We’ve already established in our CIT Bank Ramp Up post that since CIT Bank is a online bank that specializes in Savings and CD’s, they have the ability to establish competitively-high interest rate APR on your returns. On another note, I want to focus this post on their CIT Bank Ramp Up PLUS CD’s and here’s what you need to know:
Their RampUp Plus CD offers you a shorter-duration CD term of 1- and 2-years with a minimum opening deposit of $25,000 necessary to kick-start. At a 2-year’s term, you’ll be able to achieve a 1.27% APY, highly competitive for it’s term.
Otherwise, you can get your hands on a 1-year and reap satisfaction in 1.26% APY. All of this would be on top of no account opening or maintenance fees, the freedom to add to your original deposit once during the term of your CD and interest that is daily compounded to maximize your earning potential.
CIT Bank RampUp Certificate of Deposits Analysis:
With the RampUp Plus Certificate of Deposit from CIT Bank, you’re only offered the option of 1-2 year’s terms. If you’re looking for a little more dosage of CD terms, then you may want to look at the standard CIT Bank Ramp Up CD. Moving onto the topic, you’ll be able to reap a pretty swell 1.27% APY on such a short term, so if you’re willing to put in the necessary minimum opening deposit value of $25,000, then the RampUp Plus could be a viable option for you.
It’s already a given that as CD terms increase, your rate would correlate as well, however, with just a .01% APY increase, if you want a fast in and out on your funds, then the 1-year termed Certificate of Deposit would suit you better. Some things to note, CIT Bank does offer options to increase your rate once during the term of your CD if their rates go up. Also, if their rate goes down, you can still add to your deposit and earn interest at the highest initial rate that you signed up to.
Editor’s Note: If you’re looking for a longer term, let’s say 3-4 years, then the Ramp-Up CD from CIT Bank may prove to be a better option.
CIT Ramp Up PLUS CD
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Advantages |
Disadvantages |
1.27% 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 Plus CD Summary:
- Apply Now
- Account Type: Ramp Up CD Account
- APY Rates:
- 1.26%- 1 Year CD
- 1.27%- 2 Year CD
- Availability: Nationwide
- Soft/Hard Pull: Unknown
- Minimum Opening: $25,000
- 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 RampUp Plus CD Account Rates:
CIT Bank RampUp Plus CD Account Features:
- Available in 1- and 2-year terms
- Minimum deposit of $25,000
- Option to increase your rate once during the term of your CD if our rates go up**
- If our rates go down, you can still add to your deposit and earn interest at the higher initial rate
- Freedom to add to your original deposit once during the term of your CD
- No account opening or maintenance fees
- Daily compounding interest to maximize your earning potential
- FDIC insured
How To Open RampUp Plus:
If you’re ready to grab that high interest APY:
- Go to CIT Bank’s CD Rates site
- From the selection of CDs, choose the RampUp Plus
- 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 RampUp Plus, transfer money, in this case, $25,000. 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!
Author’s Verdict:
If you’re looking for a great CD to get returns on, then CIT Bank is currently offering their Ramp-Up Plus CD at a remarkable 1.27% APY, if you’re willing to put down $25,000 in minimum opening deposit value. If you’re looking for something a little more lengthier then the standard CIT Bank Ramp Up CD could be your best bet. This is all on top of no account opening or maintenance fees and the option to increase your rate once during the term of your CD IF their rates go up. Your 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!