CIT Bank’s CD rates top out around 4.00% APY on its 1-year Term CD as of September 2026 — competitive on short terms, but its longer-term CDs (2 through 5 years) have fallen sharply to just 0.40%–0.50% APY, far below what top online banks pay on the same terms. CIT Bank — 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 September 2026, based on Bankrate’s CIT Bank rate tracker updated September 16, 2026. Verify current rates directly with CIT Bank before opening an account, since they can change without notice.
CIT Bank CD Rates by Term (September 2026)
| Term | APY | Minimum Deposit |
|---|---|---|
| 6 months | 3.75% | $1,000 |
| 1 year | 4.00% | $1,000 |
| 13 months | 3.25% | $1,000 |
| 18 months | 2.75% | $1,000 |
| 2 years | 0.40% | $1,000 |
| 3 years | 0.40% | $1,000 |
| 4 years | 0.50% | $1,000 |
| 5 years | 0.50% | $1,000 |
| No-Penalty CD (11 months) | ~3.90% | $0 |
Important: CIT Bank’s 2-year through 5-year Term CDs currently pay far below top online-bank rates (which run roughly 4.30%–4.50% APY at those terms as of September 2026). If you’re considering a multi-year CD, compare CIT’s rate against other online banks before committing — the gap is currently very large at CIT specifically.
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: varies by term — confirm the exact schedule with CIT before opening
- Auto-renews at maturity unless you act within the grace period
No-Penalty CD (11 months):
- Fixed rate for 11 months (~3.90% APY as of September 2026)
- No minimum deposit
- Can withdraw full balance (principal + interest) after 7 days with no fee
- Rate is close to, but typically at or slightly below, CIT’s 1-year standard Term CD rate
Which to choose: For CIT specifically, the 6-month and 1-year Term CDs and the No-Penalty CD are its most competitive products as of September 2026. Its multi-year CDs are not competitive and are better avoided in favor of another institution if you want a 2-to-5-year term.
How Much Can You Earn at CIT Bank?
| Deposit | Term | APY | Interest Earned |
|---|---|---|---|
| $10,000 | 6 months | 3.75% | ~$186 |
| $10,000 | 12 months | 4.00% | ~$400 |
| $25,000 | 12 months | 4.00% | ~$1,000 |
| $10,000 | 5 years | 0.50% | ~$252 |
Figures use the APY compounding convention: A = P(1+APY)^years, based on the rates in the table above.
Note how dramatically the 5-year figure lags: at CIT’s current 0.50% APY, a 5-year $10,000 CD earns only about $252 total — compared to roughly $2,400+ at a top online bank paying 4.30%–4.50% APY on the same term.
CIT Bank vs. Ally and Marcus
| CIT Bank (Sept 2026) | Ally Bank | Marcus by Goldman Sachs | |
|---|---|---|---|
| 1-year rate | ~4.00% | Verify current rate | Verify current rate |
| 5-year rate | ~0.50% | Verify current rate | Verify current rate |
| Minimum for Term CD | $1,000 | $0 | Verify current minimum |
| No-penalty CD | Yes (11 months, $0 min, ~3.90% APY) | Check current offering | Check current offering |
| FDIC insured | Yes | Yes | Yes |
CIT Bank’s short-term CDs and no-penalty CD remain reasonably competitive, but its multi-year CDs currently trail the market significantly. Always compare CIT’s specific term against the best CD rates guide before opening.
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).
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- 1-Year CD Rates 2026
- 5-Year CD Rates 2026
- CD Laddering Strategy 2026
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