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CIT Bank CDs Review

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CIT Bank is the primary banking subsidiary of the CIT Group, a financial holding company founded in 1908 and based in Pasadena, California. The bank offers both consumer and commercial banking solutions, including general banking services, real estate finance, business capital, and more. CIT's selection of personal banking alternatives focuses on high-yield savings products.
 
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How is CIT Bank CDs rated?

Breakdown

0.0/5
Types of CDs
4.0/5
Term Lengths and Features
4.0/5
Minimum Deposits, Fees, and Penalties
4.0/5
Customer Experience

Overall Rating: 3.9 / 5 (Very good)

CIT Bank's products are focused on alternatives for saving money, and it shows in the variety and strengths of products it offers. Its regular and jumbo CDs have flexible terms and respectable rates. Although said rates are not fixed, they are currently very competitive. Meanwhile, the company's liquid No-Penalty 11-Month CD, with an APY of 3.50%, is an excellent alternative for customers who are worried they might need their funds down the line. We can fully recommend any of CIT Bank's three certificates of deposit to consumers.

CIT Bank CDs Account Features

Term Lengths and Features - 4 / 5

CIT Bank offers three different types of CDs: traditional term CDs, jumbo, and liquid. All three of its CD products accrue interest daily, can be opened as custodial accounts, and have a variable interest rate. The traditional term and liquid CDs have an average minimum deposit amount of $1000; the jumbo CDs require $100,000 to open. The traditional and jumbo CDs have terms of up to five years, whereas the liquid, no-penalty CD is limited to a short 11-month term.
Type of Rate (Traditional)
Variable
Types of CDs
Traditional CD
Liquid CD
Jumbo
Account Ownership Types
Custodial
Interest Compounded
Daily
Term Range
CIT's flagship CD product, the No-Penalty CD, has a fixed term of 11 months. The bank's Term CDs and Jumbo CDs have terms ranging from six months to five years.
Minimum Deposit Amount
$1,000
Best Rate Guarantee
No
CD Calculator
Yes

CIT Bank CDs Fees and Penalties

Minimum Deposits, Fees, and Penalties - 4 / 5

None of CIT Bank's CD accounts charge any fees other than early withdrawal penalties. Of those that do charge the penalty, the fee varies depending on how long the established CD's term is. The bank's chief CD product, the No-Penalty 11-Month CD, works as a liquid CD, allowing customers to withdraw their funds at any time after seven days of making the initial deposit.
Early Withdrawal Penalty
3 months’, 6 months’, or 12 months' interest on the amount withdrawn from the CDs depending on its term (up to 1 year; more than 1 year up to 3 years; more than 3 years)

CIT Bank CDs Financial Strength and Reputation

Customer Experience - 4 / 5

CIT was founded in 1908 in St. Louis, Missouri, then known as the Commercial Credit and Investment Company. The company has good long-term credit ratings, currently holding a BBB- with S&P and Ba2 with Moody's. CIT Bank's BBB rating is A-. On Trustpilot, the company earns a very good rating of 4.1. Consumers can reach the bank through phone call, email, and social media. 24/7 help is available for existing customers via the bank's online and mobile account services.
Year Founded
1908
Standard & Poor's Financial Rating
BBB-
Moody's Financial Rating
Ba2
Live Help 24/7
Yes
Customer Support Hours
Monday through Friday: 8:00 a.m. — 9:00 p.m. (ET); Saturday: 9:00 a.m. — 5:00 p.m. (ET); Sunday: 11:00 a.m. — 4:00 p.m. (ET)
Contact Methods
Phone
Email
Social Media
BBB Rating
A-
BBB Total Complaints
77
BBB Resolved Complaints
20
Trust Pilot Rating
3.2 out of 10
Consumer Financial Protection Board (CFPB) Complaints
1,939
Date Collected
2021-07-14

Company Profile

Full Name
CIT Bank CDs
Company Website
https://www.bankoncit.com
Headquarters
75 North Fair Oaks Ave, Pasadena, CA, 91103

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Customer Comments & Reviews

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jimstewartusaret
9/30/2022
INTERNET MEMBERSHIP WITH CIT BANK WAS VERY PROFESSIONAL AND EASY TO DEAL WITH - 11 MONTH CD RATE WAS TOPS COMPARED TO OTHER BANKS - THANKS JS

Our Partner
  • Earn 3.50% APY* with CIT's No-Penalty CD
  • Term: 11 months
  • Min. deposit required: $1,000

* APY as of 4/2/2024

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