bank rates

CIT Adds A Few Intriguing CD Options

CIT Bank logoCIT Bank ramped up its CD offerings today.


RampUp CDs replace Achiever CDs, with rates we often tracked at or near the top of the 12- and 24-month terms on our CD Rates Leaderboard.

But don’t be sad. At first glance, RampUp CDs look to be better.

For one, the term offerings have been expanded to include 36- and 48-month CDs.

These two new additions allow for a one-time rate increase during the term, should interest rates climb.

And savers who liked Achiever CDs haven’t lost anything. The 12- and 24-month terms are categorized as RampUp Plus CDs and allow for a one-time rate increase and an additional deposit during the term.

Exactly like the Achiever CD. (The rates remain the same, too.)

The minimum deposit for all RampUp CDs, with the exception of the 48-month, is $25,000, also the same as the Achiever CD.

The 48-month RampUp CD requires an increased deposit of $50,000.

Now the rates:

  • 1.05% APY for a 12-month RampUp Plus CD
  • 1.20% APY for a 24-month RampUp Plus CD
  • 1.35% APY for a 36-month RampUp CD
  • 1.70% APY for a 48-month RampUp CD

We like these rate-raising certificates of deposit but realize they are a bit of a gimmick.

Last month, we polled Bankaholic readers about their benefits. The vast majority of respondents, 81%, had never had the opportunity to raise the rate on a CD.

But in the case of CIT Bank’s products, that’s not a huge deal since the initial rates are all competitive.

See how they compare with other banks we’re tracking for:

We’d be remiss if we didn’t also mention CIT Bank’s Jumbo CDs while we had the chance.

The minimum deposit is $100,000 – far above the $25,000 ceiling we set for rates tracked for the CD Rates Leaderboard.

But at 2.30% APY and 1.45% APY, its 60- and 36-month rates are as good as the best nationally available deals.

The 24-month jumbo CD rate, at 1.25% APY, is just off the mark. And there’s also a respectable 48-month offering, at 1.80% APY.

CIT Bank (, the online consumer bank of CIT Group Inc., offers financing to small businesses and middle-market companies.

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