CIT Bank CD Rates Review: Variety of Products, No Maintenance Fees

CIT's CD rates appeal to small investors and high rollers.

CIT Bank is known for its business lending expertise, but its 2015 merger with OneWest Bank gave it a solid footing in retail and commercial banking. OneWest Bank has over 70 branches in Southern California, but customers throughout the U.S. can take advantage of the CIT Bank certificate of deposit portfolio via its online banking option.

CIT Bank is right on trend with its online banking because 40 percent of Americans prefer to bank online, according to 2017 survey done by the American Bankers Association. CIT Bank CD rates are attractive, and the bank serves both consumers and businesses. Keep reading to find out more about CIT Bank and decide whether it’s the best online bank for your CDs.

CIT Bank CD Review

CIT Bank offers a full array of financial products, including CDs. All CIT Bank CDs include the following features:

CIT Bank CDs at a Glance
TypeTermsFeaturesMinimum DepositRate
Term CDUp to 5 yearsNone, standard$1,000Up to 2.50% APY
No-Penalty CD11 monthsMay withdraw balance and interest without penalty after 7 days of opening an account$1,000Up to 1.85% APY
RampUp CD3-4 yearsFlexible CD with rate options3 years: $25,000
4 years: $50,000
Up to 1.38% APY
RampUp PLUS CD1-2 yearsFlexible CD with rate and deposit options$25,000Up to 1.27% APY
Jumbo CDUp to 5 yearsHigher the deposit, higher the interest rate$100,000Up to 1.75% APY
Information accurate as of Aug. 28, 2018.

Related: 6 Tips for Choosing a CD Account

Every financial investment has its strengths and weaknesses. Consider the advantages and disadvantages of a CIT Bank CD so you can better decide if this CD option is the right financial tool for you.

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CIT Bank CDs Pros and Cons
  • Variety of products to meet anyone’s needs
  • No fee for opening or maintaining the account
  • Customized online banking experience
  • Interest compounded daily
  • 10-day grace period with no early withdrawal penalty
  • Online transaction monitoring, layered security and firewalls to prevent fraud
  • Early withdrawal penalty that ranges from three to twelve months’ worth of interest
  • Only one account on offer that lets you add to your CD once during its term

What You Need to Know About CIT Bank CDs

Best for: Those who are interested in investing and make no plans to withdraw their money. Though terms can range for less than a year, usually the longer you leave your money in a CD, the more gains the deposit will accumulate.

Read: 5 Insider Tips to Get the Highest CD Rate

Best Features of CIT Bank CDs

This CIT Bank review takes a closer look at the bank’s five CD options because each has special features. Check out the CIT Bank CD lineup:

  1. Term CDs: These CDs’ terms run up to five years, require a minimum opening deposit of $1,000 and currently earn up to 1.70% APY.
  2. No-Penalty CDs: You can get a term as long as 11 months and withdraw the full balance and interest seven days after the funding date. This CD has an interest rate of up to 1.85% APY and requires a $1,000 minimum deposit.
  3. RampUp CDs: Available in three- and four-year terms, these CDs pay up to 1.38% APY and require a $25,000 and $50,000 minimum deposit, respectively.
  4. RampUp Plus CDs: You’ll need a $25,000 minimum opening deposit for one of these. You can choose between a one- or two-year term and you’ll earn up to 1.27% APY.
  5. Jumbo CDs: These CDs come with the highest deposit requirements — and jumbo CDs offer some of the best interest rates, with CIT Bank’s CD rate currently at 1.75% APY. The minimum opening deposit is $100,000 for this high-yield CD.

If the options seem overwhelming, CIT Bank offers an online CD calculator that enables you to compare your choices. It’s a convenient way to see exactly how much you’ll get in returns with different CD options.

CIT Bank recommends laddering your CDs, which involves investing in a mix of long- and short-term CDs. When you create a CD ladder, you get the highest interest rates on some of your money without tying up all your funds for too long. You can mix and match CIT Bank CDs to use this strategy.

Find Out: How CD Laddering Works

CIT Bank CDs Are Best When Leaving Your Money in Long Term

If you want to use a ladder strategy for investing, CIT Bank’s range of CD options makes it easy. And the 10-day grace period — should you change your mind about your investment — is a great feature.

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CIT Bank might have a commercial focus, but don’t let that scare you away. CIT Bank CD rates and features make it a viable option for individuals as well as businesses.

Sean Dennison contributed to the reporting for this article.

More from CIT Bank

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GOBankingRates is a personal finance and consumer interest rate website owned by ConsumerTrack, Inc., an online marketing company serving top-tier banks, credit unions and other financial services organizations. Some companies mentioned in this article might be clients of ConsumerTrack, Inc., which serves more than 100 national, local and online financial institutions. Rankings and roundups are completely objective, and no institution, client or otherwise, paid for inclusion or specific placement. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author alone and have not been reviewed, approved or otherwise endorsed by the companies included in the article. All fees and rates are subject to change at the issuers’ discretion. Some interest rates might be short-term or promotional offers only, and it is possible additional terms and conditions must be met in order to obtain the interest rates listed. Rates and availability might vary by region. Verify terms and conditions before opening an account. 

About the Author

Barb Nefer has been writing professionally for nearly 30 years, cutting her teeth as a news writer for the Daily Southtown in Chicago. She’s a doctor of psychology, and her eclectic expertise includes personal finance, psychology, travel and the pet industry. Her work reflects that diversity, with pieces appearing in places like, CBS Local,, WebPsychology, and Animal Wellness magazine.