bank rates

CIT Launches New IRA CD Promotion

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

The promotion, which extends through Oct. 31, encompasses CIT’s entire suite of 2-, 3-, 4- and 5-year IRA CDs.

The promotional rates reflect a 0.08% bump-up over posted rates for 2-year Term, RampUp Plus and Jumbo CDs; and 0.10% tacked on to posted rates for 3-year, 4-year and 5-year Term CDs, 3-year and 4-year RampUp CDs and 3-, 4- and 5-year Jumbo CDs.

The bumped-up rates are all competitive. However, the following merit special mention:

  • 5-year Term CD ($1,000 minimum) – 2.35% APY
  • 5-year Jumbo CD ($100,000 minimum) – 2.45% APY
  • 3-year Jumbo CD ($100,000 minimum) – 1.60% APY
  • 3-year RampUp CD ($25,000 minimum) – 1.50% APY

The 5-year promotional Term CD rate equals – and the 5-year promotional Jumbo CD rate exceeds by a full 0.10% – the current top 60-month offer on our CD Rates Leaderboard.

The 3-year promotional Jumbo CD rate exceeds by 0.09% the Leaderboard’s top 36-month rate.

And, although the 3-year promotional RampUp CD rate lags (by a mere 0.01%) the Leaderboard’s top 36-month offer, it’s perhaps more compelling because you’re allowed to raise the rate once during the CD’s term.

Funding may be accomplished with “new money,” funds already on deposit at CIT (for example, in an IRA savings account) or a combination of the two sources.

If new money is used, though, and a rollover or trustee-to-trustee transfer from an IRA or other retirement plan at another institution is required, CIT (so it tells me) 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.

Current CIT customers wishing to take advantage of the promotion should speak with a customer service rep by calling 855-462-2652.

Hopefully, this deal is a harbinger of more good things to come.

Remember, CIT followed up customer-only IRA CD promotions last year with additional promotions this year covering both IRA and non-IRA CDs.

This particular promotion is so favorable, it’s almost got me rethinking my decision to move my IRA funds into online brokerage accounts!

After all, it’s a free country.

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