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CIT Bank 11 Month No-Penalty CD: Earn Expired

4.90% APY*
-24 Deal Score
294,320 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
294,320 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
08-30-2023 at 11:01 PM.
08-30-2023 at 11:01 PM.
Quote from Selman :
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.

What are the major penalties in a no penalty CD? Maybe I'm missing something. There is a penalty for selling a t-bill before maturity making a no penalty CD a great option for many. Nothing I said was disingenuous.
Reply
Last edited by dontgetscammed August 30, 2023 at 11:08 PM.
Joined Aug 2016
L9: Master
> bubble2 5,476 Posts
312 Reputation
duckeggs
08-31-2023 at 01:35 AM.
08-31-2023 at 01:35 AM.
So APY won't increase anymore? Thought interest rates will keep going up…
Reply
Joined Dec 2007
L8: Grand Teacher
> bubble2 3,513 Posts
592 Reputation
iahawks550
08-31-2023 at 03:02 AM.
08-31-2023 at 03:02 AM.
Quote from JonasA7275 :
You're not. Makes no sense to put your money in a CD when it's lower than money market funds.
It might make sense if you don't need the cd money and you get a guaranteed rate for a long term.
Reply
Joined Dec 2007
L8: Grand Teacher
> bubble2 3,513 Posts
592 Reputation
iahawks550
08-31-2023 at 03:04 AM.
08-31-2023 at 03:04 AM.
Quote from duckeggs :
So APY won't increase anymore? Thought interest rates will keep going up…
What exactly are you referring to?
Reply
Joined Jul 2022
L1: Learner
> bubble2 22 Posts
14 Reputation
CleverFriction1754
08-31-2023 at 11:34 AM.

Our community has rated this post as helpful. If you agree, why not thank CleverFriction1754

08-31-2023 at 11:34 AM.
Pro Tip: Open a Fidelity brokerage account, cash management account, and Roth IRA account. Use the brokerage account as savings account. Fidelity sweeps any uninvested money in their brokerage and retirement accounts into their Money Market fund, which is getting 4.97% APR right now. Use the cash management account as a checking account (you can open a debit card for it). Only transfer money to the cash management account when you need to use it, since it doesn't sweep automatically into the same high interest Money Market as the brokerage and retirement accounts, and you may forget to manually place the funds into the higher interest Money Market fund.

If you're building an emergency savings account and/or saving for a large purchase (house down payment) and don't think you'll max the Roth and keep the money in it, keep your savings in the Roth to max it out. You can withdraw contributions to the Roth without penalty. When you make the large purchase and withdraw your contributions, you can then leave in any interest gained from the Money Market sweep and it will continue to earn interest tax-free for retirement. If you want to use the interest earned immediately, however, then just leave it in the brokerage. Just remember that you'll be taxed on it as income, just like in a CD.

If you're uncertain about being able to contribute to a Roth or standard IRA, remember, you have until Tax Day to contribute for the previous year (April 2024 to contribute for 2023).

This is much better and much more liquid than a CD, and it's taxed at the same rate (or not at all for Roth gains). Vanguard has a higher yield Money Market sweep, but they don't have a debit card account that can act as checking. Not sure about Schwab.
1
Reply
Joined Jul 2010
YӨЦЯ FishyΣƧƬ ПIGΉƬMΛЯΣ
> bubble2 4,211 Posts
1,719 Reputation
Selman
08-31-2023 at 02:16 PM.
08-31-2023 at 02:16 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?
That's what I ended up doing. I buy short term 4-8 week t-bills at about 5.3-5.4%, but when it falls back into a Vanguard money market account, I'm still making 5.1%.
Reply
Joined Jul 2010
YӨЦЯ FishyΣƧƬ ПIGΉƬMΛЯΣ
> bubble2 4,211 Posts
1,719 Reputation
Selman
08-31-2023 at 02:19 PM.
08-31-2023 at 02:19 PM.
Quote from CleverFriction1754 :
Pro Tip: Open a Fidelity brokerage account, cash management account, and Roth IRA account. Use the brokerage account as savings account. Fidelity sweeps any uninvested money in their brokerage and retirement accounts into their Money Market fund, which is getting 4.97% APR right now. Use the cash management account as a checking account (you can open a debit card for it). Only transfer money to the cash management account when you need to use it, since it doesn't sweep automatically into the same high interest Money Market as the brokerage and retirement accounts, and you may forget to manually place the funds into the higher interest Money Market fund.

