CIT Bank 1 Year Ramp Up CD at 1.20%APY

CIT Bank is currently offering, a what they call, “RampUp CD.”

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Below are the rates per the bank’s rate chart:

Term Rate Minimum Opening Deposit
1 Year 1.20% $25,000.00
2 Years 1.35% $25,000.00

 

This RampUp CD offer gives you an option to increase your rate once during the term of your CD if the bank’s rate go up. However, if the rate goes down, you can still add to your deposit and still earn interest at the higher initial rate. Since CIT Bank is an internet bank, it charges no opening or maintenance fees. Interests are also compounded daily to maximize your earning potential.

Please note that the maximum amount you can deposit to a RampUp CD account with an original maturity of more than two years is $250,000.00. Also, it’s FDIC insured up to $250,000.00 per depositor for each account category. In addition, the bank reserves the right to limit the additional deposit to $250,000.00.

You can compare this offer with what CIT Bank offered back in December last year.

Here’s the brief background about CIT Bank:

CIT Bank is a well-capitalized Internet bank offering personal banking products to consumers. The bank’s acronym is an abbreviation for Commercial Investment Trust, which was a name the company used early on. CIT Bank’s holding company, CIT Group, is a leader in middle market lending across a variety of industries. Since 2008, the company has shifted to a more bank-centric business focus and offers very competitive interest rates on its deposits.

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