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CIT Bank 11 Month No-Penalty CD: Earn Expired

4.90% APY*
-24 Deal Score
294,674 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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294,674 Views
4.90% APY*
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CIT is a subsidy of First Citizen Bank.
Awful , awful reviews

https://wallethub.com/profile/fir...-13003328i
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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.
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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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HIDDENsuednim05-09-2023 at 07:14 PM.
Joined Dec 2018
Master of my Own Domain
> bubble2 2,135 Posts
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HonestMammoth473
05-09-2023 at 07:14 PM.
05-09-2023 at 07:14 PM.
CIT's website/app suck. Transfers are slow. I opened checking/savings accounts and don't use them. For parking money in a no-penalty CD though, I'm ok with them. I know that when I want to pull the money out, it's going to take a week plus.

Quote from alpha_1976 :
How do you withdraw money from the no-penalty cd before it matures? I don't see any option. Do you have to call the customer service? Thanks
Yes, you have to call.

Quote from nickpaji123 :
I have few cit bank no penalty 4.8%. Now they have 4.9% no penalty cd. Can I change my 4.8% no penalty cd to 4.9% no penalty cd. Can they transfer the balance from one cd to another cd ?
Yes. After the 6 days or whatever it is, you can actually do it yourself on their website. Open new account and at the end one of the funding options for your new CD will be your existing CDs that are eligible for withdrawal.

Quote from BillG7 :
Yep such bs. I called and asked if they could just give me the higher rate and they said I would have to close my 4.8% account and open a new 4.9% account. Probably not worth the hassle though, I mean how much extra $$ would you get with 10k? Like 10 bucks I would estimate? The rep sounded like she was getting these questions all day and was getting cursed out. The only option is to close the account and make another.
See my reply above.
1
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Last edited by HonestMammoth473 May 9, 2023 at 07:17 PM.
Joined May 2015
L7: Teacher
> bubble2 2,354 Posts
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justye
05-09-2023 at 07:20 PM.
05-09-2023 at 07:20 PM.
Quote from ElatedSoda4203 :
Just remember folks you still have to pay federal taxes on these.
So what do they mean when they say tax free? Are they referring to state tax?

It literally says this on the gov website:
"Federal tax due on interest earned"
1
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Joined Jun 2019
L5: Journeyman
> bubble2 804 Posts
30 Reputation
BillG7
05-09-2023 at 08:00 PM.
05-09-2023 at 08:00 PM.
Quote from PocketsThick :
$9 over a 12 month period. Yeah, at your amount it doesn't matter.

Source: https://www.axosbank.com/Tools/Ca...Calculator [axosbank.com] (change the APY to 4.8 and 4.9 to see the difference. Change the monthly deposit amount to $0).
hmmmm. If you did the marcus nut sachz account at 5.15% you would get $35 extra in 12 months then.
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HIDDENDavidLawrenceRamsey05-09-2023 at 09:17 PM.
Joined Oct 2014
L5: Journeyman
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everestsun
05-09-2023 at 11:01 PM.
05-09-2023 at 11:01 PM.
Quote from Selman :
Can you buy them through a brokerage like Fidelity or Vanguard or is that a bad idea?
You can buy them from your brokerage. Just make sure:
- They offer the new issues in the term you want. In my case, my brokerage TD Ameritrade does not offer 17-week Tbills
- They offer auto-renew option. In my case, my brokerage TD Ameritrade does not offer auto-renew option. They told me that I have to call on the maturity day.

That is why I use Treasury Direct. You can link your bank account and set up auto-renew for up to 2 years. And you can change your settings on bank account and renewal at any time. Money is withdrawn from your bank account on the settlement day.
1
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Joined Sep 2013
L4: Apprentice
> bubble2 382 Posts
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jlwren
05-10-2023 at 06:15 AM.
05-10-2023 at 06:15 AM.
Quote from everestsun :
You can buy them from your brokerage. Just make sure:
- They offer the new issues in the term you want. In my case, my brokerage TD Ameritrade does not offer 17-week Tbills
- They offer auto-renew option. In my case, my brokerage TD Ameritrade does not offer auto-renew option. They told me that I have to call on the maturity day.