If you're building an emergency savings account and/or saving for a large purchase (house down payment) and don't think you'll max the Roth and keep the money in it, keep your savings in the Roth to max it out. You can withdraw contributions to the Roth without penalty. When you make the large purchase and withdraw your contributions, you can then leave in any interest gained from the Money Market sweep and it will continue to earn interest tax-free for retirement. If you want to use the interest earned immediately, however, then just leave it in the brokerage. Just remember that you'll be taxed on it as income, just like in a CD.

If you're uncertain about being able to contribute to a Roth or standard IRA, remember, you have until Tax Day to contribute for the previous year (April 2024 to contribute for 2023).

This is much better and much more liquid than a CD, and it's taxed at the same rate (or not at all for Roth gains). Vanguard has a higher yield Money Market sweep, but they don't have a debit card account that can act as checking. Not sure about Schwab.
Vanguard not only pays more interest, but the expense ration is a fraction of what Fidelity charges. I have a Fidelity account and a Vanguard. While the economy seems doomed to stagflation, Vanguard wins for me. Fidelity will end up paying about 4.5% and Vanguard will be about 5.1%. That's a $600 difference per year on $100,000.
Reply

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Joined Feb 2023
L3: Novice
> bubble2 159 Posts
88 Reputation
Kbia
08-31-2023 at 02:33 PM.
08-31-2023 at 02:33 PM.
Latest from Vanguard
Reply
Joined Nov 2010
L3: Novice
> bubble2 216 Posts
48 Reputation
paperinmypockets
08-31-2023 at 04:41 PM.
08-31-2023 at 04:41 PM.
Screw this bank
Reply
Joined Feb 2008
L4: Apprentice
> bubble2 341 Posts
137 Reputation
michaelh888
08-31-2023 at 08:33 PM.
08-31-2023 at 08:33 PM.
Checked today at Fidelity. 1 year Chase CD is 5.6%.
Reply
Joined Mar 2020
L3: Novice
> bubble2 104 Posts
10 Reputation
Doctor_Pro40
09-01-2023 at 05:49 PM.
09-01-2023 at 05:49 PM.
Cit Bank is a joke. They put you though hoops to open an account and then deny you. Go to vanguard, open with them. They have a money market fund 5.27% VMFXX
Reply
Joined Dec 2021
New User
> bubble2 11 Posts
14 Reputation
GreyLadybug5590
09-03-2023 at 07:14 AM.
09-03-2023 at 07:14 AM.
Fidelity never gave me the $100 sign up bonus, but it does say it can take like 10 days.. will see..
Reply
Joined Apr 2013
L2: Beginner
> bubble2 84 Posts
14 Reputation
deal_maverick
09-03-2023 at 07:58 AM.
09-03-2023 at 07:58 AM.
How's this a deal when you can get treasuries over 5% APY?
Reply
Joined Feb 2014
L2: Beginner
> bubble2 78 Posts
94 Reputation
aceonweb
09-03-2023 at 08:15 AM.
09-03-2023 at 08:15 AM.
If you have $5000, their platinum savings is 5.05% currently
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Joined May 2021
L3: Novice
> bubble2 243 Posts
56 Reputation
CoolFog370
09-04-2023 at 05:07 PM.
09-04-2023 at 05:07 PM.
Just use SoFi 4.5% savings...ALWAYS!
Reply
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