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CIT Bank 11 Month No-Penalty CD: Earn Expired
4.90% APY*
CIT Bank, our partner, offers the following benefits with their No-Penalty CD.
Thanks to community member psychojinx for sharing this deal.
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
Original Post
Written by
Edited May 9, 2023
at 10:03 AM
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
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CIT Bank
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Awful , awful reviews
https://wallethub.com/profile/fir...-13003328i
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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Is there a question during application or did you get to know after applying?
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.
I'd recommend just a high yield savings account. There are many options above 4% but I'd recommend Wealthfront. They're at 4.55% but with a referral, you could get a .5% boost for 3 months (on just $250k, the rest is at the 4.55%). The good thing about them is they split your money into many banks so the traditional 250k for singles and 500k for joint account FDIC doesn't really apply to them. They take your deposits and split it so that each bank account won't go over the 250k fdic insurance rate and so you're insured for millions
Incoming and outgoing transfers or withdrawals always takes more days like expect 5-7 days.
Even direct deposits are like a day delay or just sits at pending.
App and UI sucks
Mostly you end-up using their website if anything more details if you need
They don't have number any limitations on withdrawals and transfers like UFB direct ,its good thing
If you just need interest and keep you money over there for sometime then its good
I use cit,ufb and sofi savings and checking
Pros:
1. Easy account opening
2. Interest rate auto adjusts with changes (in this market as rates go up, nothing to do - no need to open a new account).
3. Able to reach a customer service rep over phone for questions.
4. With Checking, free overdraft with Savings but needs to be set up while opening.
5. Part of much larger First Citizens Bank (who bought SVB - fairly sure the regulators would have done a lot of due diligence on FCB).
6. No limitations on number of withdrawals in a month.
7. Low risk upto $250K as FDIC insured.
Cons:
1. Minimum deposit of $5000 to get the APY.
2. Funds not available immediately (moving in or out) but then this is HYSA to park funds not for day-to-day or frequent transactions like Checking account.
3. Taxable (if state has tax, T-Bills give better returns).
4. Minimal app/website features but if you are using your Savings account daily, that is a whole another topic - this account is not for you (unless you workaround with checking + overdraft savings - do your due diligence/YMMV for this set up).
5. Works upto $250K due to FDIC (above that, check T-Bills).
General feedback:
Other financial instruments (T-Bills, CDs, Money Market) can beat this rate but one needs to understand each and each have slightly different purpose/effects - risk, liquidity, tax, etc.
Weird but some customers seem to be denied an HYSA by CIT.
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I definitely don't recommend opening an account with them.
I definitely don't recommend opening an account with them.
www.cfpb.com. File a CFPB complaint rieght now and a letter to your state atty general. You can do all of this online. Dont just sit on your hands.
www.cfpb.com. File a CFPB complaint rieght now and a letter to your state atty general. You can do all of this online. Dont just sit on your hands.
Already field a complaint with FDIC. Didn't know about CFPB. Thanks!
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Webster Bank
APY: 9.18% APY
Save Market Savings Accounts are insured by Webster Bank, and deliver 9.18% APY for customers willing to commit to a 5-year term. Cashing in on this impressive interest rate is as simple as signing up online, choosing a deposit amount, selecting a term length, and picking an investment portfolio.
Your deposit is never at risk, but you'll still get market driven yields that pay out at the end of your pre-established investment term. It's a novel concept that pairs both the benefits of an investment account and the safety of a savings account.
https://walletgenius.com/save/the-top-interest-savings-accounts-for-2023/?utm_campaign=rsoc-wg-MSN-S... [walletgenius.com]
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---------------------------------------------------------------
9% is turning heads..
Webster Bank
APY: 9.18% APY
Save Market Savings Accounts are insured by Webster Bank, and deliver 9.18% APY for customers willing to commit to a 5-year term. Cashing in on this impressive interest rate is as simple as signing up online, choosing a deposit amount, selecting a term length, and picking an investment portfolio.
Your deposit is never at risk, but you'll still get market driven yields that pay out at the end of your pre-established investment term. It's a novel concept that pairs both the benefits of an investment account and the safety of a savings account.
https://walletgenius.com/save/the-top-interest-savings-accounts-for-2023/?utm_campaign=rsoc-wg-MSN-S... [walletgenius.com]
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