Price hike for No-Penalty CD. CIT Financial institution (to not be confused with Citi Financial institution) is an online-only financial institution that has a multi-year historical past of aggressive charges, though they do like to begin up new product traces whereas retaining low charges on their older product traces. Listed below are the present noteworthy accounts:
- 11-Month No-Penalty CD at 3.90% APY***. $1,000 minimal stability and no month-to-month charges.
- Platinum Financial savings Account at 3.75% APY* if you happen to preserve a $5,000 every day stability or increased. 0.25% APY in case your every day stability is below $5,000. No month-to-month charges. When you have another financial savings accounts at CIT and may meet the minimal stability, you need to take into account transferring funds over to this account. You can too open this new account with out having to open one other financial institution or credit score union account.
- Financial savings Join Account at 3.65% APY** if you happen to open with $100. No minimal stability and no month-to-month charges.
- Member FDIC.
Take a look at my price chaser calculator to see if it is smart so that you can transfer cash over.
New buyer? Opening course of overview. Right here’s my overview of the opening course of if you’re a brand new buyer.
- The applying course of was utterly on-line. You present the standard private data.
- You should undergo a credit score test, however in my expertise it was a “delicate” pull which didn’t hurt my credit score. None of my numerous credit score monitoring providers confirmed it was a tough pull.
- Chances are you’ll fund by way of (1) digital ACH switch, (2) wire switch, (3) cell test deposit by way of CIT Financial institution cell app (iOS and Android), and (4) mailing in a paper test. There was no possibility for bank card funding. I picked on-line ACH funding and you have to present routing and account numbers, adopted by handbook verification by way of micro-deposits after a day or two. There was no on the spot linking possibility by way of login data.
After deposit verification, then your funding will undergo.
You’ve gotten efficiently verified your exterior account. Please permit as much as 5 enterprise days in your funds to seem in your CIT Checking account.
No additional motion is required for this account. Thanks!
Present financial savings or cash market buyer? Examine your price. If you have already got an current Excessive Yield Financial savings account, it could stay at a decrease rate of interest than the currently-promoted accounts. If that’s the case, take a minute and improve your self to the higher rate of interest.
Backside line. CIT Financial institution is a lean financial institution providing focused merchandise for people trying to get increased rates of interest on their money balances. They don’t preserve bodily financial institution branches or fancy apps. Nonetheless, I’ve been pleasantly happy with their customer support on my accounts with them.
* Listed below are the disclosures for the Platinum Financial savings:
Platinum Financial savings is a tiered rate of interest account. Curiosity is paid on the complete account stability based mostly on the rate of interest and APY in impact that day for the stability tier related to the end-of day account stability. *APYs — Annual Share Yields are correct as of January 9, 2026: 0.25% APY on balances of $0.01 to $4,999.99; 3.75% APY on balances of $5,000.00 or extra. Curiosity Charges for the Platinum Financial savings account are variable and will change at any time with out discover. The minimal to open a Platinum Financial savings account is $100.
** Listed below are the disclosures for the Financial savings Join:
APY — Annual Share Yield is correct as of January 9, 2026. Curiosity Charges for the Financial savings Join Account are variable and will change at any time with out discover. The minimal to open a Financial savings Join account is $100. Charges may cut back earnings on the account.
For full checklist of account particulars and charges, see the CIT Financial institution Private Account disclosures.
*** Right here is the superb print (disclosures) for the 11-month No-Penalty CD:
APY — Annual Share Yield is correct as of January 9, 2026. $1,000 minimal to open the account.
With a No-Penalty CD, you might withdraw the entire stability and curiosity earned, with out penalty, starting 7 days after funds have been obtained in your CD. No withdrawals are permitted through the first 6 days following the receipt of funds.