CIT Bank, an FDIC insured institution, is offering CD options. The CD options of CIT Bank includes the Achiever CD, low minimum term CD and Jumbo CD.
The bank is one of the many banks that offer the highest certificate of deposit rates in New Jersey and New York area. You can choose a 1 year Achiever CD with a minimum deposit amount of $25,000 at 1.15%APY. With this, you have the option to increase your rate and add additional funds once during the CD term. In other words, you have a one time opportunity to bump up your CD rate and your deposit at any time during the term of your CD.
The bank’s other CD option is a low minimum term CD wherein you can start with a minimum amount of $1,000. For a 1 year term CD, you will get CIT Bank CD rate of 1.13%APY, for a 2 year term CD 1.30%APY and for a 3 year term CD 1.54%APY.
If, however, you think that the above two CD options are not right for you, CIT Bank also offers a 3rd CD option called Jumbo CD. Jumbo CD is an ideal long-term option to consider for your laddering strategies. Currently, CIT Bank offers a 2 year term Jumbo CD and a 3 year term Jumbo CD with CD rates of 1.32%APY and 1.56%APY, respectively. The minimum amount required by the bank for a Jumbo CD is $100,000.
Please note that these CD rates may change at any time without prior notice and there is also a penalty for early withdrawal. CIT Bank offers zero fees for account opening or zero monthly maintenance fee. In addition, interest is compounded daily thus maximizing your earning potential.
If you are into investing in an IRA CD, you may want to check out the best IRA CD rates available today. Also, Discover Bank has certificate of deposit rates that are the best in the market today.