CIT Bank CD Rates: June 2024 (2024)

Editorial Note: We earn a commission from partner links on Forbes Advisor. Commissions do not affect our editors' opinions or evaluations.

CIT Bank offers eight standard certificate of deposit (CD) terms, ranging from six months to five years. The bank’s CD rates are less competitive than those of some other online banks, and there’s a $1,000 minimum deposit requirement to open a CD.

Here’s an overview of CIT Bank Certificates of Deposit rates. Rates are accurate as of June 3, 2024.

CD TermAPYMinimum Deposit

6 Months

3.00%

$1,000

11 Months (no-penalty)

3.50%

$1,000

12 Months

0.30%

$1,000

13 Months

3.50%

$1,000

18 Months

3.00%

$1,000

24 Months

0.40%

$1,000

36 Months

0.40%

$1,000

48 Months

0.50%

$1,000

60 Months

0.50%

$1,000

FEATURED PARTNER OFFER

CIT Bank Certificates of Deposit

CIT Bank CD Rates: June 2024 (2)

Learn More CIT Bank CD Rates: June 2024 (3)

On CIT Bank's Website
Member FDIC

Rates as of 4/2/24

$1,000

Overview of CIT Bank CDs

CIT Bank offers a range of CD products to help you find the right term to suit your financial goals. The bank offers Term CDs, as well as CIT Bank Jumbo CDs and the CIT Bank No-Penalty CD. The bank also lists RampUp CDs on its website, but these accounts are no longer available.

Term and No-Penalty CDs have an opening balance requirement of $1,000. Jumbo CDs have a $100,000 minimum.

Interest on all CDs is compounded daily and credited monthly. The bank’s online resources don’t specifically disclose if an account holder can withdraw interest earned prior to maturity. However, if you tap into your deposit prior to maturity, you will pay an early withdrawal penalty.

For terms up to one year, you’ll forfeit three months’ simple interest. For terms of more than one year and up to three years, you’ll forfeit six months’ simple interest. And for terms more than three years, you’ll forfeit 12 months’ simple interest.

Overview of CIT Bank Term CDsValues

Minimum Deposit

$1,000

Term Lengths

6, 11, 12, 13, 18, 24, 36, 48 and 60 months

Compounding Schedule

Daily

Early Withdrawal Penalty

  • 6-month and 12-month CDs: 3 months’ simple interest
  • Terms more than 1 year and up to 3 years: 6 months’ simple interest
  • Terms more than 3 years: 12 months’ simple interest
  • No penalty on the 11-month CD

Grace Period for Penalty-Free Withdrawals After Maturity

10 days

How Much Can You Earn With CIT Bank’s CD Rates?

CIT Bank’s Term CD rates are fairly favorable when compared to the best online savings accounts. If you don’t need the liquidity, you can use CIT Bank’s CDs to earn a decent rate of return on your investment.

To figure out what you can earn with CIT Bank’s Term CDs, use our CD calculator:

How CIT Bank’s CDs Compare

Compared to today’s best CD rates, CIT Bank’s Term CD rates are less competitive with some online banks and yet trend much higher than rates offered by larger national banks with brick-and-mortar locations. Rates are also significantly higher than average national CD rates, according to data from the FDIC. While the average six-month CD earns 1.81% as of June 2024, a CIT six-month CD currently earns 3.00% APY.

A CD from this bank could be a good fit for investors who aren’t concerned with liquidity and want their savings out of reach since CIT Bank’s CD rates are reasonably competitive with online savings and money market account rates. CIT Bank’s money market account pays 1.55% APY.

While minimum deposits might make this bank’s CDs out of reach for some, the $100 requirement is comparable to other banks.

As early withdrawal penalties at this bank are significant, be sure to compare rates and terms from several banks and credit unions to ensure you’re getting the best return on your investment before opening a CD.

About CIT Bank

CIT Bank is an online bank offering a simple set of consumer banking tools, as well as commercial and business banking solutions. On the consumer side, in addition to CDs, you’ll find various products, including home loans and savings, money market and interest-bearing checking accounts. Account access is all digital, 24 hours a day. CIT Bank is part of First Citizens BancShares Inc., a top 50 U.S. bank.

Frequently Asked Questions (FAQs)

Are there different types of CDs?

There are several types of CDs for investors to choose from, though not all are offered by every bank. Common CD types include term, jumbo and no-penalty.

What is an early withdrawal penalty?

An early withdrawal penalty is charged if you need to access the funds invested in a CD before the maturity date. This penalty is usually expressed as a particular number of days’ or months’ interest on the amount withdrawn.

Should I choose a CD or a savings account?

If you don’t know when you’ll need to access your savings, a regular savings or money market account would likely be a better choice than a CD so that you can avoid potential early withdrawal penalties. Learn more about CDs vs. saving accounts.

Find The Best CD Rates Of 2024

Learn More

CIT Bank CD Rates: June 2024 (2024)

FAQs

Are CD rates expected to go up in 2024? ›

CD rate forecast: 2024

The Fed kept its rate the same after its fourth meeting of 2024 on June 11-12. Projections suggest that we may see no rate increases in 2024, and that the Fed might start dropping its rate later this year, according to the CME FedWatch Tool on June 11.

Should I lock in a CD now or wait? ›

Waiting to open a CD could mean missing out on some stellar rates. Now, you can lock in high rates on both short-term and long-term CDs, and you can score some serious interest just by opting to deposit a larger lump sum into your CD.

