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0.50%$100k-CIT Bank5-Year Jumbo CD
Rates as of January 27, 2023.

Higher CD and IRA CD Rates at CIT Bank


CIT Bank has just increased the rates on most of its CDs and IRA CDs. It’s another bank to join the 2% club with a Jumbo 5-year CD with a 2.05% APY. This has a $100,000 minimum deposit. Below is a list of the new and old CD rates. These rate are accurate as of 11/06/2013:

  • Jumbo CDs and IRA CDs (min $100,000):
  • 2.05% APY 5-year (was 1.85%)
  • 1.75% APY 4-year (was 1.60%)
  • 1.40% APY 3-year (was 1.30%)
  • 1.25% APY 2-year (was 1.20%)
  • Term CDs and IRA CDs (min $1,000):
  • 1.85% APY 5-year (was 1.60%)
  • 1.65% APY 4-year (was 1.32%)
  • 1.27% APY 3-year (was 1.21%)
  • 1.17% APY 2-year (was 1.09%)
  • 1.02% APY 1-year (was 0.90%)
  • Achiever CDs and IRA CDs (min $25,000)
  • 1.20% APY 2-year (no change)
  • 1.05% APY 1-year (was 1.00%)

According to CIT Bank’s FAQs, the early withdrawal penalty is equal to:

  • 3 months’ interest for the amount withdrawn if your account has an original maturity of one year or less
  • 6 months’ interest for the amount withdrawn if your account has an original maturity of more than one year and less than or equal to three years
  • 12 months’ interest for the amount withdrawn if your account has an original maturity of more than three years

The unique feature about CIT Bank is its Achiever CDs which allow a one-time add-on deposit and a one-time bump-up in the rate during the term of the CD. These are available for both 1-year and 2-year terms. There’s a minimum initial deposit of $25,000.

CIT Bank Overview

CIT Bank started offering internet CDs in 2011. Don't confuse CIT Bank with Citigroup Inc. which is the bank holding company of Citibank. CIT Bank is one of the businesses that make up CIT Group Inc., a bank holding company best known for providing commercial financing and other services to small and middle market businesses. CIT Group had some difficulties in 2009. However, the FDIC-insured CIT Bank is financially strong. That's the most important factor for depositors. The bank has an overall health grade at DepositAccounts.com of an A+ with a Texas Ratio of 1.17% (excellent) based on June 2013 data. Please refer to our financial overview of CIT Bank for more details. The bank has been a FDIC member since 2000 (FDIC Certificate # 35575).

Searching for the Best CD and IRA CD Rates

To search for the best nationwide rates and the best rates in your state, please refer to our CD rates tables and IRA CD rates tables.

Related Pages: CIT Bank, CD rates, IRA rates

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  |     |   Comment #1
CIT Bank is offering 2.3% for a 5 year CD, though the offer is only good for IRA CDs of $100K or more. Offer lasts until Nov 22nd and must be done by phone.
  |     |   Comment #2
The 2.3% offer is contained in an email to current CIT customers.  A CSR told me it's limited to current customers.  If anyone has different information, please post here.  Thanks.
  |     |   Comment #3
These new rates are posted on their website, so it appears that they are generally available.
  |     |   Comment #4
Correction - the 2.3% IRA CD offer isn't showing on the website.  Sorry for any confusion!
  |     |   Comment #5
The email I got reads "Advertised offer available to customers between November 5, 2013, and November 22,2013."  Although not a model of clear drafting, this language (plus what the CSR told me) leads me to believe only existing customers can get the 2.30% rate.    There are also pretty attractive bumped-up 2, 3 and 4-year IRA Jumbo rates--1.40%, 1.55% and 1.95% APY, respectively.

The financial institution, product, and APY (Annual Percentage Yield) data displayed on this website is gathered from various sources and may not reflect all of the offers available in your region. Although we strive to provide the most accurate data possible, we cannot guarantee its accuracy. The content displayed is for general information purposes only; always verify account details and availability with the financial institution before opening an account. Contact [email protected] to report inaccurate info or to request offers be included in this website. We are not affiliated with the financial institutions included in this website.