Compound Interest Calculator
CD 1-year Account from CIT Bank, a division of First-Citizens Bank and Trust with 0.30% APY and $1,000 minimum deposit



Use or Change These Amounts and Rates

The product CD 1-year Account from CIT Bank, a division of First-Citizens Bank and Trust with 0.30% APY and $1,000 minimum deposit and a tax rate of 30 compounded annually, with an initial amount of $20,000, after 10 years would have grown your savings to approximately $20,608. The interest earned would be $608 and the tax amount on the interest earned would be approximately $182.

Please note that this analysis assumes a constant interest rate and doesn't take into account any fees associated with the savings account.

The Results for CIT Bank, a division of First-Citizens Bank and Trust

Savings Boost of
$-793 over 10 years
Cash Savings $20,000
Average Interest Earned $1,218

 
CIT Bank, a division of First-Citizens Bank and Trust Interest Earned $426

 

 

See comparison detail table

This analysis is for demonstrative purposes only and may change should certain assumptions prove incorrect. Savings rates may change and CD rates may not be renewable for the length of the term of the analysis. The difference between the bank rate entered and the average rate may not remain constant throughout the term.

Comparison Detail Table Close X

Average Rate Scenario

Rate:
0.84%
Annual
Interest
Annual Interest
(After Tax)
1 20,000 168 117
2 20,168 169 118
3 20,337 170 119
4 20,507 172 120
5 20,679 173 121
6 20,852 175 122
7 21,027 176 123
8 21,203 178 124
9 21,381 179 125
10 21,560 181 126
TOTAL: $1,741 $1,218

CIT Bank, a division of First-Citizens Bank and Trust Scenario

Rate:
0.30%
Annual
Interest
Annual Interest
(After Tax)
1 20,000 60 42
2 20,060 60 42
3 20,120 60 42
4 20,181 61 42
5 20,241 61 43
6 20,302 61 43
7 20,363 61 43
8 20,424 61 43
9 20,485 61 43
10 20,547 62 43
TOTAL: $608 $426

Take Action

The accounts below offer some of the best rates in the country can be opened online, and are available nationally. As the calculator shows, changing accounts to earn a higher interest rate can really add up over time.



Featured CD Rates

ONLINE BANKS APY? MIN?

5 Month CD Special. Must be linked to a standard consumer or business checking account in which 12.6% of the total combined balance is maintained. Otherwise APY is 5.25%.

Last change: ↓0.15% on May 13.
3 Month CD.

Last change: ↑0.09% on March 12.
6 Month Jumbo CD.

Last change: ↓0.05% on May 9.

Last change: ↓0.36% on March 12.
Early Withdrawal Penalty is 3 months interest.



Customer Reviews for CIT Bank, a division of First-Citizens Bank and Trust (35)


  • June 2, 2022 | | Replies 2

    I've been a customer since CIT emerged from the financial crisis as a real competitor in this space (14 years or so). Zero complaints about anything over this time ... until today. Now they are offering a higher rate 0.90% for new customers than for someone like me who has been loyal. The higher 20 basis points is $1,000 a year on my account of $250,000 that they prefer to give to someone who will be there for a couple months instead of to me who would (would have) stayed another 14 years. What gives?

    CIT Bank | May 21, 2024

    Hi RTN1949, we consider a number of marketplace factors when setting or changing the interest rates on our CDs, Savings and Money Market accounts. You can earn a higher rate offered on Savings Connect by opening an account online in 10 minutes or less and transferring the funds from your current account to the new Savings Connect account. Thank you.

    | May 21, 2024

    I agree, I am earning far less now, so I am pulling out and going to another bank with far better interest!!!!!!

  • July 21, 2020 |

    Opened account a month ago. I've already seen the rate fall a couple of times, but have no other complaints. Easy process and a clear easy to use site (unlike Ally where I was before).

  • June 25, 2020 |

    Online CDs 12 Month Rates

    Don't get your hopes up. That 1.25% APY is old news. CIT is posting 1.00%

  • April 28, 2020 |

    Online CDs 12 Month Rates

    I agree with JN Howard, CIT's rates have fallen into a lower tier. Their website is clunky and slow as well. I did manage to open a few Cds when they were more competitive. At one point earlier this year they offered the best rate I could find with a $1000 minimum deposit.

  • April 14, 2020 |

    They defacto refused to remit funds for an ACH transfer forcing me to use other funds if I wanted that new account.


Add Your Review


or use your BestCashCow account

or