Update: Since this was posted, the rate on CIT’s 11-Month, No-Penalty CD has been raised to 1.85% and the rate on the top tier of Ally’s 11-Month, No-Penalty CD has been lowered to 1.5%. So, as of March 2nd, 2018, CIT has a commanding lead in this product space.
Back in November, we reported on how CIT Bank and Ally had the best no-penalty CD rates we could find. Earlier this month, Ally leapfrogged CIT for deposits of $25,000 and above by raising their rate from 1.5% to 1.6%, thereby beating CIT’s 1.55% rate. However, for deposits less than $25K, CIT still has the the more-compelling offer since Ally’s tiered rates for their no-penalty, 11-month CD now look like this:
- 1.60% APY for deposits of $25,000 or more
- 1.35% APY for deposits between $5,000 and $24,999.99
- 1.15% APY for deposits of less than $5,000
Apart from those changes, the rest of our earlier comparison should be accurate as of December 15, 2017.