CIT Bank Savings and CD Rates: How Do They Compare?

Photo to accompany a story about interest rates offered by CIT Bank
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CIT Bank is an online division of First Citizens Bank, which has branches across the country. 

CIT has a range of savings products that are on par with the best online bank accounts, including multiple savings account options, a money market account, and certificates of deposit (CDs). You can find great rates from CIT, but each account does require a minimum deposit to open. 

If you’re hoping to take advantage of today’s rising rates on various savings products, CIT Bank is worth considering. But it’s helpful to know exactly the requirements and account details before you open, and compare CIT to other top savings accounts and CDs today.  

Here’s what you need to know:

CIT Bank Savings Rates by Account Type

CIT Bank offers a few different savings accounts and a money market account. The primary high-yield savings account has the best rate, while CIT’s Savings Builder account and money market account both fall comparatively short of the competition. Each of these accounts also has a minimum deposit required to open and earn interest.

The chart below has more details about CIT Bank’s savings and money market accounts, including minimum deposit requirements and fee information:

Account NameAnnual Percentage Yield (APY)Minimum DepositFees
Savings Connect3.60% APY$100No account opening or maintenance fees
Money Market1.55% APY$100No account opening or maintenance fees
Savings BuilderStart earning 0.40% APY, then earn up to 1.00% APY by:

– Maintaining a balance of $25,000 or more, or 
– Making at least one monthly deposit of $100 or more
$100No account opening or maintenance fees

Note: The above APYs are accurate as of publish date. The NextAdvisor editorial team updates this information regularly, though it is possible rates have changed since they were last updated.

How Do CIT Bank Savings Rates Compare to Other Banks?

Compared to traditional savings accounts from large, national banks, CIT is way ahead of the curve. Many of those accounts offer as little as 0.01% on savings, and may also have additional requirements or fees. 

When it comes to other high-yield savings accounts and money market accounts from higher-earning online banks, CIT’s rates are still pretty competitive.

CIT Bank CD Rates by Type

CIT Bank also offers a range of certificates of deposit (CDs). Not only can you open traditional CDs with terms from six months to five years, but CIT also has jumbo CDs and a no-penalty CD that has an 11-month term. There is a $1,000 minimum deposit required to open any CIT Bank CD account, though jumbo CDs require a much higher $100,000 minimum.

The charts below provide an overview of CIT Bank’s available CD terms and account details.

Term CDs

TermAnnual Percentage Yield (APY)Minimum Deposit
6 months2.75% APY$1,000
1 year0.30% APY$1,000
13 months4.35% APY$1,000
18 months4.50% APY$1,000
2 years0.40% APY$1,000
3 years0.40% APY$1,000
4 years0.50% APY$1,000
5 years0.50% APY$1,000

No-penalty CDs

TermAnnual Percentage Yield (APY)Minimum Deposit
11 months3.65% APY$1,000

Jumbo CDs

TermAnnual Percentage Yield (APY)Minimum Deposit
2 years0.40% APY$1,000
3 years0.40% APY$1,000
4 years0.50% APY$1,000
5 years0.50% APY$1,000

Note: The above APYs are accurate as of publish date. The NextAdvisor editorial team updates this information regularly, though it is possible rates have changed since they were last updated.

Some of CIT Bank’s CDs are a better deal than others. For example, the 13-month and 18-month term CDs offer highly competitive rates, whereas CIT Bank’s jumbo CDs aren’t nearly as competitive.

Also, make sure you compare less-common terms from CIT that may be close to the term you’re considering. In some cases, this can help you score a much higher interest rate. For example, the bank’s 13-month CD pays out 4.35% APY, whereas the 12-month CD has a yield of just 0.30% APY.

A no-penalty CD can be a great choice if you’re not ready to commit to a CD term length. You can still get a great rate, but you’ll have the opportunity to withdraw your money without penalty before the CD matures. There are some limits, like a waiting period before you’re eligible to withdraw, and you typically are only allowed a single withdrawal of your entire balance. CIT Bank’s no-penalty CD offers rates comparable with the best high-yield savings accounts today.

CIT Bank CD Rates vs. Other Banks

CIT Bank’s most competitive CDs offer much better yields than average, but not all CD terms offered by CIT are the same.

Compared to many of the best CD rates available today, CIT’s higher-earning terms are among the best. But you should make sure you compare CD offers from CIT before opening — longer-term CDs, for example, have far less lucrative rates at this bank. However, its six-month and 18-month CDs have some of the best rates offered today.

If you’re in the market for a no-penalty CD — which offers a slightly lower rate in exchange for added flexibility — CIT also offers among the best no-penalty CD rates right now.

You should also keep in mind CIT Bank’s minimum balance requirements to open each CD. While $1,000 is less than some other high-yield CD requirements, it is a steep sum that you’ll need to have on hand before opening.

Is CIT Bank a Good Choice for a Savings or CD Account?

CIT Bank can be a good choice for a savings account, a money market account, or a CD, but you should review all the details of any account before you open. 

First, the interest rates vary dramatically between similar accounts. While CIT’s Savings Connect account, for example, earns among the best interest rates available today, the Savings Builder offers a much lower rate and requires a higher balance to get it.

What’s more, CIT requires minimum deposits for each of its account types. While this isn’t necessarily a downside, it can be a deterrent if you’re just starting out on your savings journey. Make sure you review the required minimums for any account you’re considering and whether it works with your goals. 

It’s also smart to take time to consider all your options and compare different accounts before you open any new savings account or CD. CIT Bank has great interest rates, but take all the details that could affect your financial plan — from fees and minimum to transfer options and account access — before you decide.