CIT Bank CD Rates (Earn up to 5%)

Our experts answer readers’ banking questions and write unbiased product reviews (here’s how we assess banking products). In some cases, we receive a commission from our partners; however, our opinions are our own. Terms apply to offers listed on this page.

CIT Bank is a solid option if you are looking for an online financial institution that offers different types of CDs. You’ll be able to pick from regular CDs, jumbo CDs, and one no-penalty CD. You may find higher CD rates for regular terms at other online banks, though. Compare rates using our best CD rates guide.

CIT Bank CD Rates Today

CIT Bank has three types of CDs: regular CDs (called Term CDs), jumbo CDs, and a no-penalty CD. All CIT Banks CDs have a fixed interest rate. This means the rate will stay the same for the entire term.

CIT Bank Term CD rates vary depending on the term you choose. The 1-year, 2-year, 3-year, 4-year, and 5-year terms pay lower interest rates than the average CD. However, the bank’s other Term CDs have much more competitive rates.

A jumbo CD is similar to a regular one but requires a substantial minimum opening deposit of $100,000 or more. CIT Bank Jumbo CDs currently pay similar interest rates to Term CDs.

CIT Bank has one no-penalty CD term that pays a good rate. A no-penalty CD doesn’t charge you an early withdrawal penalty if you decide to take out money before your CD matures. If you need to take out your money from a CD before the term ends, there will be early withdrawal penalties for CIT Bank Term and Jumbo CDs.

CIT Bank Term CD Rate

CIT Bank might be appealing if you’d like to get a regular CD with a term under two years. The 6-month, 13-month, and 18-month CDs pay competitive interest rates that are higher than the CD rates at other online banks.

CIT Bank Jumbo CD Rate

You might consider a CIT Bank Jumbo CD if you have more than $100,000 that you would like to deposit in a low-risk place.

CIT Bank only has 2-year, 3-year, 3-year, and 5-year CDs. You may prefer one of the banks on our guide for best jumbo CD rates if you would like more term options.

CIT Bank No-Penalty CD Rate

A CIT Bank No Penalty 11-Month CD could be a good choice if you don’t want to worry about early withdrawal penalties. CIT Bank offers a higher interest rate than other financial institutions and is featured in our guide for best no-penalty CDs.

Are CIT Bank CDs Worth it?

CIT Bank will likely stand out if you are searching for a CD term of 18 months or shorter. You also may prefer CIT Bank over other online banks if your goal is to open a specialty CD. CIT Bank has jumbo CDs and a no-penalty CD, which aren’t offered by some financial institutions.

The bank is a good choice if you plan to open multiple bank accounts at the same financial institution, because it has several types of bank accounts. There is a high-yield savings account, an interest-earning checking account, and a money market account.

You may favor another financial institution if you would like to open a CD with a low minimum opening deposit. You also might find higher rates on long-term CDs at other online banks.

CIT Bank CDs vs. Capital One 360 CDs

Capital One CDs

Capital One 6 Month 360 CD

Capital One 9 Month 360 CD

Capital One 1 Year 360 CD

Capital One 18 Month 360 CD

Capital One 2 Year 360 CD

Capital One 30 Month 360 CD

Capital One 3 Year 360 CD

Capital One 4 Year 360 CD

Capital One 5 Year 360 CD

Chevron icon
It indicates an expandable section or menu, or sometimes previous / next navigation options.

Capital One 360 might be a better option if your priority is opening a CD with a low initial deposit. Capital One 360 lets you open a CD with $0. At CIT Bank, you’ll need at least $1,000.

If you’re strictly searching for competitive interest rates, your choice will largely depend on the term. That said, Capital One 360 currently pays higher CD rates for terms over two years.

You may favor CIT Bank if you’re searching for specialty CDs. CIT Bank has jumbo CDs and a no-penalty CD. Capital One 360 only has regular CDs.

CIT Bank CDs vs. Ally CDs

Ally CDs

Ally 3 Month High Yield CD

Ally 6 Month High Yield CD

Ally 9 Month High Yield CD

Ally 1 Year High Yield CD

Ally 18 Month High Yield CD

Ally 3 Year High Yield CD

Ally 5 Year High Yield CD

Ally No Penalty CD

Ally Raise Your Rate CD

Chevron icon
It indicates an expandable section or menu, or sometimes previous / next navigation options.

CIT Bank and Ally are equally strong options if you’re searching for an online bank with a wide range of CDs. Both have a variety of regular terms and specialty CDs.

If you’re comparing interest rates on CDs, your choice will largely depend on the term you choose. Ally currently pays higher CD rates for terms 18 months or longer.

Ally may be a better option if you want to open a regular CD with a low minimum opening deposit. Ally High-Yield CDs can be opened with $0 upfront, while CIT Bank Term CDs require at least $1,000.

CIT Bank: Frequently Asked Questions

You’ll need at least $1,000 to open a CIT Bank CD.

There are early withdrawal penalties for CIT Bank Term CDs and Jumbo CDs. If you open a No-Penalty CD, there are no early withdrawal penalties.

Here’s an overview of how the early withdrawal penalties work at CIT Bank:

For CD terms of one year or less, the penalty is three months of simple interest.

For CD terms between one year and three years, the penalty is six months of simple interest.

For CD terms longer than three years, the penalty is one year of simple interest.

Yes. CIT Bank CDs are FDIC insured for up to $250,000 per depositor.

Sophia Acevedo is a banking reporter at Insider. She covers bank reviews, banking guides, and banking and savings articles for Personal Finance Insider. She is also a Certified Educator in Personal Finance (CEPF).
Sophia joined Insider in July 2021 and is an alumna of California State University Fullerton where she studied journalism and minored in political science. She is based in Los Angeles.
You can reach out to her on Twitter at @sophieacvdo or email [email protected].
Read more about how Personal Finance Insider chooses, rates, and covers financial products and services>>
Below are links to some of her most popular stories:

Are banks open today? Here’s a list of US bank holidays for 2023
Best CD rates
Best High-yield savings accounts
These banks and credit unions allow you to exchange foreign currency at a branch, over the phone, or online
Four reasons why your debit card might be denied even when you have money