What are CIT Bank's current CD rates?

As of May 2026, CIT Bank's CD rates range from approximately 4.00% to 4.80% APY depending on the term. CIT Bank's 12-month Term CD typically pays among the highest rates in its lineup. CIT also offers a No-Penalty CD that allows early withdrawal after 7 days without fees. Rates change frequently — verify current rates on CIT Bank's website before opening.

Is CIT Bank the same as Citizens Bank?

No. CIT Bank is not the same as Citizens Bank. CIT Bank (formerly CIT Group) is an online bank that was acquired by First Citizens BancShares in 2022. It continues to operate as CIT Bank, offering savings products online. Citizens Bank, N.A. is a separate institution — a large regional bank headquartered in Providence, Rhode Island. Despite similar names, they are unrelated.

Is CIT Bank FDIC insured?

Yes. CIT Bank is FDIC insured. Following its acquisition by First Citizens BancShares in 2022, CIT Bank deposits are backed by FDIC insurance up to $250,000 per depositor, per account category. Combined deposits at CIT Bank and First Citizens Bank count toward the same FDIC limit if you have accounts at both — consult the FDIC's BankFind tool to confirm.

Does CIT Bank have a no-penalty CD?

Yes. CIT Bank offers an 11-month No-Penalty CD that allows you to withdraw your full balance — principal plus earned interest — without penalty after the first 7 days of opening. The APY is typically 4.00–4.25%, slightly below CIT's best standard term CD rate. It's a good option if you want a fixed rate with the option to exit early if rates improve.

What is the minimum deposit for CIT Bank CDs?

CIT Bank's Term CDs require a minimum deposit of $1,000. The No-Penalty CD has no minimum deposit requirement, making it accessible for any amount. This combination — no-minimum no-penalty CD plus $1,000 term CDs — gives CIT Bank a relatively accessible product range.

CIT Bank CD Rates 2026 — Term CDs and No-Penalty CD Rates

CIT Bank’s CD rates reach approximately 4.80% APY in May 2026, placing it among the competitive online banks for certificates of deposit. CIT Bank — now part of First Citizens BancShares since their 2022 merger — continues to operate as a standalone online savings brand with both standard Term CDs and a No-Penalty CD.

Rates shown are as of May 2026 and change frequently. Verify current rates directly with CIT Bank before opening an account.

CIT Bank CD Rates by Term (May 2026)

Term	Approximate APY
6 months	4.25–4.50%
12 months	4.50–4.80%
18 months	4.25–4.50%
2 years	4.00–4.25%
3 years	3.75–4.00%
5 years	3.50–3.75%
No-Penalty CD (11 months)	4.00–4.25%

CIT Bank’s 12-month Term CD typically offers the highest rate in its lineup. All CDs are federally insured through the FDIC.

CIT Bank Term CD vs. No-Penalty CD

CIT Bank offers two primary CD structures:

Term CDs:

Fixed rate for the full term
Minimum deposit: $1,000
Early withdrawal penalty: 3 months of interest (short terms) to 12 months of interest (5-year term)
Auto-renews at maturity unless you act within the grace period

No-Penalty CD (11 months):

Fixed rate for 11 months
No minimum deposit
Can withdraw full balance (principal + interest) after 7 days with no fee
Rate is typically 0.25–0.50 percentage points below the standard 12-month Term CD

Which to choose: If you’re confident you’ll hold to maturity, the Term CD offers a higher rate. If you want flexibility — for example, if you think rates might rise and you want the option to exit — the No-Penalty CD is worth the small rate trade-off.

How Much Can You Earn at CIT Bank?

Deposit	Term	APY	Interest Earned
$10,000	6 months	4.40%	~$219
$10,000	12 months	4.65%	~$465
$25,000	12 months	4.65%	~$1,163
$10,000	5 years	3.65%	~$1,970

CIT Bank vs. Ally and Marcus

	CIT Bank	Ally Bank	Marcus by Goldman Sachs
Best 12-month rate	~4.65–4.80%	~4.65–4.75%	~4.60–4.70%
Minimum for Term CD	$1,000	$0	$500
No-penalty CD	Yes (11 months, $0 min)	Yes (11 months)	No
Early withdrawal	3–12 months interest	60–150 days interest	90–270 days interest
FDIC insured	Yes	Yes	Yes

CIT Bank and Ally are closely matched overall. CIT’s main advantage is that its No-Penalty CD has no minimum deposit — useful for small amounts. Ally’s Term CD has no minimum across all terms. Marcus occasionally edges both on specific term rates.

Note on CIT Bank’s Ownership

CIT Bank was acquired by First Citizens BancShares in 2022. First Citizens is one of the largest family-controlled banks in the US. The CIT Bank brand continues to operate as an online savings platform, separate from First Citizens’ retail banking business. FDIC coverage applies — but if you have deposits at both CIT Bank and First Citizens Bank, they share the same FDIC insurance limit ($250,000 per depositor, per account category).

Written by WealthVieu

WealthVieu researches and writes data-driven personal finance guides using primary sources including the IRS, Bureau of Labor Statistics, Federal Reserve, and Census Bureau.

The content on Wealthvieu is for informational purposes only and should not be considered financial, tax, or investment advice. Consult a qualified professional before making financial decisions. Full disclaimer · Editorial policy