CD Terms Penalty Terms up to 12 months 3 months of simple interest Terms of more than one year to three years 6 months of simple interest Terms of more than three years 12 months of simple interest When compared to the APY available on a 13-month CD through CIT Bank, it’s clear that you can make your funds work harder with the help of CIT Bank CD rates. APYs are important, but don’t forget to compare fees, early withdrawal penalties, minimum deposits and accessibility when choosing a new bank account or CD account.