Today, CIT Bank cut the rates on its 3-year certificates of deposit (CDs). The regular 3-year CD rate fell from 1.42% APY to 1.30% APY. The 3-year jumbo CD rate, for balances of $100,000 or more, dropped from 1.44% APY to 1.35% APY.
In early October, CIT Bank made similar rate cuts to its 5-year CDs.
The falling CD rates are not surprising since the Federal Reserve announced a dim outlook for interest rates.