CIT Bank CD Rates Could Be Right for You

CIT Bank CD rates may be a good match for your savings goals.

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 platform.

This is a promising option for those who want to increase their savings. A GOBankingRates survey revealed that saving more money is a top financial goal for Americans. 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.

Here’s a quick look at what you’ll find in this guide to CIT Bank CD rates for April 2020:

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CIT Bank CD Overview

CIT Bank offers a full array of financial products, including CDs. Here’s a look at the bank’s CD options and rates.

CIT Bank CDs at a Glance: April 2020
Type Term Minimum Deposit Rate
Term CD 6 months, 1 year, 2 years, 3 years or 4 years $1,000 Up to 0.30% APY
No-Penalty CD 11 months $1,000 3.30% APY
RampUp CD 3 or 4 years $25,000 or $50,000 Up to 1.60% APY
RampUp Plus CD 1 or 2 years $25,000 Up to 0.40% APY
Jumbo CD 2 years, 3 years, 4 years or 5 years $100,000 Up to 0.50% APY

    Related: Best CIT Bank Promotions and Offers

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    Who Are CIT Bank CDs Best For?

    CIT CDs are best for customers who are interested in investing money without plans to withdraw it during the set term. 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.

    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’ll get the highest interest rates on some of your money without tying up all your funds for too long.

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    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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    • Variety of products to meet anyone’s needs
    • No fee for opening or maintaining 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 ranging from three to 12 months’ worth of interest
    • Only one account on offer that lets you add to your CD once during its term
    • Some CDs not available to new customers

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    Who Might Want To Open a CIT Bank CD?

    If you’re looking for a selection of CD terms and don’t need access to a physical bank branch, CIT Bank and its CDs may be a good fit for your savings plans. You’ll find plenty of choices, including the No-Penalty CD, which lets you withdraw your money early without giving up your cash as a penalty. Additionally, you’ll gain access to additional features like online calculators that enable you to compare CD options and corresponding returns.

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    Find Out: How Often Do CD Rates Change?

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    Who Might Want To Pass on CIT Bank’s CD Options?

    The minimum deposit required to open a CIT CD may not appeal to customers who can get similar returns at other top-rated banks that don’t require as much money upfront. Additionally, some products like the RampUp and RampUp Plus CDs are not available to new customers. If those products interest you most, you might want to check other banks first to see if you can get a CD with similar terms without already having an established relationship with the bank.

    Read: The Most Rewarding 6-Month CD Rates To Grow Your Money in 2020

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    How To Open a CIT Bank CD

    CIT Bank makes it easy to open an account online. Start by finding the webpage of the CD account you want to open and click the “Start Now” button. You’ll be directed to the application, which can be completed in three steps:

    1. Provide your contact information, including your address, phone number and email. You’ll also need to give your Social Security number or other taxpayer identification.
    2. Fund your account through an electronic transfer, wire or mailed check.
    3. Wait for the confirmation email from the bank stating your account is open.
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    More On CIT Bank

    More CD Rates

    Rates are subject to change; unless otherwise noted, rates are updated periodically. All other information on accounts is accurate as of April 7, 2020.

    This article has been updated with additional reporting since its original publication.

    This content is not provided by CIT Bank. 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 CIT Bank.

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    About the Author

    Barb Nefer

    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.

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