Compound Interest Calculator
CD 13-month Account from CIT Bank, a division of First-Citizens Bank and Trust with 4.65% APY and $1,000 minimum deposit



Use or Change These Amounts and Rates

The product CD 13-month Account from CIT Bank, a division of First-Citizens Bank and Trust with 4.65% 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 $31,508. The interest earned would be $11,508 and the tax amount on the interest earned would be approximately $3,452.

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
$7,743 over 10 years
Cash Savings $20,000
Average Interest Earned $312

 
CIT Bank, a division of First-Citizens Bank and Trust Interest Earned $8,056

 

 

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:
0.22%
Annual
Interest
Annual Interest
(After Tax)
1 20,000 44 31
2 20,044 44 31
3 20,088 44 31
4 20,133 44 31
5 20,177 45 31
6 20,222 45 31
7 20,267 45 31
8 20,311 45 31
9 20,356 45 31
10 20,401 45 32
TOTAL: $446 $312

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

Rate:
4.65%
Annual
Interest
Annual Interest
(After Tax)
1 20,000 930 651
2 20,930 973 681
3 21,903 1,019 713
4 22,922 1,066 746
5 23,988 1,115 781
6 25,103 1,167 817
7 26,270 1,222 855
8 27,492 1,278 895
9 28,770 1,338 936
10 30,108 1,400 980
TOTAL: $11,508 $8,056

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

Advertiser Disclosure
ONLINE BANKS APY? MIN?

5.15% APY, 13-Month Online CD. Easy online application. Interest compounded daily. FDIC Insured.

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5.15% APY, 13-Month Online CD. Easy online application. Interest compounded daily. FDIC Insured.

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7-Month CD Special - Save for the things you want later. Easy online application.

6-Month

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%.



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 | Jun 6, 2022

    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.

    | Jul 28, 2022

    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.


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