Business Insider's personal finance team compared CIT Bank CDs to the best banks and credit unions
CIT Bank CD Alternatives
CIT Bank CDs vs. Capital One 360 CDs
Capital One 360 might be a better option if your priority is opening a CD with a low initial deposit. Capital One 360 lets you open a CD with $0. At CIT Bank, you'll need at least $1,000.
If you're strictly searching for competitive interest rates, you will want to go with Capital One since CD methodology which looks at interest rates, minimum opening deposits, early withdrawal penalties, CD variety, customer support availability, mobile app ratings, miscellaneous features, security, and the ethics of the company.
We use a weighted average to get our star rating, which means we weigh certain features, like interest rates and fees, at a higher weight percentage than others. We understand that these areas can more heavily impact a person's overall banking experience.
CIT Bank FAQs
What are the current CIT Bank CD rates?
A CIT Bank Term CD pays 0.30% to 3.50% APY, and a Jumbo CD pays 0.40% to 0.50% APY. The exact APY for Term and Jumbo CDs will vary depending on the term that's chosen. The 11-month CIT Bank No-Penalty CD offers 3.50% APY.
How can I open a CIT Bank CD account?
CIT Bank CDs must be opened online. You must be at least 18 years old to open the account. The online application requires general information, like your home address, email, phone number and social security number.
Is there a minimum deposit required to open a CIT Bank CD?
You'll need at least $1,000 to open a CIT Bank Term or No-Penalty CD. The bank's Jumbo CDs require at least $100,000 to open.
Can I withdraw my funds before a CIT Bank CD matures?
You can withdraw funds from a CIT Bank No Penalty CD before it reaches maturity, and you won't have to deal with an early withdrawal charge. But if you take out money from CIT Bank Term CDs or Jumbo CDs before it matures, there will be a penalty.
How do CIT Bank's CD rates compare to other banks?
CIT Bank pays lower rates than the best CD accounts for the same terms.
Editorial Note: Any opinions, analyses, reviews, or recommendations expressed in this article are the author’s alone, and have not been reviewed, approved, or otherwise endorsed by any card issuer. Read our editorial standards.
Please note: While the offers mentioned above are accurate at the time of publication, they're subject to change at any time and may have changed, or may no longer be available.
**Enrollment required.
*Varo Savings Account: To earn the highest APY each month (5.00%) on up to $5,000, you must receive at least $1,000 in direct deposits each month and keep your Varo Bank Account balances above $0. Earn 2.50% APY on your remaining balance. Rates are subject to change at any time.
**LendingClub LevelUp Savings Account: Earn 4.40% APY when you deposit at least $250 per month, earn 3.40% standard APY if minimum isn't met.
***Barclays Tiered Savings Account: Accounts with $250,000 or less will earn 4.00% APY, accounts with over $250,000 will earn 4.20% APY. Rate are determined by balance tiers and amount deposited.
1Platinum Savings is a tiered interest rate account. Interest is paid on the entire account balance based on the interest rate and APY in effect that day for the balance tier associated with the end-of-day account balance. *APYs — Annual Percentage Yields are accurate as of September 23, 2025: 0.25% APY on balances of $0.01 to $4,999.99; 3.85% APY on balances of $5,000.00 or more. Interest Rates for the Platinum Savings account are variable and may change at any time without notice. The minimum to open a Platinum Savings account is $100.
2Based on comparison to the national average Annual Percentage Yield (APY) on savings accounts as published in the FDIC National Rates and Rate Caps, accurate as of September 15, 2025.
1 APY — Annual Percentage Yield is accurate as of September 23, 2025. Interest Rates for the Savings Connect Account are variable and may change at any time without notice. The minimum to open a Savings Connect account is $100. Fees could reduce earnings on the account.
2Based on comparison to the national average Annual Percentage Yield (APY) on savings accounts as published in the FDIC National Rates and Rate Caps, accurate as of September 15, 2025.
