bank rates

CIT Begins Year With IRA CD Promotion

CIT Bank is offering bumped-up CD rates to current customers who open IRA CDs.

It features a 0.08% increase over posted rates for 2-year CDs and 0.10% tacked onto posted rates for 3-, 4- and 5-year CDs.

With CIT already offering the best nationally available returns on 24- and 60-month CDs, this means you’re making a good deal even better.

Adding an extra tenth of a point to CIT’s 3-year certificate of deposit pushes it past the top yield on our CD Rates Leaderboard.

Based on CIT current posted rates, the bump-ups result in the following yields for 2-, 3- and 5-year CDs:

  • Term CDs ($1,000 minimum deposit): 1.33% for 2-year, 1.55% for 3-year and 2.40% for 5-year.
  • Jumbo CDs ($100,000 minimum deposit): 1.48% for 2-year, 1.75% for 3-year and 2.50% for 5-year.
  • RampUp Plus and RampUp CDs ($25,000 minimum deposit): 1.45% for 2-year and 1.55% for 3-year (no 5-year CD available).

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

A customer service representative informed me that IRA CDs may be opened by current customers either online or over the phone (promo code: JIRA).

The promotion has no specific expiration date and does not appear to require the deposit of new money.

However, if the CD is funded by a rollover or trustee-to-trustee transfer from an IRA or other retirement plan at another institution, CIT (according to the same customer rep) will apply its informal policy of holding the rate for up to 60 days after the account opening date, if necessary to accommodate the movement of funds, so long as those funds arrive within that period.

CIT is certainly starting the year out right.

Let’s hope this is just the first of many CD promotions in 2015 by this customer-friendly online bank.

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