CIT bank CD review

Do you want to know all the features of CTI Bank? Alfredo Barandiarán analyzes for Responsible Economy all the characteristics, requirements and opinions of the CTI Bank CD. You can also see a comparison with the main certificates of deposits in the United States in 2023. Welcome!

Features

Here we show you all the characteristics of the CTI Bank CD:

Fees

There are no monthly maintenance fees. Nor does it have commissions at the time of opening the CD.

Yields

CD yields depend on the term you choose. We have made a table with the different terms and yields:

TermsYields
6 Months
4,15% APY
12 Months0,30% APY
13 Months4,65% APY
18 Months4,60% APY
24 Months0,40% APY
36 Months0,40% APY
48 Months0,50% APY
60 Months0,50% APY
Terms and yields CTI Bank CD

As you can see in the table, the highest returns are at 6, 13 and 18 months.

Minimum deposit

You must make a minimum deposit of $1,000 to open the deposit.

Terms

The minimum time is 6 months and the maximum time is 60 months.

Best banks to open a CD in 2023

Here is a comparison of the CIT Bank deposit with the best CDs you can open in the United States in 2023:

Logo capital One CDs
  • 5% APY
  • Minimum deposit: $0
  • Term: 11 months
  • Member FDIC
Marcus by Goldman Sachs
  • 4,40% APY
  • Minimum deposit: $5000
  • Term: 12 months
  • Member FDIC
CIT Bank Logo
  • 4,65% APY
  • Minimum deposit: $1000
  • Term: 13 months
  • Member FDIC
synchrony-bank-logo
  • 4,60% APY
  • Minimum deposit: $0
  • Term: 14 months
  • Member FDIC
Alliant Logo
  • 4,60% APY
  • Minimum deposit: $1000
  • Term: 12 months
  • Member FDIC
Bask bank logo
  • 4,55% APY
  • Minimum deposit: $1000
  • Term: 12 months
  • Member FDIC
Barclays Logo
  • 4,50% APY
  • Minimum deposit: $0
  • Term: 12 months
  • Member FDIC
BMO logo
  • 4,50% APY
  • Minimum deposit: $1000
  • Term: 12 months
  • Member FDIC

Can a deposit be opened without penalty?

CIT Bank offers a CD without penalty. It can be opened with a term of 11 months and a minimum deposit of $1,000. The yield it offers is 4.10% APY. This yields is lower compared to the CD with penalty. We only recommend opening a penalty-free deposit if you think you will need to make withdrawals.

Jumbo CD

Jumbo is a Certificate of Deposit that you can open with CIT Bank as long as you deposit a minimum of $100,000. The yield it offers are very low so we do not recommend this CD. We show you a table with the yields and terms:

TermsYields
24 Months0,40% APY
36 Months0,40% APY
48 Months0,50% APY
60 Months0,50% APY
Terms and yields Jumbo CD

Requirements

The requirements to open a CD with CIT Bank are the following:

  • Open deposit with $1,000
  • Must to be over 18 years old
  • Live in the United States
  • Have an American phone
  • Have a Social Security

How to open a CD with CIT Bank

These are the steps you have to perform to open the CD:

  1. Enter your info: You’ll need to provide your address, phone, email and social security number (or other taxpayer ID).
  2. Fund your account: minimum of $1,000 to open your CD. You can transfer funds with electronic transfer, mail in check, or wire.

Pros and Cons

After all the analysis carried out, we have made a table with all the advantages and disadvantages:

ProsCons
High yields up to 18 months$1,000 minimum deposit
No feesLow yiedls on high terms
Offers a CD without penalties
Pros and cons CIT Bank CD

Conclusions

After all the analysis carried out, our conclusion is that it is only worth opening CIT Bank CD if we want terms of less than 18 months. Also, you should know that to open the CD you have to deposit $1,000. Remember that there are many banks without a minimum deposit.

Frequent questions

Now we answer all the questions you may have:

More information about CIT Bank

We have made a table with information of interest about CIT Bank:

InformationDescription
Websitehttps://www.cit.com/
Twitterhttps://twitter.com/CITBank
YouTubehttps://www.youtube.com/citgroup
Phone 1 (855) 462-2652
Interest information about CIT Bank

Finally, here you have a related posts about CDs:

Updated the day 6 February, 2023 by Alfredo Barandiarán

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