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CIT Bank 11 Month No-Penalty CD: Earn Expired

4.90% APY*
-24 Deal Score
294,464 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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Deal
Score -24
294,464 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
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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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Joined Feb 2016
L3: Novice
> bubble2 171 Posts
18 Reputation
rookie33333
07-06-2023 at 07:12 PM.
07-06-2023 at 07:12 PM.
Quote from NeatTank3537 :
I didn't say it isn't. I am just saying for people complaining that CIT has a bad app or customer service, it doesn't even matter that much, once you put in your money, you likely won't even contact them until you need to withdraw it.

No benefit to CDs? WTF? I would say getting around 5% interest or more on your money without lifting a finger is an incredible benefit.

5% is nice, but SOFI is currently offering 4.3% without any restrictions and comes with an all inclusive app (credit monitoring, Relay, Vaults, Convenience, etc...) I'd be willing to bet that CIT has some sort of minimum deposit attached to their CD (probably 1k at the minimum) and comes with the hassle of a traditional bank (apart of First Citizens I believe). If none of that bothers you, than go for it. Sofi just seems like the equivalent of 4k streaming whereas traditional banks are VHS.
3
Reply
Joined Nov 2022
L2: Beginner
> bubble2 78 Posts
18 Reputation
NeatTank3537
07-06-2023 at 07:18 PM.
07-06-2023 at 07:18 PM.
Quote from rookie33333 :
5% is nice, but SOFI is currently offering 4.3% without any restrictions and comes with an all inclusive app (credit monitoring, Relay, Vaults, Convenience, etc...) I'd be willing to bet that CIT has some sort of minimum deposit attached to their CD (probably 1k at the minimum) and comes with the hassle of a traditional bank (apart of First Citizens I believe). If none of that bothers you, than go for it. Sofi just seems like the equivalent of 4k streaming whereas traditional banks are VHS.
maybe that matters to you, but not to me and probably many others. As long as the bank is reputable and is FDIC insured, most people don't need any of that stuff for a CD. They just put in their money and don't even contact the bank until the maturity date to withdraw, so it's best to just find the biggest APY %. if you are putting in a large sum of money, 5% is a big difference to 4.3%.
Reply
Joined Feb 2016
L3: Novice
> bubble2 171 Posts
18 Reputation
rookie33333
07-06-2023 at 08:15 PM.
07-06-2023 at 08:15 PM.
Quote from NeatTank3537 :
maybe that matters to you, but not to me and probably many others. As long as the bank is reputable and is FDIC insured, most people don't need any of that stuff for a CD. They just put in their money and don't even contact the bank until the maturity date to withdraw, so it's best to just find the biggest APY %. if you are putting in a large sum of money, 5% is a big difference to 4.3%.

If you're looking for a place to park a lot of cash, this would be just fine. I'm guessing that Slickdeals isn't the site for people with large sums of money however 😉
2
Reply
Joined Dec 2016
L2: Beginner
> bubble2 84 Posts
14 Reputation
hks_2085
07-06-2023 at 08:21 PM.
07-06-2023 at 08:21 PM.
Quote from ElatedSoda4203 :
Just remember folks you still have to pay federal taxes on these.

Any other products where taxes are not applied ?
2
Reply
Joined Feb 2015
New User
> bubble2 12 Posts
14 Reputation
charmatt5000
07-08-2023 at 08:20 AM.
07-08-2023 at 08:20 AM.
I'm sure someone already said this, but you get a slightly higher rate with T-Bills and you only have to lock the money up for 4 weeks. Also depending on your state, no state tax https://www.treasurydirect.gov/ma...ury-bills/
1
Reply
Joined Jul 2019
L6: Expert
> bubble2 1,415 Posts
22 Reputation
ditto33
07-09-2023 at 05:41 AM.
07-09-2023 at 05:41 AM.
So how much I would earn for $10.000 with this deal, tnx.
2
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Joined Dec 2014
L5: Journeyman
> bubble2 898 Posts
187 Reputation
videotrader
07-09-2023 at 06:01 AM.
07-09-2023 at 06:01 AM.
Quote from ditto33 :
So how much I would earn for $10.000 with this deal, tnx.

