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CIT Bank 13-Month CD, Earn Expired
4.65% APY*
($1,000 Minimum Deposit)
CIT Bank offers 4.55% > now $4.65% APY* on 13-Month CD with a minimum $1,000 Deposit.
Thanks to staff member LD7 for finding this deal.
Features:
Thanks to staff member LD7 for finding this deal.
Features:
- No account opening or maintenance fees
- Daily compounding interest to maximize your earning potential
- FDIC insured
- *See site for details
Editor's Notes & Price Research
Written by
- About this deal:
- CIT Bank is a division of First-Citizens Bank & Trust Company, a member of the Federal Deposit Insurance Corporation (FDIC), which means your deposit accounts are insured up to $250,000 per depositor, for each account ownership category. Deposits held under the names First Citizens Bank & Trust Company and CIT Bank are not separately insured but must be combined for purposes of determining whether a depositor has exceeded the federal insurance deposit limit.
- See forum thread for additional deal discussion
Original Post
Written by
Edited November 14, 2022
at 12:37 PM
CIT Bank, our partner, offers the following benefits with their 13-Month Term CD.
- No account opening or maintenance fees
- Daily compounding interest to maximize your earning potential
- FDIC insured
- See site for details
in
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CIT Bank
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$920 - ($920 x (25% + 9%)) = $607.2
You can use above example to plug in your real tax bracket percentages to get your own number. It's a bit difficult to show the calculation of interest on here but you can find interest calculator on web.
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an alternative is to buy bills/notes directly w/ treasury. few bps lower but eliminates risk of lending to financial institution since govt can just print money for you.
an alternative is to buy bills/notes directly w/ treasury. few bps lower but eliminates risk of lending to financial institution since govt can just print money for you.
Our community has rated this post as helpful. If you agree, why not thank BluegrassPicker
an alternative is to buy bills/notes directly w/ treasury. few bps lower but eliminates risk of lending to financial institution since govt can just print money for you.
That being said, if you're investing up to $10,000, the US Treasury iBond is an improvement on this rate, even with the early withdraw penalty of 3 months interest...as long as the next 6 month rate is higher than 4 % or so.
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Our community has rated this post as helpful. If you agree, why not thank CoralRose466
Exactly. Feb maturity tbills are the best place at the moment
The rules have been replaced multiple times under multiple administrations.
And no, fractional reserve banking does not mean that they can dip into your savings to save themselves, if means they can lend x% of whatever deposits they have on hand. So while this practice may be risky (especially for smaller banks), that is why we have FDIC insurance to begin with.
Strictly FYI. Credit Union's are insured for similar limits (250k) via the NCUA (National Credit Union Association) as opposed to the FDIC.
To recap for best rates:
1) Buy 10K in iBonds (I'm told you can do 10K electronically and an addiitonal 10K in paper bonds)
2) Money above that 10K into the 22 month cd paying 5%. I have a 4% 4 year cd maturing in 2 days so timing on this info was great.
3) Buy 10k more in January of iBonds.
To recap for best rates:
1) Buy 10K in iBonds (I'm told you can do 10K electronically and an addiitonal 10K in paper bonds)
2) Money above that 10K into the 22 month cd paying 5%. I have a 4% 4 year cd maturing in 2 days so timing on this info was great.
3) Buy 10k more in January of iBonds.