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CIT Bank 13-Month CD, Earn Expired

4.65% APY*
($1,000 Minimum Deposit)
+32 Deal Score
265,001 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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4.65% APY*
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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 Sep 2011
New User
> bubble2 3 Posts
10 Reputation
NicholasN
11-17-2022 at 11:06 PM.
11-17-2022 at 11:06 PM.
Edit: Google answered my question.
Reply
Last edited by NicholasN November 17, 2022 at 11:53 PM.
Joined Sep 2011
New User
> bubble2 3 Posts
10 Reputation
NicholasN
11-17-2022 at 11:52 PM.
11-17-2022 at 11:52 PM.
Well I kept Googling and it looks like i-bonds always show the 3-month penalty for early withdrawal for the first 5 years.
Reply
Joined Sep 2014
L5: Journeyman
> bubble2 1,875 Posts
578 Reputation
lintas1
11-18-2022 at 06:36 AM.
11-18-2022 at 06:36 AM.
Quote from ILC2 View quoted comment :
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 limit on how much can I buy? I am definitely looking for more than 10K...sort of in 100k range
Reply
Joined Sep 2014
L5: Journeyman
> bubble2 1,875 Posts
578 Reputation
lintas1
11-18-2022 at 06:37 AM.
11-18-2022 at 06:37 AM.
Quote from JuanG6978 View quoted comment :
If you absolutely don't need the money, get a brokered cd instead.
How do you do that?
Reply
Joined Jul 2006
Miaw
> bubble2 6,635 Posts
562 Reputation
happygooddeal
11-18-2022 at 10:41 AM.
11-18-2022 at 10:41 AM.
First time using Fidelity to buy Treasury Bills. I put 10 quantity(1 = $1000) is Treasury Bills Limit $10000 per year right ?
1
Reply
Joined Mar 2006
L6: Expert
> bubble2 1,196 Posts
1,156 Reputation
fifty2weekhi
11-18-2022 at 11:01 AM.
11-18-2022 at 11:01 AM.
I'm an existing CIT customer but I'm aware the bank is being merged with First Citizens. I'm surprised and puzzled CIT is offering new product and getting new customers and not First Citizens...
Reply
Joined Nov 2014
L7: Teacher
> bubble2 2,275 Posts
424 Reputation
TurtlePerson2
11-18-2022 at 11:41 AM.
11-18-2022 at 11:41 AM.
Not sure if this is a paid promotion or what, but there's lots of better options than this. 3 month to 3 year treasuries are all yielding above this and won't have to pay state/local taxes. Also there's CDs (including other deals posted to SD) that are yielding better than 4.5% for a similar timeframe, if you like to get lower rates and pay higher taxes than you would with the treasury.
Reply

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Joined Nov 2014
L7: Teacher
> bubble2 2,275 Posts
424 Reputation
TurtlePerson2
11-18-2022 at 11:44 AM.
11-18-2022 at 11:44 AM.
Quote from lintas1 View quoted comment :
Is there a limit on how much can I buy? I am definitely looking for more than 10K...sort of in 100k range
There's no limit on how many treasuries you can buy. I highly recommend that you use a brokerage account (e.g. Fidelity) rather than buying from TreasuryDirect. That site is a pain and is only required if you want to buy savings bonds (e.g. Series I or Series EE).
1
Reply
Joined May 2018
L6: Expert
> bubble2 1,399 Posts
94 Reputation
Oil_Burner
11-18-2022 at 12:40 PM.
11-18-2022 at 12:40 PM.
The bank name sounds like the other big bank that starts with CIT..... That makes it look like a scam, maybe it's not.
Reply
Joined Nov 2003
L3: Novice
> bubble2 110 Posts
45 Reputation
jbnite
11-18-2022 at 05:55 PM.
11-18-2022 at 05:55 PM.
A CD at this rate isnt a good deal when you can open a Goldman Marcus Savings account using a referral and get 4% APY with no restrictions. That 4% is good for 3 months unless you refer someone else to extend it. Usually it isn't smart to lock up funds in a CD unless you know you wont need them.
1
Reply
Joined Apr 2021
L2: Beginner
> bubble2 27 Posts
10 Reputation
ScarletLinen7621
11-18-2022 at 08:41 PM.
11-18-2022 at 08:41 PM.
Quote from hajimow View quoted comment :
If you have a fidelity or a merrilledge account, you can buy 12 month CD for 4.7% from their marketplace issued by different banks.
is the interest compounded daily/ monthly in a brokerage acct as it is with a bank CD?
Reply
Joined Dec 2008
L1: Learner
> bubble2 23 Posts
10 Reputation
kapyt
11-18-2022 at 09:16 PM.
11-18-2022 at 09:16 PM.
Ops..
Reply
Last edited by kapyt November 18, 2022 at 09:18 PM.
Joined Dec 2008
L1: Learner
> bubble2 23 Posts
10 Reputation
kapyt
11-18-2022 at 09:17 PM.
11-18-2022 at 09:17 PM.
This rate is garbage. I don't know why this even made on slickdeal. Just to compare, and if you are hesitant to go t-bills route, go to bank rate dot com and you'll see better options. Just my 2 cents..
Reply
Joined Dec 2008
L1: Learner
> bubble2 23 Posts
10 Reputation
kapyt
11-18-2022 at 09:22 PM.
11-18-2022 at 09:22 PM.
I don't know why people are hesitant to use treasury direct website. Agree, it looks somewhat antiquated, but I had no issues with either buying I-bonds or t-bills on it. No middleman was involved whatsoever!
Reply

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Joined Feb 2017
L6: Expert
> bubble2 1,541 Posts
1,229 Reputation
Pro
yslsd
11-19-2022 at 05:59 AM.
11-19-2022 at 05:59 AM.
Just buy 13 week t-bills and there may be even more tax advantages if you live in state with state tax.
Reply
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