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CIT Bank 11 Month No-Penalty CD: Earn Expired

4.90% APY*
-24 Deal Score
294,492 Views
CIT Bank, our partner, offers the following benefits with their No-Penalty CD.

Thanks to community member psychojinx for sharing this deal.
  • $1,000 minimum to open
  • No penalty to access funds if needed before maturity
  • No opening or maintenance fees
  • Daily compounding interest to maximize your earning potential
  • Member FDIC
  • *See site for details
Slickdeals may be compensated by CIT Bank
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Original Post

Written by
Edited May 9, 2023 at 10:03 AM by
CIT Bank, our partner, offers the following benefits with their No-Penalty CD.
  • $1,000 minimum to open
  • No penalty to access funds if needed before maturity
  • No opening or maintenance fees
  • Daily compounding interest to maximize your earning potential
  • Member FDIC
  • *See site for details
Slickdeals may be compensated by CIT Bank
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Score -24
294,492 Views
4.90% APY*
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Featured Comments

CIT is a subsidy of First Citizen Bank.
Awful , awful reviews

https://wallethub.com/profile/fir...-13003328i
·
We've been with Ally for 10 years and never had a single complaint about them. Customer service is available 24/7 and everyone speaks intelligible English.
·
Just buy them directly from Treasury. The Treasury Direct website won't win any awards for user friendliness, but it's not difficult to set up an account, the search function is very good for finding answers and it's a full service website. And of course there are a zillion resources available on the Internet.

I spoke to Fidelity about buying T-bills or bonds through them and my recollection is that there are two ways to do it, one involves fees and one doesn't. I figured for the same effort it would take to fully understand the difference, I could probably figure out the Treasury Direct site and I was correct about that.

The idea is to balance risk and get a better return than what my bank offer. UST Direct accomplish that with one stop shopping. You get a better rate and don't have to spend ungodly amounts of time chasing rates at unknown banks all over the country.
·

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Joined Jul 2006
L6: Expert
> bubble2 1,274 Posts
162 Reputation
kevolution
05-09-2023 at 11:28 AM.
05-09-2023 at 11:28 AM.
Quote from martyr2671 :
Is that no penalty?
yeah it's not a CD it's just a high yield savings but they give you +1% on current interest (4.15%+1%) for 3mo for every referral/referee
3
Reply
Joined Aug 2018
L6: Expert
> bubble2 1,047 Posts
70 Reputation
Kraken09
05-09-2023 at 11:38 AM.
05-09-2023 at 11:38 AM.
Quote from BillG7 :
Marcus nut sachz? What happens if you already have the 4.8% CIT no penalty CD? Does the rate increase or would you have to open a different one? I mean could you just call and have them up the number??

You would be opening a new one. They told me customers can open as many as they like. You can't alter CD's once they are setup.
Reply
Joined Jan 2004
L4: Never been better
> bubble2 780 Posts
61 Reputation
iampakky
05-09-2023 at 12:57 PM.
05-09-2023 at 12:57 PM.
I have cit bank deposit. So far so good
1
Reply
Joined Mar 2012
L3: Novice
> bubble2 236 Posts
65 Reputation
dokidok
05-09-2023 at 01:02 PM.
05-09-2023 at 01:02 PM.
I will never deal with CIT again.
15
Reply
Joined Jul 2012
L3: Novice
> bubble2 263 Posts
117 Reputation
dsk99
05-09-2023 at 01:43 PM.
05-09-2023 at 01:43 PM.
Wealthfront has 4.55% online savings, so there is no commitment. Also, FDIC insured up to $5 million for all of you high rollers.
6
Reply
Last edited by dsk99 May 9, 2023 at 01:46 PM.
Joined Sep 2017
L2: Beginner
> bubble2 40 Posts
14 Reputation
Bm335coupe
05-09-2023 at 02:32 PM.
05-09-2023 at 02:32 PM.
I opened 9 months cd with Cit bank last month, so far no issues. We'll see when the cd matures to rate them.
Reply
Joined Nov 2012
L5: Journeyman
> bubble2 671 Posts
243 Reputation
DrSandbags
05-09-2023 at 02:35 PM.

