By MyBankTracker  Updated on Tue Nov 20, 2012

CIT Bank Bank Drops 3-Year CD Rates

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.

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