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CIT Bank 13-Month CD, Earn Expired

4.65% APY*
($1,000 Minimum Deposit)
+32 Deal Score
257,631 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
257,631 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 Nov 2016
L2: Beginner
> bubble2 26 Posts
62 Reputation
sapasupu
11-15-2022 at 06:44 AM.
11-15-2022 at 06:44 AM.
I am curious after the initial deposit, can we do monthly deposit to add money to CDs? If yes, then the interest will be calculated on the current balance or initial amount only? I am planning to use this CD as a type of my Savings account. Thanks.
1
Reply
Joined Nov 2006
sheng long
> bubble2 598 Posts
60 Reputation
fratz
11-15-2022 at 08:15 AM.
11-15-2022 at 08:15 AM.
Quote from sapasupu :
I am curious after the initial deposit, can we do monthly deposit to add money to CDs? If yes, then the interest will be calculated on the current balance or initial amount only? I am planning to use this CD as a type of my Savings account. Thanks.

You don't add money to existing CDs, you just keep buying new ones with new terms
Reply
Joined Nov 2012
L7: Teacher
> bubble2 2,409 Posts
567 Reputation
coloradoman_in_socal
11-15-2022 at 11:32 AM.
11-15-2022 at 11:32 AM.
Question here since people mention brokered CDs here and there. I see that on TD Ameritrade I can get a 12-month CD with WF, non-callable and primary issue for 4.7% right now. Can anyone explain to me why I should do CIT at 4.15% for 13 months instead?

This is absolutely not a controversial question from me. I am just wondering why CD offers like this get so much attention and brokered CDs do not when the rates seem so much better. I have only ever used TD for stock brokerage and nothing else. I do T-Bills via Treasury Direct. I am eager to understand what the pros and cons of brokered CDs are. Thanks.
Reply
Joined Jul 2006
MSRP is for suckers!
> bubble2 2,424 Posts
482 Reputation
abstraxion
11-15-2022 at 02:16 PM.
11-15-2022 at 02:16 PM.
Quote from fratz :
You don't add money to existing CDs, you just keep buying new ones with new terms
Not necessarily true. SkyOne FCU has a program where you can add money to an existing CD.
Reply
Joined Sep 2007
for fook sake!
> bubble2 377 Posts
427 Reputation
cappi
11-15-2022 at 02:20 PM.
11-15-2022 at 02:20 PM.
Quote from 1077slee :
Another dumb question.
They seem having fees, don't they?
no fees no min
Reply
Joined Jun 2022
L2: Beginner
> bubble2 30 Posts
10 Reputation
NervousWallaby676
11-15-2022 at 02:56 PM.
11-15-2022 at 02:56 PM.
Quote from coloradoman_in_socal :
Question here since people mention brokered CDs here and there. I see that on TD Ameritrade I can get a 12-month CD with WF, non-callable and primary issue for 4.7% right now. Can anyone explain to me why I should do CIT at 4.15% for 13 months instead?

This is absolutely not a controversial question from me. I am just wondering why CD offers like this get so much attention and brokered CDs do not when the rates seem so much better. I have only ever used TD for stock brokerage and nothing else. I do T-Bills via Treasury Direct. I am eager to understand what the pros and cons of brokered CDs are. Thanks.
Brokerage is the way to go. You can get 4.5% for 6 months, I checked today
Reply
Joined Jul 2006
L5: Journeyman
> bubble2 653 Posts
739 Reputation
digia4
11-15-2022 at 06:36 PM.
11-15-2022 at 06:36 PM.
Quote from NervousWallaby676 :
Brokerage is the way to go. You can get 4.5% for 6 months, I checked today
I have the same question. Do you pay brokerage fees for a brokerage CD?
Reply

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Joined Feb 2006
L9: Master
> bubble2 4,489 Posts
871 Reputation
Slickdeezee
11-15-2022 at 06:52 PM.
11-15-2022 at 06:52 PM.
Quote from coloradoman_in_socal :
Question here since people mention brokered CDs here and there. I see that on TD Ameritrade I can get a 12-month CD with WF, non-callable and primary issue for 4.7% right now. Can anyone explain to me why I should do CIT at 4.15% for 13 months instead?

