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CIT Bank 13-Month CD, Earn Expired

4.65% APY*
($1,000 Minimum Deposit)
+32 Deal Score
257,311 Views
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:
  • No account opening or maintenance fees
  • Daily compounding interest to maximize your earning potential
  • FDIC insured
  • *See site for details
  • Deal Image
Deal Image
See Deal

Original Post

Written by
Edited November 14, 2022 at 12:37 PM by
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
Slickdeals may be compensated by CIT Bank
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Deal
Score +32
257,311 Views
4.65% APY*
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533 Comments

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Featured Comments

The interest to be earned for $20k for this CD is approx. $920. Then you will need to deduct federal and state taxes from $920. Tax amounts depend on your tax brackets. For simplicity, let's use 25% for federal and 9% for state. So your final earned interest will be:


$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.
·
I think by February-March next year we may see peak in interest rates being offered by banks. I would not advise to lock money for long term yet.
·
I don't have a dog in the race here but out of curiosity I checked the website at the OP's link:
·

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Joined Jun 2013
L7: Teacher
> bubble2 2,241 Posts
240 Reputation
koge811
11-13-2022 at 04:06 AM.
11-13-2022 at 04:06 AM.
warning not worth it remember federal reserve meeting in December wait until then for another .5 - .75%
Reply
Joined Apr 2006
L5: Journeyman
> bubble2 584 Posts
47 Reputation
Sepen
11-13-2022 at 04:13 AM.
11-13-2022 at 04:13 AM.
Quote from ILC2 :
Treasury bill yields as of 11/9/22:
3m : 4.15%
6m : 4.56%
1y : 4.68%

Advantages:
1) can bid direct on treasurydirect.gov at auction (avoid broker and banks / fees when buying and holding to maturity).
2) marketable by transferring to a broker dealer and selling it in the open market (relatively tight bid/offer and penalty is based of the market yield at the time vs CDs where you pay penalties)
3) EXEMPT AT THE STATE AND LOCAL TAX LEVEL!

For those of us in high tax states like NY it can mean you save 12% in tax on your interest.
Is there a step by step on how to do this? I bought bonds in the last 6 months so I have an account already. TIA.

Edit, found several easy to follow Youtubes videos that explains it all.
Reply
Last edited by Sepen November 13, 2022 at 05:14 AM.
Joined Dec 2020
L2: Beginner
> bubble2 37 Posts
14 Reputation
Dead--First
11-13-2022 at 06:42 AM.
11-13-2022 at 06:42 AM.
Why buy a CD when Tbills pay almost 5%
Reply
Joined Jan 2005
L4: Apprentice
> bubble2 359 Posts
73 Reputation
DealWinner
11-13-2022 at 06:58 AM.
11-13-2022 at 06:58 AM.
Quote from BenBen7 :
Not even looking at CDs - just happened to notice rates list on Schwab today (listed below) (spoiler 4.7% for a year beats 4.15%)

Current CD rates available through Schwab CD OneSource:
1-3 Month CDs 3.96%
4-6 Month CDs 4.55%
7-9 Month CDs 4.53%
10-18 Month CDs 4.70%
1.5-2.5 Year CDs 4.85%
CD As of Date 11:59 PM EST 11/12/2022

https://www.schwab.com/fixed-inco...es-deposit
Very good deal. Thank you
Reply
Joined Feb 2016
New User
> bubble2 6 Posts
10 Reputation
Salcio
11-13-2022 at 08:43 AM.
11-13-2022 at 08:43 AM.
Any good rates on IRA CD ?
Reply
Joined Nov 2018
L3: Novice
> bubble2 166 Posts
142 Reputation
126466
11-13-2022 at 11:15 AM.
11-13-2022 at 11:15 AM.
i would wait, interest rates still going up, no need to tie up money for 13 months. Cit savings rates went from 3.0% to 3.25% very recently
1
Reply
Joined Dec 2015
L5: Journeyman
> bubble2 771 Posts
229 Reputation
rahul1483
11-13-2022 at 11:43 AM.
11-13-2022 at 11:43 AM.
Quote from DealWinner :
Very good deal. Thank you

FYI - Incase you want to withdraw before maturity
We'll help you sell the CD at the current market price or you may choose to request a bid online. If you decide to sell, you'll receive the bid price plus accrued interest. The price may differ from the original purchase price of CD, which may result in a gain or loss.
Reply

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Joined Dec 2014
L2: Beginner
> bubble2 63 Posts
19 Reputation
SeriousMan
11-13-2022 at 11:44 AM.
11-13-2022 at 11:44 AM.
Quote from Salcio :
Any good rates on IRA CD ?

I just got one at 5.2% for 8 years through my Fidelity IRA. They were being offered in $1000 increments.
Reply
Joined May 2018
L6: Expert
> bubble2 1,418 Posts
219 Reputation
vaiof1
11-13-2022 at 11:52 AM.
11-13-2022 at 11:52 AM.
Quote from SeriousMan :
I just got one at 5.2% for 8 years through my Fidelity IRA. They were being offered in $1000 increments.

8 years is too long
Reply
Joined Jan 2008
L4: Apprentice
> bubble2 1,385 Posts
198 Reputation
DietrichBonhoeffer
11-13-2022 at 05:30 PM.
11-13-2022 at 05:30 PM.
Quote from aboss3 :
CIT is a great bank to do business with. Great rates on savings also. They do gear towards wealthier clientele with their service offerings. Customer service is always there to assist, and they are FDIC insured.
I did not have that experience with CIT when i was with them 2 years ago or so. Their website and application was horrendous, looked like it was built by a 17 year old. ridiculous if you ask me, for a bank with so much of people's money.

Yes that was 2 years ago so I can't comment on their website and application now. I would guess, and hope, it's much better. They only had 1 direction to go.
Reply
Joined Jun 2021
L2: Beginner
> bubble2 29 Posts
10 Reputation
TalentedShow293
11-13-2022 at 06:02 PM.
11-13-2022 at 06:02 PM.
Just fyi CIT customer service is horrible. If you need to cancel a CD you can't do it online and must call in. Minimum 1hr wait and both times I called it got disconnected. Third time was the charm and got CD closed. I withdrew all my money after that
Reply
Joined Feb 2007
L4: Apprentice
> bubble2 467 Posts
41 Reputation
talsal
11-13-2022 at 06:57 PM.
11-13-2022 at 06:57 PM.
Quote from khronos :
andrews federal credit union

5%, 7 months
link?
Reply
Joined Feb 2007
L4: Apprentice
> bubble2 467 Posts
41 Reputation
talsal
11-13-2022 at 07:02 PM.
11-13-2022 at 07:02 PM.
Quote from safetygirl :
THANK YOU! Applause
Link?
Reply
Joined Sep 2011
$
> bubble2 2,978 Posts
1,117 Reputation
Pro
E4300
11-13-2022 at 07:11 PM.
11-13-2022 at 07:11 PM.
13 to 17 weeks treasuries were auctioned @ 4.2-4.4% last week. And no state income tax.

I expect a minimum of 5% to 5.25% Fed rate in 2013. No rate reduction until 2024. Fed should stay the course with 75 in Dec. No need to jump on CD at this time, especially if you live in a high tax state like CA or NY.
Reply

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Joined Oct 2018
L2: Beginner
> bubble2 55 Posts
10 Reputation
BBE310
11-13-2022 at 07:43 PM.
11-13-2022 at 07:43 PM.
CIT is horrible, try calling their customer service at any time to close the account and there will always be a 60 min + wait time
Reply
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