CIT Bank Certificates of Deposit Review and Rates

For awhile now CIT Bank certificates of deposit have had very competitive CD rates. CIT Bank's certificates of deposit are available in three different types. The first time is their regular CD accounts CIT Bank referrers to as CD term accounts. The second type of CD accounts are jumbo CD accounts which have jumbo CD rates associated with them. The last type of account is CIT Bank's Achiever CD accounts. The Achiever CD accounts have a higher minimum opening deposit and higher CD rates than their regular bank CD rates.

Regular term CD accounts have a minimum opening deposit of only $1,000. Interest earn on term CDs is compounded daily which allows you to earn more than a CD account that has interest compounded monthly which is what many banks do. There are no opening account fees or monthly fees to chip away at any interest earned on the account.

Here is a current list of term CD rates and APY at CIT Bank:

• 6 Month CD Rate 0.45% APY 0.45%
• 1 Year CD Rate 1.05% APY 1.06%
• 2 Year CD Rate 1.19% APY 1.20%
• 3 Year CD Rate 1.41% APY 1.42%
• 5 Year CD Rate 1.83% APY 1.85%

CIT Bank CD rates on regular term CD accounts are well above the Federal Deposit Insurance Corporation's national average rates.

Here are the FDIC's current national average rates.

• 1 month CD Rate Average 0.07
• 3 month CD Rate Average 0.11
• 6 month CD Rate Average 0.17
• 12 month CD Rate Average 0.26
• 24 month CD Rate Average 0.43
• 36 month CD Rate Average 0.6
• 48 month CD Rate Average 0.75
• 60 month CD Rate Average 0.97

Jumbo CD rates at CIT Bank are very competitive now and are some of the best jumbo bank CD rates available. Jumbo certificates of deposit at CIT Bank are available in terms of 2 years, 3 years and 5 years. The minimum opening jumbo CD account balance is $100,000. Interest earned is compounded daily to maximize earnings.

Here is a list of current CIT Bank jumbo CD rates:

• 2 Year CD Rates 1.24% APY 1.25%
• 3 Year CD Rates 1.43% APY 1.44%
• 5 Year CD Rates 1.88% APY 1.90%

Jumbo CD rates at CIT Bank are also well above the FDIC's weekly national average jumbo CD rates.

Here is a complete list of the FDIC's average jumbo CD interest rates this week:

• 1 month Average Jumbo CD rate 0.08
• 3 month Average Jumbo CD rate 0.12
• 6 month Average Jumbo CD rate 0.18
• 12 month Average Jumbo CD rate 0.28
• 24 month Average Jumbo CD rate 0.45
• 36 month Average Jumbo CD rate 0.61
• 48 month Average Jumbo CD rate 0.76
• 60 month Average Jumbo CD rate 0.98

CIT Bank's Achiever certificates of deposit have a couple features that differ from the bank's term and jumbo CD accounts. With the bank's Achiever CD accounts you can increase the CD interest rate if CIT Bank increases the rate after you open an account. This feature is similar to other bank's bump-up CD accounts or Ally Bank's Raise Your Rate CD account.

Another feature with the Achiever CD accounts is you can deposit more money into the account after you open it. You can add more money whenever you want and as many times as you want. Interest earned on this account is also compounded daily to maximize earnings.

Achiever CD accounts are available in terms of 1 year and 2 year terms. Curent 1 year Achiever CD rates are at 1.09 percent with an APY of 1.10 percent. 2 year Achiever CD rates are at 1.24 percent with an APY of 1.25 percent. The minimum opening balance for this type of CD account is $25,000.

Opening a CD account at CIT Bank is quick and easy. The easiest way to open an account is online here: CIT Bank CD Account Application. To see how CIT Bank CD rates compare with other CD rates at banks use our rate tables. You'll find that CIT Bank is in the top 5 CD rates available for many different CD terms.