The final step is creating a username and password - if you don’t already have a CIT Bank account. Your options include an electronic transfer (with an account either from CIT Bank or another financial institution), a mail-in check or wire transfer. Once you choose your CD type and term length, you’ll fund the account.

You’ll also need to share your citizen and employment status, employer name and occupation. When filling out the application, you’ll need to provide your: Consider using the terms with competitive yields as part of a CD ladder, or as a place to park cash you don’t need in the here-and-now.ĬIT Bank offers a completely online process for opening CDs and it takes just five minutes to complete. Their other term options pay a nominal yield that won’t do much to attract your attention. That’s been music to the ears of savers who have been able to take advantage of higher yields for their cash, especially when it comes to the best CDs.ĬIT Bank currently offers three CD terms that are worthy of consideration (6-month, 13-month and 18-month Term CDs), as well as an 11-month no-penalty CD option.

Interest rates have been on the rise, ever since the Federal Reserve began raising them in 2022, to moderate soaring price gains in the aftermath of the economic lockdowns imposed following the pandemic. Grace period for penalty-free withdrawals after maturity Terms of 1 year or less: 3 months simple interest on the amount withdrawn Terms more than 1 year to 3 years: 6 months simple interest on the amount withdrawn Terms more than 3 years: 12 months simple interest on the amount withdrawn Jumbo CDs: 2-Year, 3-Year, 4-Year and 5-Year

Short-term CDs: 6-Month, 13-Month, 18-Month, 1-Year, 2-Year, 3-Year, 4-Year and 5-Year

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