Available online, open a CIT Bank No-Penalty CDs and you can now save for 11 months and earn 0.30% APY rate with no penalty for early withdrawal. There is also a 12-Month CD Term for 0.30% APY, one of the highest rates in the country.
CIT Bank’s Certificate of Deposits provide a safe, secure way to grow your savings and you can even choose from a selection of CD terms to help you stay on target for your savings goals. There are no monthly fees, nor is there a huge minimum opening deposit amount!
CIT Bank is an internet bank with no physical branches based in Pasadena, California. CIT Bank limits your withdrawal options to electronic transfers ordered by phone or initiated online through the bank’s website, and while these services are free they may increase the time it takes to access your funds. However, CIT Bank does provide a mobile app to perform additional account management, something other online accounts often lack.
To get started, click the “Apply Now” link and follow the instructions. When you are on CIT Bank’s web page, press “Open an account”, click “Start a new application” and begin completing the application!
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Table of Contents
- 1 CIT Bank Certificate of Deposit Rates
- 2 CIT Bank Certificate of Deposit Fees
- 3 CIT Bank No Penalty Certificate of Deposit Information
- 4 CIT Bank Certificate of Deposit Terms & Conditions
- 5 CIT Bank Online Banking
- 6 CIT Bank Mobile Banking
- 7 Funding Information
- 8 CIT Bank Certificate of Deposit Rates Requirements
- 9 Bottom Line
CIT Bank Certificate of Deposit Rates
• Available online nationwide
• Earn 0.30% APY on a 12-Month CD Term
• Earn up to 0.50% APY
• $1,000 minimum to open
• Selection of terms to meet your needs
• A range of choices. Low minimum deposits.
• No fees to open or maintain the account
• Available as Custodial
• Open a CIT Bank Certificate of Deposit Account today!
|6-Month Term||0.30% APY|
|1-Year Term||0.30% APY|
|13-Month Term||0.35% APY|
|18-Month Term||0.30% APY|
|2-Year Term||0.40% APY|
|3-Year Term||0.40% APY|
|4-Year Term||0.50% APY|
|5-Year Term||0.50% APY|
CIT Bank Certificate of Deposit Fees
|Account Type||CIT Bank Certificate of Deposit|
|Minimum opening deposit||$1,000|
|Term||6 Months up to 5 Years|
CIT Bank No Penalty Certificate of Deposit Information
With the CIT Bank No-Penalty 11-Month CD:
• Earn 0.30% APY on your funds with just a $1,000 minimum deposit.
• The perfect balance between a great fixed rate and flexible money access.
• Access funds, if needed. No penalty.
• No opening or maintenance fees
• Shorter 11-month timeframe and a great APY
• If you need your funds prior to the maturity date, you can withdraw your money — including any interest earned — beginning seven days after the funds have been received. No penalty. No problem. It's the security of a CD with the flexibility to access your funds early if you need them.
- Account Type: CIT Bank No-Penalty Certificate of Deposit
- Interest Rate: 0.30% APY
- Minimum Balance: $1,000
- Maximum Balance: None
- Availability: Nationwide
- Expiration Date: None
- Credit Inquiry: Soft Pull
- Opening Deposit: $1,000
- Credit Card Funding: None
- Direct Deposit Requirement: No
- Monthly Fee: No monthly fee
- Closing Account Fee: None
- Insured: FDIC
CIT Bank Certificate of Deposit Terms & Conditions
With CIT Bank No-Penalty CDs, know that you can’t partially withdraw your initial deposit. When you’re ready to withdraw your principal, you’ll have to close your account. You can, however, withdraw part of your interest at any time.
Interest compounds daily and is credited monthly. Each month, you’ll have the option of transferring interest electronically to a bank account or having a check mailed to your home.
When your No-Penalty CD comes due, you can close it or let the CD automatically renew following a 10-day grace period.
CIT Bank Online Banking
CIT Bank Online Banking provides real-time access to your account to help you manage your money when it’s most convenient. Simply log into your CIT Bank account and you will be able to:
- Manage your accounts and account information online
- View and download statements and account activity
- Schedule and make transfers to and from other banks
- Schedule and make transfers between CIT Bank accounts
- Create banking reports
- Open new accounts
- Receive and manage account alerts
- Send secure messages
How to get started:
- Visit CIT Bank’s website and sign in.
- Once you log in, you can view your balance and transactions, make transfers, send and receive money, deposit checks, pay bills, view online statements, and more.
CIT Bank Mobile Banking
CIT Bank Mobile Banking helps keep your busy life and finances moving ahead. There’s no stopping you with these free services that help you manage your money anytime, anywhere. With the mobile banking app, you will be able to:
- Check account balances and transaction history
- Transfer money between CIT Bank accounts
- Deposit checks for High Yield Savings customers
How to get started:
- If you already use Online Banking, download the app via iOS or Android.
- Open the app and log in with your existing username and password. If you don’t have log in information, you can create a username and password right in the app.
- Once you log in, you’ll see your account(s). You can view your balance and transactions, make transfers, send and receive money, deposit checks, pay bills, view online statements, and more.
- Electronic Fund Transfer: All you need is the information on a blank check from the institution holding your account.
- Internal Transfer: If you have a current savings account with CIT Bank, you can transfer funds internally to your certificate of deposit.
- Checks: You may also fund your CIT Bank Certificate of Deposit by mailing a check to:
- CIT Bank, N.A.
P.O. Box 7056
Pasadena, CA 91109-9699
- CIT Bank, N.A.
- Wire: Deposits by wire transfer should include the information below:
- Bank Name: CIT Bank, N.A.
- Bank Address: P.O. Box 7056 Pasadena, CA 91109-9699 (Tel 855-462-2652)
- CIT Bank Routing/Transit #: 124084834
- Beneficiary Account #: Your Name, address and your account number (located on the confirmation email)
Note: If you are a CIT Bank’s commercial, listing service, or institutional client, please call CIT Bank at 877-748-0004 for the routing number to use for wire instructions
CIT Bank Certificate of Deposit Rates Requirements
You can open your CIT CD account online. Gather the following information before you start the application process:
- Apply for a CIT Bank Certificate of Deposit or CIT Bank No-Penalty CD online.
- Enter Your Info: We require your address, phone, email and social security number (or other taxpayer ID).
- Social Security number
- Driver’s license or another form of valid state ID
- Details for your account beneficiary
- Fund Your Account: Minimum of $100 to open your account. You can transfer funds with electronic transfer, mail in check, mobile check deposit, or wire.
- Bank routing number and account number — or a check from the account you’re using to fund your CIT Bank CD
If you prefer to fund your CIT Bank CD by check or wire transfer instead of via electronic deposit, the bank provides its mailing address and routing information in the above paragraph.
Have you been thinking about your bank or the APY rate you have? With CIT Bank, they provide a safe, secure way to grow your savings and you can even choose from a selection of CD terms to help you stay on target for your savings goals. With CIT Bank No-Penalty CDs, you can earn the 0.30% APY rate on your funds!
I recommend using the CIT Bank Certificate of Deposit if you want to use a ladder strategy for investing. CIT Bank’s range of CD options makes it easy to plan out your savings. Also, the 10-day grace period, where you can withdraw your investments within 10 days of depositing, is a great feature. The CIT Bank No-Penalty CD rate and features make it a viable option for individuals as well as businesses.
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