Term Length Estimated APY Best For 3 Months 3. In exchange for this commitment, the bank pays you interest, which is typically higher than what you would earn in a standard savings account.
CIT Bank CD Minimum Deposit Requirements and Details
Simple structure that is easy to understand and manage. For example, you might stagger maturities every three months.
The longer the term, the higher the rate usually climbs, as the bank gains guaranteed access to your funds. By depositing a lump sum for a predetermined term, account holders can lock in a fixed interest rate, effectively insulating their capital from market volatility.
CIT Bank CD Minimum Deposit Requirements and Details
A slightly higher rate on a longer-term CD might not be worth the extended lock-up period if your goals require flexibility. When you open a CD, you agree to leave a specific amount of money untouched for a set period, known as the term length.
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