Reasons Why You Should Invest In A Certificate Of Deposit With CIT Bank

CIT Bank is one of the top banking options for Americans. It is a national bank headquartered in Pasadena, California, that offers various financial products and services, such as savings accounts, certificates of deposits (CDs), mortgages, and personal loans. CIT Bank was founded in 2000 and has quickly grown to be one of the market leaders in providing online banking products to US citizens. CIT focuses on high-yield savings accounts and CDs, featuring some of the highest interest rates and best contract agreements across the board. If you’re interested in investing in a CD, we highly recommend that you check out CIT Bank CD rates. In this article, we will provide you with really good reasons why you should choose CIT Bank for investing in CDs.

  • Competitive Interest Rates

As mentioned above, CIT offers some of the highest CD rates available. This provides you with the best chance of growing your money. While the exact rate will depend on the term of the CD option you choose as well as the current market conditions, CIT Bank’s rates are generally higher than the national average. In addition to that, the bank also frequently updates its rates to ensure that they remain highly competitive.

  • Flexible Terms

CIT Bank offers a wide range of CD terms, which allows you to choose the best one to fit your financial goals and needs. The CDs they offer come with terms ranging from 3 months to 5 years. This means that whether you are investing for the short term or for the long term, you will definitely have options with CIT.

  • FDIC (Federal Deposit Insurance Corporation) Insurance

CIT Bank is also an FDIC-insured institution. This means that the CDs they offer, along with all other banking products and services, are backed by the full faith and credit of the US government. The insurance covers as much as the maximum amount allowable by law. FDIC insures up to $250,000 per depositor, per insured bank, for each account ownership category. Essentially, if in case CIT Bank fails and goes bankrupt, the FDIC will reimburse the depositors up to $250,000.

  • Options for Early Withdrawals

One of the biggest issues with CDs is early withdrawals. This pertains to the act of pulling out your investment before the maturity date as stipulated in the CD agreement. CIT Bank allows its customers to make partial withdrawals of their CDs without incurring any penalties whatsoever. In contrast, with other banks, you may have to pay hundreds, if not thousands, of dollars if you choose to do the same.

  • Low Minimum Deposit Requirements

Minimum deposit requirements are perhaps the biggest barrier against investing in CDs. Fortunately, CIT only requires a minimum deposit of a measly $1,000 for most of its CD products. This only means that you are not forced to dish out and commit a huge portion of your hard-earned money for investment. This could potentially be a huge factor for some people, especially for those that are still uncertain or skeptical about investing.

  • Variable-Rate CDs

Another great feature of CIT Bank is that they offer variable-rate CDs. This caters to those investors with a bit more risk appetite to work with. Variable-rate CDs refer to a particular type of CD with an interest rate that can change over time. These CD products offer potentially higher returns, but they also come with a higher risk of changes in value.

  • Interest Options

Finally, CIT offers its customers two options as regards their interest income. First, they could opt to receive their CD interest payments as a lump sum at the end of the term. This could help with keeping the interest payment safe and avoiding unnecessary spending. Alternatively, they could also opt to receive interest payments as periodic payments throughout the term. This could be beneficial for those who need the money as soon as it’s available.

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