Currently the top nationally available 1 year CD is at 1.15% from Doral Bank. Apparently, CIT Bank also has the same rate to offer. CIT Bank launched a separate website for their online banking, which is bankonCIT.com. It is common knowledge that online banks are able to give better rates to consumers because of their considerably lower overhead as compared to brick and mortar banks. It seems CIT Bank has lived up to this promise as they offer a 1 year CD with a rate that’s worth having.
CIT Bank Achiever CD
Aside from the high 1.15% interest rate, the CIT Bank Achiever CD has other perks to offer. There are two things that make this CD more interesting than others:
First, depositors are allowed to change their rates once. That means if they come across a rate higher than what they already locked in, they can choose to change their rate even if they are already at the middle of their term.
Second, depositors can add more to their already existing amount. If at any point of your CD term you suddenly have extra cash that you want to put in, no problem. The Achiever CD allows you to do that once.
These two perks alone gives the Achiever CD an edge over CD offers made by other banks. And of course, we can’t forget that juicy interest rate. Another benefit from the CD is the daily compounded interest, which allows your earned interest to also earn interest –daily. This maximizes your potential earnings to the fullest. Plus, the CD charges no monthly maintenance fees or account opening fees. Just open your account and you’re good to go. Also, CIT Bank is FDIC insured, ensuring your money for up to $250,000.
The minimum deposit for the Achiever CD is $25,000. If this amount is too high for you, CIT Bank also offers a 1-year CD with $1,000 minimum deposit but with a rate of 1.13%, which is still considerably high. Of course this low minimum term CD does not have the same perks as the Achiever CD.
About CIT Bank
CIT Bank belongs to CIT Group Inc., a bank holding company with $35 billion in finance and leasing assets. It is well known for its commercial financing and services to small and middle market businesses. CIT Group is different from Citigroup Inc., which in the same way CIT Bank is different from Citibank.