Our community has rated this post as helpful. If you agree, why not thank DrSandbags

05-09-2023 at 02:35 PM.
Quote from Threemonthtresuries :
3 month tax free treasuries
5.28%

No Federal bonds or bills earn interest that is exempt from Federal income tax. They are, though, usually exempt from state and local tax.
1
1
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Joined Oct 2017
L3: Novice
> bubble2 160 Posts
18 Reputation
moneymoneyohoh
05-09-2023 at 02:48 PM.
05-09-2023 at 02:48 PM.
Is Ally bank increasing APY of No-Penalty CDs?
2
Reply
Joined Dec 2004
L3: Novice
> bubble2 213 Posts
23 Reputation
chris58950
05-09-2023 at 03:01 PM.
05-09-2023 at 03:01 PM.
Why lock into this CD, when you could go with VioBank and the rate keeps floating up. Go with the Cornerstone Savings 4.85% and your money is always liquid. Money is FDIC and the rate floats up every time the fed raises rates.

https://www.viobank.com/
4
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Joined Aug 2021
L4: Apprentice
> bubble2 320 Posts
311 Reputation
Pro
CheapyDinglebop
05-09-2023 at 03:06 PM.

Our community has rated this post as helpful. If you agree, why not thank CheapyDinglebop

05-09-2023 at 03:06 PM.
Quote from chris58950 :
Why lock into this CD, when you could go with VioBank and the rate keeps floating up. Go with the Cornerstone Savings 4.85% and your money is always liquid. Money is FDIC and the rate floats up every time the fed raises rates.

https://www.viobank.com/
It's no-penalty, there's no "locking in"...
1
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HIDDENcgigate05-09-2023 at 03:06 PM.
Joined Aug 2021
L4: Apprentice
> bubble2 320 Posts
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Pro
CheapyDinglebop
05-09-2023 at 03:06 PM.
05-09-2023 at 03:06 PM.
Is this callable? Can you add funds after initial deposit? Sorry couldn't find this info anywhere on the site.
Reply
Joined Dec 2011
L4: Apprentice
> bubble2 432 Posts
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bawaji
05-09-2023 at 03:10 PM.

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05-09-2023 at 03:10 PM.
The problem with savings vs CDs is that the Savngs account looks acceptable as long as the interest is going up but when interest starts going down, you miss out on the higher rate CDs for their remaining term.

If there is hesitation between the two, and you don't want to invest in a fixed term CD, it may be a good option to put your money in no-penalty CDs from which you can withdraw without penalty after 7-days or so. You can always re-invest after the first 7 days if the no-penalty CD rate goes up. It is usually higher than the highest savings rate.
1
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Joined Dec 2005
Cheapskate
> bubble2 837 Posts
260 Reputation
Aslander
05-09-2023 at 03:24 PM.
05-09-2023 at 03:24 PM.
6 month tbill is sitting at 5.15% and state tax free. Makes it the equivalent of roughly a 5.4% CD in most states. Shorter duration, and rates won't be going up in the future, so you decide which is better
1
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Joined Nov 2014
L2: Beginner
> bubble2 40 Posts
10 Reputation
greyhaven234
05-09-2023 at 03:25 PM.
05-09-2023 at 03:25 PM.
Quote from Binar :
CIT is a subsidy of First Citizen Bank.
Awful , awful reviews

https://wallethub.com/profile/fir...-13003328i
I had CIT for 2 years before they changed over to FCB. My experience was okay. It was tough to get timely answers from customer service when needed, and was a pain to transfer the money out and close my account when I attempted. The interest rates within CIT are hard to beat though.

However like others have said, you will have to pay taxes on those gains so make sure it factors into your account setup and annual tax plans.
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