CIT bank Certificate of deposit review

Would you like to read a comprehensive review of the CIT Bank certificate of deposit? Responsible Economy has conducted a thorough analysis of all its features, including fees, interest rate, welcome bonus, requirements, and everything you need to know. Additionally, we provide a comparison of the best certificates of deposit that you can open in the United States in 2023. Welcome!

Explicative video

We have created a video that provides a concise and easy-to-understand summary of all the features of the CIT Bank Certificate of Deposit. If you enjoy our content, we encourage you to support us by subscribing to our channel. By subscribing, you will receive daily videos from us. Thank you for your support!

Features

Here, we present all the characteristics of the CIT Bank Certificate of Deposit (CD):

Fees

There are no monthly maintenance fees associated with the CIT Bank CD. Additionally, there are no commissions required when opening the CD.

Yields

The CD yields offered by CIT Bank vary depending on the term you select. Please refer to the table below for the different terms and their corresponding yields:

CD Term Rates	APY
18-Month	4.60%
13-Month	4.65%
6-Month	5.00%
5-Year	0.50%
4-Year	0.50%
3-Year	0.40%
2-Year	0.40%
1-Year	0.30%

As indicated in the table, the highest yields are observed at the 6-month, 13-month, and 18-month terms for the CIT Bank Certificate of Deposit. These terms offer more favorable returns compared to other available options.

Minimum deposit

To open a CIT Bank Certificate of Deposit, a minimum deposit of $1,000 is required.

Terms

The CIT Bank Certificate of Deposit has a minimum term of 6 months and a maximum term of 60 months.

Best banks to open a CD in 2023

Here is a comparison of the CIT Bank Certificate of Deposit with the best CDs available for opening in the United States in 2023:

Certificate of deposit calculator

We have created a deposit calculator for you to see the interest generated and the total earnings:

Can a deposit be opened without penalty?

CIT Bank offers a penalty-free Certificate of Deposit option that allows withdrawals without incurring penalties. This type of CD can be opened with a term of 11 months and a minimum deposit of $1,000. It offers a yield of 4.10% APY. However, it’s important to note that this yield is lower compared to the CD with a penalty.

We recommend considering a penalty-free deposit if you anticipate the need for withdrawals before the maturity date. This option provides flexibility but may result in a slightly lower yield compared to CDs with penalties.

Jumbo CD

The Jumbo Certificate of Deposit is an option available with CIT Bank, requiring a minimum deposit of $100,000. However, it’s important to note that the yields it offers are relatively low, which may not be ideal for maximizing returns. Based on our analysis, we do not recommend this CD due to its low yields.

Here is a table displaying the yields and terms for the Jumbo Certificate of Deposit:

Terms	Yields
24 Months	0,40% APY
36 Months	0,40% APY
48 Months	0,50% APY
60 Months	0,50% APY

Requirements

To open a CD with CIT Bank, you must meet the following requirements:

1. Open deposit with $1,000: You need to make an initial deposit of at least $1,000 to open a CD account.
2. Age requirement: You must be over 18 years old to be eligible to open a CD with CIT Bank.
3. Residency: You should be a resident of the United States to open a CD with CIT Bank.
4. American phone: Having an American phone number is required for communication and verification purposes.
5. Social Security: You are required to have a valid Social Security Number for account opening and identification purposes.

How to open a CD with CIT Bank

To open a CD with CIT Bank, please follow these steps:

1. Enter your info: Provide your personal information, including your address, phone number, email address, and social security number (or other taxpayer ID) as required by CIT Bank.
2. Fund your account: To open the CD, you will need to make a minimum deposit of $1,000. CIT Bank offers various methods to fund your account, including electronic transfer, mailing in a check, or wire transfer. Choose the option that is most convenient for you to transfer the funds.

Pros and Cons

After conducting a comprehensive analysis, we have compiled a table outlining the advantages and disadvantages of opening a CD with CIT Bank:

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

Based on the analysis conducted, the conclusion is that opening a CIT Bank CD may be most advantageous for terms of less than 18 months. Additionally, it’s important to note that a minimum deposit of $1,000 is required to open the CD.

It’s worth considering that there are alternative banks that offer CDs without a minimum deposit requirement. This flexibility can be beneficial for individuals who prefer more options and don’t want to commit to a specific minimum deposit amount.

It’s recommended to explore different banks and their offerings to find a CD that aligns with your specific needs, including preferred terms and deposit requirements. Remember to consider factors such as interest rates, fees, and additional features to make an informed decision.

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/
Twitter	https://twitter.com/CITBank
YouTube	https://www.youtube.com/citgroup
Phone	1 (855) 462-2652

Related content

Finally, here you have a related posts about CDs:

Updated the day 2 October, 2023 by Alfredo Barandiarán