Updated June 4, 2024

CIT Bank CD Rates

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CIT Bank is a well-known online bank with high savings interest rates. Find out how CIT Bank's CD rates compares to other trustworthy banks.

Right now, CIT offers up to 3.50% APY on their CDs. That is among the highest CD rates on the market.

Take a look at CIT Bank's CD rates, fees, and the pros and cons.

What CDs are Available at CIT Bank?

CIT Bank offers 3 types of CD accounts:

  • Term CDs: You get a fixed rate for the entire term.
  • No Penalty CD: Lets you withdraw your funds early with no penalty.
  • Jumbo CDs: For investing $100,000 or more.

Read on to learn the differences between these CDs and their rates.

Current Term CD Rates at CIT Bank: Up to 3.50%

Term CDs are available from 6 months to 5 years.

Usually, the longer you can commit your money, the higher rate you earn. But CIT offers the best rate on their 18-month term CD. So you don't need to lock up your cash for such a long time.

This is great if you're saving up for something big (like a house) in the next 2 years. You'll get safe, reliable returns.

The 6-month and 13-month CDs are also good options for shorter-term goals.

Compare Term CD Rates

Current No-Penalty CD Rates at CIT: 3.50% APY

CIT Bank has a unique No-Penalty CD that lets you withdraw early without fees. It's a nice option if you feel anxious about tying up your money.

You can withdraw your entire balance (plus interest earned) with no penalty, starting 7 days after account funding.

The CIT No-Penalty CD has a fixed term of 11 months. The rate for this CD is very decent, especially considering the flexibility.

Ally Bank and Marcus by Goldman Sachs also offer a fixed rate 11-month No-Penalty CD. CIT's rate is better but there is a higher minimum deposit to open an account.

Compare No-Penalty CD Rates

Current Jumbo CD Rates at CIT: Up to 0.50% APY

Jumbo CDs require at least $100,000 to open. Terms are available from 2—5 years.

These CDs are meant to reward higher balances with attractive interest rates. But CIT's Jumbo CD rates are quite low.

You're better off saving your money in CIT's Savings Connect account, which offers a much higher APY (more on that below). Plus, you'll get access to your money at any time without worrying about penalties.

CIT CDs Fees & Penalties

With a CD, you must commit your money for the entire term, or you'll be charged a fee for withdrawing early.

CIT's early withdrawal penalties for their Term CDs and Jumbo CDs are:[1]

  • Terms up to 1 year: 3 months' simple interest on the amount withdrawn
  • Terms from 1–3 years: 6 months' simple interest on the amount withdrawn
  • Terms over 3 years: 12 months' simple interest on the amount withdrawn

Before committing to a CD, make sure you don't actually need the money for that amount of time. If you're afraid you might, go with CIT's No Penalty CD.

Not sure if CIT Bank CDs are right for you? Here are some pros and cons.

CIT Bank CDs Pros & Cons


  • No monthly service fees
  • No account opening fees
  • Daily compounding interest
  • Only $1,000 minimum for Term and No-Penalty CDs
  • No-Penalty CD lets you withdraw early without penalty
  • FDIC insurance for up to $250,000


  • Not all CD terms offer high rates
  • Automatic renewal upon maturity (more below)
  • Not available as IRA CDs

CIT Bank Offers

How to Open a CD with CIT

CIT Bank CDs must be opened online. The process takes just a few minutes.

  1. Start here to open a new account.

  2. Select the type of CD you want to open (Term, No-Penalty, or Jumbo) and the term length.

  3. Provide your name, address, phone, email, and Social Security number (or other taxpayer ID).

  4. Fund your account via electronic transfer from a linked checking or savings account, bank wire, or mail-in check. The minimum is $1,000 for Term and No-Penalty CDs, and $100,000 for Jumbo CDs.

How do I fund a CIT CD?
There are 3 ways:[2]
  1. Electronic transfer from another bank account to CIT Bank. Funds take up to 2 business days to be deposited to your CD.
  2. Mail a check to:
    CIT Bank, N.A.
    Attn: Deposit Services
    P.O. Box 7056
    Pasadena, CA 91109-9699
  3. Send a wire transfer to CIT Bank. CIT Bank's routing number is 124084834. Include your CIT Bank account number (located in the confirmation email).

How to Withdraw Upon Maturity

CIT will notify you 30 days before your CD matures. Your options are:

  • Cash out your CD and withdraw funds
  • Roll it over to another CD
  • Automatic renewal
  • Change the CD term

You must call or email CIT if you want to withdraw funds or make a change. There's no option to withdraw online. If you don't, your CD will automatically renew for the same term at the current rate.

The exceptions are that the 13-month CD will renew as a 1-year CD, and the 18-month CD will renew as a 2-year CD. Be careful about that, since their 1-year and 2-year CDs don't have great rates!

You have a grace period of 10 calendar days after the maturity date to contact the bank to withdraw your funds. If you withdraw after the 10-day grace window, the early withdrawal penalty will apply.

