CIT Bank No Penalty CD Review: Earn 2.05% APY Rate 11-Month CD

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 2.05% 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 No-Penalty CD Overview

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.

1. Select the No-Penalty CD on CIT Bank’s website.
2. Complete your application.
3. Review and accept the terms and conditions.
4. Set up a few security questions.
5. 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! There’s no monthly fees nor a huge minimum opening deposit amount. If you’re still interested, sign up today with CIT Bank No penalty CDs! Want more options? Take a look at our complete table of the best bank rates  from our exclusive list nationwide!