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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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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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Calculate your expected return, the tax bracket that the extra income will fall in, & then increase your tax withholding at work to cover the difference.
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Matter of opinion. I'm not shooting for a refund, I'm shooting to not owe anything at tax time.
For example, I'd rather pay $100 per paycheck instead of having to pay $2600 all at once at tax time. That's just my take on it though.
Alternatively, you can have them close the accounts and put the funds into the savings account, then you can create the CDs and fund them out of the savings account.
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.
You on the account - $250,000 insurance
Spouse on the account - $250,000 insurance
You and Spouse on the account together - $500,000 insurance
You on the account with the account titled as Paid on Death to your spouse - $250,000
Your spouse on the account with the account titled as Paid on Death to you - $250,000.
Single accounts, Joint accounts, and Trust accounts are all 3 different categories available to every person working with FDIC banks. The FDIC has a pretty clear FAQ with examples given on their website. Spend 30 minutes reading it. If you die your spouse will have your certificate of death and as your executor will be able to take your bank accounts without them being listed as the beneficiary. Use that to your advantage to create an extra $500,000 of FDIC coverage.
I have just outlined $1,500,000 of FDIC coverage at a single bank. If you have any children you can loop them into the insurance limits as beneficiaries increasing it even more. Each spouse can independently use each child for $250,000 additional insurance. If you have 1 kid you can get $500,000 more of FDIC coverage with $250k extra through you to your child, $250k extra through your spouse to your child. This works with every single child. FDIC coverage limit is only $250k for those who are extremely ignorant of their policy. Sadly, most people are extremely ignorant of their policy. There is even more that you can do, and the FDIC coverage limits are per bank and certain retirement accounts are a separate category from the other accounts. You can use 10 different (unaffiliated) banks and have $20,000,000 in cash covered by FDIC with proper account utilization as just a married couple with no children.
Education will dispel hysteria. I highly suggest spending 30 minutes learning about it from the FDIC.gov website instead of from the hysteria driven internet commenters that don't even have $250,000 in cash and have never read an FDIC guideline in their life.
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E.g.
Deposit $12,000 into CIT savings, its available for use.
Close 4.8% CD of $15,000 opened May 3rd. CD closure deposits $15,035.46 into savings.
Open 4.9% CD for $27,034.46. New CD earns $3.63 per day.
Savings account has $1 remaining.