Weekly Rate Deal - CIT Bank and Its 1.15% APY 12-Month Achiever CD
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Weekly Rate Deal - CIT Bank and Its 1.15% APY 12-Month Achiever CD

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CIT Bank offers a 12-month CD paying 1.15% APY that can have one rate and deposit boost over the course of the term, providing some protection against rising rates.

Over the past nine weeks we've gone mostly local in search of the best places to put your money. This week, we're going virtual and are shining the spotlight on CIT Bank. The bank offers a line of competitive CDs with the best among them their 12-month Achiever CD, which boats a 1.15% APY. That's the top cd rate for that term according to the BestCashCow rate tables. Not only is it a good rate, but the CD has some flexibility. If CD rates go up you have the opportunity to bump up your rate and your deposit amount once over the term of the CD.

I don't expect rates to rise over the next 12 months so I would normally discount this option. Banks usually provide it in return for a low starting rate. But in this case, the 1.15% APY is a great rate, so you aren't giving up anything for the flexibility.

In addition to this competitive 12-month CD rate, CIT also leads the online CD Rates in the following terms:

Min. Balance
1 Year CD 1.15% $25,000
2 Year CD 1.32% $100,000
3 Year CD 1.56% $100,000

One disadvantage is the relatively high minimum balance required to get the rates. The 1-year Achiever CD has a minimum balance of $25,000 but it increases to $100,000 for the other terms.

CIT Bank operates exclusively online so if you want these rates you'll have to open them via the Web. The good news about that is that these rates are available nationally.

CIT Bank was founded in 2000 and has approximately $7 billion in assets, up from $2.8 billion in 2006. The bank's Texas Ratio of 9.18% is well below the national average of 21.06% (lower is better). The bank is a subsidiary of CIT Group, a publicly traded company founded in 1908 that provides financing and leasing capital to more than a million small and mid-sized businesses. The company trades under the symbol (NYSE: CIT).

If you don't want to open an account online, then check out the best CD rates in your local area.

Previous Weekly Rate Deals

Check back next Monday for a new bank deal. Email any deals you know about to ratedeal (at) bestcashcow.com. Feel free to also share them below. If you're a bank and have a great deal not listed on BestCashCow, register for access and add the deal to the site.

Sol Nasisi
Sol Nasisi: Sol Nasisi is the co-founder and a past president of BestCashCow, an online resource for comprehensive bank rate information. In this capacity, he closely followed rate trends for all savings-related and loan products and the impact of rate fluctuations on the economy. He specifically focused on how rates impact consumers' ability to borrow and save. He also has authored a wee

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Today's Highest Online CD Rates

Bank Product Term Interest Rate (APY)
TotalDirect, a division of City National Bank of Florida 1-Year 5.35% APY with $25,000 minimum
First Internet Bank of Indiana 1-Year 5.31% APY with $1,000 minimum
Prime Alliance Bank 1-Year 5.30% APY with $500 minimum
Dollar Savings Direct, a division of Emigrant Bank 3-Year 5.00% APY with $1,000 minimum
First Internet Bank of Indiana 3-Year 4.66% APY with $1,000 minimum
IncredibleBank 3-Year 4.58% APY with $1,000 minimum
First Internet Bank of Indiana 5-Year 4.55% APY with $1,000 minimum
BMO Alto, a division of Bank of Montreal Harris 5-Year 4.50% APY with no minimum
Department of Commerce 5-Year 4.34% APY with $500 minimum

See More Online CD Rates →


  • Able

    December 20, 2011

    So, to be clear, you can put more money into this CD anytime during the 12 months? You can only do it once, right?

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