bank rates

CIT Bounces To Top Of 2- And 3-Year CDs

CIT Bank has made its presence felt once again on our CD Rates Leaderboard.

It’s just raised the return on its 2-year RampUp Plus CDs from 1.35% to 1.40% APY. That means it now has sole possession of the Leaderboard’s top spot for nationally available 24-month bank CDs.

In addition, it’s upped the yield on its 3-year Term CDs and 3-year RampUp CDs from 1.45% APY to 1.50% APY. This move ties it with three other banks for the No. 1 position for 36-month CDs.

The 2-year RampUp Plus and 3-year RampUp CDs each require a $25,000 minimum deposit. The 3-year Term CD has a $1,000 minimum deposit requirement.

The 2-year RampUp Plus CD permits the customer to add to the deposit amount once during the term (which CIT can limit to $250,000).

The RampUp and RampUp Plus CDs also allow the customer to increase the rate once during the term if the posted rate for the particular CD goes up.

For CDs opened or renewed on or after June 1, however, the increased rate will be capped at twice the amount of the initial APY, less 0.05%.

As if all this rate-hiking weren’t enough, CIT is continuing to offer special rate bonuses for current customers who open new certificates of deposit, or renew maturing CIT CDs into CDs with a longer term.

This rate bonus is 0.08% for new 2-year CDs and 0.10% for new 3-year CDs.

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