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CIT Bank 11 Month No-Penalty CD: Earn Expired

4.90% APY*
-24 Deal Score
294,612 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
294,612 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 Nov 2005
L4: Apprentice
> bubble2 316 Posts
26 Reputation
rajpura
05-11-2023 at 07:51 AM.
05-11-2023 at 07:51 AM.
How do you actually know T bill rate at treasury direct site all I see current auction and past auctions yields
Reply
Joined Nov 2003
Not Politically Correct
> bubble2 5,169 Posts
1,117 Reputation
xcopy
05-11-2023 at 06:04 PM.
05-11-2023 at 06:04 PM.
Quote from Threemonthtresuries :
3 month tax free treasuries
5.28%

That's a much better deal. This post is not a deal IMO.
Reply
Joined Nov 2003
Not Politically Correct
> bubble2 5,169 Posts
1,117 Reputation
xcopy
05-11-2023 at 06:08 PM.
05-11-2023 at 06:08 PM.
Quote from noeffort :
banks deemed to big to fail:
JPMorgan Chase, Citigroup, Bank of America, Wells Fargo, BNY Mellon, Goldman Sachs, Morgan Stanley & State Street....
Have my IRA in one year brokerage CD's with couple of the above..
Your $'s are protected under $250k with FDIC, or if you're a friend of Janet Yellen and then she'll break every rule possible to refund you just like SVB....
Reply
Joined Aug 2005
== DesiHokie ==
> bubble2 145 Posts
47 Reputation
desidealmaster
05-11-2023 at 06:39 PM.
05-11-2023 at 06:39 PM.
We just sold our house earlier this week and have a big chunk of cash from proceeds sitting in my Alliant CU account, earning only 3.1%. We're looking for a new house in a more expensive area that we're moving to so I do need the money to be readily available for down-payment on the new house when we find it.

In the meantime, I want my money to work harder than making 3.1% So, this week I have been looking for opportunities to put this money in another liquid-ish account to 1/ earn better interest and 2/ distribute money so I'm under $250K FDIC guarantee in each bank.

Is this the best opportunity in my case? Are you aware of any other account to park $250K in? I will prob need to open a few accounts to distribute the money I have in cash right now.
1
Reply
Joined Feb 2007
L10: Grand Master
> bubble2 1,055 Posts
273 Reputation
firstattack
05-11-2023 at 06:43 PM.
05-11-2023 at 06:43 PM.
Quote from FNwoz :
Go with their platinum savings. No sense given the difference in interest is like nothing.
Uh, nope, cuz their platinum savings could go down at any time. This locks in a 4.90% rate for 11 months and you can get out pretty easily if you needed.
Reply
Joined Nov 2010
L3: Novice
> bubble2 104 Posts
34 Reputation
adub5
05-11-2023 at 07:43 PM.
05-11-2023 at 07:43 PM.
Quote from lazykenji :
how about this 12 months no penalty CD 5.06%? anyone have used it?

https://www.savebetter.com/cd-acc...y-cd-rates
Savebetter has been discussed in other threads. It seems legitimate, but it uses a pool/custodian for your money at the various banks. There are questions as to how FDIC insurance would be handled if something were to happen to one of those banks in the chain. I think they are basically trying operate under the rules/laws for brokerages that offer CDs/fixed income options, so it's up to you if you trust them enough and/or think that everything would be handled correctly if there were any issues.
1
Reply
Joined Nov 2010
L5: Journeyman
> bubble2 571 Posts
14 Reputation
gcretro
05-11-2023 at 08:05 PM.
05-11-2023 at 08:05 PM.
Quote from everestsun :
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
But being mutual funds, there is no guarantee on the yield unlike say a 12 mo CD right? or am I missing something
Reply

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Joined Sep 2010
L3: Novice
> bubble2 171 Posts
212 Reputation
ColinB
05-12-2023 at 01:22 AM.
05-12-2023 at 01:22 AM.
Quote from skeleton516 :
Anyone know?

Since CIT seems to only posts the interest at the end of each month... what will happen to the 10 days of interest say if i take my money out today on 05/10 ?

