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New Top 1-Year Rate on CIT Bank’s RampUp Plus and Term CD


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CIT Bank, N.A. increased the rate yesterday on its 1-year CDs by 5 basis points to 1.30% APY. The new rate applies to both CIT Bank’s 1-year Term CD ($1,000 minimum deposit) and to its 1-year RampUp Plus CD ($25,000 minimum deposit).

Those who already have CIT Bank’s 1-year RampUp Plus CD should be aware when this CD rate increases since the CD allows for a one-time rate increase before maturity. The decision of when to make use of this bump-up option can be difficult. If you wait for additional rate increases, the time waiting for the higher rate may offset the higher rate.

In addition to the rate-bump option, the RampUp Plus CD also has a one-time option for an additional deposit. It should be noted that CIT Bank reserves the right to limit the additional deposit to your RampUp Plus account to $250,000.

If you plan to deposit at least $25,000, there’s no reason to choose the 1-year Term CD over the 1-year RampUp Plus CD. The only advantage of the 1-year Term CD is the lower minimum deposit.

Below is a summary of the 1-year Term CD and RampUp Plus CD. Click on the row to see the rate history and other important details of the CD. Note, this same rate applies to CIT Bank’s IRA CDs. Also, all CIT Bank products can be set up as Custodial Accounts.

0.30%$1k-CIT Bank1-Year Term CD
Rates as of February 28, 2024.

To see rates of other CIT Bank CDs and IRAs, please refer to our CIT Bank CD rates page.

Below are the early withdrawal penalty details as described in CIT Bank’s FAQs:

  • 3 months’ interest for the amount withdrawn if your account has an original maturity of one year or less
  • 6 months’ interest for the amount withdrawn if your account has an original maturity of more than one year and less than or equal to three years
  • 12 months’ interest for the amount withdrawn if your account has an original maturity of more than three years

One nice perk that CIT Bank has provided to its CD customers is a renewal bonus rate. This isn’t a standard offering, and it may not always be offered, but it’s nice to see that CIT Bank has a history of offering these renewal rates.

Savings Account Reminder

CIT Bank has been keeping its savings account rate competitive. Last year it joined the 1% club. The savings account currently has a 1.05% APY for all balances with a minimum opening balance requirement of $100.

CIT Bank, N.A. Overview

Last month CIT Bank merged with OneWest Bank. The new bank is now a national bank (National Association) with the name CIT Bank, N.A. OneWest Bank will remain, but it’s now a division of CIT Bank, N.A. Deposit customers of OneWest Bank and CIT Bank probably won’t notice much difference. Both appear to be keeping their websites and product offerings. The most important thing for deposit customers is to be aware that the two banks are no longer separate in the eyes of the FDIC. Deposits at CIT Bank and OneWest will be counted together for purposes of determining FDIC insurance coverage limits.

The new bank (CIT Bank, N.A.) took the financial history and FDIC Certificate number of OneWest Bank (FDIC Certificate # 58978). Since our financial stats and health ratings are based on June 30, 2015 data (before the merger), they represent the condition of OneWest and not the new bank. Before the merger on June 30, 2015, OneWest Bank had overall health grade at DepositAccounts.com of a B+ with a Texas Ratio of 17.78% (above average). Please refer to our financial overview for more details.

CIT Bank started offering online CDs in 2011. It’s important not to 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.

OneWest Bank used to be IndyMac Bank. The FDIC completed the sale of IndyMac in March 2009 to new owners who renamed it OneWest. OneWest grew from acquisitions of failed banks. In December 2009, it acquired First Federal Bank of California and in February 2010, it acquired La Jolla Bank.

How the 1-Year CD Rate Compares

When compared to the 125 similar length-of-term CDs tracked by DepositAccounts.com, CIT Bank’s 1-year CDs compare favorably even when you don’t take into consideration the add-on and bump-up features.

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

Related Pages: CIT Bank, CD rates

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  |     |   Comment #1
Existing CIT customers can open the 1 year add-on CD with an additional 0.05% (ie, 1.35%). The 2 year gets an added 0.08% and the 5 year is 0.1%.
Marvin Dubas
  |     |   Comment #2
Wow, the added incentives you mention make a huge difference...thanks.

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