If you’ve been looking for a brand new bank to switch to, you can try CIT Bank. Their CDs 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.
Whether you’re investing your funds in an interest bearing account to save up for your next vacation, a new car, house, or even retirement, this option is a definite and secure way to do so!
With CIT Bank, you can now earn interest on your funds with this outstanding 11-month No-Penalty CD yielding a 1.70% APY rate.
You can even get the option to withdraw full balance and interest after 7 days of CD funding date, allowing optimum flexibility. There are no monthly fees, nor is there a huge minimum opening deposit amount.
|CIT Bank Savings Builder||1.75% APY + $150/$300 Bonus||Review|
|CIT Bank CDs||1.86% APY 12-Month CD Term||Review|
|CIT Bank No Penalty CD||1.70% APY||Review|
|CIT Bank Money Market||1.80% APY||Review|
Table of Contents
CIT Bank No-Penalty CD Overview
Why choose between a top rate and easy money access?
Get both with the 11-Month No-Penalty CD which offers security of an 11-month CD and lets you withdraw the total balance and interest earned without penalty seven days or later after funds have been received. Please note that no withdrawals are permitted during the first six days after receipt of funds. Lock in a great rate for 11 months.
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.
- Minimum deposit of $1,000
- You may withdraw the total balance and interest earned, without penalty, beginning seven days after funds have been received for your CD. No withdrawals are permitted during the first six days following the receipt of funds
- No account opening or maintenance fees
- Daily compounding interest to maximize your earning potential
- FDIC insured
(Visit CIT Bank for more details)
CIT Bank No-Penalty CD Summary
With the CIT Bank No-Penalty 11-Month CD:
• Earn 1.70% 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.
How To Open A CIT Bank No-Penalty CD
You will need the standard information, including your SSN, drivers license, the account information of the bank you wish to link to your CIT account, and similar information.
The minimum deposit for CDs is $1,000 for the no penalty CD.
- Select the No-Penalty CD on CIT Bank’s website.
- Complete your application.
- Review and accept the terms and conditions.
- Set up a few security questions.
- Fund the new account (You can transfer money into CIT through an ACH transfer)
FDIC Insured Coverage
CIT Bank, N.A. is a member of the Federal Deposit Insurance Corporation (FDIC), which means your deposit accounts are insured up to $250,000 per depositor, for each account ownership category.
- Q: What does FDIC deposit insurance cover?
- A: FDIC deposit insurance covers deposits received at CIT Bank, including savings and time deposits, such as certificates of deposit. FDIC deposit insurance covers the balance of each depositor’s account, dollar-for-dollar, up to the insurance limit, including principal and any accrued interest.
- Q: What is the FDIC insurance limit?
- A: The FDIC insurance limit is $250,000 per depositor for each account ownership category. Visit the FDIC website for more information.
- Q: What is not covered by the FDIC?
- A: The FDIC does not insure investments in stocks, bonds, mutual funds, life insurance policies, annuities, or municipal securities, even if you bought these products from an insured bank. The FDIC does not insure US Treasury Bills, Savings Bonds or Treasury Notes.
Earn Interest On Your Funds With CIT No Penalty CD
Overall, if you’ve been contemplating about your bank or the APY rate you have, you can get the chance to earn a higher one today.
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’s 11-Month No-Penalty CD, you can earn a competitive APY Rate on your funds!