Do we lose the 10 days? or will it get credited?
I can confirm it's credited.
Reply
Joined Nov 2004
L7: Teacher
> bubble2 2,300 Posts
562 Reputation
_A2
05-12-2023 at 06:44 AM.
05-12-2023 at 06:44 AM.
Quote from FNwoz :
Go with their platinum savings. No sense given the difference in interest is like nothing.

Good point, but the difference in interest is nothing until it's something :-). Meaning, until the Fed decides to lower rates. If the fed drops rates, Platinum Savings will no longer be 4.85%... it'll be 4.75% or 4.50%... while the CD will continue to be at 4.90% until maturity. With enough money in enough CD's, that can add up to a few hundred or a few thousand dollars of difference.
Reply
Joined Jun 2011
L5: Journeyman
> bubble2 626 Posts
122 Reputation
Pro
zcsrs
05-12-2023 at 08:18 AM.
05-12-2023 at 08:18 AM.
Quote from patelpa4 :
3-month New issue CDs on fidelity are sitting around 5.10 right now
This one？


UNITED STATES TREAS BILLS ZERO CPN 0.00000% 08/17/2023

Treasury As of May-12-2023 9:16:56 AM ET

5.011%
Maturity date

08/17/2023
1
Reply
Joined Aug 2009
Buy Now. Think Later.
> bubble2 17,433 Posts
8,266 Reputation
Pro
PocketsThick
05-13-2023 at 02:15 AM.
05-13-2023 at 02:15 AM.
Quote from _A2 :
Good point, but the difference in interest is nothing until it's something :-). Meaning, until the Fed decides to lower rates. If the fed drops rates, Platinum Savings will no longer be 4.85%... it'll be 4.75% or 4.50%... while the CD will continue to be at 4.90% until maturity. With enough money in enough CD's, that can add up to a few hundred or a few thousand dollars of difference.
Unless something breaks, the fed isn't lowering rates any time soon. Either more rate hikes or a long term pause. That's the game plan.
Reply
Joined Dec 2009
L4: Apprentice
> bubble2 385 Posts
45 Reputation
TrendyBull
05-13-2023 at 03:35 AM.
05-13-2023 at 03:35 AM.
Quote from GlenC3825 :
I've been laddering since we got over 4%. Trunches of $10k -$25k. Today got 5.2% 90 days. That's the longest I'm going till rate increases stop. 13 week cycles $20k comes due every week. 4.1-5.2%. If we get to long term 6% or better. I'll lock long.
I manage all my stocks, cd's, and treasuries in TD Ameritrade. All CD's auto cash on maturity so no auto-renewals to track.

UMPQUA BANK (OR)
5.2% FDIC.

Umpqua Bank is offering 5.2%?? On what product?
Reply
Joined Oct 2014
L2: Beginner
> bubble2 83 Posts
26 Reputation
jbrw
05-13-2023 at 08:49 AM.
05-13-2023 at 08:49 AM.
CIT is a terrible company. I unwittingly used them for a machine loan purchase. They lied about the interest rate and I only realized when I went to look into a second machine purchase.

Caught them making up a fake financing rate term, "Annual Finance Rate" to which they would calculate the percentage wrong to make it look like ~5% when it was actually ~9%.

Sales person admitted it when I called it out.

Disgusting company.
Reply
Joined Feb 2014
L2: Beginner
> bubble2 83 Posts
14 Reputation
StephenH5221
05-13-2023 at 02:15 PM.
05-13-2023 at 02:15 PM.
Quote from Threemonthtresuries :
3 month tax free treasuries
5.28%

How do you get them tax free? Link? TIA.
Reply

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Joined Aug 2011
L4: Apprentice
> bubble2 485 Posts
80 Reputation
spartanerik
05-14-2023 at 06:31 AM.
05-14-2023 at 06:31 AM.
Quote from StephenH5221 :
How do you get them tax free? Link? TIA.

They're tax free at the state and local level. Look up Treasury direct. Super primitive site, but works. Still have to report your 1099-INT.
Reply
Last edited by spartanerik May 14, 2023 at 04:48 PM.
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