On the evening of September 11, 2018, CIT Bank raised the APY on their 11-Month, No-Penalty CD from 1.85% to 2.05%, thereby regaining the title of no-penalty CD rate leader from Ally Bank, which took the crown from them in August. The next-best competing product is Ally Bank’s no-penalty, 11-month CD that currently yields 2.00% for deposit amounts of $25K or higher, 1.90% for deposit amounts between $5K and $24,999.99, and 1.50% for deposits of less than $5K.
If you happen to already have funds in a CIT no-penalty CD, money market account, or savings account, you can easily role these funds over into a new no-penalty CD (or multiple no-penalty CDs so you can access just a portion of your funds). In the past, when I’ve spoken to a CIT Bank customer service representative about the rollover process, it was outlined like this:
- Call CIT Bank customer service and explain that you want to roll money in an existing CIT account into a new no-penalty CD account.
- They will have you open a new no-penalty CD online, using the usual process. You can do this while you’re on the phone with the CSR.
- One special note: When you get to the step in the process where you’re asked for the source of funds for your new no-penalty CD, you will choose the option to “Mail in a check” and you can indicate on the form that it will be for the minimum initial deposit amount of $1,000. Of course, you won’t actually have to mail in a check as they’ll be funding your new no-penalty CD from pre-existing funds in the amount that you specify over the phone.
- Your new no-penalty CD(s) and deposited funds should be reflected in your online CIT account after 24-48 business hours.
For a more in-depth look at these competing no-penalty CD products from CIT Bank and Ally Bank, you can read our complete review which has been updated as of September 12, 2018. You can also read the fine print and apply for Ally Bank’s no-penalty, 11-month CD here and for CIT Bank’s no-penalty, 11-month CD here.
As always, you can compare these and many other nationally-available, rate-leading deposit accounts using our bank accounts tool.