CIT Bank is offering a great interest rate on 1-Year CD accounts. You can earn a rate of 2.50% APY with a $1,000 minimum opening deposit. The CIT bank 1-Year CD is FDIC insured up to $250,000.
With a CD, your interest rate is locked for one year. Interest on your funds will compound daily and be reported on your statement monthly. You will be unable to access your money penalty-free until the CD’s maturity date, which is 12 months past the date it was opened. You may arrange to transfer the interest earned on a monthly basis to a different account.
This is a good rate, but it’s also a CD, which means that you will not be able to access your fund for a year without a penalty. If you want more flexibility, check out other high yield accounts here.