By MyBankTracker  Updated on Mon Dec 3, 2012

CIT Bank Slashes Rates on Savings & CDs

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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