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CIT Bank RampUp CD

in CD Accounts from CIT Bank · fdic

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CIT Bank RampUp CD

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in CD Accounts from CIT Bank · Member FDIC

SuperMoney Net Recommendation Score +92

SUPERMONEY NET RECOMMENDATION SCORE

This product is strongly recommended by SuperMoney users with a score of +92, equating to 4.8 on a 5 point rating scale.

+92

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.

Strongly recommended

12 users recommend
1 user is unsure
0 users don't recommend
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Highlights
Community Rating Strongly recommended
Minimum Opening Deposit Starting at $25,000
Certificate Term
  • 12 months
  • 2 years
  • 3 years
  • 4 years
APY (Annual Percentage Yield) 0.25%
Number of Reviews 13

CIT Bank RampUp CD Review

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

Key Takeaways
  • Small selection of CD account types. CIT Ramp Up CD only offers traditional and bump up CDs.
  • Very high APY. This account offers an annual percentage yield of up to 0.25%, which is much higher than the national average for a CD account.
  • High minimum deposit. You must deposit a minimum of $25,000, which is high compared to most CD accounts.
  • Wide selection of CD terms. CIT Ramp Up 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 RampUp 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 RampUp 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 Ramp Up 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.
  • Bump-up CDs. Bump-up CDs allow you to increase the interest rate you earn on your savings if the going interest rates rise. These CDs are useful in a changing interest rate environment.

What CD rates does CIT Bank offer on its CDs?

The CD rates for this account have an APY of0.25% (APY stands for annual percentage yield, rates may change).

What terms does CIT Ramp Up CD offer?

CIT Bank offers CD terms of the following lengths:
CIT Bank RampUp CD Rates & Terms
Description
2-Year APY 0.25%
3-Year APY 0.25%
4-Year APY 0.25%
12-Month APY 0.25%
APY (Annual Percentage Yield) 0.25%

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

CIT Ramp Up CD requires a minimum deposit of $25,000 to open an account.

What is the grace period for CIT Ramp Up CD?

There is a 10-day grace period for CIT Ramp Up 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 Ramp Up 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.

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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

Minimum Opening Deposit Starting at $25,000
2-Year APY 0.25%
3-Year APY 0.25%
4-Year APY 0.25%
12-Month APY 0.25%
APY (Annual Percentage Yield) 0.25%
CD Accounts
  • Bump Up
  • Traditional
Grace Period for Account Changes 10 days
Certificate Term
  • 12 months
  • 2 years
  • 3 years
  • 4 years

CIT Bank RampUp CD Community Reviews

 

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SUPERMONEY NET RECOMMENDATION SCORE

This product is strongly recommended by SuperMoney users with a score of +92, equating to 4.8 on a 5 point rating scale.

+92

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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