CIT Bank Increases Interest Rates Up to 5.00% APY
Interest rates have gone up considerably over the last few months, even reaching 5% on some accounts. CIT Bank is one of the financial institutions that just increased rates on most accounts. They now offer up to 4.95% for savings accounts, 4.90 for a 11-month no-penalty CD, and 5.00% for a short term CD.
These offers are available nationwide, so if you are looking for a good interest rate, then check out the details below.
The Offers
Here are the current interest rates at CIT Bank, as of June 19, 2023:
| Product | APY |
|
Platinum Savings – Tier 1 (Less than $5K)
|
0.25% |
|
Platinum Savings – Tier 2 ($5K+)
|
4.95% |
| Savings Connect | 4.60% |
| 4.90% | |
| 6-Month CD | 5.00% |
| Money Market | 1.55% |
As you can see, the best rate is for the 6-Month CD, which can earn you 5.00% APY. If you don’t want to have your money tied up in the account, then you can look at the Platinum Savings or 11-Month No Penalty CD.
Conclusion
CIT is currently offering great rates on its 6-Month CD (5.00% APY), 11-Month No Penalty CD (4.90% APY) and Platinum Savings (up to 4.95% APY). CIT Bank is available nationwide and you can open these accounts online.
The Platinum Savings account requires a balance of $5,000 or more to earn the better rate. CDs require an opening balance of at least $1,000.
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Opinions, reviews, analyses & recommendations are the author’s alone, and have not been reviewed, endorsed or approved by any of these entities.
The Vanguard money market (VMFXX) is currently 4.88% and you aren’t locked into a 6 month CD.
Platinum Savings is 4.94%. You can pull out anytime you want.