Month Certificate of Deposit. Product Description Fixed-rate interest-earning account that matures after a term of 11 months. Minimum to Open $1,000 Monthly Service Fee No account opening or maintenance fees. Earns Interest Yes, compounded daily and paid monthly. The interest rate and APY remain constant for the term of the account and are based on the term and corresponding balance tier at account opening or at the time of renewal. Available as an IRA No Effect of Closing an Account If you close your account before the end of the term, any accrued interest will be paid on the date the account is closed. No early withdrawal penalty will apply if the total CD balance (plus accrued interest, if any) is withdrawn on or after the seventh day following the date on which the account was funded, but prior to maturity. Transaction Limitations No withdrawals are permitted during the first six days following the date on which the account was funded. Partial withdrawals of principal are not permitted.
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Sources: Cit Bank Agreement for Personal Accounts, Bank Agreement