Contact CIT at 855-462-2652 or send them a secure message through your online account.[3]

You can reach representatives at these hours:

Mon - Fri: 9 am - 9 pm ET
Sat: 10 am - 6 pm ET
Sunday: Closed

How CIT CD Rates Compare

Other CIT Bank Accounts

CIT Bank also offers the following account types:

Platinum Savings Account
CIT Bank's Platinum Savings account is their newest and highest-interest savings product. You earn 5.00% APY with a balance of $5,000 or more. The minimum to open is only $100 but in order to receive top-tier APY, you need to maintain a $5,000 daily balance.

Savings Connect Account
CIT Bank's Savings Connect account is their interest savings account (4.65% APY). The minimum to open is only $100 and there are no monthly fees.

Savings Builder Account
CIT's tiered interest rate savings account offers competitive rates (up to 1.00% APY). But to maintain that rate beyond the introductory period, you'll need to:

  • Monthly deposit of at least $100 OR balance of at least $25,000

Money Market Account
This account offers 1.55% APY with no monthly deposit or minimum balance requirements. The opening minimum is $100 and account holders pay no monthly fee.

eChecking Account
CIT's online checking account offers tiered interest and no monthly fees. You can open an account with just $100. You won't be charged any ATM fees from CIT and you get reimbursed up to $30 per month of fees charged by other ATM providers.

CIT's eChecking does not allow check writing.

Custodial Accounts
You can set up any CIT Bank products as custodial accounts except for the eChecking account.

Frequently Asked Questions

  • Can I open CD as a custodial account?
    Yes, you can set up a CIT Bank CD as a custodial account. When prompted to pick an account type, choose "Custodial Account".

  • Can I add additional funds to my CD once it's been opened?
    Once you open a CIT CD, you cannot make additional deposits with traditional CDs. However, you may add funds during the grace period of 10 calendar days after the maturity date.

  • Is there a minimum amount to open CIT Bank CD?
    Type of CDMinimum Deposit to Open
    Term CD$1,000
    No-Penalty CD$1,000
    Jumbo CD$100,000

Bottom Line

CIT Bank currently offers one of the highest CD rates. BUT not all their CD options are good. Only specific terms offer high APYs.

If you're not sure about tying up your money, another good option is CIT Bank's Platinum Savings or Savings Connect Account. These high-rate savings accounts currently offer some of the highest APYs on the market.


  1. ^ CIT Bank FAQs. What are the penalties for Term, Jumbo, Ramp-Up, and Ramp-Up Plus CDs?, Retrieved 1/1/2023
  2. ^ CIT Bank FAQs. How do I fund my savings, money market, or CD account?, Retrieved 06/05/2024
  3. ^ CIT. Contact us, Retrieved 7/15/23
CIT Bank
Member FDIC

CIT Bank Platinum Savings - 5.00% APY

  • 5.00% APY with a balance of $5,000 or more
  • 0.25% APY with a balance of less than $5,000
  • $100 minimum opening deposit
  • No monthly maintenance fee
  • Member FDIC
Discover Bank
Member FDIC

Discover® Online Savings - $200 Cash Bonus

Expires 9/12/2024

To qualify for Bonus: Apply for your first Discover Online Savings Account, enter Offer Code CY624 at application, deposit into your Account a total of at least $15,000 to earn a $150 Bonus or deposit a total of at least $25,000 to earn a $200 Bonus. Qualifying deposit(s) may consist of multiple deposits and must post to Account within 45 days of account open date. Maximum bonus eligibility is $200.

What to know: Offer not valid for existing or prior Discover savings customers, including co-branded, or affinity accounts. Eligibility is based on primary account owner. Account must be open when bonus is credited. Bonus will be credited to the account within 60 days of the account qualifying for the bonus. Bonus is subject to tax reporting. Offer ends 09/12/2024, 11:59 PM ET. Offer may be modified or withdrawn without notice. See advertiser website for full details.

Member FDIC

Chase Total Checking® - $300 Bonus

Expires 7/24/2024
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  • Open your account online now
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  • Chase Overdraft Assist℠ - no overdraft fees if you're overdrawn by $50 or less at the end of the business day or if you're overdrawn by more than $50 and bring your account balance to overdrawn by $50 or less at the end of the next business day*
Bank of America
Member FDIC

Bank of America Advantage Banking - $200 Bonus Offer

Expires 9/30/2024
  • The $200 bonus offer is an online only offer and must be opened through the Bank of America promotional page.
  • The offer is for new checking customers only.
  • Offer expires 9/30/2024.
  • To qualify, open a new eligible Bank of America Advantage Banking account through the promotional page and set up and receive qualifying direct deposits totaling $2,000 or more into that new eligible account within 90 days of account opening. Bank of America Advantage SafeBalance Banking® for Family Banking accounts are not eligible for this offer.
  • Once all requirements are met, Bank of America will attempt to pay bonus within 60 days.
  • Additional terms and conditions apply. See offer page for more details.
  • Bank of America, N.A. Member FDIC.

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About CIT Bank Promotions

CIT Bank offers some of the highest interest rates on the market. It is an online bank that offers a variety of savings products. Because of CIT's merger with First Citizens Bank, you can also access products and services offered by First Citizens.

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