CIT Bank RampUp CD

CIT Bank RampUp CD Review

CIT Bank RampUp CD are offered by CIT Bank, a bank founded in 1908 and based in Raleigh, NC. CIT Bank RampUp CD are available in 50 states (and Washington, DC).

Key Takeaways

• Small selection of CD account types. CIT Ramp Up CD only offers bump up and traditional CDs.
• Low APY. The maximum annual percentage yield for this account is only 0.25%.
• 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

CIT Bank RampUp 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?

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

CIT Ramp Up CD require 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 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 does not charge an early withdrawal fee.