CIT Bank NPCD (No Penalty CD) Account is a type of certificate of deposit (CD) offered by CIT Bank, a national bank based in California. NPCD Accounts are a unique type of CD that allows account holders to withdraw funds without incurring any penalties, making them a great option for those who need access to their money but still want to earn a higher interest rate than a traditional savings account.
Understanding the Basics of a CD
A CD is a type of savings account that requires you to deposit a certain amount of money and leave it in the account for a fixed term, usually ranging from a few months to a few years. In exchange for keeping your money in the account for the term, you earn a higher interest rate than you would with a traditional savings account.
How NPCDs Differ from Traditional CDs
Unlike traditional CDs, NPCDs do not impose penalties for early withdrawal. This means that you can withdraw your funds at any time without losing any of the interest earned. Additionally, NPCDs offer a higher interest rate than traditional savings accounts, which makes them an attractive option for those who want to earn more on their savings but still need access to their money.
The Benefits of CIT Bank NPCD Accounts
CIT Bank NPCDs offers a number of benefits, including:
- High-interest rate: NPCDs offer a higher interest rate than traditional savings accounts, which means that you can earn more on your savings.
- No penalty for early withdrawal: With an NPCD, you can withdraw your funds at any time without losing any of the interest earned.
- FDIC insurance: CIT Bank is an FDIC-insured institution, which means that your deposits are insured up to $250,000 per depositor.
- Easy account management: CIT Bank offers online and mobile banking, which makes it easy to manage your NPCD account.
How to Open a CIT Bank NPCD Account
Opening a CIT Bank NPCD account is easy. Here are the steps you need to follow:
- Visit CIT Bank's website and click on the "CDs" tab.
- Select the "NPCD Account" option.
- Choose the term that best fits your needs.
- Enter your personal and financial information.
- Fund your account with a minimum deposit of $1,000.
- Review and submit your application.
Managing Your CIT Bank NPCD Account
Once your account is open, you can manage it online or through the CIT Bank mobile app. You can access your account information, view your account history, and make withdrawals and deposits. You can also set up automatic transfers to your NPCD account from another account.
Summary
CIT Bank NPCD Account is an interesting option for people who want to earn a higher interest rate than a traditional savings account but still want the flexibility to withdraw their funds without penalty. The account is easy to open and manage and offers a number of benefits such as a high-interest rate, FDIC insurance, and easy account management.
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Updated January 30, 2023