This is absolutely not a controversial question from me. I am just wondering why CD offers like this get so much attention and brokered CDs do not when the rates seem so much better. I have only ever used TD for stock brokerage and nothing else. I do T-Bills via Treasury Direct. I am eager to understand what the pros and cons of brokered CDs are. Thanks.
Can you buy new issue T-Bills with TDA the same as you would TreasuryDirect? Looking to avoid using TreasuryDirect if I can get it for same price at TDA.
Reply
Joined Nov 2012
L7: Teacher
> bubble2 2,409 Posts
567 Reputation
coloradoman_in_socal
11-15-2022 at 07:12 PM.
11-15-2022 at 07:12 PM.
Quote from Slickdeezee :
Can you buy new issue T-Bills with TDA the same as you would TreasuryDirect? Looking to avoid using TreasuryDirect if I can get it for same price at TDA.

Yes you can
Reply
Joined Jun 2022
L2: Beginner
> bubble2 30 Posts
10 Reputation
NervousWallaby676
11-15-2022 at 07:21 PM.
11-15-2022 at 07:21 PM.
Quote from digia4 :
I have the same question. Do you pay brokerage fees for a brokerage CD?
Fidelity has no fee, check your own broker
Reply
Joined Feb 2006
L9: Master
> bubble2 4,489 Posts
871 Reputation
Slickdeezee
11-15-2022 at 07:37 PM.
11-15-2022 at 07:37 PM.
Quote from coloradoman_in_socal :
Yes you can
Are there any benefits to buying direct from TreasuryDirect instead of through TDA?
Reply
Joined Oct 2015
L3: Novice
> bubble2 255 Posts
46 Reputation
moops1
11-15-2022 at 07:52 PM.
11-15-2022 at 07:52 PM.
Quote from coloradoman_in_socal :
Question here since people mention brokered CDs here and there. I see that on TD Ameritrade I can get a 12-month CD with WF, non-callable and primary issue for 4.7% right now. Can anyone explain to me why I should do CIT at 4.15% for 13 months instead?

This is absolutely not a controversial question from me. I am just wondering why CD offers like this get so much attention and brokered CDs do not when the rates seem so much better. I have only ever used TD for stock brokerage and nothing else. I do T-Bills via Treasury Direct. I am eager to understand what the pros and cons of brokered CDs are. Thanks.

One downside - Brokered CDs cannot be liquidated pre-maturely. You may sell them to others but no guarantee that there will be a buyer.

Some brokered CDs may lack FDIC insurance although that's rare. Interactive brokers as an example just says all CDs sold on it are not insured.
Reply
Joined May 2011
"1stBuy"
> bubble2 6,885 Posts
6,313 Reputation
CDI
11-16-2022 at 09:50 AM.
Reply
Joined Nov 2015
L4: Apprentice
> bubble2 392 Posts
99 Reputation
hajimow
11-16-2022 at 08:17 PM.
11-16-2022 at 08:17 PM.
Quote from Slickdeezee :
You bought both online or over the phone? I didn't see t-bills online. I read that ME charges $30 to buy t-bills over the phone? Is there any advantage/disadvantage to buying t-bills from ME versus direct through treasurydirect?
i always buy online. Only Treasury bills and CDs are free. corporate and municipal bonds are not commission free
Reply

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Joined Dec 2013
L2: Beginner
> bubble2 31 Posts
18 Reputation
ludoviclalo
11-17-2022 at 03:08 PM.
11-17-2022 at 03:08 PM.
I opened a CIT bank 13-month CD on 11/12 as a new customer. Probably a mistake now based on the earlier comments here. Regardless, I verified my linked bank account via CIT microdeposits on 11/15/2022. However, when I try to transfer money to CIT from the linked account, I receive a message that I have not set up a linked account. This does not make sense since the linked account was verified and it states this on CIT's site. I have called CIT four times and experienced their poor customer service firsthand, since my hold times exceeded 15 minutes for 3 calls and 1 minute for 1 call--but after 1 minute I waited another 10 minutes before hanging up since the call seemed to have been disconnected.

The fact that I had to make a telephone call is enough reason for me to just get rid of CIT. Will CIT close my CD if I do not fund it, since although CIT verified my non-account account, CIT is also refusing to let me transfer money. I am not about to waste more time on telephone calls to CIT. Thanks.
Reply
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