% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 3-Year APY | 0.4% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 4-Year APY | 0.5% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 5-Year APY | 0.5% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 charges an early withdrawal fee.
| Description | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Annual Fee | $0 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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.
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