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CIT Bank Lowers CD Rates Again - 1 Year CD Rate Now at 1.22%
 

CIT Bank Lowers CD Rates Again – 1 Year CD Rate Now at 1.22%

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For the second time this month, CIT Bank has lowered some of their CD rates. On December 3, CIT Bank lowered CD rates on several of their certificates of deposit and rates were lowered again yesterday. Despite the lowered rates, CIT Bank's rates are still very competitive.

Prior to the December 3rd change, CIT had the highest 1 year bank CD rate on our rate list at 1.29 percent with an APY of 1.30 percent. On the 3rd, the rate was lowered to 1.24 percent with an APY of 1.25 percent. Yesterday the rate was lowered again to 1.21 percent with an APY of 1.22 percent.

This is just speculation on my part, but I wonder if the bank lowered their rate twice in just over a week to raise the rate when the Fed increases the fed funds rate next Wednesday. The fed is expected to increase the fed funds rate 0.25 percent next week.

If CIT follows with a rate increase, the bank's 1 year CD rate could be increased to 1.49 percent with an APY of 1.50 percent. It's been several years since any financial institution on our rates list offered a 1 year CD rate at 1.50 percent. Listed below are the most recent changes to CIT Bank CD rates.

BankProductRate (New / Old)Yield (New / Old)
CIT Bank1 yr CD1.21 / 1.241.22 / 1.25
CIT Bank2 yr CD1.39 / 1.421.40/ 1.43
CIT Bank1 yr IRA CD1.21 / 1.241.22 / 1.25
CIT Bank2 yr IRA CD1.39 / 1.421.40 / 1.43

Check on current CD rates from many different banks and credit unions by searching our rate list at RatesORama.com.


Author: Brian McKay
December 10th, 2015