Please select an IRA product below:

Traditional IRA

Product
Term
APY
Minimum opening deposit
Jumbo CDUp to 5 YearsUp to % APY$100,000
RampUp Plus CD1- and 2-YearUp to % APY$25,000
RampUp CD3- and 4-YearUp to % APY$25,000 3-Year
$50,000 4-Year
Term CDUp to 5 YearsUp to % APY$1,000
Savings AccountN/A% APY$100

Roth IRA

Product
Term
APY
Minimum opening deposit
Jumbo CDUp to 5 YearsUp to % APY$100,000
RampUp Plus CD1- and 2-YearUp to % APY$25,000
RampUp CD3- and 4-YearUp to % APY$25,000 3-Year
$50,000 4-Year
Term CDUp to 5 YearsUp to % APY$1,000
Savings AccountN/A% APY$100

High Yield Savings

Build toward your goals with interest rates to help maximize your return.

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Earn up to % APY

Term CDs Δ

A selection of terms, all with a low minimum deposit.

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Earn up to % APY

RampUp™ Plus CDs

Our most flexible CDs help protect you against market fluctuations. You’ll have the option to adjust your rate if our rates go up, plus you can add to your deposit once during the term of your CD.

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Earn up to % APY

RampUp™ CDs

Our flexible long-term CDs help protect you against market fluctuations. You’ll have the option to adjust your rate once during the term of your CD should our rates go up.

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Earn up to % APY

Jumbo CDs

Earn higher rates on bigger deposits.

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Earn up to % APY

CIT Bank IRAs

Choose from a Traditional or a Roth IRA and get tax-deferred or tax-free savings to help you prepare for retirement.
See options & apply


IRA Rates at CIT Bank

Save now. Plan for tomorrow.

Up to% APY*

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Overview
  • Most CIT Bank products** can be set up as IRAs
  • Manage your IRA and view statements online
  • Easy account setup
  • No maintenance fees or other charges
  • Daily compounding interest to maximize your earning potential
  • FDIC insured
  • High contribution limits—please refer to IRS Publication 590-A for annual contribution limits on Traditional and Roth IRAs
  • Potential tax credit on eligible contributions made to your IRA; please refer to IRS Publication 590-A Retirement Savings Contributions Credit (Saver’s Credit) for specific details
  • Roll over any amount at any age
  • May be subject to IRS 10% penalty for withdrawals before the age of 59½

Traditional IRA

  • No income restrictions for contribution eligibility
  • May be tax deductible, depending on income or access to work-related retirement accounts such as a 401(k)
  • Taxes deferred but federal income tax and state tax, if applicable, apply upon withdrawal
  • Must be younger than 70½ to contribute
  • Required minimum distributions must begin by April 1 following the year in which you turn 70½

Roth IRA

  • Funded with after-tax contributions so withdrawals are tax and penalty free if the 5-year waiting period has been met and you are age 59½ or older§
  • No required minimum distributions
  • With taxable compensation you can make contributions to your Roth IRA regardless of age§§
  • Contributions are not tax deductible and may be limited based on filing status and adjusted gross income; please refer to IRS Publication 590-A for specific details
Available accounts
Traditional vs. Roth

Which type of IRA is better for you?1

Traditional IRAs and Roth IRAs share many of the same advantages, but they also differ in significant ways. See our chart below to learn more.

 
Traditional IRA
Roth IRA
Tax treatment of contributions
May be tax deductible on both state and federal tax returns. Variables that determine deductibility include participation in certain employer retirement plans, income, and other factors.
Not tax deductible.
Tax treatment of earnings
Tax-deferred. Taxable upon withdrawal.
Tax-deferred. Upon withdrawal, earnings are tax-free after the five-year holding period has been met and when taken for a qualified reason, including attainment of age 59½.
IRS early withdrawal penalty
Withdrawals taken before age 59½ may have an additional 10% IRS penalty for early withdrawals assessed.2
Withdrawals of Roth contributions can be taken at any time without income tax implications or the additional 10% IRS tax penalty for early withdrawals assessed. However, withdrawals of earnings taken before age 59½ are taxable and may be assessed an additional 10% IRS penalty for early withdrawals. 2,3
Required minimum distributions
Must begin by April 1 of the year after the year in which you reach age 70½.
None.
Income eligibility limits
There are no income restrictions for regular contribution eligibility; however, modified adjusted income (MAGI) does affect deductibility.

There are income restrictions for regular contributions eligibility; contributions may be ineligible or limited based on filing status and income.

In 2015, Roth IRA contributions cannot be made if the Modified Adjusted Gross Income (MAGI) is equal to or exceeds the following:

(1) Married couples filing jointly and with a MAGI of $193,000 or more;

(2) Single filers with a MAGI of $131,000 or more.

Age restrictions
Must be younger than 70½ to contribute.
None.
Open an IRA
Selected products ()
Product
APY**
Minimum balances
Available as IRA
Available as Custodial
APY**
Minimum balances
Available as IRA
Available as Custodial