CIT Bank CD rates are competitive compared to other Banks’ CDs.
For instance, a 6-month CIT Bank CD has a rate of 0.50%, which is way higher than the national average rate of 0.25%.
How much you will earn depends on the length of the term.
But one thing for sure is that the longer the term of the CD (certificate of deposit), the more money you will make.
CIT Bank offers CD terms ranging from 6 months to 5 years. The 5-year term CD has an applicable yield of 1.05%.
The minimum investment requirement is $1,000. But their jumbo CD’s deposit requirement is way much higher, $100,000.
CIT bank also offers a no-penalty 11-month CD (more on this later).
Click here to open a CD with CIT Bank.
See below a table of CIT Bank CD Rates that are available to you:
| CIT Bank Term CD | Minimum Deposit | APY/Rate |
|---|---|---|
| 6 Month | $1,000 | 0.50% |
| 11-Month | $1,000 | 0.75% |
| 1 Year | $1,000 | 0.75% |
| 13 Month | $1,000 | 0.75% |
| 18 Month | $1,000 | 0.75% |
| 2 Year | $1,000 | 1.00% |
| 3 year | $1,000 | 1.00% |
| 4 year | $1,000 | 1.05% |
| 5 Year | $1,000 | $1.05% |
CIT Bank CD Rates: an overview
CIT Bank CD rates are very impressive out there.
When compared to other CDs, such as Vanguard CDs, they compete at a similar or even better level.
CIT bank CDs, as all certificate of deposits, produce a higher rate than savings accounts, money market funds, etc.
But not as much as a short-term bond.
The minimum deposit for CIT Bank’s standard CDs is very reasonable, $1,000.
The bank’s Jumbo CDs, while produce a higher rate than a standard CD, has a much higher minimum of $1,000 (more on this below).
What is a certificate of deposit (CD)?
CDs are certificates that banks or credit unions sell to you.
Banks issue them to you for a specific dollar amount for a specific length of time.
The time period could be anywhere from 1, 6, 12 or 24 months to several years.
The bank pays you some interest. You get your full principal back plus interest you earn once the CD matures or “comes due.”
If you want your money back before it matures, you can withdraw it.
But you will get hit with a penalty for early withdrawal. But some banks like CIT Bank, that offer CDs with no penalty.
CDs are very safe, because they are FDIC insured for up to $250,000.
See: Grow Your Money: Mutual Funds, Index Funds & CDs
Are CIT Bank CDs the right choice for you?
CDs is one of the best short-term investments you can have. Given that their rates are very impressive, CIT Bank CDs may be right for you.
Therefore, you should consider investing in them:
- You don’t tend to tap into your money at any moment.
- You’re saving money for a down payment to buy a house in the near future.
- You want an investment that provides a higher yield than a regular savings account, money market fund.
- You’re looking for a safe and low-risk place for your hard-earned money.
What are the CIT Bank CD rates?
CIT Bank provides CDs ranging from 6 months to 5 years. The longer the term of the CD, the higher the interest rate.
For instance, CIT Bank’s 5-year term CD currently has a rate/APY of 1.05%.
CIT Bank 5-Year CD Rates
The applicable rate for a 5-Year CIT Bank CD is currently 1.05%. And it requires a minimum deposit of $1,000.
This is the longest CIT Bank CD term out there. And its interest rate exceeds most CD rates you’d get from banks.
Learn more about this product and apply on CIT Bank’s secure website
CIT Bank 4-Year CD Rates
This 4-year CIT Bank CD also requires a minimum deposit of $1,000.
This CD’s yield is the same as the CIT Bank 5-year CD. It is also higher than most bank CDs. The yield is currently is 1.05%.
CIT Bank 3-Year CD Rates
The applicable yield for a 3-Year CIT Bank CD is still very competitive. It’s 1.00% and requires a $1,000 deposit.
CIT Bank 2-Year CD Rates
The rate for a 2-Year CIT Bank CD is 1.00% and a minimum deposit of $1,000 is required.
CIT Bank 18-Month CD Rates
For an 18-Month CIT Bank CD, the yield is 0.75%. The minimum deposit is $1,000.
CIT Bank 13-Month CD Rates
For an 13-Month CIT Bank CD, the yield is 0.75%. The minimum deposit is $1,000.
CIT Bank 1-Year CD Rates
The yield for a 1-Year CIT bank CD is 0.75% and a minimum deposit of $1,000 is required.
CIT Bank 11-Month CD Rates
For an 11-Month CIT Bank CD, the yield is 0.75%. The minimum deposit is $1,000.
However, the CIT Bank 11-month CD is a no-penalty CD. That means CIT Bank will let you withdraw your money at any time without incurring a penalty.
This is good for those faced with an emergency situation and need quick and easy access to their money.
CIT Bank 6-Month CD Rates
Lastly, for a 6-Month CIT Bank CD, the yield is 0.50%. The minimum deposit is $1,000.
See: 6-Month CD Rates: Earn More Money
CIT Bank’s Jumbo CDs.
CIT Bank also offers Jumbo CDs. They offer a much better interest than CIT Bank’s standard CDs.
However, they require a much bigger minimum deposit. For example, you will need a minimum deposit of $100,000 to start with.
Here is a table of CIT Bank’s Jumbo CD rates:
| CIT Bank Jumbo CD | Minimum Deposit | APY/Rate |
|---|---|---|
| 2 Year | $100,000 | 1.00% |
| 3 Year | $100,000 | 1.00% |
| 4 Year | $100,000 | 1.05% |
| 5 Year | $100,000 | 1.05% |
How to open a CIT Bank account.
To get access to the best CIT Bank CD rates, you must be eligible to open an account.
To be eligible, you must be a US citizen or resident alien. You must be 18 years old or older, have a a US address, a social security number, a driver’s license or state issued ID.
You also need to have a bank checking account to transfer money to your CIT Bank account.
CIT Bank CDs Alternatives
If CIT Bank CDs do not do it for you, or you’re looking to get more interest on your money, then try to invest in the best Vanguard mutual funds out there.
That way your money is still safe and you get more return on your money.
Mutual funds are some of the best ways to invest your money.
One thing you should know, however, is that mutual funds invest in stocks and bonds.
These securities tend to be riskier. Therefore, you might lose some or most of your investment if the market goes down.
So, beginner investors wishing to invest in these mutual funds should also consider learning how the stock market works.
Bottom line
CIT bank CDs might be appropriate for you if you are not going to use the money for a certain period of time.
They can be a great choice if you are saving your money for a down payment to purchase a house in the next few years or so.
Indeed, CIT Bank CDs provides a better yield than bank savings accounts and money market funds. But the money is only available after the CD becomes due.
So, if access to your money at anytime is a priority, you’re better off save your money in a high yield savings account or the best Vanguard Mutual Funds.
Tips for Maximizing Your Savings
- Open a Chase checking account. You will get a $200 bonus when you open a new Chase Total Checking account and set up a direct deposit. And it’s easy to find a Chase ATM just about anywhere. Get started Now.
- If you have questions beyond CIT Bank CD rates, you can talk to a financial advisor who can review your finances and help you reach your goals. Find one who meets your needs with SmartAsset’s free financial advisor matching service. You answer a few questions and they match you with up to three financial advisors in your area. So, if you want help developing a plan to reach your financial goals, get started now.
Source: growthrapidly.com