What is the current CD rate at CIT Bank? ›

Term CDs
CD TermAPY*Minimum Deposit Value at Close of CD
1-year CD0.30%$1,003
13-month CD3.50%$1,037.97
18-month CD3.00%$1,045.34
2-year CD0.40%$1,008.02
4 more rows
Jun 28, 2024

Can you get 6% on a CD? ›

You can find 6% CD rates at a few financial institutions, but chances are those rates are only available on CDs with maturities of 12 months or less. Financial institutions offer high rates to compete for business, but they don't want to pay customers ultra-high rates over many years.

What will the interest rates be at the end of 2024? ›

Economists at Freddie Mac expect mortgage rates to stay above 6.5% throughout the end of 2024, according to its June Economic, Housing and Mortgage Market Outlook. The mortgage giant anticipates one rate cut later this year – as long as the job market slows down enough to temper inflation.

What is the rate forecast for 2024? ›

The general consensus among industry professionals is that mortgage rates will slowly decline in the last quarter of 2024. The projected declines have shrunk, though, in recent months. At the start of the year, for instance, Fannie Mae predicted rates would drop to 5.8%.

Should I close a CD early to get a better rate? ›

You might also decide to close your old CD if rates on new CDs rise sharply. If you've locked in a low interest rate, you might earn a lot less by sticking with your current CD than you could by closing your old CD, paying the penalty, and moving your savings to a new CD with a much better rate.

Is it worth putting money in a CD right now? ›

If you don't need access to your money right away, a CD might be a good savings tool for you in 2024 while average interest rates remain high. CD interest rates are high in 2024 — higher nationally, on average, than they've been in more than a decade, according to Forbes Advisor.

What is the biggest negative of putting your money in a CD? ›

Banks and credit unions often charge an early withdrawal penalty for taking funds from a CD ahead of its maturity date. This penalty can be a flat fee or a percentage of the interest earned. In some cases, it could even be all the interest earned, negating your efforts to use a CD for savings.

What interest rate is CIT Bank paying? ›

The CIT Bank Savings Connect Account pays 4.65% APY on any balance. The CIT Bank Savings Builder Account is a tiered interest-rate account, paying 0.40% to 1.00% APY. The CIT Bank Money Market Account pays 1.55% APY.

Is CIT Bank a good bank? ›

Overview. CIT Bank is a great choice for customers looking for savings accounts and certificates of deposit (CDs) that pay above-average yields as well as an interest-bearing checking account at an online bank. But you must be comfortable solely banking online to earn those yields.

What is a good CD rate right now? ›

Right now, the best CD rates range from 4.80% to 6.00% APY, which is much higher than what CD rates were just two years ago. Buying a CD now is a good idea since you'll be able to earn a higher interest rate than you might be able to earn in a year from now.

How high will CD rates go in 2024? ›

Key takeaways. The national average rate for one-year CD rates will be at 1.15 percent APY by the end of 2024, McBride forecasts, while predicting top-yielding one-year CDs to pay a significantly higher rate of 4.25 percent APY at that time.

Can you get 7% on a CD? ›

Can You Get a 7% CD Account? There was a lot of excitement in August 2023 about a few credit unions offering 7% APYs on certificates. But those rates were offered for a limited time only and are no longer available. However, the nation's best CD rates are still well above 5%, with some pushing toward 6%.

Can I put 100k in a CD? ›

What is a jumbo CD? A jumbo CD is similar to a regular CD, but it requires a higher minimum deposit. While a typical CD might require a minimum of $1,000 to open, a jumbo CD usually requires a minimum of around $100,000. Because of the high minimum deposit requirement, jumbo CDs don't make sense for a lot of investors.

What will CD rates be in 2025? ›

The Top CDs for Locking Your Rate Until 2025 to 2027
Best 1-Year CDs - Mature Early 2025APYMinimum
XCEL Federal Credit Union5.45%$ 500
Fortera Credit Union5.35%$ 1,000
MTC Federal Credit Union5.25%$ 5,000
Technology Credit Union5.25%$ 1,000
20 more rows
Feb 28, 2024

What is the interest prediction for 2024? ›

Also, mortgage rates are still much higher than we've been used to in recent years. On 30 May 2024, the average 2 year fixed mortgage rate is 5.80%. While this is a significant drop from its July 2023 peak of 6.86%, it's still much higher than December 2021 when was 2.34%.

Where can I get 7% interest on my money? ›

As of July 2024, no banks are offering 7% interest rates on savings accounts. Two credit unions have high-interest checking accounts: Landmark Credit Union Premium Checking with 7.50% APY and OnPath Credit Union High Yield Checking with 7.00% APY.

What is the best CD rate for $100,000? ›

Compare the Best Jumbo CD Rates
InstitutionRate (APY)Minimum Deposit
Justice Federal Credit Union5.25%$100,000
Connexus Credit Union5.25%$100,000
CD Bank5.20%$100,000
State Department Federal Credit Union5.20%$100,000
11 more rows

Top Articles
Latest Posts
Article information

Author: Rev. Porsche Oberbrunner

Last Updated:

Views: 5928

Rating: 4.2 / 5 (53 voted)

Reviews: 84% of readers found this page helpful

Author information

Name: Rev. Porsche Oberbrunner

Birthday: 1994-06-25

Address: Suite 153 582 Lubowitz Walks, Port Alfredoborough, IN 72879-2838

Phone: +128413562823324

Job: IT Strategist

Hobby: Video gaming, Basketball, Web surfing, Book restoration, Jogging, Shooting, Fishing

Introduction: My name is Rev. Porsche Oberbrunner, I am a zany, graceful, talented, witty, determined, shiny, enchanting person who loves writing and wants to share my knowledge and understanding with you.