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:
| Terms | Yields |
|---|---|
| 6 Months | 4,15% APY |
| 12 Months | 0,30% APY |
| 13 Months | 4,65% APY |
| 18 Months | 4,60% APY |
| 24 Months | 0,40% APY |
| 36 Months | 0,40% APY |
| 48 Months | 0,50% APY |
| 60 Months | 0,50% APY |
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:
- 5% APY
- Minimum deposit: $0
- Term: 11 months
- Member FDIC
- 4,40% APY
- Minimum deposit: $5000
- Term: 12 months
- Member FDIC
- 4,65% APY
- Minimum deposit: $1000
- Term: 13 months
- Member FDIC
- 4,60% APY
- Minimum deposit: $0
- Term: 14 months
- Member FDIC
- 4,60% APY
- Minimum deposit: $1000
- Term: 12 months
- Member FDIC
- 4,55% APY
- Minimum deposit: $1000
- Term: 12 months
- Member FDIC
- 4,50% APY
- Minimum deposit: $0
- Term: 12 months
- Member FDIC
- 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:
| Terms | Yields |
|---|---|
| 24 Months | 0,40% APY |
| 36 Months | 0,40% APY |
| 48 Months | 0,50% APY |
| 60 Months | 0,50% APY |
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:
- Enter your info: You’ll need to provide your address, phone, email and social security number (or other taxpayer ID).
- 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:
| Pros | Cons |
|---|---|
| High yields up to 18 months | $1,000 minimum deposit |
| No fees | Low yiedls on high terms |
| Offers a CD without penalties |
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:
| Information | Description |
|---|---|
| Website | https://www.cit.com/ |
| https://twitter.com/CITBank | |
| YouTube | https://www.youtube.com/citgroup |
| Phone | 1 (855) 462-2652 |
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Updated the day 6 February, 2023 by Alfredo Barandiarán
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