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CIT Bank 11 Month No-Penalty CD: Earn Expired

4.90% APY*
-24 Deal Score
294,365 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
294,365 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 Jan 2013
L2: Beginner
> bubble2 44 Posts
14 Reputation
mtthwpkl
08-21-2023 at 06:23 PM.
08-21-2023 at 06:23 PM.
High yield savings account have better rates. Not worth doing a CD
Reply
Joined Apr 2018
L6: Expert
> bubble2 1,684 Posts
167 Reputation
krnprogamer
08-21-2023 at 07:47 PM.
08-21-2023 at 07:47 PM.
Quote from mtthwpkl :
High yield savings account have better rates. Not worth doing a CD
Might as well go with Tbills at these rates and not pay state tax on interest earnings.
Reply
Joined Apr 2018
L6: Expert
> bubble2 1,684 Posts
167 Reputation
krnprogamer
08-21-2023 at 07:51 PM.
08-21-2023 at 07:51 PM.
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.
If you are worried about volatility in the t-bill..just buy the 26/52 weeks tbills lol
Reply
Joined Mar 2010
L3: Novice
> bubble2 113 Posts
22 Reputation
dontgetscammed
08-21-2023 at 09:53 PM.
08-21-2023 at 09:53 PM.
Quote from Selman :
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.

It's a no penalty CD. So there is no consequence. Rather have 4.9% in a liquid CD than 5%+ locked in for a year.
Reply
Joined Jul 2010
YӨЦЯ FishyΣƧƬ ПIGΉƬMΛЯΣ
> bubble2 4,211 Posts
1,719 Reputation
Selman
08-22-2023 at 03:33 AM.
08-22-2023 at 03:33 AM.
Quote from dontgetscammed :
It's a no penalty CD. So there is no consequence. Rather have 4.9% in a liquid CD than 5%+ locked in for a year.

T-bills can be sold on the secondary market so it's a false comparison to say a t-bill is illiquid. It's also disingenuous to call a CD that has major penalties for early withdrawal liquid.
Reply
Joined Jun 2013
L3: Novice
> bubble2 167 Posts
42 Reputation
DJHams
08-26-2023 at 08:22 PM.
08-26-2023 at 08:22 PM.
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.

Same. We've been with them since they were GMAC bank, so since 2005 or so. I don't think we will ever leave them.They are our main bank, but CDs are better elsewhere, so we haven't had any CDs with them in years.
Reply
Joined Mar 2007
L3: Novice
> bubble2 270 Posts
102 Reputation
skoopie
08-27-2023 at 10:05 AM.
08-27-2023 at 10:05 AM.
Maybe this is a silly question, but vanguard unused cash money market is higher than this cd rate. And interest rates aren't expected to go down anytime soon so mm rate isn't getting lower. So this cd costs money in comparison. Am I missing something?
Reply

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Joined Nov 2012
L3: Novice
> bubble2 131 Posts
14 Reputation
E30Andrew
08-28-2023 at 07:55 AM.
08-28-2023 at 07:55 AM.
I opened a Platinum Savings account with CiT a while ago. Depositing/transferring into it was easy, 5.05% APY is nice, no complaints so far. Their android app is a little lack luster, but it gets the job done I suppose.
Reply
Joined Oct 2011
L3: Novice
> bubble2 247 Posts
105 Reputation
tinlikethemetal
08-28-2023 at 01:23 PM.
08-28-2023 at 01:23 PM.
My local DCU in MA has 5.3% 7month CD offer - check it out if there's one in your state
Reply
Joined Apr 2016
L2: Beginner
> bubble2 47 Posts
10 Reputation
JonasA7275
08-28-2023 at 05:47 PM.
08-28-2023 at 05:47 PM.
You can make more money in money market accounts without locking in for almost a year. These CDs at this point are nonsense
Reply
Joined Apr 2016
L2: Beginner
> bubble2 47 Posts
10 Reputation
JonasA7275
08-28-2023 at 05:48 PM.
08-28-2023 at 05:48 PM.
Quote from skoopie :
Maybe this is a silly question, but vanguard unused cash money market is higher than this cd rate. And interest rates aren't expected to go down anytime soon so mm rate isn't getting lower. So this cd costs money in comparison. Am I missing something?

You're not. Makes no sense to put your money in a CD when it's lower than money market funds.
Reply
Joined Feb 2008
L4: Apprentice
> bubble2 341 Posts
137 Reputation
michaelh888
08-29-2023 at 10:47 AM.
08-29-2023 at 10:47 AM.
FMPXX Fidelity money market fund 7 day yield currently at 5.28%
Reply
Joined Jan 2022
New User
> bubble2 17 Posts
10 Reputation
SiennaRock6321
08-29-2023 at 08:35 PM.
08-29-2023 at 08:35 PM.
Quote from michaelh888 :
FMPXX Fidelity money market fund 7 day yield currently at 5.28%

The one with a 1million dollar minimum? Lol
Reply
Joined Nov 2018
L5: Journeyman
> bubble2 505 Posts
34 Reputation
Usermeme
08-30-2023 at 05:05 PM.
08-30-2023 at 05:05 PM.
Quote from Selman :
Can you buy them through a brokerage like Fidelity or Vanguard or is that a bad idea?

Why not buy through treasurydirect directly??
Reply

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Joined Aug 2023
L3: Novice
> bubble2 210 Posts
14 Reputation
lostmyoldsdaccount
08-30-2023 at 09:56 PM.
08-30-2023 at 09:56 PM.
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.

I would watch news on Ally. They might have some issues next year
Reply
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