CD Accounts
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Last Updated: 05/14/2026
SuperMoney User Recommendation Score +93
Strongly recommended30 total votes
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Highlights
Community Rating
Strongly recommended
APY (Annual Percentage Yield)
3.50%(Verified 06/21/2024)
Disclaimer popup with additional information
Minimum Opening Deposit
Starting at $1,000
Certificate Term
11 months
Number of Reviews
CIT Bank No-Penalty CD Review
CIT Bank No-Penalty CD are offered by CIT Bank, a bank founded in 1908 and based in Raleigh, NC. CIT No Penalty CD are 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 3.50%, 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
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CIT Bank No-Penalty 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?
CIT No Penalty 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.
- liquid CDs. Liquid CDs, often called risk-free or breakable CDs, are a type of no-penalty CD that allows you to take out your money before the CD matures without paying a penalty.
What rates does CIT Bank offer on its CDs?
The CD rates for this account have an APY of3.50% (APY stands for annual percentage yield, rates may change). This is higher than the typical APY for online-only checking accounts, which is around 1.6% APY for 12-month CDs.
What terms does CIT No Penalty CD offer?
CIT Bank offers CD terms of the following lengths:| Description | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Certificate Term | 11 months | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 11-Month APY | 3.50% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| APY (Annual Percentage Yield) | 3.50% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
What is the minimum deposit to open a CD account with CIT Bank?
CIT No Penalty CD require 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 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 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| No Early Withdrawal Fee? | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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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
Other CD Accounts from CIT Bank
APY (Annual Percentage Yield)
0.3% - 3.50%
Disclaimer popup with additional information
Minimum Opening Deposit
Starting at $1K
Certificate Term
- 6 months
- 12 months
- 13 months
- 18 months
- 2 years
- 3 years
- 4 years
- 5 years
APY (Annual Percentage Yield)
0.25%
Disclaimer popup with additional information
Minimum Opening Deposit
Starting at $25K
Certificate Term
- 12 months
- 2 years
- 3 years
- 4 years
APY (Annual Percentage Yield)
0.4% - 0.5%
Disclaimer popup with additional information
Minimum Opening Deposit
Starting at $100K
Certificate Term
- 2 years
- 3 years
- 4 years
- 5 years
Rating not yet determined
APY (Annual Percentage Yield)
0.1% - 0.45%
Disclaimer popup with additional information
Minimum Opening Deposit
Starting at $1K
Certificate Term
- 3 months
- 6 months
- 9 months
- 12 months
- 13 months
- 18 months
- 2 years
- 3 years
- 4 years
- 5 years
SuperMoney Net Recommendation Score
SuperMoney users strongly recommend this product, giving it a user recommendation score of +93, or 4.9 on a 5-point rating scale.
+93
-1000+100
No one recommends
Everyone recommends
CIT Bank No-Penalty CD Community Reviews
Would you recommend CIT Bank No-Penalty CD to your friends?
SW
Shernette W.
Dec 6, 2022
May or may not recommend
I definitely love the No-penalty CD at Citi Bank. The 10 day grace period in which you are allowed to withdraw your CD without paying an early withdrawal penalty was very appealing to me. It's great to save for a rainy day but just in case you are having difficulty and need to withdraw you can feel comfortable doing so with Citi Bank. Love the initial $1,000 deposit, most ...Show More
CS
Celeste S.
Nov 10, 2022
May or may not recommend
I would recommend CIT Bank No-Penalty CD CD Accounts to others because the website is user-friendly. The website provides a Home, Personal, Business, Commercial, About Us, and Careers section letting me know that there are many options available when opening an account and if I have any questions/concerns, I would be able to communicate with someone. CIT Bank promotes a No Penalty No Problem informing the user the ...Show More
Line G.
Sep 2, 2022
May or may not recommend
The opportunity to protect your money against principal loss and potentially earn a better interest yield than you would with a savings account is provided by certificates of deposit, or CDs. By agreeing to lock your money away for a specific period of time with a CD, a bank or credit union will reward you with a greater interest. On the other hand, if you take your money out early, ...Show More
Idris A.
