CIT Bank Slashes Rates on Savings & CDs


By , Staff Writer
Posted on Mon Dec 3, 2012, Last Updated on Mon Dec 3, 2012

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This afternoon, CIT Bank cut the interest rates on its online savings account and several of its certificates of deposit.

For the CIT Savings account, on balances of at least $25,000, the rate dropped from 1.05% APY to 1.00% APY.

The rates on CIT Bank’s 1-Year Term CD, 1-Year Achiever CD, 2-Year Term CD, 2-Year Achiever CD and 2-Year Jumbo CD each fell 0.05% APY. They currently offer 1.01% APY, 1.05% APY, 1.20% APY, 1.20% APY and 1.20% APY, respectively.

With savings rates and CD rates falling throughout the banking industry, these changes do not come as a surprise.

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