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CIT Bank 11 Month No-Penalty CD: Earn Expired

4.90% APY*
-24 Deal Score
294,367 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
294,367 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 Mar 2010
L3: Novice
> bubble2 113 Posts
22 Reputation
dontgetscammed
08-09-2023 at 07:44 AM.
08-09-2023 at 07:44 AM.
Quote from baraclude :
T bills ftw. No federal tax.

"Interest from Treasury bills (T-bills) is subject to federal income taxes but not state or local taxes"
Reply
Joined Nov 2009
L5: Journeyman
> bubble2 1,513 Posts
95 Reputation
baraclude
08-09-2023 at 07:47 AM.
08-09-2023 at 07:47 AM.
Quote from dontgetscammed :
"Interest from Treasury bills (T-bills) is subject to federal income taxes but not state or local taxes"

Oops, you are correct. I got that mixed up.
Reply
Joined Nov 2011
L7: Teacher
> bubble2 2,550 Posts
357 Reputation
Taint
08-09-2023 at 03:17 PM.
08-09-2023 at 03:17 PM.
Quote from Selman :
Can you buy them through a brokerage like Fidelity or Vanguard or is that a bad idea?

Fidelity has 3 month CDs paying over 5%
1
Reply
Joined Jul 2010
YӨЦЯ FishyΣƧƬ ПIGΉƬMΛЯΣ
> bubble2 4,211 Posts
1,719 Reputation
Selman
08-09-2023 at 03:21 PM.
08-09-2023 at 03:21 PM.
Quote from Taint :
Fidelity has 3 month CDs paying over 5%
Why would anyone want that over a T-bill paying 5.4% that could be sold on the secondary market if needed?
Reply
Joined May 2006
L7: Teacher
> bubble2 2,499 Posts
394 Reputation
tivoboy
08-11-2023 at 08:06 AM.
08-11-2023 at 08:06 AM.
Quote from Selman :
Why would anyone want that over a T-bill paying 5.4% that could be sold on the secondary market if needed?

There still can be volatility in the t-bill pricing over the period, sometimes significant. the CD htm will not. Well the t-bill htm will not either, but a principle returnable cd with no penalty will not. It's a bit esoteric for sure. Personally, not needing the money any higher yield guaranteed to maturity is better.
Reply
Joined Jul 2010
L6: Expert
> bubble2 1,159 Posts
78 Reputation
lenser
08-11-2023 at 09:10 AM.
08-11-2023 at 09:10 AM.
Why get a CD for 4.9% when you can get over 5% with high yield savings account?
Reply
Joined Jul 2010
YӨЦЯ FishyΣƧƬ ПIGΉƬMΛЯΣ
> bubble2 4,211 Posts
1,719 Reputation
Selman
08-11-2023 at 09:41 AM.
08-11-2023 at 09:41 AM.
Quote from tivoboy :
There still can be volatility in the t-bill pricing over the period, sometimes significant. the CD htm will not. Well the t-bill htm will not either, but a principle returnable cd with no penalty will not. It's a bit esoteric for sure. Personally, not needing the money any higher yield guaranteed to maturity is better.
There's no volatility at all once the T-bill is secured.

If I buy one year T-bills for $995. It will pay $1000 guaranteed at maturity. That would equal 5% APY with zero volatility.
Reply
Last edited by Selman August 11, 2023 at 09:48 AM.

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Joined May 2006
L7: Teacher
> bubble2 2,499 Posts
394 Reputation
tivoboy
08-11-2023 at 09:47 AM.
08-11-2023 at 09:47 AM.
That's why I said "at maturity only" but in the interim there can be significant volatility depending on many factors. Like march 2023 for example. Or march 2022 for that matter.
Reply
Joined Oct 2010
L2: Beginner
> bubble2 79 Posts
10 Reputation
ElDanger6969
08-14-2023 at 11:32 AM.
08-14-2023 at 11:32 AM.
Quote from lenser :
Why get a CD for 4.9% when you can get over 5% with high yield savings account?

Because any savings account interest is variable? CDs are locked in and w/ this one you can withdraw at any time w/o penalty.
Reply
Joined Oct 2010
L2: Beginner
> bubble2 79 Posts
10 Reputation
ElDanger6969
08-14-2023 at 11:38 AM.
08-14-2023 at 11:38 AM.
Quote from Selman :
There's no volatility at all once the T-bill is secured.

If I buy one year T-bills for $995. It will pay $1000 guaranteed at maturity. That would equal 5% APY with zero volatility.

Problem is if you want to take the money out before maturity and rates have gone up you will be effectively be getting a lower interest rate.
Reply
Joined Jul 2010
YӨЦЯ FishyΣƧƬ ПIGΉƬMΛЯΣ
> bubble2 4,211 Posts
1,719 Reputation
Selman
08-14-2023 at 12:06 PM.
08-14-2023 at 12:06 PM.
Quote from mouthmechanic16 :
Problem is if you want to take the money out before maturity and rates have gone up you will be effectively be getting a lower interest rate.

If you take an early withdrawal penalty on a CD it would be a worse consequence, so that still doesn't seem to be a good reason to choose a 4.9% CD over a 5.4% T-bill.
Reply
Joined Dec 2007
L5: Journeyman
> bubble2 695 Posts
376 Reputation
breakingnews
08-14-2023 at 12:18 PM.
08-14-2023 at 12:18 PM.
Quote from Ssalasar :
CIT bank SUCKS!!!!! Their mobile app is outdated and desktop such a pain in the a**.
Usernames are case sensitive! In what era are you CIT!!

Wife hates and yours will too
That is strange ...fortunately, I never had any issues with desktop version. Crossing my fingers Smilie
Reply
Joined Jul 2019
L2: Beginner
> bubble2 51 Posts
10 Reputation
SkillfulSnow8955
08-14-2023 at 12:28 PM.
08-14-2023 at 12:28 PM.
Same bank, platinum saving 5.05% APY right now
Reply
Joined Jul 2008
L4: Apprentice
> bubble2 333 Posts
149 Reputation
rickster9
08-17-2023 at 07:24 PM.
08-17-2023 at 07:24 PM.
Does anyone think interest rates are headed down and therefore it might make sense to open a four or five year CD account instead?
Reply

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Joined Sep 2010
L2: Beginner
> bubble2 39 Posts
110 Reputation
tlarson
08-19-2023 at 01:38 PM.
08-19-2023 at 01:38 PM.
I just called and closed my 11 Month No Penalty CD on the 19th of the month and am here to confirm the interest from the 19 days was added to the balance transferred to my savings. I already had a Platinum Savings account with CIT bank and it was super easy to do. I had to call to make the transfer and was a little apprehensive hearing that some people have had issues with their phone service. But it was really painless.

I called 855-462-2652 and when the automated number prompts came on I skipped the options by pressing "0" I was then transferred and heard a message saying something like "Thank you for calling, due to our high interest rates call times may be longer than expected." But right after that message I heard one ring and someone answered (speaking perfect English so I'm assuming they are in the US.)

I told the woman on the phone I would like to close my CD and transfer the balance to my savings account. I didn't need to know any account numbers, she just asked me for my name, email address, and one security question from when I set up my account. As the account loaded she asked if I was transferring for the better interest rates.

She confirmed I would like the money from the CD transferred to my savings, stated the amount, when confirmed she said "The transfer has been completed and you should see it posted immediately."

I checked my online account and saw my savings account had a pending transaction for the amount that was in my CD plus interest and that was it.

When I hung up my iPhone said the whole call was 4:31.

I was expecting the call to be at least 10 minutes, but it was super smooth and easy.
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