That is why I use Treasury Direct. You can link your bank account and set up auto-renew for up to 2 years. And you can change your settings on bank account and renewal at any time. Money is withdrawn from your bank account on the settlement day.
Is the interest you earned also wrapped into the auto renew. ie, you invest $1K. At the end of the term, you now have your principal + interest. Lets say its $1,050. If you are set up to auto renew, is your new investment now have a principal of $1,050? Or do they send you the $50 and auto renew the $1K?
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Whisperwind
05-10-2023 at 06:30 AM.
Reply
Joined Oct 2009
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ascotnot
05-10-2023 at 06:37 AM.

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

05-10-2023 at 06:37 AM.
Quote from iLoveCereal :
People keep saying this, but new issues aren't that high on Fidelity. Not even close.
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.
3
2
Reply
Joined Oct 2009
L8: Grand Teacher
> bubble2 3,034 Posts
ascotnot
05-10-2023 at 06:47 AM.
05-10-2023 at 06:47 AM.
Quote from Aslander :
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
The 13 week note pays a little more. That's the "inversion." Don't go past that though. The 4 week note I think last week was offered at 6 or just under or over, but before you go all in on those, note that the rate for the 4 week fluctuates significantly. I think that 13 week is the sweet spot for laddering, and your money is never more than 3 months away from full redemption.
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Joined Oct 2009
L8: Grand Teacher
> bubble2 3,034 Posts
ascotnot
05-10-2023 at 07:03 AM.
05-10-2023 at 07:03 AM.
Quote from jlwren :
Is the interest you earned also wrapped into the auto renew. ie, you invest $1K. At the end of the term, you now have your principal + interest. Lets say its $1,050. If you are set up to auto renew, is your new investment now have a principal of $1,050? Or do they send you the $50 and auto renew the $1K?
You buy T-bills at a discount. A 13 week $10K bill purchase would yank $9875 from your bank account, and at maturity you will have $10K. If you set it up for re-investment, I believe UST will take all 10K and buy a bill for some amount over that, like $10130 since all the website says is that "the proceeds" of a maturing bill will be re-invested in a bill of the same type and maturity.

They have something akin to a cash account (there's a term brokerages use for it but I can't recall it), but the primary purpose of that is to buy entire securities (instead of using your bank account), not just as place to stash incremental amounts from maturing notes.
1
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Joined Aug 2007
L3: Novice
> bubble2 210 Posts
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freaby
05-10-2023 at 07:38 AM.
05-10-2023 at 07:38 AM.
Quote from Selman :
Can you buy them through a brokerage like Fidelity or Vanguard or is that a bad idea?
I moved from treasury direct to brokerage house. It gives me an ability to have everything under 'one roof' and have access to secondary market for t-bills.But, of course Treasury Direct has its own pros..
Here is a good video on how to buy t-bills from Fidelity - https://www.youtube.com/watch?v=rFuiC-UNeMc
1
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Joined Jul 2013
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> bubble2 42 Posts
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brandn30
05-10-2023 at 07:38 AM.
05-10-2023 at 07:38 AM.
Quote from Chimichanga3000 :
We must all do our part to save this bank. For a dollar a day you can help save CIT Bank

They are a division of FCB bank, they don't need saved.
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Joined Dec 2014
L6: Expert
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unknownanonymous
05-10-2023 at 08:52 AM.
05-10-2023 at 08:52 AM.
To all those who have opened 4.8% no penalty CD last month and are wondering how to move the money to this new offer:
1. Open a new no-penalty CD account
2. In the funding page for this new CD account, select existing Cit bank account and point it to the older CD. It will transfer all the $ amount from older CD to new CD account
3. Money should move to the new account and old account should be with $0 balance. New account will be with all the interest accrued till date.
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Last edited by unknownanonymous May 15, 2023 at 10:24 AM.

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everestsun
05-10-2023 at 09:23 AM.
05-10-2023 at 09:23 AM.
Quote from ArthurT4614 :
Is there anyway to do this with $$ that's in ROTH account and without taking it out of Roth account?
If your ROTH IRA is held by a brokerage, you might be able to buy one of the following money market funds at your brokerage.

Schwab Value Advantage Money Fund SWVXX current yield 4.84% https://www.schwabassetmanagement...ucts/swvxx

Vanguard Treasury Money Market Fund VUSXX current yield 4.73% https://investor.vanguard.com/inv...usxx#price
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