CIT Bank No-Penalty CD

CIT Bank No-Penalty CD Review

CIT Bank No-Penalty CD is offered by CIT Bank, a bank founded in 1908 and based in Salt Lake City, UT. CIT Bank No-Penalty CD is available in 50 states (and Washington, DC).

Key Takeaways

• Small selection of CD account types. CIT No Penalty CD only offers liquid and traditional CDs.
• Very high annual percentage yield (APY). This account offers an annual percentage yield of up to 3.65%, which is much higher than the national average for a CD account.
• $1,000 minimum deposit. This is a typical minimum initial deposit for the CDs we track.
• Limited selection of CD terms. CIT No Penalty CD only offers one CD term. This limits your options when trying to set up a CD ladder.

Pros & Cons of CIT Bank No-Penalty CD

CIT Bank No-Penalty CD FAQ

Are CDs 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 rolling over the CD for another term.

What CD rates does CIT Bank offer on its CDs?

The CD rates for this account have an APY of3.65% (APY stands for annual percentage yield, rates may change). This is higher than the typical APY for online-only checking accounts, which is around 1% APY.

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

CIT No Penalty CD requires a minimum deposit of $1,000 to open an account.

What is the grace period for CIT No Penalty CD?

There is a 10-day grace period for CIT No Penalty 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 No Penalty 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.