Certificates of Deposit (CD) are offered by banks and are similar to savings accounts. They differ from savings accounts in that they are time based deposits. A CD is federally insured and considered low risk investments. The nice thing about investing your money in a CD versus a savings account is that banks typically offer higher returns because you agree to keep your money on deposit for a fixed term which can be in months or years. You can withdraw your principle plus interest once the CD matures.
CIT bank offers a variety of CD’s and is featured right now. You can open a CD for a minimum of $1000. They offer CD’s with a 6 month, 1, 2, or 3 year maturity. CIT bank offers the ability to raise your rate or even increase your deposit after you’ve opened the account. They will let you know 30 days in advance before a CD is set to mature. You need to contact them 10 days in advance to withdraw your funds, or it will automatically renews. However, CIT does offer a nice grace period of 10 days if the CD automatically renews. Open a CIT bank CD.
Find a CD
Find a CD and compare rates from a number of providers using this tool from Bankrate.com.