Fixed interest rates that protect against market dips. If you need to access the funds early, you will typically incur a penalty fee, which often equates to several months of interest.
How CIT Bank CD Works: Understanding Rates and Terms
This combination of predictability and safety makes CDs a cornerstone of prudent asset management. This trade-off between access and return is the primary consideration potential depositors must evaluate.
A slightly higher rate on a longer-term CD might not be worth the extended lock-up period if your goals require flexibility. In exchange for this commitment, the bank pays you interest, which is typically higher than what you would earn in a standard savings account.
How CIT Bank CD Works: Understanding Rates, Terms, and Early Withdrawal Penalties
50% Balancing yield and access 60 Months 5. Term Length Estimated APY Best For 3 Months 3.
More About Cit bank cd
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