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A CIT Bank 1 Year-CD can earn more interest than a traditional savings account. This CIT product has a $1,000 minimum deposit term and requires setting aside your funds for 12 months to avoid early redemption penalties. Here’s my expert post on how much a $10,000 CD can earn you. You can also find better bank bonuses with other accounts like this up to $600 offer with Chase, or other alternative banks like Axos checking.
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CIT Bank 1 Year-CD Rates
The current yield for a CIT Bank 1 Year-CD is up to 0.30% APY. Its minimum deposit is $1,000, and early withdrawal penalties apply. This account is FDIC-insured up to $250,000.
Upon maturity, you can redeem your principal and interest penalty-free or renew at the then-current rate. Additionally, this product has no account opening or monthly service fees.
CIT Bank CD Rates
While you can earn more interest than a brick-and-mortar savings account, the CIT Bank 1 Year-CD currently has the lowest yield among the various CIT Bank Certificate of Deposits (CD) terms.
Here are the current term CD yields from CIT Bank (highest yields first):
- 6 months: 5.00% APY
- 13 months: 4.65%
- 18 months: 4.60%
- 5 years: 0.50%
- 4 years: 0.50%
- 3 years: 0.40%
- 2 years: 0.40%
- 1 year: 0.30%
Additionally, a CIT Bank 11-Month No Penalty CD yields 4.90% APY at the moment. This rate is phenomenal as its maturity date is shorter than most term CDs, and you can also redeem your balance without penalties after the first seven days.
Related: Is CIT Bank Trustworthy? What To Know About The Online Bank
Alternatives to the CIT Bank 1 Year-CD
You may dedicate some of your funds into a 12-month term to build a diversified CD ladder, but there are several similar products that can offer higher yields with a similar investment period. Here are some alternatives to the CIT Bank 1-Year-CD.
11 Months No Penalty CD
There is also a CIT Bank 11-Month No Penalty CD which earns 4.90% APY. This rate is higher than most short-term CDs from the bank, and you can withdraw your funds starting seven days after account funding if you find a better rate or need the cash to cover expenses.
13-Month Term CD
The CIT Bank 13-month term CD currently earns 4.65% APY. This is one of the best CD rates in the nation, and you can secure a competitive rate for an additional month compared to the 12-month term.
According to this product’s terms and conditions, it will renew with a 12-month term and rate at maturity if you don’t close the account. So, you may deposit as much at opening to secure this high yield and compare your best options 13 months from now.
Learn more: CIT Bank Certificate of Deposits (CD)
18-Month Term CD
If you plan on renewing your 1-year CD upon maturity, opting for the CIT Bank 18-Month CD instead can be better as it offers a significantly higher yield of 4.60% APY.
This product renews with a 24-month term and rate if you don’t redeem your funds at maturity.
Learn more: CIT Bank Certificate of Deposits (CD)
How to Open a CIT Bank CD
You can follow these simple steps to open a CIT Bank Certificate of Deposits (CD):
- Open a CIT Bank account (existing users can log in) and provide their personal contact details, phone, email, and taxpayer ID number or Social Security number.
- Deposit at least $1,000 by online bank transfer, mailed check, or wire transfer.
- Receive a confirmation email once your account is funded.
It’s possible to track your balance and manage your CD maturity options through your online dashboard. You can open other CIT Bank products such as high-yield savings, free checking, and money market accounts.
Learn More: CIT Bank Review: What To Know About The Popular Online Bank
Summary CIT Bank 1 Year CD
The CIT Bank 1 Year-CD can help you earn more interest on your deposit without any fees. Its short-term commitment also makes it easy to access your cash and potentially pursue better yields sooner. However, at the moment, this product is one of the lowest-earning terms, and other CIT Bank Certificate of Deposits (CD) offer better yields with a similar term.
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