CIT Bank Term CD

CIT Bank is the online deposit brand of First Citizens Bank, and its Term CD is a straightforward fixed rate CD with a $1,000 minimum, no opening or maintenance fee, and daily compounding. It sits alongside a separate 11 month No-Penalty CD. The rate to know is 4.00% APY on the 1 year term, as shown on CIT's page on October 14, 2026. The page states its APYs are accurate as of July 1, 2026, so confirm the current rate when you apply. The 6 month term pays 3.75%, the 13 month pays 3.25%, and the 18 month pays 2.75%. Then the lineup falls off a cliff: the 2 year and 3 year terms pay 0.40% APY, and the 4 year and 5 year terms pay 0.50% APY. Those are the rates CIT's page lists for the long terms. Two pieces of fine print deserve attention. First, CIT's 11 month No-Penalty CD pays 3.90% APY, 10 basis points below the 1 year Term CD, and the page says you can withdraw from 7 days after funding. That is a small gap if there is a chance you need the money early. Second, CIT does not publish an early withdrawal penalty schedule on the pages that are publicly readable, so you should get it in writing from the account disclosures before funding a Term CD. The 1 year Term CD suits a saver who wants a one year lock, can meet the $1,000 minimum, and has compared it with the No-Penalty CD. CIT is FDIC insured to $250,000 per depositor per ownership category through First Citizens Bank, and the page lists no account opening or maintenance fees. Skip every CIT term longer than 18 months: the 2 and 3 year terms pay 0.40% APY and the 4 and 5 year terms pay 0.50%, far below the 4.00% on the 1 year term. Also consider the No-Penalty CD instead of the Term CD if there is a realistic chance you need the cash back early, since it pays 3.90% and the page says funds can be withdrawn from 7 days after funding.