bank rates

CIT Bank Ties Top National 1-Year CD Rate

For the first time in almost a month, a national bank has given E-Loan some competition.

CIT Bank raised its 12-month yield to 1.30% APY today, matching the top nationally available return from the banks on our CD Rates Leaderboard.

E-Loan dramatically raised its CD returns on July 31 and has reigned at the top of the 1-, 2-, 3-, 4- and 5-year terms on our Leaderboard ever since.

The only other bank to give E-Loan a run for its money (or rather, savers’ money) is Salem Five Bank, which matched the top-billed 4-year rate of 2.00% APY late last month.

CIT is the online consumer bank of CIT Group Inc., a New York-based commercial lender that finances small and midsize companies.

In August, CIT acquired OneWest Bank. However, the new combined bank continues to function as two separate entities, each with its own menu of CD options and rates.

Indeed, OneWest’s current 12-month return is a paltry 0.75% APY.

CIT’s new 12-month yield is available on two different certificates of deposit: its standard fixed-rate CD with a minimum $1,000 deposit and its RampUpâ„¢ Plus CD, which allows the saver to raise the rate once during the term but requires a $25,000 minimum deposit.

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