Certificates of Deposits can be a big commitment since you have to deposit a sum of money and not touch it for a period of time.
Otherwise, you face the wrath of penalties. That’s why CIT Bank offers a No-Penalty CD.
This account gives you the ability to withdraw the total balance and interest earned without penalty seven days or later after funds have been received.
The No-Penalty CD is offered only as an 11-month CD term with a 4.15% APY Rate at CIT Bank.
CIT Bank No-Penalty CD Summary
With the CIT Bank No-Penalty 11-Month CD:
• Earn 4.15% APY on your funds with just a $1,000 minimum deposit.
• The perfect balance between a great fixed rate and flexible money access.
• Access funds, if needed. No penalty.
• No opening or maintenance fees
• Shorter 11-month timeframe and a great APY
• If you need your funds prior to the maturity date, you can withdraw your money — including any interest earned — beginning seven days after the funds have been received. No penalty. No problem. It's the security of a CD with the flexibility to access your funds early if you need them.
CIT Bank No-Penalty CD Account Information
- Account Type: CIT Bank No-Penalty CD
- Availability: Nationwide
- Credit Inquiry: Soft Pull
- Direct Deposit Requirement: N/A
- Monthly Fee: None
- Open a CIT Bank No-Penalty CD account and fund your account.
- Start earning the stated rate!
No-Penalty CD Features
- No penalty to access funds if needed before maturity
- No opening or maintenance fees
- Daily compounding interest to maximize your earning potential
- FDIC insured
What Is A No-Penalty CD?
Differing from a traditional CD, a no-penalty CD allows you to earn a competitive rate for a set duration term with the ability to withdraw your funds (interest included) penalty-free after a certain period of time.
Difference Between A No-Penalty CD and Savings Account
Both options grant access to your funds, however, there are a few key differences.
For one, a no-penalty CD will typically offer a higher interest rate than a savings account.
The second key difference – unlike a savings account where you’re able to withdraw any amount, partial withdrawals with a no-penalty CD is not available.
If you’re looking to withdraw your money from a no-penalty CD, you will have to withdraw the entire balance.
How To Choose A No-Penalty CD
If you’re searching for no-penalty CD options, here are important factors to consider when making a decision:
- A competitive rate
- A term that fits your needs
- If there are any opening or maintenance fees
- Whether it compounds interest daily so that your money grows faster
- A reputable and respected bank in the industry
CIT Bank has over a century of experience and offers some of the best CD rates around.
With their No-Penalty CD account, enjoy a solution to a long-standing problems with CDs.
Earn an outstanding APY Rate with this 11-month CD and be able to withdraw the total balance and interest earned without penalty seven days or later after funds have been received.
Enjoy the benefits of CIT Bank such as no account opening or maintenance fees, daily compounding interest to maximize your earning potential, FDIC Insured Deposit, and more.
For more options, see our list of the best no penalty cd rates here or best cd rates here.
However, if you would like to learn more about other promotions, be sure to check out our updated list of offers from CIT Bank!
In addition, you can also check out other great promotions from banks such as U.S. Bank, HSBC Bank, Chase Bank, Huntington Bank, Discover Bank, TD Bank.
(Visit CIT Bank to learn more)
|CIT Bank 13-Month CD||4.65% APY||Review|
|CIT Bank 18-Month CD||4.60% APY||Review|
|CIT Bank Platinum Savings||4.40% APY||Review|
|CIT Bank Savings Connect||4.20% APY||Review|
|CIT Bank 11-Month No-Penalty CD||4.15% APY||Review|
|CIT Bank 6-Month CD||4.15% APY||Review|
|CIT Bank Money Market||1.55% APY||Review|
|CIT Bank Savings Builder||1.00% APY||Review|
See how much you can earn using this calculator here.
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