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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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Can you explain how you got to this? It looks like you did 100k x 4.9% then divided by 12 months. But is that really how is calculated? If not, what's the best explanation to calculate it?
That's correct, my rough calculation will underestimate by a bit, but demonstrates roughly how much you could make in a month. To do it correctly you'd need to account for the compounding interest. You can find the formula here: https://www.thecalculat
Or you can just Google "compound interest calculator" to do it easily online.
On $100k over a year that 0.1% would be ~$105 when compounding daily. I think the biggest benefit here is that you can keep a 4.9% rate if rates go down, or take it out with no penalty and roll it into something else if rates go up.
Just closed out my 4.8% no penalty CD and reupped with this. Thanks
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This is not an issue with Ally bank. However, Ally bank has a substantially worse APY at the moment (4.25% vs 4.9%). So you will literally make less money using ally banks better banking UI that offers greater control. If CIT and Ally ever have identical rates, Ally is a much better choice. FWIW I have CDs at both banks.
It's a bit of a pain in the ass, but you can also extend your 11 month no penalty CD duration by closing and reopening the CDs every so often. For example if you have had an 11 month no penalty CD with CIT bank for the last 2 months, you only have 9 months of the rate left. But if you close all of those CDs while they are still offering 4.9%, and then reopen them all, you now have another 11 months. Meaning you will have earned 13 months of the interest guaranteed, vs 11 months if you didn't close and reopen. If you have CDs imo it is worth closing and reopening them all once a month, as long as the rate is still the same or better. Eventually the rate will be worse than what you have secured. By extending it through closing and reopening CDs, granting you extra months, you will make a lot of extra money.
Where can I find this Citizens CD?
Which broker?
My ONLY complaint is that their app gives me a message "Sorry, our system is currently unavailable. Please try again later or call us 24/7 for help."
The website allows me to check my balance so I no longer use the useless app.
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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?
How do I know? I had to close my CD (opened through this post) two weeks after opening it due to change of financial plan and still got some interest back. I just called in, CS spoke fluent English, quickly walked me through writing a secure message to request closing account. The phone call took less than 10 minutes and fund was transferred back to my original bank account in 3 business days. The customer service experience is great.