bank rates

CIT The Latest Bank To Hike CD Rates

CIT Bank logoAt the beginning of August, there were just two banks that paid as much as 1.10% APY on 12-month CDs.

Today, there are five that pay 1.10% APY and two that offer an even better yield.

Yep, 12-month CDs are on the march.

CIT Bank is the latest to join the parade, boosting its 1-year CD rate from 1.05% APY to 1.12% APY. That’s good enough for the second-best offer on our list of the best 12-month CD rates available to all savers.

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

We find this offer especially appealing because CIT has attached this yield to its 12-month RampUp Plus CD, which allows you to increase your rate once during the term should yields rise and make an additional one-time deposit.

Minimum deposit is $25,000.

If you have a bit more money to deposit, CIT also just increased its 5-year jumbo CD from 2.30% APY to 2.35% APY. That ties the best nationally available bank deal on our CD Rates Leaderboard. (Note: We don’t include jumbo CDs on the Leaderboard.)

Minimum deposit is $100,000.

Also today, Nationwide Bank has raised its CD rates again.

The move comes just two weeks after it first increased rates.

With a $500 minimum deposit, Nationwide pays:

  • 1.10% APY on 12-month CDs (up from 1.07% APY).
  • 1.27% APY on 24-month CDs (up from 1.25% APY).
  • 2.15% APY on 60-month CDs (up from 2.11% APY).

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