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CIT Bank 13-Month CD, Earn Expired

4.65% APY*
($1,000 Minimum Deposit)
+32 Deal Score
257,536 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

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
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Deal
Score
+32
257,536 Views
4.65% APY*

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 May 2012
L2: Beginner
> bubble2 97 Posts
18 Reputation
AveryL
11-13-2022 at 08:40 PM.
11-13-2022 at 08:40 PM.
Not worth dealing with CIT customer service. Better deal's elsewhere, Schwab's for one.
Reply
Joined Jul 2011
L5: Journeyman
> bubble2 547 Posts
502 Reputation
stormer0115
11-13-2022 at 09:23 PM.
11-13-2022 at 09:23 PM.
Quote from talsal :
link?

I think this is the one that they were referring to:

https://www.andrewsfcu.org/Learn/...cate-Rates
Reply
Joined Nov 2003
L3: Novice
> bubble2 118 Posts
14 Reputation
go2gym
11-13-2022 at 09:25 PM.
11-13-2022 at 09:25 PM.
~4.5% on a 1 yr Treasury bond
Reply
Joined Jul 2009
L6: Expert
> bubble2 1,545 Posts
293 Reputation
Rawimpact
11-14-2022 at 07:02 AM.
11-14-2022 at 07:02 AM.
That early post about CIT having great customer support and ease of navigating site and I assume app is def. not my experience.

In fact, I got away from CIT for that very reason.
Reply
Joined Jan 2020
L2: Beginner
> bubble2 89 Posts
aglowinpink
11-14-2022 at 09:24 AM.
11-14-2022 at 09:24 AM.
How must one be required to "earn" via work, then to "earn" doing no work, only allowing the bank to borrow? If words program our brain and the mind shapes reality, what does it mean to earn something really, especially when it is a life, living?
4
Reply
Joined Apr 2012
L2: Beginner
> bubble2 46 Posts
14 Reputation
raags2028
11-14-2022 at 10:25 AM.
11-14-2022 at 10:25 AM.
Quote from khronos :
andrews federal credit union

5%, 7 months
Is this FDIC or NCUA compliant ?Wave
Reply
Joined Jul 2006
Miaw
> bubble2 6,427 Posts
558 Reputation
happygooddeal
11-14-2022 at 11:03 AM.
11-14-2022 at 11:03 AM.
I never buy Treasury Note and I have Fidelity. Can someone please guide me ?
When I search Treasury on Fidelity it showing so many US Treasury Bills Zero Coupon. Which one should I choose ? Also What is Yield To worst ? Thank You so much !
Reply

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Joined Sep 2011
$
> bubble2 2,978 Posts
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Pro
E4300
11-14-2022 at 11:26 AM.
11-14-2022 at 11:26 AM.
Quote from happygooddeal :
I never buy Treasury Note and I have Fidelity. Can someone please guide me ?
When I search Treasury on Fidelity it showing so many US Treasury Bills Zero Coupon. Which one should I choose ? Also What is Yield To worst ? Thank You so much !
1. Get a treasury account.
https://www.treasurydirect.gov./
2. Log in. Click on BuyDirect in the upper left corner.
3. Under BuyDirect, select Bills (less than one year bills), then click Submit.
4. Select number of week, purchase amount, source of fund, and destination for the last maturity payment (I use the same bank for both options). Click on VIEW RECENT AUCTION RESULTS to see current rate.
5. Click submit.
Reply
Joined Nov 2007
ob-la-di, ob-la-da
> bubble2 21,669 Posts
7,872 Reputation
Buckeyefan 1
11-14-2022 at 12:38 PM.
11-14-2022 at 12:38 PM.
Didn't CIT file bankruptcy in 2009 for 71 billion? Guess it's time to make some of our bailout tax money back. 🤔
Reply
Joined Jan 2015
L4: Apprentice
> bubble2 403 Posts
207 Reputation
guitarist0592
11-14-2022 at 12:39 PM.
11-14-2022 at 12:39 PM.
Quote from stormer0115 :
I think this is the one that they were referring to:

https://www.andrewsfcu.org/Learn/...cate-Rates

It also states that at maturity it automatically converts to a 12 month cd at the current rate. Not familiar enough if there's a way to prohibit that from happening
Reply
Joined Dec 2009
L6: Expert
> bubble2 1,491 Posts
207 Reputation
dealmeister3000
11-14-2022 at 12:49 PM.
11-14-2022 at 12:49 PM.
Quote from pun :
why insured only upto 100k?

Because that poster is 98 years old and he is probably talking about the old limit from when he was in kindergarten. 😂
Reply
Joined Dec 2009
L6: Expert
> bubble2 1,491 Posts
207 Reputation
dealmeister3000
11-14-2022 at 12:53 PM.
11-14-2022 at 12:53 PM.
Quote from papatoony :
Dumb question, but I've never bought treasure bills before: If I put my money into one today @ 4.15% and the Fed raises rates again before it matures, do I get spanked at all? Or I'm guaranteed to get my principle back + 4.15% as long as I hold it to maturity?

That's how all FIXED INCOME works. It is a contract where they tell you you will get all your agreed upon funds by the maturity date.
Reply
Joined Jul 2006
Miaw
> bubble2 6,427 Posts
558 Reputation
happygooddeal
11-14-2022 at 12:57 PM.
11-14-2022 at 12:57 PM.
Quote from E4300 :
1. Get a treasury account.
https://www.treasurydirect.gov./
2. Log in. Click on BuyDirect in the upper left corner.
3. Under BuyDirect, select Bills (less than one year bills), then click Submit.
4. Select number of week, purchase amount, source of fund, and destination for the last maturity payment (I use the same bank for both options). Click on VIEW RECENT AUCTION RESULTS to see current rate.
5. Click submit.
Since I have Fidelity is it better to buy it from treasurydirect.gov ?
Thank you for your time helping me.
Reply
Joined Oct 2009
L8: Grand Teacher
> bubble2 3,766 Posts
1,361 Reputation
CoronaKid
11-14-2022 at 01:05 PM.
11-14-2022 at 01:05 PM.
Quote from unclechett :
i use cit for a high interest savings account and generally like them. one thing kinda pissed me off - rates were low for a while (~1%) then recently went up (currently 3.2%). instead of automatically giving you the better rate in your "savings builder" account, they created a nearly identical product called "savings connect" that go the new rate, requiring people to take action to get the better rate in an obvious money grab. they definitely didn't pull that shit when rates went down...

Fwiw, I'd recommend having several MMA accounts and moving money around to get best rate.

Several banks create new names that force you to open a new one in order to get best rate (i.e Capital one). It takes 5 minutes to open a new account and move money over.
Reply
Last edited by coronakid November 14, 2022 at 01:07 PM.

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Joined Dec 2017
L2: Beginner
> bubble2 33 Posts
10 Reputation
sh2oft
11-14-2022 at 01:07 PM.
11-14-2022 at 01:07 PM.
Look elsewhere if you value your time. Over the past couple of months it has taken more than 30 minutes to get a live person at CIT's customer service with questions regarding an existing account. Then when a live body actually answers, expect to be transferred to someone else because the initial representative who answers won't be able to answer your question.
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