CIT Bank is a online bank that specializes in savings rates and CD’s with promisingly enhanced technology, features, little to no fees, and a competitively-high interest rate APY. We’ll be focusing on their “Ramp-Up” Certificate of Deposit in this post, so here’s what you should expect:
CIT Bank’s Ramp Up offer you flexible long-term CDs in 3- and 4-year terms with a minimum deposit of $25,000 for the 3-Year RampUp™ CD or $50,000 for the 4-Year RampUp™ CD and the option to increase your rate once during the term of your CD if their rates go up. Right now, you can get up to 1.38% APY on the 4-year’s term on top of no account opening or maintenance fees and your interest will be compounded daily to maximize your earning potential.
CIT Bank RampUp Certificate of Deposits Analysis:
First and foremost, CIT Bank only offers a 3 or 4 year’s termed RampUp Certificate of Deposits, however, you shouldn’t necessarily let that dissuade you considering that the APY is up to 1.38%, if you are willing to put in the necessary minimum opening requirement. On topic with the minimum opening, I’d have to say that it’s quite the overwhelming deposit value, however, with plenty of fine-tuned features, it may be worth it for you.
Firstly, you’re given the option to increase your rate ONCE during your CD term, if and only if their rates go up. Consistency is key with CD accounts, which is why CIT Bank emphasizes so much on the security of your CD and how you’ll stay in your original rate until maturity (even if their rates go down). On top of no account opening or maintenance fees, daily compounded interest and to further secure your well-being, your every deposit will be FDIC Insured to the maximum allowed by state.
Editor’s Note: If you’re looking for a shorter term, let’s say 1-2 years, then the Ramp-Up PLUS CD from CIT Bank may prove to be a better option.
CIT Bank Ramp Up CD
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Advantages |
Disadvantages |
1.38% 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 RampUp CD Summary:
- Apply Now
- Account Type: Ramp Up CD Account
- APY Rates:
- 1.20%- 3 Year CD
- 1.38%- 4 Year CD
- Availability: Nationwide
- Soft/Hard Pull: Unknown
- Minimum Opening:
- $25,000 for 3-years
- $50,000 for 4-years
- 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 RampUp CD Account Rates:
CIT Bank RampUp CD Account Features:
- Available in 3- and 4-year terms
- Minimum deposit of $25,000 for the 3-Year RampUp™ CD or $50,000 for the 4-Year RampUp™ CD
- Option to increase your rate once during the term of your CD if our rates go up**
- Enjoy the security of a CD and stay in your original rate until maturity, if our rates go down
- No account opening or maintenance fees
- Daily compounding interest to maximize your earning potential
- FDIC insured
Author’s Verdict:
CIT Bank is currently offering their Ramp-Up 4-year termed CD for an attractive 1.38% APY, if you are willing to put out $50,000 in hefty minimum opening deposit value, otherwise, you can always try the 3-Year RampUp CD at 1.20% APY for a minimum opening deposit of $25,000. Now, you can also get your hands on a Ramp-Up Plus CD account if you’re only looking at a 1-2 year’s term. An essential $25,000 minimum opening would get you 1.26% on the 1-year term or 1.27% on the 2-year term. Account is FDIC Insured up to the maximum allowed by state. There may be a fee assessed if you withdraw prior to the maturity date. Find all the Best Certificate of Deposit rates from our exclusive list nationwide!