Probably a little over 500 with the daily compounded interest over a year if you mean 10,000
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Joined Jul 2019
L6: Expert
> bubble2 1,415 Posts
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ditto33
07-09-2023 at 06:02 AM.
07-09-2023 at 06:02 AM.
Quote from videotrader :
Probably a little over 500 with the daily compounded interest over a year if you mean 10,000

Yup, tnx.
Reply
Joined Oct 2015
L8: Grand Teacher
> bubble2 3,868 Posts
594 Reputation
pyroskater85
07-12-2023 at 09:47 AM.
07-12-2023 at 09:47 AM.
Quote from MsGal :
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.

How fast are their ACH transfers? If I need emergency money how quickly and how much can you transfer?
Reply
Joined Mar 2010
L3: Novice
> bubble2 113 Posts
22 Reputation
dontgetscammed
07-12-2023 at 05:13 PM.
07-12-2023 at 05:13 PM.
Quote from rookie33333 :
5% is nice, but SOFI is currently offering 4.3% without any restrictions and comes with an all inclusive app (credit monitoring, Relay, Vaults, Convenience, etc...) I'd be willing to bet that CIT has some sort of minimum deposit attached to their CD (probably 1k at the minimum) and comes with the hassle of a traditional bank (apart of First Citizens I believe). If none of that bothers you, than go for it. Sofi just seems like the equivalent of 4k streaming whereas traditional banks are VHS.

Pretty sure you need to have direct deposit with SoFi to qualify.
Reply
Joined Mar 2010
L3: Novice
> bubble2 113 Posts
22 Reputation
dontgetscammed
07-12-2023 at 06:20 PM.
07-12-2023 at 06:20 PM.
Quote from rookie33333 :
5% is nice, but SOFI is currently offering 4.3% without any restrictions and comes with an all inclusive app (credit monitoring, Relay, Vaults, Convenience, etc...) I'd be willing to bet that CIT has some sort of minimum deposit attached to their CD (probably 1k at the minimum) and comes with the hassle of a traditional bank (apart of First Citizens I believe). If none of that bothers you, than go for it. Sofi just seems like the equivalent of 4k streaming whereas traditional banks are VHS.

.7% is a big deal to most. If you're worried about the $1k minimum it probably isn't a big deal but it really depends on your situation. From what I read is SoFi requires direct deposit to qualify. If that's the case this deal is more convenient for most. 11-Month No-Penalty CD at 4.90% APY with $1,000 minimum to open. The 11-month CD keeps a fixed rate, but has no withdrawal penalty seven days or later after funds have been received. This means (1) high rate now, (2) interest rate will never go down during the term, (3) interest rate can still go up, and (4) all funds stay fully liquid. (If you have an existing No Penalty CD that you want to close and open up a new one, please see my instructions below.)
Reply
Last edited by dontgetscammed July 12, 2023 at 06:27 PM.
Joined Aug 2012
L2: Beginner
> bubble2 75 Posts
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jgu1394
07-13-2023 at 09:27 AM.
07-13-2023 at 09:27 AM.
Opened account 👍 thanks
Reply
Joined Jul 2014
L3: Novice
> bubble2 264 Posts
141 Reputation
toodles_co
07-15-2023 at 03:27 AM.
07-15-2023 at 03:27 AM.
Quote from pyroskater85 :
How fast are their ACH transfers? If I need emergency money how quickly and how much can you transfer?

Not fast at all. Took over a week. First you have to email them (secure message). Then, you get a response in 2 days, then another couple of days later money gets taken from your account, and then eventually money makes it another few days later. I am not going back until they make it seamless and self-service
Reply
Joined Feb 2015
L5: Journeyman
> bubble2 794 Posts
554 Reputation
Pro
yooperwoman
07-15-2023 at 05:30 AM.
07-15-2023 at 05:30 AM.
5.25% APY, but variable.

https://www.betterment.com/affili...tner-offer
Reply
Last edited by pur | Staff July 30, 2023 at 11:07 AM.

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Joined Apr 2013
L5: Journeyman
> bubble2 644 Posts
177 Reputation
dajohn17
07-15-2023 at 04:24 PM.
07-15-2023 at 04:24 PM.
Quote from moneymoneyohoh :
Is Ally bank increasing APY of No-Penalty CDs?

Their high yield savings is already at like 4%
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