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CIT Bank 13-Month CD, Earn Expired

4.65% APY*
($1,000 Minimum Deposit)
+32 Deal Score
264,939 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
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Original Post

Written by
Edited November 14, 2022 at 11:37 AM 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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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 Jul 2015
L5: Journeyman
> bubble2 854 Posts
294 Reputation
willboyer5985
11-14-2022 at 02:49 PM.
11-14-2022 at 02:49 PM.
If you don't want to lock your money away for a year, Vio Bank money market account currently is over 3.5% APY and you can withdraw whenever [with limitations] (about 5 per month and up to some amount per day off the top of my head). Do your research to see if it's a good fit for you.
Reply
Joined Dec 2017
L2: Beginner
> bubble2 27 Posts
14 Reputation
ericthered926
11-14-2022 at 03:34 PM.
11-14-2022 at 03:34 PM.
What's the benefit of doing this over an i-bond?
Reply
Joined Nov 2012
L3: Novice
> bubble2 274 Posts
221 Reputation
KellyC8109
11-14-2022 at 03:46 PM.
11-14-2022 at 03:46 PM.
4.50% at Live Oak Bank
Reply
Joined Jan 2006
Get back, witch!
> bubble2 3,796 Posts
Wasser
11-14-2022 at 03:59 PM.
11-14-2022 at 03:59 PM.
Quote from ericthered926 View quoted comment :
What's the benefit of doing this over an i-bond?
If you have more than 10k to invest...
Reply
Joined Mar 2005
Renaissance Man
> bubble2 6,607 Posts
1,999 Reputation
PedroR
11-14-2022 at 04:02 PM.
11-14-2022 at 04:02 PM.
Quote from xxx000xxx View quoted comment :
risk here is ...insured up to $100K only
The risk here is actually taking advice from folks that are inept
Reply
Joined Dec 2017
L2: Beginner
> bubble2 33 Posts
10 Reputation
sh2oft
11-14-2022 at 04:09 PM.
11-14-2022 at 04:09 PM.
Quote from coronakid View quoted comment :
Why do you need to talk to live person? I don't think I've ever needed to call CIT Bank.
Quote from RussiansKnowBest View quoted comment :
CIT Bank is a nightmare to deal with. I have been trying to close my CD for close to 2 weeks now. Its not possible to get anyone on the phone. The hold times are insane. When opting for call back you get a call hours later and then you need to be transferred to someone that can close the CD and i keep getting hang ups or insane holds and no one can help me. I want to get my money out of these peoples hands and back in my pocket and they make it impossible. I would think twice about opening cd with them because there is no way to close it and cash out online.
I had similar experience trying to close two accounts after getting fed up with CIT's crappy customer service. Customer service rep tells me I have to send an email requesting closure through CIT's website. So I sign in and send the email. A week later, no response So I send a second email. Still no response.
Reply
Joined May 2020
L6: Expert
> bubble2 1,128 Posts
99 Reputation
androidf58
11-14-2022 at 04:14 PM.
11-14-2022 at 04:14 PM.
M1 is coming out with a HYSA with 4.5% for M1+ premium subscribers
Reply

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Joined Aug 2011
L6: Expert
> bubble2 1,956 Posts
109 Reputation
robrob777
11-14-2022 at 04:38 PM.
11-14-2022 at 04:38 PM.
Vanguard liquid 3.63%, us treasury 4.57% for 12 mo
Reply
Joined Nov 2016
L5: Journeyman
> bubble2 539 Posts
150 Reputation
grayguy1
11-14-2022 at 05:57 PM.
11-14-2022 at 05:57 PM.
Quote from Rhetorician View quoted comment :
Exactly. Feb maturity tbills are the best place at the moment

That's only like $10K a year, or up to $15K if adding $5K through your tax returns, right? Many people want options for much more than that limit.
Reply
Joined Nov 2010
L4: Apprentice
> bubble2 301 Posts
84 Reputation
Rhetorician
11-14-2022 at 05:58 PM.
11-14-2022 at 05:58 PM.
Quote from grayguy1 View quoted comment :
That's only like $10K a year, or up to $15K if adding $5K through your tax returns, right? Many people want options for much more than that limit.

No you're thinking of I-bills not T-bills
Reply
Joined Nov 2016
L5: Journeyman
> bubble2 539 Posts
150 Reputation
grayguy1
11-14-2022 at 05:59 PM.
11-14-2022 at 05:59 PM.
Quote from Rhetorician View quoted comment :
No you're thinking of I-bills not T-bills

Ah, got it. I'll look into what those rates are.
Reply
Joined Nov 2016
L5: Journeyman
> bubble2 539 Posts
150 Reputation
grayguy1
11-14-2022 at 06:05 PM.
11-14-2022 at 06:05 PM.
DepositAccounts has a pretty exhaustive list of CD rates based on your time preference. Here's the 1-year list:
https://www.depositaccounts.com/c...rates.html

They also have a list of HYSAs:
https://www.depositaccounts.com/savings/
Reply
Joined Nov 2017
L2: Beginner
> bubble2 27 Posts
14 Reputation
tedek203
11-14-2022 at 06:58 PM.
11-14-2022 at 06:58 PM.
Quote from BenBen7 View quoted comment :
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

These are brokered CDs, not the typical CD products offered by banks.
Reply
Joined Jul 2021
L2: Beginner
> bubble2 32 Posts
22 Reputation
VioletThread310
11-14-2022 at 09:04 PM.
11-14-2022 at 09:04 PM.
Quote from tedek203 View quoted comment :
These are brokered CDs, not the typical CD products offered by banks.
whats the difference?
I also came across schwab offering Bank CDs from 4.5 to 4.7% for 12-13mo.


Would anyone know what the best route for risk free/low risk options within schwab would be?
Reply

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Joined Jan 2010
Give me wings to fly
> bubble2 16,068 Posts
1,136 Reputation
Ride_The_Sky
11-14-2022 at 09:12 PM.
11-14-2022 at 09:12 PM.
Quote from Debit2Cash View quoted comment :
I bonds are 10k per year cap on electronic and 5k paper which in my understanding have to be purchased with an irs refund
Is it 10k per year? What does ibond at treasure direct pay now, should be over 9% of its inflation indexed.

For CDs I think we will see 5% very soon, similar to 2008 levels but I'd like to see over 5% for longer term, at least 3 years then you can drop some parked cash there. Do you declare tax at the end of CD term?

Markets might also bounce back hard, so that 5% CD might be nothing next to market gains but it helps to have fixed growth.
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