CIT Bank No-Penalty CD Review

CIT Bank No-Penalty CD is offered by CIT Bank, a bank founded in 2000 and based in Salt Lake City, UT. CIT Bank No-Penalty CD is available in 50 states (and Washington, DC).

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?

• Liquid
• Traditional

What APY does CIT Bank offer on its CDs?

CIT Bank No-Penalty CD offers an APY of 1.75% (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 Bank No-Penalty CD requires a minimum initial deposit of $1,000 to open an account.

What types of early withdrawal penalties does CIT Bank No-Penalty CD charge?

Financial institutions don't typically charge many fees on certificate of deposit accounts. However, some do charge a fee if you chooose to withdrawal your money before the CD term ends.

CIT Bank does not charge an early withdrawal fee.