Last Updated: 04/18/2025
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Highlights
APY (Annual Percentage Yield)
0.1% - 0.45%(Verified 06/21/2024)
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Minimum Opening Deposit
Starting at $1,000
Certificate Term
- 3 months
- 6 months
- 9 months
- 12 months
- 13 months
- 18 months
- 2 years
- 3 years
- 4 years
- 5 years
OneWest Bank CD Review
OneWest Bank CD are offered by CIT Bank, a bank founded in 1908 and based in Raleigh, NC. OneWest Bank CD are available in 50 states and Washington, DC.
Key Takeaways
- Low APY. The maximum annual percentage yield for this account is only 0.45%.
- $1,000 minimum deposit. This is a typical minimum initial deposit for the CDs we track.
- Wide selection of CD terms. OneWest Bank 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 OneWest Bank CD
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OneWest Bank 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). 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?
OneWest Bank 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.
- Jumbo CDs. A jumbo CD requires a higher minimum balance than that required by traditional CDs. In exchange, jumbo CDs pay higher interest rates.
- IRA CDs. An IRA CD is a type of IRA that consists entirely of CDs. In general, you can invest in CDs in any IRA, but OneWest Bank CD offers a CD that is specifically for retirement.
What rates does CIT Bank offer on its CDs?
OneWest Bank CD offers an APY starting at 0.1% and ranging up to 0.45%. APY stands for annual percentage yield and shows the interest rate paid by the CD after taking into account compounding.
What terms does OneWest Bank CD offer?
CIT Bank offers CD terms of the following lengths:| Description | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Certificate Term |
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| 3-Month APY | 0.1% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 12-Month APY | 0.25% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| APY (Annual Percentage Yield) | 0.1% - 0.45% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 6-Month APY | 0.1% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 2-Year APY | 0.35% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 3-Year APY | 0.4% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 4-Year APY | 0.4% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 5-Year APY | 0.45% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
What is the minimum deposit to open a CD account with CIT Bank?
OneWest Bank CD require a minimum deposit of $1,000 to open an account.
What is the grace period for OneWest Bank CD?
There is a 7-day grace period for OneWest Bank 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 7-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 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Transfer Fee | $25 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Message from OneWest Bank CD
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