CIT Bank is practically your powerhouse for savings and CD accounts. Speaking of CD accounts, if you’re chasing big interest APY and you have an available $100,000 in minimum opening deposits, then the Jumbo Certificate of Deposit from CIT Bank could be a good option for you.
You can earn yourself 1.75% APY on a CIT Bank 5 year’s Jumbo CD. On another note, you can also take advantage of the lesser terms from 2-years to 4-years, you can expect 1.40% APY for 2 years, and 1.60% APY for 4 years, all with the same opening requirement and no account opening or maintenance fees.
CIT Bank JUMBO Certificate of Deposit
Firstly, CIT Bank’s Jumbo CD only offers 2-5 year terms, which is definitely more flexible terms than their RampUp Certificate of Deposit account and if you’re willing to lock in a 5-year’s term, then you can achieve a massive 1.75% APY suitable for big returns. However, with all terms, there is a consistent $100,000 minimum opening deposit involved. Can’t really say I’m surprised because like many competitor Jumbo CD’s, the standard minimum opening sits at $100,000.
- 2-Year Jumbo CD at 1.45% APY
- 3-Year Jumbo CD at 1.40% APY
- 4-Year Jumbo CD at 1.60% APY
Now, going over the terms; They offer their 2-Year Jumbo CD at a 1.45% APY, 3-Year Jumbo CD at 1.40% APY, 4-Year Jumbo CD at 1.60% APY and the 5-Year Jumbo CD at, of course, 1.75% APY. In addition to that, there’s no account opening or maintenance fees, your interest is compounded daily, and your every deposit will be FDIC Insured to the maximum allowed by state.
You should already start to notice a trending-correlation; as the terms get lengthier, the Interest APY increases, however, I must point out that since the 3-Year’s CD only earns 1.40% APY, I’d suggest going for the latter, 2-years or 4/5-years. Note that if you withdraw prior to the maturity date, you will be risking a penalty of some sort, so make sure your commitment is there before you jump into one of these
CIT Bank Jumbo CD
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Advantages |
Disadvantages |
1.75% APY Rate | High minimum opening req. |
No account opening or Maintenance fee | Doesn’t offer Checking or CC |
FDIC Insured | Interest is credited monthly |
Daily Compounded Interest |
CIT Bank JUMBO CD Summary
- Apply Now
- Account Type: Jumbo CD
- APY Rates:
- 1.45%- 2 Year CD
- 1.40%- 3 Year CD
- 1.60%- 4 Year CD
- 1.75%- 5 Year CD
- Availability: Nationwide
- Soft/Hard Pull: Unknown
- Minimum Balance Requirement: $100,000
- Additional Requirements: None
- Early Withdrawal Fee: There is a fee if you withdraw before the the maturity date.
- Auto-Renewal: CIT Bank will notify you 30 days before the maturity date. You will have 10 days after the maturity date to cancel the auto-renewal.
CIT Bank JUMBO CD Account Rates
CIT Bank JUMBO CD Account Features
- Available in 2- to 5-year terms
- Minimum deposit of $100,000
- No account opening or maintenance fees
- Daily compounding interest to maximize your earning potential
- FDIC insured
Opening A CIT Bank CD
If you’re ready to grab that high interest APY on your every deposit:
- Go to CIT Bank’s CD Rates website
- Select the best CD product suitable towards your needs
- Make sure that you have your Social Security number and driver’s license/passport number ready + bank account number of your choice.
- Once you’ve set up the CD account of your choice, transfer money, in this case, $100,000 if you pick the Jumbo CD. You can transfer money from your checking or savings account directly into your CIT Bank CD account.
- If you accomplish all the necessary requirements above, then you should be taking advantage of all those benefits with CIT Bank by now!
Author’s Verdict
CIT Bank’s Jumbo CD has slightly better rates than their traditional CD product, and with a whopping $100,000 minimum opening deposit requirement, this could dissuade a good sum of you, however this is what you get with a Jumbo CD. If you have the available opening deposit value and you’re willing to invest it in a Jumbo for 2-5 years, then CIT Bank’s Jumbo CD is an better option.
On the other hand, if you sense any hesitation with the hefty deposit value, then you’re better off taking advantage of CIT Bank’s traditional CD. You should expect no account opening or maintenance fees attached, and your account is FDIC Insured up to the maximum allowed by state! Note that there may be a fee assessed if you withdraw prior to the maturity date. Get on track with our Best Certificate of Deposit rates table from our exclusive list nationwide!