CIT Bank CD Rates
CIT Group which emerged from bankruptcy just launched an online bank called CIT Bank. The online bank, not to be confused with CitiBank, is offering some of the best CD rates available today. Looks like CIT Bank CD rates are the highest CD rates right now of a 1 year certificate of deposit. Current 1 year bank CD rates at CIT Bank are at 1.14% with a bank CD yield of 1.15%. The minimum opening deposit on this CD is $25,000.
This rate and yield is on CIT Bank's Achiever CD. With the Achiever CD you are allowed to raise the CD rate once during the term which is similar to Ally Bank's Raise Your Rate CD. Wit CIT Bank's Achiever CD you're also able to add more funds to the CD account once during the term.
In addition to the 12 month Achiever CD, CIT Bank also has other new CD products. Regular CDs have terms from 6 months to 3 years. Here is a list of current CD rates at CIT Bank. The minimum opening deposit for regular CDs is $1,000.
CIT Bank jumbo CD rates are a little higher than the bank's regular CD rates. CIT Bank 2 year jumbo CD rates are at 1.31% with a CD yield of 1.32% and 3 year jumbo bank CD rates are at 1.55% with a bank CD yield of 1.56%.
You probably haven't heard of CIT Group or CIT Bank but they are well known for providing financing to small and medium sizes business. Like other financial institutions they were hit hard during the financial crisis. Opening an online bank is a way for them to raise funds to provide loans instead of relying on short term credit markets for funds.
During financial crisis companies have a hard time raising money sometimes these companies can't rollover their debt and are forced into bankruptcy.
CIT Bank is smart to offer one of the best CD rates available for 1 year CDs. This will generate a lot of "buzz" for the bank. Considering how low CD rates and savings account rates are these day's it's nice to see a new bank offer the best CD rates at banks.
Maybe they will generate some competition for theo other banks that ususally have the highest rates. It will be interesting to see if they also introduce a savings account, if the bank does you can count on us to do a review titled CIT Bank Savings Account Rates.
In the meantime if you're interested in the bank's rates go to: bankoncit.com. You can open a CD account at CIT Bank here: CIT Bank CD Account Application.
RatesORama.com Average Mortgage Rates