Aug 11, 2022
May or may not recommend
CIT Bank is wonderful. I highly recommend it to anyone who is interested in a no-penalty system.
KA
Katherine A.
Jul 27, 2022
May or may not recommend
CIT Bank is Amazing No-Penalty CD I strongly recommend it to anyone who is interested in a no-penalty system.
MM
Maheen M.
Jul 25, 2022
May or may not recommend
Highly satisfied!!
Safe and secure, No fee, No late penalties
It is a best way to save your money.
Highly recommended for parents to open your kids account, build up over the years going to be very beneficial for your kids.
MA
Muhammad A.
Jul 23, 2022
May or may not recommend
It’s great of you want to save money also. It has $0 in fees which is better than most banks.
AS
Anisiya S.
Jul 22, 2022
May or may not recommend
I personally had a CIT CD that my parents started for me in elementary school and I can honestly say when I hit college that money that was built up over the years was so beneficial to me because not only did it stay and grow but I wasn’t penalized with fees over and over again while watching it grow. I 100% recommended getting one if you are saving for ...Show More
Benjamin R.
Jul 20, 2022
May or may not recommend
As freelancer that recently obtained their bachelors degree, I can say that one of the most difficult and important facets of my life moving forward is increasing my revenue. With CIT Bank I can feel safely assured that I can collect earned interest while maintaining a locked rate for the foreseeable future. While at the same time being able to access my funds and withdrawal them without any repercussions in ...Show More
AB
Alexis B.
Jul 20, 2022
May or may not recommend
I’ve been very satisfied with CIT bank they don't charge a fee for late penalties, should you need to pull your money out, while still offering a fixed annual percentage yield, like traditional CDs. It’s definitely an upgrade from the standard CDs, plus it’s a safe and secure way to boost your savings fast.
LS
Lakwanza S.
Apr 29, 2022
May or may not recommend
I highly recommend CIT Bank No- Penalty CD Account I opened my first cd account with CIT, and it was great, and if for any reason I needed to withdraw my money sooner I could do so at no extra cost
SA
Stephany A.
Apr 8, 2022
May or may not recommend
Citibank offers balance dependent bonus each quarter for new savings. The steps for getting bonus are shown on the first three pages of the offer. You are required to enroll the offer, open a new savings account, fund the account within 20 days of account opening, and keep the balance for 60 consecutive days. In the past, the required “60 days” were counted from the day when your deposit is ...Show More
RA
Rachael A.
Mar 28, 2022
May or may not recommend
This CD is the best first CD to use if you’re just starting to use CD. It’s a great way to build your account and the transactions are simple. It’s great of you want to save money also. It has $0 in fees which is better than most banks.
Yasin Z.
Mar 26, 2022
May or may not recommend
I have many transactions with this bank and their transactions are always smooth and simple and is the first place for you if you want to save your money I recommend it to all my friends.
TB
Tabbitha B.
Mar 4, 2022
May or may not recommend
CIT CD account with no penalty is the best route to go if this is your first every CD or you’re buying for your family! This is a great way to build your accounts.
Celeste D.
Jan 18, 2022
May or may not recommend
CD Accounts is an excellent bank to work with if you’re looking for affordability. This CD is great for people who are good at saving and have over $1,000 in their account. It's also good for people who are risk averse because you don't have to worry about any penalties for withdrawing your money before.
RM
Radiance M.
Jan 13, 2022
May or may not recommend
They only require a $1,000 in the account which is great! This bank has $0 in fees and gives 3% APY which is comforting! As long as you can keep consistency in your income and account balance, this is the one for you!
MS
Mohammad S.
Dec 21, 2021
May or may not recommend
I recommend CIT Bank No-Penalty CD to anyone who can afford it. If you know you are good at saving and can keep over $1,000 in your bank than you have no issue worrying. This bank has 0 fees and gives 3% APY which is amazing! If you have a stable job this is the place for you.
ET
El T.
Aug 25, 2021
May or may not recommend
I’d recommend CIT Bank No-Penalty CD , I have only deposited $1,000 to open an account.
Andrew H.
Aug 12, 2021
May or may not recommend
It is a great short term option for CD. Only 11 months they hold your money for.
Showing 20 of 30 reviews
